3M Announces Departure of Chief Financial Officer

Rhea-AI Summary

3M (NYSE:MMM) announced that Monish Patolawala, President and Chief Financial Officer, will resign effective July 31, 2024. He will remain with the company until this date to ensure a smooth transition. CEO William Brown thanked Patolawala for his four years of leadership and contributions. Patolawala expressed pride in 3M's achievements and confidence in the company's future. 3M has begun a succession process for a new CFO and will provide updates as necessary.

Positive

• Monish Patolawala will remain until July 31, 2024, ensuring a smooth transition.
• Patolawala expressed confidence in 3M's future success.

Negative

• The resignation of CFO Monish Patolawala may create uncertainty for investors.

Monish Patolawala to leave 3M on July 31, 2024

ST. PAUL, Minn., July 10, 2024 /PRNewswire/ -- 3M (NYSE:MMM) announced today the resignation of Monish Patolawala, President and Chief Financial Officer, effective July 31, 2024, to pursue another opportunity.  Mr. Patolawala will stay on through July 31, 2024, to ensure an orderly transition.

"On behalf of all 3Mers, I thank Monish for his leadership and contributions to 3M over the past four years," said William Brown, 3M Chief Executive Officer. "We wish him continued success in his future endeavors."

"It has been a privilege to work as part of 3M's leadership team and I am proud of our accomplishments," said Mr. Patolawala. "3M is well positioned for success and this is the right time for me to transition to a new opportunity."

3M has initiated a CFO succession process and will provide updates as appropriate.

About 3M
3M (NYSE: MMM) believes science helps create a brighter world for everyone. By unlocking the power of people, ideas, and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's next at 3M.com/news.

Media Contact:

Investor Contact:
Bruce Jermeland
(651) 733-1807
or
Diane Farrow
(612) 202-2449
or
Eric Herron
(651) 233-0043

Media Contact:
Sean Lynch
Slynch2@mmm.com

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SOURCE 3M Company

FAQ

When is Monish Patolawala leaving 3M?

Monish Patolawala will leave 3M on July 31, 2024.

What is the impact of Monish Patolawala's resignation on 3M?

Monish Patolawala's resignation may create uncertainty among investors, but he will stay until July 31, 2024, to ensure a smooth transition.

Has 3M started the process to find a new CFO?

Yes, 3M has initiated a succession process to find a new CFO and will provide updates as appropriate.

What did CEO William Brown say about Monish Patolawala's departure?

CEO William Brown thanked Monish Patolawala for his leadership and contributions over the past four years and wished him continued success.

What did Monish Patolawala say about his departure from 3M?

Monish Patolawala expressed pride in 3M's accomplishments and confidence in the company's future, stating it is the right time for him to transition to a new opportunity.