Don't Dis 3 M's Plan To Rev Up Growth
"3M: The heat is on the boss" (Management, Mar. 15) represents a triumph of anonymous gossip and fabrication over the factual, balanced, and well-researched reporting we expect of BUSINESS WEEK. The leadership of 3M is fully aware that our performance has not met our expectations, and it has taken action to regain growth momentum. A good example is the action plan announced last July. I personally participated in the decision-making process which led to that announcement. I can report--on the record--that the plan had the unanimous consent of the senior-management team.
In an interview with BUSINESS WEEK in late February, 3M CEO Livio D. DeSimone spoke at length about investment in new technology platforms and new products. None of his comments on the topic is included in the story.
Instead, we hear from anonymous sources about his alleged "failure to fund important products for future growth." In fact, 3M invests more than $1 billion annually in R&D and generated more than 30% of its sales from products new in the last four years.
I am aware that BUSINESS WEEK has a policy of correcting "errors of fact." To us, the more relevant issue is how you correct errors of fiction.
J. Marc Adam
Marketing & Public Affairs
St. Paul, Minn.