3M announces its new Chief Financial Officer

U.S. industrial conglomerate 3M has announced the appointment of Monish Patolawala as the company's chief financial officer, effective July 1.

Patolawala, who is currently serving as the CFO of GE Healthcare is replacing Nick Gangestad, who will retire, 3M said.

Patolawala joined GE in 1994 and has been working closely with the company's Chief Executive Officer Larry Culp as Vice President of operational transformation, driving lean management across the company.

Maplewood, Minn.-based 3M said that Gangestad, whose six years as CFO capped a 35-year career at the company, will stay on through July in a transition role.

“He has been a great leader, mentor, and colleague, and he has created tremendous value for our company and our shareholders," said 3M CEO Mike Roman in a statement. "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.”

Patolawala was previously CFO of Boston-based GE's transportation division. Patolawala has been with GE since 1994. Prior to GE, Patolawala worked with accounting firm KPMG.

On his appointment, Patolawala shared, “I am thrilled to join 3M, a company I have long admired as one of the most innovative in the world.”