3M Appoints New Chief Financial Officer
Nick Gangestad announces retirement; Monish Patolawala named CFO
St. Paul, Minnesota-based 3M announces that Monish Patolawala is the company’s senior vice president and chief financial officer, effective July 1, 2020. Patolawala will succeed Nick Gangestad, who announced his intention to retire. Gangestad will stay on through July 31, 2020, to ensure a smooth transition.
Patolawala is currently with GE Healthcare, a $17 billion business where he has served as the chief financial officer. He’s driven its financial strategy and performance since 2015. Patolawala is a certified chartered accountant with experience at A.F. Ferguson & Co. (an ex-affiliate of KPMG) before his tenure at GE. Patolawala also is a certified cost accountant from the Institute of Cost and Works Accountants of India.
“I am pleased to welcome Monish to our leadership team,” says Mike Roman, 3M chairman and chief executive officer. “His deep and extensive experience in leading the financial operations of industrial and healthcare businesses—as well as driving operational changes—will make an immediate impact as we manage through the current economic challenges and continue to position 3M for the future. I am confident Monish will provide strong leadership and is an excellent addition to the 3M team.”
“On behalf of our board of directors and all 3Mers, I thank Nick for his exceptional contributions throughout his 35-year career,” adds Roman. “He has been a great leader, mentor, and colleague, and he has created tremendous value for our company and our shareholders. In his six years as CFO, Nick’s guidance has been especially critical as he helped lead our transformation journey, and our work to optimize our portfolio and position 3M for the future. I wish Nick all the best in the next chapter of his life.”
As CFO, Patolawala will lead 3M’s global finance organization and will be responsible for accounting, treasury, financial planning and analysis, tax, and investor relations.
“I am thrilled to join 3M, a company I have long admired as one of the most innovative in the world,” said Patolawala. “3M has unique strengths, a strong business model and a proud history, and I look forward to working with the team to execute on the company’s priorities, accelerate growth and enhance value for shareholders and all stakeholders.”
For more information, visit www.3M.com.