3M (MMM) stock declines after company’s leadership changes

November 10, 2023 12:23 AM AEDT | By Invezz

3M (MMM) stock declines after company’s leadership changes — Image source: Invezz

Leadership changes at 3M Company

In an announcement today, 3M disclosed two significant leadership changes within the company. These changes come in the context of a planned spin-off of the Health Care Business Group.

Notably, Jeff Lavers, who held the position of group president for the Health Care Business Group, is set to depart from 3M, effective December 1.

Following the exit of Lavers, the company, which is undergoing a transformation, will continue to be overseen by Bryan Hanson, who serves as the CEO of the Health Care division. His leadership will play a crucial role in ensuring a successful spin-off and the future growth of this business segment.

Additionally, Ashish Khandpur, the group president of the Transportation and Electronics Business Group, has also revealed his intention to leave 3M. Effective December 1, he will join another company as president and chief executive officer.

The departure of both Lavers and Khandpur marks the end of their tenures with 3M Company, and the company expressed gratitude for their contributions and wished them success in their future endeavours.

Consequently, following the exit of the two leaders, 3M has initiated a comprehensive search for a successor to Ashish Khandpur, while in the interim, division presidents within the Transportation and Electronics Business Group will report directly to 3M Chairman and CEO, Mike Roman.

The post 3M (MMM) stock declines after company's leadership changes appeared first on Invezz

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