3M Appoints New Chief Financial Officer
June 03 2020 - 6:30AM
Business Wire
Nick Gangestad Announces Retirement; Monish
Patolawala Named CFO
3M (NYSE:MMM) announced today that Monish Patolawala is
appointed senior vice president and chief financial officer,
effective July 1, 2020. Patolawala will succeed Nick Gangestad, who
has announced his intention to retire. Gangestad will stay on
through July 31, 2020, to ensure an orderly transition.
Patolawala, 51, is currently at GE Healthcare, where he has
served as chief financial officer of the approximately $17 billion
business, driving its financial strategy and performance since
2015. He has also been working closely with GE chairman and chief
executive officer, H. Lawrence Culp, Jr., as vice president of
operational transformation, driving operating rigor and lean
management across the company. Patolawala joined GE in 1994, taking
leadership roles of increasing responsibility and is a financial
leader with a proven track record of delivering profitable growth
for various businesses within GE. He is a certified Chartered
Accountant with experience at A.F. Ferguson & Co. (an
ex-affiliate of KPMG) prior to his tenure at GE. Patolawala also is
a certified Cost Accountant from the Institute of Cost and Works
Accountants of India.
“I am pleased to welcome Monish to our leadership team,” said
Mike Roman, 3M chairman and chief executive officer. “His deep and
extensive experience in leading the financial operations of
industrial and healthcare businesses – as well as driving
operational changes – will make an immediate impact as we manage
through the current economic challenges and continue to position 3M
for the future. I am confident Monish will provide strong
leadership and is an excellent addition to the 3M team.”
“On behalf of our board of directors and all 3Mers, I thank Nick
for his exceptional contributions throughout his 35-year career,”
said Roman. “He has been a great leader, mentor and colleague, and
he has created tremendous value for our company and our
shareholders. In his six years as CFO, Nick’s guidance has been
especially critical as he helped lead our transformation journey,
and our work to optimize our portfolio and position 3M for the
future. I wish Nick all the best in the next chapter of his
life.”
“I am thrilled to join 3M, a company I have long admired as one
of the most innovative in the world,” said Patolawala. “3M has
unique strengths, a strong business model and a proud history, and
I look forward to working with the team to execute on the company’s
priorities, accelerate growth and enhance value for shareholders
and all stakeholders.”
As CFO, Patolawala will lead 3M’s global finance organization
and will be responsible for accounting, treasury, financial
planning and analysis, tax, and investor relations.
Patolawala holds a bachelor’s degree from St. Joseph’s College
of Commerce in Bangalore, India.
3M is participating today in the UBS Virtual Global Industrials
and Transportation Conference 2020. Mike Roman, chairman and chief
executive officer, and Nick Gangestad, senior vice president and
chief financial officer, will speak at 8:20 a.m. EDT. The event
will be webcast live, and a replay will be available on 3M’s
Investor Relations website at http://investors.3M.com.
About 3M
At 3M, we apply science in collaborative ways to improve lives
daily. With $32 billion in sales, our 96,000 employees connect with
customers all around the world. Learn more about 3M’s creative
solutions to the world’s problems at www.3M.com or on Twitter @3M
or @3MNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20200603005290/en/
3M Investor Contacts: Bruce Jermeland,
651-733-1807 or Tony Riter, 651-733-1141 or Media Contact:
Stephen Sanchez, 651-737-5967
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