|
|
This is only a preview of the paper
Click here to register and get the full text.
Existing members click here to login
|
|
|
Jim McNerney and 3M
Good evening. Has anyone ever heard of the company 3M? At 3M, stories are a big deal. Every employee knows about the 3M scientist who spilled chemicals on her tennis shoe and came up with Scotchgard! ... Collectively, these stories form a larger narrative about how 3M became, and remains one of America’s premier corporations. ...
Since he arrived in Minnesota in Dec 2001, McNerney, a foiled contender for the top job at GE, has given 3M’s culture a dose of GE’s management science. He has slashed costs, rationalized purchasing, introduced a company-wide process-improvement program, challenged 3M to amp up its growth, and has brought more centralized direction to the company. ... ( a name that stuck until earlier this year then changed to 3M), the company has followed a simple formula for growth: Hire good scientists, give them ample resources, then get out of their way. ... One-third of 3M’s $16 billion in revenues comes from products that didn’t exist four years ago.
But 3M has posted only middling results in recent years. ... Analysts at Edward Jones don’t necessarily think the company was being ran poorly but that 3M simply got “fat and happy.”
The 3M Board of Directors held out for a good six months, waiting to see if McNerney would win over the top spot at GE. ... They wanted the man that had two years experience overseas (where 3M gets 53% of its revenues).
Approximate Word count = 1185
Approximate Pages = 4.7
(250 words per page double spaced)
|
|
|
|
|
|