Summary
This 8-K filing from 3M Company (MMM) announced a significant leadership transition. Inge G. Thulin, the Executive Chairman of the Board, has informed the company of his intention to retire on June 1, 2019, and will not seek re-election. He will continue in his current role until the Annual Stockholder Meeting on May 14, 2019. This marks the end of an era for Mr. Thulin's tenure with the company. In conjunction with Mr. Thulin's upcoming retirement, the Board of Directors has nominated Michael F. Roman, the current Chief Executive Officer and a Board member, to assume the role of Chairman of the Board. This transition is expected to take effect following the 2019 Annual Stockholder Meeting on May 14, 2019, after stockholders elect Mr. Roman to a one-year term as director. Mr. Roman, who has been CEO since July 2018, will consolidate leadership as both CEO and Chairman.
Key Highlights
- 1Inge G. Thulin, Executive Chairman, will retire on June 1, 2019, and will not stand for re-election.
- 2Mr. Thulin will serve as Executive Chairman until the Annual Stockholder Meeting on May 14, 2019.
- 3Michael F. Roman, the current CEO and Board member, is nominated to become Chairman of the Board.
- 4Mr. Roman's appointment as Chairman is effective May 14, 2019, following his election as a director.
- 5This transition consolidates the CEO and Chairman roles under Michael F. Roman.
- 6The filing references a press release (Exhibit 99.1) detailing these announcements.