Summary
3M Company (MMM) announced a significant realignment of its business structure, moving from five to four distinct business groups, effective for reporting starting in the second quarter of 2019. This strategic move aims to better serve customers and align businesses more effectively with their respective markets. The new structure includes Safety & Industrial, Transportation & Electronics, Health Care, and Consumer business groups, with estimated annual revenues provided for each. This organizational change signals a proactive approach by 3M to optimize its operations and market focus. In addition to the business group realignment, the company also announced an executive appointment. Teri Reinseth has been appointed as Vice President, Corporate Controller, and Chief Accounting Officer, effective April 1, 2019, succeeding Ippocratis Vrohidis, who will move to another leadership role within the company. These announcements reflect ongoing efforts by 3M to refine its leadership and operational framework to drive future growth and efficiency.
Key Highlights
- 13M is reorganizing from five to four business groups to improve customer service and market alignment.
- 2The new business groups are: Safety & Industrial ($12B estimated revenue), Transportation & Electronics ($10B), Health Care ($7B), and Consumer ($5B).
- 3This new reporting structure will be effective starting with the second quarter of 2019.
- 4A Program Management Office will be established to oversee the transition to the new simplified global operating model.
- 5Teri Reinseth has been appointed as the new Vice President, Corporate Controller, and Chief Accounting Officer, effective April 1, 2019.
- 6The previous Chief Accounting Officer, Ippocratis Vrohidis, is moving to a new leadership position within 3M.