3M Names Outsider With M&A Pedigree as CEO in Shake-Up
- Manufacturer faces sluggish profit growth, legal liabilities
- Former L3Harris leader Brown to take top post as of May 1
3M Co. named aerospace veteran William Brown as its new chief executive officer, a move aimed at providing fresh direction for a company mired in mounting legal liabilities and a much-diminished stock price.
The former CEO of defense contractor L3Harris Technologies Inc. will take the top post at 3M on May 1, the company said Tuesday. The move caps a turbulent run of nearly six years for current leader Mike Roman, who failed to convince investors that 3M can overcome low profit margins, sluggish revenue growth and ongoing earplug and chemical lawsuits. Roman will stay on as executive chair.