3M named William Brown as its new CEO, effective May 1.
The former chairman and CEO of defense contractor L3Harris Technologies will replace CEO Michael Roman, who was appointed to executive chairman of the company’s board of directors, the company announced Tuesday.
"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.”
Prior to its merger with L3 Technologies in 2019, Brown served as the chairman, president and CEO at Harris Corporation, joining as president and chief executive in November 2011.
His starting salary at 3M will be $1.8 million, with a target annual incentive compensation opportunity of $3.15 million and a $3 million hiring bonus, according to a March 8 regulatory filing.
Roman has served as CEO since July 2018 and chairman since May 2019. He is a 35-year veteran at the manufacturing giant.
3M is waiving its mandatory retirement age of 65 years for both executives. Brown is 61-years-old and Roman is 64.
The CEO change follows other major structural changes at 3M. Last April, the company announced it was undertaking structural changes and laid off 8,500 workers.
The manufacturer is also in the midst of a massive settlement over PFAS contamination — 3M will pay $10.3 billion over 13 years for allegations it contaminated public water supplies with forever chemicals. The company is on track to phase out PFAS manufacturing by 2026, chemicals that have touched more than 25,000 products made by 3M.
The company is working on spinning off its healthcare business, Solventum. Last week, 3M's board of directors approved the spin-off and the company is set to separate from the chemical giant on April 1.
