(Reuters) - Diversified manufacturer 3M Co (MMM.N) on Monday promoted Chief Operating Officer Michael Roman to chief executive officer, replacing Inge Thulin, who will become executive chairman after a six-year stint as CEO.
Roman, 58, has served as the Minnesota-based company’s operating chief since July last year and joined the company about three decades ago.
Thulin, who began his career with 3M Europe some four decades ago, will work with Roman on longer-term strategic initiatives, 3M said.
The changes at the Post-it maker will be effective as of July 1.
Thulin has overseen several of 3M’s deals including its $1.8 billion purchase of KKR & Co’s (KKR.N) Capital Safety, which makes worker protection gear.
3M, which makes Scotch-Weld adhesives, raised its full-year earnings forecast in January and increased its quarterly dividend. The company has also benefited from the U.S. tax reform.
3M’s shares were slightly higher at $233.03 in after-hours trading. The company’s stock has more than doubled under Thulin’s leadership.
Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar and Shounak Dasgupta