Dive Brief:
- 3M has named Anurag Maheshwari, EVP and CFO of elevator and escalator maker Otis Worldwide Corp., to succeed Monish Patolawala, effective Sept. 1.
- Patolawala served as 3M’s president and CFO since July 2020. He stepped down on July 31 to become food and beverage manufacturer ADM’s CFO and EVP.
- Maheshwari’s last day at Otis will be Aug. 23, according to a July 19 securities filing. In the meantime, 3M named SVP, Controller and Chief Accounting Officer Teri Reinseth interim CFO until Maheshwari joins the chemical maker next month.
Dive Insight:
Maheshwari has served as Otis’ EVP and CFO since August 2022, according to a June 2022 press release.
He joined Otis in February 2020 as the VP of finance and information technology and chief transformation officer at the company’s Asia Pacific region division until Maheshwari was appointed as its CFO, according to the company’s June 2022 securities filing.
Before joining Otis, Maheshwari served as VP of investor relations for defense technology contractor Harris Corp. from 2017 to 2019, and for L3Harris Technologies from 2019 to 2020, after Harris and L3 Technologies merged. 3M CEO Bill Brown formerly served as Harris’ chief executive, chairman and president prior to the merger.
“I have known and worked with [Maheshwari] for more than twenty years and am confident that his leadership and expertise will play a vital role in driving profitable growth at 3M, achieving operational excellence across the enterprise, and advancing our capital allocation priorities,” Brown said in an Aug. 1 press release.
Maheshwari will have a starting yearly salary estimated at $1.1 million as well as a target annual compensation incentive opportunity of approximately $1.2 million, according to 3M’s Aug. 1 filings. Maheshwari will also receive a hiring bonus of $3.2 million and be eligible for 3M’s long-term incentive compensation, retirement and relocation benefits.
