Michael Roman will replace Inge Thulin as CEO of 3M, the company announced on Monday.
Roman will takeover for Thulin effective July 1. Thulin will be appointed to a newly created position, executive chairman of the board. The role will enable him to assist Roman in developing long-term strategic initiatives for 3M.
"3M will benefit greatly from having two strong leaders involved going forward," Mike Eskew, independent lead director for the 3M board, said in a statement. "We are excited to appoint a highly capable leader like Mike as CEO, while also leveraging Inge's tremendous experience in his new role as executive chairman of the board."
Roman has been with 3M for 30 years, most recently serving as chief operating officer and executive vice president since July 2017. In that role he oversaw international operations and the company's five business groups.
"It is an honor to lead 3M into the future," Roman said in a statement. "Inge's leadership has taken 3M to new heights, and I look forward to building on our momentum and delivering value for customers and shareholders."
Thulin will continue to chair 3M's Board of Directors, while working closely with Roman in his newly created role. Thulin has served as 3M's chairman of the board, president and chief executive officer since 2012.
This story is developing. Please check back for updates.
Correction: Inge Thulin will take a new position as executive chairman of the board at 3M. His new title was misstated in an earlier version of this article.