Interview
From “The Way Forward" Conference: Mike Roman, Chairman and CEO, 3M
- 3M expects to play a significant role in addressing the trust gap and social justice issues, though the specific scope remains contingent on ongoing listening and understanding activities in the Twin Cities.
- The company plans to initiate near-term relief efforts and fund leadership actions in the Twin Cities while its CEO focuses on engaging regional CEOs to drive immediate action.
- 3M anticipates a collaborative approach where public-private partnerships and community leadership are essential for impact, rather than reliance on a single entity.
- The firm intends to increase N95 output, aiming to double production again by the middle of the year and further expand capacity through the end of the year.
- 3M expects its supply chain to evolve in response to customer shifts, while maintaining a "local for local" manufacturing model proven effective during the pandemic.
- The company plans to prioritize innovation in respiratory protection, biopharma filtration, and food safety to address critical COVID-19 challenges and support recovery from an economic slowdown.
- External partnerships with companies such as Ford and Cummins are expected to accelerate innovation and play an increasingly significant role in 3M's forward strategy.
- Safety protocols in factories are being enhanced with distancing, cleaning, disinfecting, and PPE measures based on learnings from China, while approximately half of employees continue working remotely.
- Remote work capabilities and lessons regarding remote innovation are expected to remain integral to operations even as the company transitions back to the workplace.
- 3M plans to double down on core technology platforms and manufacturing capabilities to deliver differentiated value, focusing on opportunities arising from innovations developed over the last decade.
- The company anticipates operating under an expanded mandate that includes direct intervention in issues like fraud and price gouging, moving beyond sideline assistance to active engagement.
- 3M expects higher requirements from stakeholders regarding leadership stories and change management, with a focus on public-private partnerships and government collaborations involving entities like the White House and FDA.
- Future operations will incorporate lessons from social justice dialogues to broaden the view of stakeholders who hold a license for the company's operations.