In that same announcement, it was revealed that current Chief Financial Officer Monish Patolawala added president to his title. In a note to clients, RBC analyst Deane Dray said "this arguably positions him as the heir-apparent to CEO Mike Roman."
Roman has been leading 3M for five years. That includes , during which a shortage of the company's N95 respirators quickly became a global crisis. He's also had to oversee the company through the earplugs and PFAS litigation, plus pushback from a top shareholder on the underperformance in the stock.
Shares of 3M have fallen 48% since he was appointed CEO in 2018. During that same timeframe, the has rallied 50%.
The stock rose more than 1% on Tuesday.
