- After about six years in the position
- Praise for Roman
- Bill Brown taking over
- Roman will remain as Executive Chairman at 3M
- Roman kept it short and said 53 words
(exechange) — St. Paul, Minnesota, March 12, 2024 — Mike Roman, chief executive of 3M, leaves his position. As announced by 3M Co. in a news release and in a regulatory filing published on Tuesday, March 12, 2024, Michael F. (Mike) Roman leaves his post as chief executive officer at the conglomerate operating in the fields of industry, worker safety, healthcare, and consumer goods, after about six years in the role, effective May 1, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Mike Roman’s duties as CEO will be taken over by William M. (Bill) Brown, a former chairman and chief executive officer at L3Harris Technologies.
The fact that Mike Roman’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, 3M did not explicitly explain the reason for the move.
Roman will remain as Executive Chairman at 3M
3M stated: “William M. “Bill” Brown is appointed chief executive officer, effective May 1, 2024. He succeeds Michael Roman, who is appointed to the role of Executive Chairman of the 3M Board of Directors, also effective May 1, 2024.”
3M also announced that the Board of Directors waived the mandatory retirement age of 65 years for Roman and Brown.
Share price decline since March 2019
The announcement follows a decline in 3M Co.’s share price of 55% since March 2019.
In the position of CEO since 2018
Mike Roman became CEO of the Company in 2018.
Roman is the Chairman of the Board and Chief Executive Officer of 3M Company since May 2019.
Roman previously served as Chief Executive Officer from July 1, 2018 to May 14, 2019; Chief Operating Officer and Executive Vice President from July 1, 2017 to June 30, 2018 with direct responsibilities for 3M’s five business groups and the Company’s international operations.
Roman previously served as Executive Vice President, Industrial Business Group, of 3M Company from June 2014 to July 2017.
Roman served as the Company’s Senior Vice President, Business Development, from May 2013 to June 2014.
Prior to that, he was Vice President and General Manager of Industrial Adhesives and Tapes Division from September 2011 to May 2013.
Roman also has lived in and led 3M businesses around the world, including the United States, Europe, and Asia.
53 words by Mike Roman
In the release announcing his departure as CEO of 3M Co., Mike Roman received praise.
In announcing his departure, Mike Roman kept it short and said 53 words.
“Strong track record”
Mike Roman stated: “Bill’s strong track record as a CEO for a global technology company makes him the right leader for 3M. He brings a wealth of experience in strategic leadership, innovation, and operational excellence to 3M. I look forward to working with him to build on our momentum in my new role as executive chairman.”
The above text is an excerpt from the exechange report 12.2024 ($), publication date March 18, 2024.