Manufacturer 3M fired longtime executive Michael Vale on Friday, citing “inappropriate conduct and violation of company policy.”
Vale was promoted to a new role as 3M’s group president and chief business and country officer just last month. In that position, Vale oversaw 3M’s safety, industrial, consumer, transportation and electronics businesses, reporting directly to CEO Mike Roman. Before the new role, Vale served as 3M’s group president for the company’s safety and industrial business.
Vale was paid more than $1.6 million in total cash compensation a year by the company, as of April 1, 2022, according to a recent company shareholder report. Vale had been an employee at the company, which produces tape, surgical masks, and other industrial products, for more than 30 years. The company said he was terminated for cause, in an announcement on Monday.
3M said that it took immediate action after verifying Vale’s violation of company policy and that the inappropriate conduct was “unrelated to the company’s operations and financial performance.”
The company’s stock opened in the red on Monday, but rebounded by early afternoon. When reached for comment by CNN, 3M referred to its statement.
The search for Vale’s successor is underway, the company said in a release. In the meantime, the heads of departments Vale oversaw will report directly to the company’s CEO.
Read the full article here