3M’s leadership changes
Today, the 3M Company (MMM) made an announcement that its board of directors would be nominating CEO Mike Roman to the position of chairman.
Roman will replace the current executive chairman, Inge Thulin, who has announced his intention to retire on June 1, 2019.
3M’s board consists of 12 members, 11 of whom are independent directors. Roman said, “It’s an honor to be nominated to the additional role of chairman of the board. I thank Inge for his leadership and partnership throughout my career, especially over the past year in his role as executive chairman.”
Thulin has been with 3M since 1979. He served as 3M’s chairman, president, and CEO from 2012 to 2018. Thulin said, “I am proud of 3M, our people, and what we’ve accomplished together. I’ve known and worked very closely with Mike, including since his appointment as CEO. I’m very confident that 3M’s best days are ahead and Mike will do a fantastic job leading 3M into the future.”
3M stock update
This afternoon, 3M stock was up 0.9%. So far in 2019, 3M has made a good recovery and has risen 7.0% However, it’s still underperforming the broader market representative, the S&P 500 Index (SPY), which has risen 10.0% in the same period. 3M’s peers Honeywell (HON), Stanley Black & Decker (SWK), and Illinois Tool Works (ITW) have risen 14%, 10.2%, and 10.6%, respectively.