3M business manager Michael Vale fired for inappropriate behavior
New York (CNN) Manufacturer 3M fired longtime executive Michael Vale on Friday, citing “inappropriate behavior and violations of company policy.”
Vale was promoted to a new role as 3M’s corporate president and chief business and country officer last month. In that position, Vale oversaw 3M’s safety, industrial, consumer, transportation and electronics businesses, reporting directly to CEO Mike Roman. Prior to the new role, Vale served as 3M’s CEO of the company̵[ads1]7;s safety and industrial operations.
Vale was paid more than $1.6 million in total cash compensation in the year by the company, as of April 1, 2022, according to a recent shareholder report from the company. Vale had been employed by the company, which manufactures tape, surgical masks and other industrial products, for more than 30 years. The company said he was terminated for cause, in an announcement Monday.
3M said it took immediate action after confirming Vale’s violation of company policy and that the inappropriate behavior was “unrelated to the company’s operations and financial performance.”
The company’s stock opened in the red on Monday, but rallied in the early afternoon. When CNN reached for comment, 3M referred to the statement.
The search for Vale’s successor is underway, the company states in a press release. Meanwhile, the department heads that Vale oversaw will report directly to the company’s CEO.