3M has announced the termination of its company president, Michael Vale, citing “inappropriate personal conduct and violation of company policy.”
Vale, who had been with 3M for over 30 years and most recently held the position of group president and chief business and country officer, was immediately fired for cause.
In addition to his termination at 3M, Vale resigned as a director of Toro, the Minnesota-based lawn and snow equipment maker. The reason for his resignation from Toro was not disclosed.
While 3M, which makes Scotch tape and Post-it Notes, did not provide specific details about the violation.
It confirmed that it was unrelated to the company’s operations and financial performance.
Vale has not commented on the matter.
The termination comes at a challenging time for 3M as it undergoes a transformation to address declining sales, job cuts, and the planned spinoff of its healthcare business, which accounts for a significant portion of its revenue.
The company is also facing legal battles related to military-grade earplugs and environmental concerns surrounding “forever chemicals.”
In its first-quarter report, 3M announced $8 billion in sales, surpassing analysts’ expectations but down 9 percent compared to the previous year.
To streamline operations, the company plans to cut approximately 10 percent of its global workforce to achieve annual pretax cost savings of $700 million to $900 million.
Previously, in April, Vale was promoted to a newly created role on 3M’s corporate operations committee, reporting directly to Chief Executive Mike Roman.
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He was responsible for overseeing the safety and industrial, transportation and electronics, consumer business groups, and emerging markets.
The healthcare business group, which is being spun off into a separate company, did not fall under Vale’s purview.
3M has initiated a search for Vale’s successor, and the unit leaders from the segments he previously oversaw will now report directly to CEO Mike Roman.
Despite the leadership transition, the company aims to maintain its strategic focus and drive forward.