Industrial conglomerate 3M on Tuesday said that William Brown will be appointed as chief executive officer, effective May 1.
William Brown, 61, the former CEO of L3Harris Technologies, will succeed Michael Roman, who will become executive chairman of 3M’s board on the same date.
“Bill’s strong track record as a CEO for a global technology company makes him the right leader for 3M,” Roman said in a statement.
Brown’s appointment comes after the company in January forecast full-year earnings below Wall Street estimates, citing a “muted” macro environment.
The company’s electronics business in particular, which makes displays for smartphones and tablets, has been grappling with the effects of sticky inflation, with customers cutting back on discretionary purchases, particularly in markets such as China.
To mitigate this, the diversified manufacturer has rolled out a major restructuring that includes cutting thousands of jobs and the spinoff of its healthcare business into a listed company.
3M’s board waived the mandatory retirement age of 65 years for Roman and Brown, it said.
