By Maria Armental
3M Co. Chief Executive Inge G. Thulin will become executive chairman and Chief Operating Officer Michael F. Roman take over as chief executive, a move that puts two company veterans at the helm of the conglomerate.
"We are excited to appoint a highly capable leader like Mike as CEO, while also leveraging Inge's tremendous experience in his new role as executive chairman of the board," Michael L. Eskew, the company's independent lead director, said in a statement.
The moves become effective on July 1.
Mr. Roman, 58 years old, became operating chief and executive vice president in July, reporting directly to Mr. Thulin. In his roughly three-decade career at 3M, Mr. Roman has led the company's Industrial group, its largest, which accounts for one-third of global sales and has served as the company's chief strategist, a position in which he also worked closely with Mr. Thulin.
In the newly created position of executive chairman, Mr. Thulin, who joined 3M in 1979, will work closely with Mr. Roman on longer-term strategic initiatives.
The company, formed in 1902, has more than $31 billion in annual sales, from Post-it Notes to Scotch tape.
The company's stock closed Monday at $232.81, up 23% over the past 12 months.
Write to Maria Armental at [email protected]