Summary
3M Company (MMM) announced a significant leadership transition in an 8-K filing dated February 8, 2012. George W. Buckley, Chairman, President, and CEO, is retiring from the company effective June 1, 2012. He will step down as President and CEO on February 23, 2012, but will remain as executive Chairman until the Annual Meeting on May 8, 2012. In conjunction with this transition, Inge G. Thulin has been appointed the new President and CEO, effective February 24, 2012. Mr. Thulin, previously Executive Vice President and Chief Operating Officer, has also been elected to the Board of Directors and is slated to become Chairman of the Board in May 2012. This leadership change marks a new chapter for 3M, with Mr. Thulin expected to drive the company's future performance.
Key Highlights
- 1Retirement of Chairman, President, and CEO George W. Buckley, effective June 1, 2012.
- 2George W. Buckley will step down as President and CEO on February 23, 2012, continuing as Executive Chairman until May 8, 2012.
- 3Inge G. Thulin appointed as the new President and Chief Executive Officer, effective February 24, 2012.
- 4Inge G. Thulin elected to the Board of Directors, with plans to become Chairman of the Board in May 2012.
- 5Mr. Thulin's initial annual target cash compensation set at $3,300,000 (including base salary and incentive compensation).
- 6Mr. Thulin's 2012 long-term incentive grants will have a target value of $8,000,000, composed of stock options and performance shares.
- 7Mr. Thulin will be eligible for standard executive benefits and perquisites, including the use of corporate aircraft for safety and security.