Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
3M, an American conglomerate company, announced on Monday, May 15, that it's group president and chief business and country officer is leaving. The Saint Paul, Minnesota-headquartered healthcare and consumer goods manufacturing firm confirmed that Michael Vale has been fired.
Vale is a long-time top executive at 3M, but he would be let go due to violations of the company’s policy. The manufacturer added that he also has a case of inappropriate conduct at the workplace.
According to CNN Business, Vale is vacating his office just a month after being promoted to group president and chief business and country officer roles at 3M. Before his departure, he has been directly reporting to the firm’s chief executive officer Mike Roman.
Some of his tasks include overseeing the safety, consumer, industrial, electronics, and transportation businesses of the company. Prior to his promotion, Vale was the president of 3M’s safety and industrial business.
In the most recent shareholder report of 3M, it was indicated that the fired executive was paid more than $1.6 million in cash per year as of April 1, 2022. He has been working at the company for over 30 years now thus, the termination and the reasons behind it were disappointing in some ways.
“3M today announced that Michael Vale has been terminated for cause from the company, effective May 12, 2023,” the company said in a press release. “His dismissal is due to inappropriate personal conduct and violation of company policy, unrelated to the company's operations and financial performance. When 3M learned of and verified the violation, it took immediate action.”
3M added, “The company has initiated a search for Mr. Vale's successor. Effective immediately, the leaders of 3M's Safety and Industrial Business, Consumer Business, and Transportation and Electronics Business report to 3M chairman and chief executive officer Mike Roman.”
Photo by cetteup/Unsplash
