3M COMPANY (NYSE:MMM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Board of Directors of 3M Company appointed Teri Reinseth as the Companys Vice President, Corporate Controller and Chief Accounting Officer, effective April1, 2019. Ms.Reinseth replaces Ippocratis Vrohidis who has been appointed to another leadership position in the Company, also effective April1, 2019. Ms.Reinseth, 46, has served as the Companys Finance Director of the Safety Graphics Business Group since March2015. Since joining the Company in 2005, Ms.Reinseth worked as financial manager in the Companys Global Financial Accounting Center and has held financial management positions in several businesses in the Companys Health Care Business Group.
Item 8.01 Other Events
On March18, 2019, the Company issued a press release announcing the realignment from five to four business groups to better serve our customers, and better align our businesses to their markets. The new business groups which are organized around customers and go-to-market strategies are:
Safety Industrial: This segment includes businesses that serve the global industrial, electrical and safety markets. This business segment will consist of personal safety, adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. This segment will have estimated annual revenue of $12 billion.
Transportation Electronics: This segment includes businesses that serve global transportation and electronic OEM customers. This business segment will consist of electronics (display materials and systems, electronic materials solutions), automotive and aerospace, commercial solutions, advanced materials, and transportation safety. This segment will have estimated annual revenue of $10 billion.
Health Care: This business segment serves the global healthcare industry and will include medical solutions, oral care, separation and purification sciences, health information systems, drug delivery systems, and food safety. This segment will have estimated annual revenue of $7 billion.
Consumer: This business serves global consumers and consists of home improvement, stationery and office supplies, home care, and consumer health care. Home improvement will also include the retail auto care business that was previously a part of the companys automotive aftermarket business. This segment will have estimated annual revenue of $5 billion.
3M will start reporting its financial results under this new structure starting with the second quarter 2019. The Company will establish a Program Management Office to lead the additional work throughout the course of the year to transition 3M to a new, simplified global business-group-led operating model.
Additional details on the new business model and executive appointments are described in the press release. A copy of the press release is attached as Exhibit99.1 and is incorporated by reference.
Item 9.01 Financial Statements and Exhibits
3M CO Exhibit
EX-99.1 2 a19-6790_1ex99d1.htm EX-99.1 Exhibit 99.1 For Immediate Release 3M Announces New Business Segments and Leadership Appointments New Structure Increases Customer Focus,…
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About 3M COMPANY (NYSE:MMM)
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems. Its Health Care segment serves markets that include medical clinics and hospitals, pharmaceuticals, dental and orthodontic practitioners, health information systems, and food manufacturing and testing. Its Electronics and Energy segment serves customers in electronics and energy markets, including solutions for electronic devices; electrical products; telecommunications networks, and power generation and distribution. Its Consumer segment serves markets that include consumer retail, office business to business, home improvement, drug and pharmacy retail, and other markets.