ST.
PAUL, Minn., May 15, 2023
/PRNewswire/ -- 3M (NYSE: MMM) today
announced that Michael Vale has been
terminated for cause from the company, effective May 12, 2023. His dismissal is due to
inappropriate personal conduct and violation of company policy,
unrelated to the company's operations and financial performance.
When 3M learned of and verified the
violation, it took immediate action.
The company has initiated a search for Mr. Vale's successor.
Effective immediately, the leaders of 3M's Safety and Industrial
Business, Consumer Business, and Transportation and Electronics
Business report to 3M chairman and
chief executive officer Mike
Roman.
Forward-Looking Statements
This news release contains forward-looking information about
3M's financial results and estimates and business prospects that
involve substantial risks and uncertainties. You can identify these
statements by the use of words such as "anticipate, "estimate,"
"expect," "aim," "project," "intend," "plan," "believe," "will,"
"should," "could," "target," "forecast" and other words and terms
of similar meaning in connection with any discussion of future
operating or financial performance or business plans or prospects.
Among the factors that could cause actual results to differ
materially are the following: (1) worldwide economic, political,
regulatory, international trade, geopolitical, capital markets and
other external conditions and other factors beyond the Company's
control, including inflation, recession, military conflicts,
natural and other disasters or climate change affecting the
operations of the Company or its customers and suppliers; (2) risks
related to unexpected events such as the public health crises
associated with the coronavirus (COVID-19) global pandemic; (3)
foreign currency exchange rates and fluctuations in those rates;
(4) risks related to certain fluorochemicals, including liabilities
related to claims, lawsuits, and government regulatory proceedings
concerning various PFAS-related products and chemistries, as well
as risks related to the Company's plans to exit PFAS manufacturing
and discontinue use of PFAS across its product portfolio; (5) legal
proceedings, including significant developments that could occur in
the legal and regulatory proceedings described in the Company's
Annual Report on Form 10-K for the year ended Dec. 31, 2022 and any subsequent quarterly
reports on Form 10-Q (the "Reports"); (6) competitive conditions
and customer preferences; (7) the timing and market acceptance of
new product and service offerings; (8) the availability and cost of
purchased components, compounds, raw materials and energy due to
shortages, increased demand and wages, supply chain
interruptions, or natural or other disasters; (9) unanticipated
problems or delays with the phased implementation of a global
enterprise resource planning (ERP) system, or security breaches and
other disruptions to the Company's information technology
infrastructure; (10) the impact of acquisitions, strategic
alliances, divestitures, and other strategic events resulting from
portfolio management actions and other evolving business
strategies; (11) operational execution, including the extent to
which the Company can realize the benefits of planned productivity
improvements, as well as the impact of organizational restructuring
activities; (12) financial market risks that may affect the
Company's funding obligations under defined benefit pension and
postretirement plans; (13) the Company's credit ratings and its
cost of capital; (14) tax-related external conditions, including
changes in tax rates, laws or regulations; (15) matters relating to
the proposed spin-off of the Company's Health Care business; and
(16) matters relating to the voluntary chapter 11 proceedings of
the Company's subsidiary Aearo Technologies and certain of its
affiliates. Changes in such assumptions or factors could produce
significantly different results. A further description of these
factors is located in the Reports under "Cautionary Note Concerning
Factors That May Affect Future Results" and "Risk Factors" in Part
I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part
II, Item 1A (Quarterly Reports). The Company assumes no obligation
to update any forward-looking statements discussed herein as a
result of new information or future events or developments.
About 3M
3M believes science helps create a
brighter world for everyone. By unlocking the power of people,
ideas and science to reimagine what's possible, our global team
uniquely addresses the opportunities and challenges of our
customers, communities, and planet. Learn how we're working to
improve lives and make what's next at 3M.com/news or on Twitter
at @3M or @3MNews.
Please note that the company announces material financial,
business and operational information using the 3M investor relations website, SEC filings, press
releases, public conference calls and webcasts. The company also
uses the 3M news center and social
media to communicate with our customers and the public about the
company, products and services and other matters. It is possible
that the information 3M posts on the
news center and social media could be deemed to be material
information. Therefore, the company encourages investors, the media
and others interested in 3M to review
the information posted on 3M's News Center and the social media
channels such as Twitter @3M or @3MNews.
Investor Contacts:
Bruce
Jermeland, 651-733-1807
Media contact:
Tim Post, tpost3@mmm.com
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SOURCE 3M