3M Co. MMM, -0.51% said Monday it has fired Michael Vale, group president and chief business and country officer, for cause. The dismissal is due to “inappropriate personal conduct and violation of company policy, unrelated to the company’s operations and financial performance,” the company said in a brief statement.
The diversified industrial company and maker of PostIts has started a search for a successor. The leaders of its safety and industrial business, consumer business and electronics business will report to Chief Executive Mike Roman for now. The stock has fallen 16% in the year to date, while the S&P 500 SPX, -0.16% has gained 7.4%.
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