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A major shareholder of 3M (NYSE:MMM) expressed doubts about CEO Mike Roman and suggested the manufacturing giant may need a new leader, The Wall Street Journal reported Thursday.
Bert Flossbach, co-founder and senior portfolio manager of mutual-fund firm Flossbach von Storch, said in a letter dated January 28 that 3M’s (MMM) profit and revenue have been underwhelming since Roman was appointed to the top job in 2018.
The letter contrasts 3M’s (MMM) total shareholder return of minus 32% during his tenure with the 62% gain for the Standard & Poor’s 500 stock index (SP500).
In response, a 3M (MMM) spokesperson said the company welcomes commentary from shareholders, the Journal reported.
Flossbach’s letter said he was more concerned about 3M’s (MMM) operations than about multiple lawsuits that have been filed against the company.
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