8-KLeadership ChangesRegulation FDExhibits & Filings

3M CO 8-K Report, Executive Changes (Aug 1, 2024)

Filed August 1, 2024For Securities:MMM

Summary

3M Company (MMM) has announced a significant leadership change, appointing Anurag Maheshwari as its new Executive Vice President and Chief Financial Officer, effective September 1, 2024. Mr. Maheshwari brings extensive financial and operational experience from his previous roles, notably as CFO of Otis Worldwide Corporation, and prior executive positions at L3Harris. His compensation package includes a substantial base salary, target incentive, a significant hiring bonus, and substantial equity awards designed to incentivize his transition and long-term commitment. In addition to the permanent CFO appointment, Theresa Reinseth has been named Interim Chief Financial Officer, effective August 1, 2024, to ensure a smooth transition following the departure of Monish Patolawala. This strategic leadership update is a key development for 3M as it navigates its financial operations and future strategic planning.

Key Highlights

  • 1Anurag Maheshwari appointed as EVP and CFO, effective September 1, 2024.
  • 2Mr. Maheshwari brings a wealth of experience from Otis Worldwide Corporation and L3Harris.
  • 3He will receive an annual base salary of $1,050,000 and a target annual incentive of $1,155,000.
  • 4A hiring bonus of $3,150,000 is included, with repayment provisions.
  • 5Significant equity awards include a $4.5 million Make-Whole RSU Award and other pro-rata 2024 grants.
  • 6Theresa Reinseth appointed as Interim CFO, effective August 1, 2024.
  • 7Relocation benefits and a severance plan are part of Mr. Maheshwari's compensation.

Frequently Asked Questions

Anurag Maheshwari has been appointed as the new Executive Vice President and Chief Financial Officer of 3M, effective September 1, 2024.

Mr. Maheshwari has a strong financial background, most recently serving as Executive Vice President and Chief Financial Officer for Otis Worldwide Corporation. He also held senior finance roles at L3Harris and has experience in strategy, business leadership, and investor relations.

Mr. Maheshwari's compensation includes an annual base salary of $1,050,000, a target annual incentive of $1,155,000, a hiring bonus of $3,150,000, and substantial long-term incentive awards, including a $4.5 million Make-Whole RSU grant, designed to compensate for forfeited awards from his previous employer and incentivize long-term commitment.

Theresa Reinseth, currently Senior Vice President, Corporate Controller and Chief Accounting Officer, has been appointed as the Interim Chief Financial Officer, effective August 1, 2024, to bridge the period until Mr. Maheshwari assumes his role.