3M Hires New Finance Chief to Guide it Through COVID-19
3M, the conglomerate known for Post-it Notes, N95 respirators, and Scotch Tape, has announced that Monish Patolawala will serve as its new Chief Financial Officer. He will replace 3M’s current CFO, Nick Gangestad, on July 1.
Gangestad intends to stay on until the end of July to ensure a smooth transition.
As CFO, Patolawala is responsible for overseeing the company’s global financial operations and leading the accounting, financial planning and analysis, treasury, tax, and investor relations teams.
Patolawala joins 3M from GE Healthcare, where he has served as the company’s CFO since 2015. He initially joined GE in 1994 and has held leadership roles across a range of the company’s business units.
In a press release, 3M Chairman and CEO Mike Roman welcomed Patolawala and stated, “His deep and extensive experience in leading the financial operations of industrial and healthcare businesses – as well as driving operational changes – will make an immediate impact as we manage through the current economic challenges and continue to position 3M for the future.”
Patolawala said, “I am thrilled to join 3M, a company I have long admired as one of the most innovative in the world. 3M has unique strengths, a strong business model and a proud history, and I look forward to working with the team to execute on the company’s priorities, accelerate growth and enhance value for shareholders and all stakeholders.”
3M’s new finance chief joins at a tough time for the company, as in the last year 3M has undertaken two restructurings and attempted to temporarily lower costs in response to coronavirus. In April, the company announced plans to reduce expenses by up to $400 million in the second quarter of 2020.