3M names new CEO after contentious year with multiple lawsuit settlements
ST. PAUL, Minn. — St. Paul-based 3M has named its next leader.
The company announced Tuesday that William Brown will start as CEO on May 1. Current CEO Michael Roman will move to an executive chairman role on the same date.
"The company has made significant positive changes under Mike's leadership, and I am looking forward to building on that progress as CEO as 3M continues to deliver for its customers, shareholders, employees, and communities around the globe," Brown said.
Brown most recently served as the chairman of the board and CEO at L3Harris Technologies, an aerospace and defense company.
The new CEO joins a year after two significant lawsuit settlements for 3M.
Last June, the manufacturer said it would pay up to $10.3 billion over 13 years to fund public water suppliers in the United States that have detected its toxic "forever chemicals" in their water supplies.
Then, in August, 3M agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss.
Note: The video above originally aired Aug. 29, 2023.
