Bill Brown, former CEO of L3Harris Technologies, to succeed Mike Roman as the new CEO, who will himself become the Chairman of the Board. The current CEO of 3M, Mike Roman, will hand over his duties to an external successor as the manufacturer grapples with expensive legal disputes and declining consumer demand.

The company announced that Bill Brown, the former head of the defense company L3Harris Technologies in Florida, will become the new CEO from May. Roman, who has been serving as CEO since 2018, will be appointed as the chairman of the 3M supervisory board. On Tuesday, 3M’s stock price rose by 5%. Brown will assume his position on May 1st, while the company prepares for the planned spin-off of its Healthcare division on April 1st.

This Segment Accounts for a Quarter of the Company's Total Revenue. 3M Continues to Face Legal Action Over So-Called "Forever Chemicals," Known as PFAS, Which the Company Has Been Manufacturing for Decades. Additionally, It Has to Make a Tough Decision on Whether to Maintain Its Annual Dividend of About $6 Per Share. Roman Has Been Repeatedly Criticized by Investors During His Tenure as the Company's Share Price Dropped Due to the Increasing Lawsuits. However, He Also Gained Recognition for His Leadership During the Covid-19 Pandemic.

3M was an important manufacturer of N95 respirators and was able to double production shortly after the crisis broke out. However, some employees and investors have criticized that the company's once so successful innovation power has stalled. Following the separation from the successful healthcare division, the remaining business units of 3M, which produce sandpaper, Post-it sticky notes, and components for electric vehicles, among other things, are under additional pressure to deliver results. Brown was CEO and Chairman of L3Harris from June 2019 to June 2022, and subsequently Executive Chairman.

Prior to the merger with L3 Technologies in 2019, he served as Chairman, President, and CEO of Harris Corp. 3M announced that the mandatory retirement age of 65 for Roman and Brown has been waived. While Roman turns 65 this year, Brown is 61 years old. According to Deane Dray of RBC Capital Markets, this could indicate that 3M expects Brown to remain as CEO for longer than four years. Brown will inherit a number of unresolved legal claims related to PFAS, including lawsuits for personal injuries and litigations connected to wastewater facilities.

At the same time, according to Dray, he will engage with the company's business operations and try to restore consistent revenue growth. During his tenure at Harris, Brown has acquired a reputation for investing heavily in research and development, allocating more than 5% of the revenue to this area – well above the defense industry average. 3M dedicates roughly the same percentage to research and development; however, investors like Abdulaziz Alnaim, whose London-based company Mayar Capital owns around 53,000 shares of the company, have questioned the results of these expenditures due to the company's slow growth.

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"Frankly, this is a restructuring that has always required external leadership, and if Brown puts research and development back on top, he might further drive up the stock price," he said. Some analysts had anticipated that the current CFO, Monish Patolawala, who took on additional responsibilities last year and frequently speaks at investors' conferences for 3M, could succeed Roman. A company spokesperson declined to comment.