Proactive Investors - 3M Co (NYSE:MMM) shares moved higher on Tuesday after the manufacturer announced the appointment of William M. Brown as its new CEO.
Effective May 1, 2024, he will succeed Michael Roman who has been appointed executive chairman of 3M’s board of directors, effective from the same date.
3M noted that Brown is the former CEO of aerospace and defense technology firm L3Harris Technologies and before joining that company spent 14 years serving in various leadership roles at United Technologies (NYSE:RTX).
"Bill's strong track record as a CEO for a global technology company makes him the right leader for 3M," Roman said in a statement.
"He brings a wealth of experience in strategic leadership, innovation, and operational excellence to 3M. I look forward to working with him to build on our momentum in my new role as executive chairman."
Brown, meanwhile, commented: "The company has made significant positive changes under Mike's leadership, and I am looking forward to building on that progress as CEO as 3M continues to deliver for its customers, shareholders, employees, and communities around the globe."
Shares of 3M were up 4% at about $98 late morning on Tuesday.