3M rises after appointing William Brown as new CEO

3M Co

12/03/2024 15:00

** Industrial conglomerate 3M shares  MMM.N  rise ~7% to
$100.57 in early trading hours
    ** Co appoints former CEO of L3Harris Technologies  LHX.N ,
William Brown, as CEO, effective May 1
    ** Brown succeeds Michael Roman, who will become executive
chairman of 3M's board on the same date
    ** Brown's appointment comes after co in January forecast
full-year earnings below Wall Street estimates
    ** "Bill has a reputation for driving margin and working
capital efficiency as well as bold strategic moves," Wolfe
Research analyst Nigel Coe said
    ** 3M's board waived the mandatory retirement age of 65
years for Roman and Brown
    ** YTD, stock had fallen 10%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))