On Friday, 3M fired long-serving CEO Michael Vale, alleging “inappropriate conduct and violation of company policy.”

Vale was recently appointed as 3M’s group president and chief business and country officer. Vale supervised 3M’s safety, industrial, consumer, transportation, and electronics industries in that role, reporting directly to CEO Mike Roman. Vale formerly served as 3M’s group president for the company’s safety and industrial businesses.

According to a recent company shareholder report, Vale received more than $1.6 million in total cash compensation per year as of April 1, 2022. Vale had worked for the company, which manufactures tape, surgical masks, and other industrial products, for almost 30 years. In a Monday notice, the business stated that he was fired for cause.

Michael Vale, former 3M Group President, Chief Business Officer, and Country Officer.
Michael Vale, former 3M Group President, Chief Business Officer, and Country Officer.
According to Linkedin, 3M took swift action after discovering Vale’s violation of company rules, and that the inappropriate behavior was “unrelated to the company’s operations and financial performance.”

On Monday, the company’s stock opened down but recovered by early afternoon. When CNN contacted 3M for comment, the company pointed to its statement.

Vale’s successor is being sought, according to a business release. Meanwhile, the leaders of the departments Vale supervised will report directly to the CEO of the corporation.