3M Announces Leadership Changes

Rhea-AI Summary

3M (NYSE: MMM) announces leadership changes in anticipation of the planned spin-off of the Health Care Business. Group president, Jeff Lavers, and Transportation and Electronics Business Group president, Ashish Khandpur, are departing effective Dec. 1. The Health Care Business will continue to be led by CEO Bryan Hanson, and 3M is conducting a search for Dr. Khandpur's successor.

ST. PAUL, Minn., Nov. 9, 2023 /PRNewswire/ -- 3M (NYSE: MMM) today announced two leadership changes.

In conjunction with the planned spin-off of the Health Care Business, we are announcing the departure of Jeff Lavers, group president, Health Care Business Group, effective Dec. 1.

The Health Care Business will continue to be led by the CEO of Health Care, Bryan Hanson, as the company works toward a successful spin-off.

Additionally, Ashish Khandpur, group president, Transportation and Electronics Business Group, has announced his intention to leave 3M to join another company as president and chief executive officer, effective Dec. 1.

"I want to thank Jeff and Ashish for their leadership throughout their careers at 3M, and I wish them all the best in their next chapters," said 3M Chairman and CEO Mike Roman. "Supported by our strong leadership team, 3M remains well positioned to deliver on our strategic priorities for our employees, customers, and all those who depend on 3M innovation."

3M has initiated a comprehensive internal and external search with an outside agency for Dr. Khandpur's successor. In the interim, division presidents within Transportation and Electronics will report directly to 3M Chairman and CEO Mike Roman. 

Forward-Looking Statements
This news release contains forward-looking information about 3M's financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as "anticipate, "estimate," "expect," "aim," "project," "intend," "plan," "believe," "will," "should," "could," "target," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade, geopolitical, capital markets and other external conditions and other factors beyond the Company's control, including inflation, recession, military conflicts, natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) risks related to unexpected events such as the public health crises associated with the coronavirus (COVID-19) global pandemic; (3) foreign currency exchange rates and fluctuations in those rates; (4) risks related to certain fluorochemicals, including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS-related products and chemistries, as well as risks related to the Company's plans to exit PFAS manufacturing and discontinue use of PFAS across its product portfolio;  (5) risks related to the proposed class-action settlement to resolve claims by public water systems in the United States regarding PFAS; (6) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2022 and any subsequent quarterly reports on Form 10-Q (the "Reports"); (7) competitive conditions and customer preferences; (8) the timing and market acceptance of new product and service offerings; (9) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, increased demand and wages,  supply chain interruptions, or natural or other disasters; (10) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (11) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies; (12) operational execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities; (13) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; (14) the Company's credit ratings and its cost of capital; (15) tax-related external conditions, including changes in tax rates, laws or regulations; (16) matters relating to the proposed spin-off of the Company's Health Care business; and (17) matters relating to Combat Arms Earplugs ("CAE"), including those relating to the voluntary chapter 11 proceedings of the Company's subsidiary Aearo Technologies and certain of its affiliates ("Aearo Entities"), as well as those related to the August 2023 settlement that is intended to resolve all litigation and alleged claims involving the CAE sold or manufactured by the Aearo Entities and/or the Company. Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under "Cautionary Note Concerning Factors That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.

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.

Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M news center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M posts on the news center and social media could be deemed to be material information. Therefore, the company encourages investors, the media and others interested in 3M to review the information posted on 3M's News Center and the social media channels such as Twitter @3M or @3Mnews.

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

What leadership changes did 3M announce?

3M announced the departure of Jeff Lavers, group president of the Health Care Business Group, and Ashish Khandpur, group president of the Transportation and Electronics Business Group, in anticipation of the planned spin-off of the Health Care Business.

Who will lead the Health Care Business after the departure of Jeff Lavers?

The Health Care Business will continue to be led by CEO Bryan Hanson.

When will the departures of Jeff Lavers and Ashish Khandpur be effective?

The departures of Jeff Lavers and Ashish Khandpur will be effective on Dec. 1.

Who will succeed Ashish Khandpur as group president of the Transportation and Electronics Business Group?

3M has initiated a comprehensive search with an outside agency for Dr. Khandpur's successor.

Who will oversee the Transportation and Electronics Business Group in the interim?

In the interim, division presidents within Transportation and Electronics will report directly to 3M Chairman and CEO Mike Roman.