Producer 3M fired longtime govt Michael Vale on Friday, citing “inappropriate conduct and violation of firm coverage.”
Vale was promoted to a brand new position as 3M’s group president and chief enterprise and nation officer simply final month. In that place, Vale oversaw 3M’s security, industrial, shopper, transportation and electronics companies, reporting on to CEO Mike Roman. Earlier than the brand new position, Vale served as 3M’s group president for the corporate’s security and industrial enterprise.
Vale was paid greater than $1.6 million in complete money compensation a 12 months by the corporate, as of April 1, 2022, in keeping with a latest firm shareholder report. Vale had been an worker on the firm, which produces tape, surgical masks, and different industrial merchandise, for greater than 30 years. The corporate mentioned he was terminated for trigger, in an announcement on Monday.
3M mentioned that it took quick motion after verifying Vale’s violation of firm coverage and that the inappropriate conduct was “unrelated to the corporate’s operations and monetary efficiency.”
The corporate’s inventory opened within the pink on Monday, however rebounded by early afternoon. When reached for remark by CNN, 3M referred to its assertion.
The seek for Vale’s successor is underway, the corporate mentioned in a launch. Within the meantime, the heads of departments Vale oversaw will report on to the corporate’s CEO.