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.