By Michael Calia
3M Co. named Nicholas C. Gangestad as its new chief financial
officer, as David Meline departs to take the same post at
biopharmaceutical company Amgen Inc.
Mr. Gangestad has worked for the industrial conglomerate for 27
years, recently serving as its corporate controller and chief
accounting officer for the past three years.
"Nick is an outstanding and respected financial leader amongst a
very strong 3M finance team," Chairman and Chief Executive Inge G.
Thulin said in a release. "He has a proven track record of success
and is ideally suited for the 3M chief financial officer role."
Mr. Meline, meanwhile, had worked with 3M since 2008, when he
became the controller and accounting chief. He has served as
finance chief since 2011.
His appointment at Amgen is effective July 21, and he will
replace Michael Kelly who had served in the role on an interim
basis since the beginning of the year. Mr. Meline previously held
numerous leadership positions at General Motors Co.
Mr. Meline gained "great international experience in Asia and
Europe while at General Motors," said Peter D. Crist, chairman of
recruiters Crist|Kolder Associates, which wasn't involved in
Amgen's search. "All of the GM alums think the world of him," the
recruiter added.
3M, maker of brands such as Post-it Notes and Scotch tape,
posted in April a boost in profit for the first quarter as its
electronics and energy division experience strong demand for
optical films. The gains were offset somewhat by harsh winter
weather in the U.S. weighing on office-supply stores' sales and
delaying construction projects that rely on 3M-produced
materials.
Meanwhile, Amgen, the largest biotechnology company by sales,
posted a 25% drop in earnings in April on higher costs that masked
its revenue growth.
Joann S. Lublin contributed to this article.
Write to Michael Calia at michael.calia@wsj.com
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