Chemical giant 3M (MMM.US) announced on Wednesday that its Chief Financial Officer Monish Patolawala has resigned to 'seek other opportunities'.
According to the Wise Finance app, chemical giant 3M (MMM.US) announced on Wednesday that its Chief Financial Officer Monish Patolawala has resigned to 'seek other opportunities', following the appointment of Bill Brown as CEO of the company.
Patolawala will remain in his position until the end of this month. He has held the position for four years and helped the company spin off its medical care business Solventum (SOLV.US) in April and reached a settlement agreement worth billions of dollars in lawsuits over drinking water contamination. On Wednesday, 3M Company stated in a statement that it has launched a succession process.
3M's stock price fell more than 2% in pre-market trading on Wednesday. The company's stock price has risen 9.1% this year, while the S&P 500 index has risen 17%.
Other S&P 500 constituent companies experienced changes in their CFOs this week. Chipotle Mexican Grill (CMG.US) announced earlier that its CFO will resign, while United Parcel Service (UPS.US) has appointed an internal candidate as its CFO.