MAPLEWOOD (dpa-AFX) - Diversified technology company 3M Co. (MMM) announced Wednesday the promotion of Chief Operating Officer Inge Thulin to president and chief executive officer, effective February 24. He succeeds Sir George Buckley, who will retire from the positions on June 1, but will remain the chairman until the May 8 annual meeting of shareholders.
'Inge is a proven leader with a terrific blend of strategic, business and analytical skills, and an excellent record of delivering both sales growth and operational efficiency in a wide range of global businesses. His strengths will serve 3M well and ensure that the company remains on a strong growth track driven by innovation for many years to come,' Lead Director Vance Coffman said in a statement.
The St. Paul, Minnesota-based company said Thulin will immediately become a director on 3M's Board, and will be elected as chairman at the annual meeting.
Thulin, aged 58, was promoted to the newly created position of chief operating officer on May 1, 2011, and was considered by analysts as a leading candidate to succeed Buckley as CEO. Previously, he was 3M's executive vice president of International Operations since 2003. Thulin, a native of Sweden, joined 3M in 1979.
Earlier, Thulin served as vice president of Europe and Middle East division of the company from 2002 to 2003. He has also served in various capacities at the company's Skin Health division from 1997 to 2002. Prior to that, he was named managing director of 3M Russia from 1995 to 1997, after serving in various marketing, line management and operational capacities in Sweden and Europe.
Meanwhile, Buckley joined 3M as CEO in February 2005 and was scheduled to retire in February 2012 upon attaining an age of 65 years, the mandatory retirement age for executives, unless his term is extended by mutual agreement with the board. He joined 3M after serving at Brunswick Corp. as chairman an CEO since June 2000. He also serves on the board of Stanley Black & Decker, Inc., and Archer Daniels Midland.
'We thank George for his exemplary leadership over the last six years. He achieved tremendous results for the company and navigated 3M successfully through one of the toughest economic times in recent history,' Coffman added.
In Wednesday's regular trading session, MMM is currently trading at $88.03, up $0.14 or 0.16% on a volume of 0.27 million shares. In the past 52-week period, the stock has been trading in a range of $68.63 to $98.19.
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