3M announced Wednesday that its Chief Financial Officer, Monish Patolawala, will depart the company on July 31. This decision comes less than three months after a new chief executive officer took charge at the industrial conglomerate. Patolawala joined 3M as CFO in 2020 and is set to assume a similar role at Archer-Daniels-Midland (ADM), effective August 1. ADM has had Ismael Roig in the interim CFO position since January.
In light of Patolawala’s imminent departure, 3M has already initiated a succession process to identify its next chief financial officer. Responding to his decision to leave, Patolawala remarked, “3M is well positioned for success, and this is the right time for me to transition to a new opportunity.”
Patolawala’s resignation follows the recent appointment of William Brown as 3M’s CEO on May 1. Brown, formerly the CEO of L3Harris Technologies, succeeded Michael Roman, who assumed the role of executive chairman at 3M.
In other developments, 3M adjusted its full-year 2024 outlook at the end of April due to the formal separation of its healthcare business, which launched as an independent entity named Solventum. The company now projects per-share adjusted earnings to fall within a range of $6.80 to $7.30, with adjusted sales expected to be between a 0.25% decrease and a 1.75% increase. This projection is down from its previous forecast of $9.35 to $9.75 per share on sales growth of 0.25% to 2.25%.
3M, known for its iconic brands like Scotch tape and Post-It notes, earlier this year received final court approval for a significant settlement addressing water pollution claims by public suppliers across the United States. In August, the company agreed to pay $6 billion between 2023 and 2029 to settle litigation concerning its combat arms earplugs.
