3M Accelerates Pace of Transformation Journey - Seite 2

To support 3M’s new operating model and ensure cross-functional efficiency, the company has made enhancements to its business group support functions. These include:

• The consolidation of manufacturing, supply chain and customer operations into a new Enterprise Operations organization focused on optimizing the customer experience end-to-end;
• A newly formed global Corporate Affairs organization focused on advancing and protecting the company’s brand and reputation in all areas of the world; and
• Realignment of all existing corporate functions to drive more effective operations across geographies.

Restructuring and Expected Annual Savings

As a result of these actions, 3M initiated a restructuring that will reduce approximately 1,500 positions, spanning all business groups, functions and geographies. On a pre-tax basis, 3M took a restructuring charge of $134 million in the fourth quarter of 2019. The company expects annual pre-tax savings of $110 to $120 million, with $40 to $50 million in 2020.

Julie Bushman Announces Retirement

Julie L. Bushman, executive vice president, International Operations, has announced her intention to retire, effective April 1, 2020. Prior to her current role, Julie led 3M’s Safety and Graphics business group, business transformation and IT and was on the original leadership team that implemented Lean Six Sigma at 3M.

“Throughout her 36 years at 3M, Julie has been an exceptional leader and created tremendous value for our company and shareholders,” Roman said. “Julie’s leadership has been invaluable throughout her time leading our international team, including playing a critical role in our transformation journey.”

“Over the last year, her leadership has been key as we have worked closely together to design and roll out our new operating model, and ensure a smooth transition,” Roman continued. “I thank Julie for her many years of service and contributions, and wish her all the best into the future.”

Earnings Conference Call Information

3M will discuss its new operating model and structure on its Q4 2019 earnings conference call today at 9:00 a.m. EST (8:00 a.m. CST). Investors can access this conference via the following:

• Live webcast at http://investors.3M.com.
• Live telephone:
  Call 800-762-2596 within the U.S. or [phone] outside the U.S. Please join the call at least 10 minutes before the start time.
• Webcast replay:
  Go to 3M’s Investor Relations website at http://investors.3M.com and click on “Quarterly Earnings.”
• Telephone replay: