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    3M Co (MMM)

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    3M is a diversified global manufacturer and technology innovator, operating across four main business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer . The company develops and sells a wide range of products, including industrial abrasives, electronics assembly solutions, and consumer bandages, leveraging its technological innovations and global reach to maintain a strong market presence . Recently, 3M spun off its Health Care segment as Solventum, which was a substantial part of its business .

    1. Safety and Industrial - Offers industrial abrasives, autobody repair solutions, and personal safety equipment, significantly contributing to the company's revenue .
    2. Transportation and Electronics - Provides advanced materials, electronics assembly solutions, and reflective signage, with strong growth observed in electronics .
    3. Health Care - Previously included health care coding software, wound care products, and filtration systems before being spun off as Solventum .
    4. Consumer - Supplies consumer bandages, cleaning supplies, and stationery, with sales affected by seasonality, especially during back-to-school periods .
    NamePositionStart DateShort Bio
    Michael F. RomanExecutive Chairman of the BoardMay 1, 2024Michael F. Roman has been with 3M for over 35 years. He became Chairman of the Board and CEO in May 2019. He was appointed Executive Chairman of the Board effective May 1, 2024 .
    Monish PatolawalaPresident and Chief Financial Officer2023Monish Patolawala was elected President and CFO in 2023. He previously served as Executive Vice President, Chief Financial and Transformation Officer from 2021 to 2023 .
    John P. BanovetzExecutive Vice President, Chief Technology Officer and Environmental Responsibility2023John P. Banovetz was elected to his current position in 2023. He previously served as Senior Vice President, Chief Technology Officer and Environmental Responsibility in 2021 .
    Karina ChavezGroup President, Consumer2023Karina Chavez was elected to her current position in 2023. She previously served as Senior Vice President and Chief Strategy Officer from 2021 to 2023 .
    Torie ClarkeExecutive Vice President and Chief Public Affairs Officer2023Torie Clarke was elected to her current position in 2023. She worked as an independent communications and crisis management consultant from 2017 to 2023 .
    Zoe DicksonExecutive Vice President and Chief Human Resources Officer2021Zoe Dickson was elected to her current position in 2021. She previously served as Senior Vice President, Talent, Learning and Insights in 2021 .
    Peter D. GibbonsGroup President, Enterprise OperationsNovember 29, 2021Peter D. Gibbons was appointed Group President, Enterprise Operations effective November 29, 2021. Before joining 3M, he was CEO at Tirehub from 2018 to 2021 .
    Chris GoralskiGroup President, Safety & Industrial2023Chris Goralski was elected to his current position in 2023. He previously served as President of the Industrial Adhesives & Tapes Division from 2020 to 2023 .
    Bryan HansonGroup President and Chief Executive Officer, HealthcareSeptember 2023Bryan C. Hanson joined 3M as Group President and CEO of the Health Care business in September 2023. He is set to become CEO of Solventum upon its spin-off from 3M in April 2024 .
    Mark MurphyExecutive Vice President, Chief Information and Digital Officer2021Mark Murphy was elected to his current position in 2021. Before joining 3M, he was CIO at Abbott Laboratories from 2020 to 2021 .
    Kevin H. RhodesExecutive Vice President, Chief Legal Affairs Officer2022Kevin H. Rhodes was elected to his current position in 2022. He previously served as Senior Vice President and Deputy General Counsel in 2021 .
    William M. BrownChief Executive OfficerMay 1, 2024William M. Brown was appointed CEO of 3M effective May 1, 2024. He previously served as Chairman and CEO of L3Harris Technologies .
    Anurag MaheshwariExecutive Vice President and Chief Financial OfficerSeptember 1, 2024Anurag Maheshwari joined 3M as Executive Vice President and CFO in early September 2024. He was previously CFO of Otis .
    Theresa ("Teri") ReinsethInterim Chief Financial OfficerAugust 1, 2024Theresa Reinseth was appointed Interim CFO effective August 1, 2024, following the departure of Monish Patolawala. She has been 3M's Senior Vice President, Corporate Controller, and Chief Accounting Officer since April 1, 2019 .
    1. You mentioned centralizing your factories and supply chains under a common leader; can you elaborate on any challenges this centralization has posed, and how it affects your ability to respond swiftly to regional market demands?

    2. With $175 million in insurance recoveries year-to-date related to PFAS and combat arms, but liabilities exceeding total insurance coverage, what is your expected total recovery, and how will remaining liabilities impact future financial results?

    3. Your new product vitality index has declined to around 10-11%; what specific actions are you taking to boost innovation and increase this metric, and when do you anticipate seeing tangible results in the market?

    4. Operating equipment efficiency in your largest facilities is averaging 50%, well below best-in-class levels; what precise initiatives are you implementing to improve OEE, and what targets have you set for operational improvement timelines?

    5. Considering the slowdown in China's economy and geopolitical tensions, how are you adjusting your strategy in the region to mitigate risks, and what impact do you foresee on your sales and operations in China, which currently accounts for 10% of your revenue?

    Program DetailsProgram 1
    Approval DateNovember 2018
    End Date/DurationNo pre-established end date
    Total additional amount$10 billion
    Remaining authorization$3.1 billion
    DetailsSupports stock-based employee compensation plans and other corporate purposes
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1975 PresentCurrent auditor