A ‘leaner’ 3M emerges as CEO hands off company to new leader

Mike Roman crossed a lot of billion-dollar items off his to-do list in his final few months as CEO of 3M.

The Maplewood-based conglomerate spun off its healthcare division on April 1. Two major legal settlements cleared their final hurdles. The company took a tentative first step back to growth following a major restructuring and several rounds of layoffs.

“Those are things I take with me as I move into the executive chair position,” Roman said. “We’ve been focused on a stronger, leaner, more focused 3M. I’m proud of these teams.”

Bill Brown will take the helm as 3M chief executive on Wednesday as Roman ends his tenure but remains on the board. Meanwhile, the carpet has been rolled out for the new CEO.

“Our guidance returns us to growth and strong margin expansion,” said Chief Financial Officer Monish Patolawala. “We are set up for success.”

3M expects earnings per share in 2024 to range between $6.80 and $7.30, a growth of about 15% compared with last year when adjusting for the healthcare spinoff.

The spun-off company, Solventum, represented a quarter of 3M’s revenue and profit last year.