Last week, beleaguered industrial conglomerate 3M (MMM -0.11%) dismissed recently installed Group President and Chief Business and Country Officer Michael Vale due to “inappropriate personal conduct and violation of company policy.” Vale was arguably the second-most-important executive at the company, but does his departure significantly impact the investment case for the company?
Who is Michael Vale?
Any attempt to guess the reason for Vale’s dismissal is a fruitless exercise. Suffice it to say that 3M said it was “unrelated to the company’s operations and financial performance,” and he also resigned from his position on the board of directors of outdoor equipment company The Toro Company.
However, there’s little doubt that Vale’s…
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