By Colin Kellaher
3M's top finance executive, Monish Patolawala, is leaving the conglomerate to become financial chief of grain trader Archer Daniels Midland.
3M on Wednesday said Patolawala has resigned as president and chief financial officer, effective July 31, and that it has launched a succession process.
ADM said Patolawala will join the Chicago company as executive vice president and chief financial officer on Aug. 1, while Ismael Roig, who has been serving as interim finance chief since January, will continue as president of EMEA and animal nutrition.
Roig stepped in as ADM's interim chief financial officer after the company placed its former finance chief, Vikram Luthar, on administrative leave amid an investigation into accounting practices at the company.
Patolawala, 54 years old, joined 3M as finance chief in 2020 and took on the additional post of president last year as the St. Paul, Minn., company was gearing up for the spinoff of its healthcare business.
3M earlier this year brought in an outsider, former L3Harris chief executive Bill Brown, to take the reins from Mike Roman, who had been CEO since 2018. Some analysts had predicted that Patolawala would be the one to succeed Roman at the helm.
3M said Patolawala will remain in his current post through the end of the month to assist with the transition.
ADM said Patolawala will receive an initial annual base salary of about $1.43 million, an annual bonus with a target opportunity of $1.92 million and an annual equity award with a target grant date value of about $6.95 million. He will also receive make-whole awards, including $1.4 million in cash and a $10 million equity award, to replace compensation left on the table at 3M.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
07-10-24 0953ET
