3M (NYSE:MMM) announced today the departure of its President and CFO, Monish Patolawala, effective July 31, 2024. Patolawala has resigned from the company to pursue another opportunity. He will stay on through July 31, 2024, to ensure a smooth transition. The industrial conglomerate has initiated a CFO succession process and will “provide updates as appropriate.”
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Management Shakeup at MMM
Patolawala guided the company through the spinoff of its healthcare business, Solventum Corp. (NYSE:SOLV). His departure as CFO comes about two months after former CEO Mike Roman stepped down.
3M named aerospace veteran William Brown as its new CEO after the departure of Mike Roman. The appointment of William Brown as the new CEO has cheered analysts bullish on the stock.
According to the TipRanks “Bulls Say, Bears Say,” analysts bullish on the stock believe that the new CEO “Bill Brown brings The Right Stuff to 3M, giving more confidence in the medium term EPS outlook.”
The smooth transition for the CFO role will be key to keeping investors feeling confident and knowing the company’s finances are in good hands. Overall, how 3M navigates these changes and shares its game plan will be really important for how investors see the company going forward.
Is 3M a Buy, Sell, or Hold Stock?
Analysts remain cautiously optimistic about MMM stock, with a Moderate Buy consensus rating based on six Buys, three Holds, and one Sell. Over the past year, MMM has increased by more than 25%, and the average MMM price target of $111.60 implies an upside potential of 11.9% from current levels.
