Dive Brief:
- 3M CFO and President Monish Patolawala is stepping down from his post effective July 31 to start an executive role at a food and beverage manufacturer, the chemical-making giant announced Wednesday.
- Patolawala will become CFO and EVP at ADM, effective August 1, the ADM release stated. He’ll succeed Ismael Roig, who has been serving as ADM’s interim CFO since January after his predecessor was placed on leave and resigned due to an accounting scandal.
- 3M has begun a search for a new CFO but has not named an interim yet. Patolawala will stay to assist with the CFO changeover, according to 3M’s release.
Dive Insight:
Patolawala joined 3M in July 2020 as CFO and SVP with a starting base salary of $885,000, according to a June 2020 securities filing.
Since then, Patolawala gained more titles and responsibilities. He also served as chief transformation officer and was appointed EVP. In September 2023, he was appointed president.
He helped closed the 3M spinoff of its healthcare business, Solventum, in April, according to a March securities filing. Patolawala also played a part in restructuring the chemical maker’s business which went into effect last year.
Patolawala’s salary increased by approximately 46% to $1.3 million, according to a March securities filing. His total compensation, which includes $4.4 million in stock, is approximately $9 million.
Patolawala’s resignation is the second leadership change among 3M’s top executives this year. In May, William Brown became the chemical maker’s new CEO, succeeding Mike Roman who transition as 3M’s executive chairman of its board of directors.
