This video is about George W. Buckley, 64 year old Chairman of the Board, President and Chief Executive Officer of 3M since December 2005. The video is about his advice and philosophy on a management. 3M, headquartered in Minnesota, is a diverse technology driven public company offering various products.
Before becoming a CEO of 3M in December of 2005, George Buckley was Chairman of the Board, President and Chief Executive Officer of Brunswick Corporation, a global manufacturer and marketer of recreation products. He also performed leadership roles at Emerson Electric Co. as Chief Technology Officer and President of the Electric Motors Division from 1993 to 1997. His mastery in understanding of 3M's technologies and global businesses, his expertise and wisdom of managing a big global corporation across numerous industries and various markets, his exceptional skills in business and finance, and his in-depth experiences as a director at many respectable companies, qualify him to as a CEO of 3M.
Key Issues: Define the key issues/factors in terms of marketing and the roles of the Key Players. You should include only those issues that impact the identified problem.
In this video, Buckley talks about the struggles, and how optimism can carry the company. Impact of leadership is significant in any business. Great leaders like Buckley plant his people a hope for better future and a belief in the company. Buckley is one of those optimistic leaders who empower people to reach their goals. Buckley said he's "kind of a live-and-let-live guy." (Welbes, 2011) Buckley is a popular leader who managed to make a positive impact despite his radical decisions. It’s his responsibility to right the ship when the ship is going to a wrong direction. 3M was a company known for its innovativeness. In nearly 100 years of existence, the company had launched several breakthrough products, most of which were the result of its employees' creativity and inventiveness.
3M is known for:
-Relentless pursuit and dedication of Research & Development- 3M is fundamentally a science-based company. “We produce thousands of imaginative products, and we're a leader in scores of markets - from health care and highway safety to office products and abrasives and adhesives. Our success begins with our ability to apply our technologies - often in combination - to an endless array of real-world customer needs.” (3M.com)
-Diverse business segments (Total 6 different markets according to 3M.com)
Consumer and Office Business
Display and Graphics Business
Electro and Communications Business
Health Care Business
Industrial and Transportation Business
Safety, Security and Protection Services Business
-Great Network of Global Manufacturing – 3M has significant global presence which extends to subsidiary companies in more than 60 countries and markets in nearly 200. (3M Company, n.d.)
-Strong Brand Recognition – 3M is widely known globally. Red 3M logo is known for quality.
However, 3M's culture of innovation had started to weaken in the 1990s, and its financial performance had become somewhat lackluster. How did Buckley manage to make 3M overcome the slow regression of the company? Why did 3M hire Buckley who is an outsider? What are the pros and cons of choosing people for top leadership positions from outside the company? Was it necessary to hire new CEO?
Buckley brought much needed sparks to this industry leading company in turmoil. Buckley's strategy as a CEO is to exploit company's great strengths, bolster its competitive advantage, and maximize value. At the end of 2006, after first year as a CEO of the company, Buckley successfully led the company to see sales growth and profit margin.
“The strategic performance of 3M over the last one year has been impressive...