Shares of 3M (NYSE: MMM) are trading lower in premarket today. The company announced the resignation of its President and Chief Financial Officer, Monish Patolawala, effective July 31, 2024.
Patolawala is stepping down to pursue another opportunity and will remain with the company until the end of July to ensure a smooth transition.
"On behalf of all 3Mers, I thank Monish for his leadership and contributions to 3M over the past four years," said William Brown, 3M Chief Executive Officer. "We wish him continued success in his future endeavors."
3M has begun the process of finding a successor for Patolawala. The company will provide updates on the CFO succession process as appropriate.
During his tenure, Patolawala played a key role in the company's leadership team. Patolawala stated, "It has been a privilege to work as part of 3M's leadership team and I am proud of our accomplishments. 3M is well positioned for success and this is the right time for me to transition to a new opportunity."
The company has been seeing management changes with the new CEO William Brown assuming office recently.
The new management is aiming to refocus the company on growth and operations. With major litigation settlements behind 3M and uncertainty about remaining lawsuits reduced, investors are likely to look at improving operations, potential cyclical coverage and inexpensive valuation.
3M stock has gained more than 22% in the last 12 months. Investors can gain exposure to the stock via Invesco Dow Jones Industrial Average Dividend ETF (NYSE:DJD) and First Trust Dow 30 Equal Weight ETF (NYSE:EDOW).
Price Action: MMM shares are trading lower by 0.59% at $99.10 in premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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