3M announces a CEO change

Minnesota-based 3M is making a change in its top leadership position.

The company announced Tuesday that CEO Mike Roman will be replaced on May 1 by former L3Harris Technologies chief executive William Brown.

Roman has led 3M since July 2018 but the change comes following two major settlements last year.

In June, the company announced a $10 billion deal to settle cases related to the “forever chemicals” known as PFAS. Two months later, the company reached a $6 billion settlement in the lawsuits over combat earplugs. Additionally, the company has announced a new health care spinoff called Solventum and some other layoffs and pension freezes due to “restructuring” in the past year.

Roman will continue to serve as the company’s board chairman after Brown takes over as CEO, 3M says.

“Bill’s strong track record as a CEO for a global technology company makes him the right leader for 3M,” Roman said in a prepared 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, 61, spent more than a dozen years at United Technologies Corporation in a variety of roles before leading Harris Corp. through its merger with L3 Technologies. He then served as the new company’s chief executive and chairman for three years, ending in June 2022.

“I am excited for the opportunity to lead this iconic global company,” Brown said. “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.”

3M also said that its board has waived its mandatory retirement age of 65 to allow Roman and Brown to continue serving for several years.

FILE – L3Harris Technologies CEO and Chairman William Brown. (Business Wire)