3M hires outsider Bill Brown as CEO, shares jump

Group 1 - 3M has appointed Bill Brown as the new CEO, effective May 1, succeeding Michael Roman, who will become executive chairman [1][2] - The company's shares rose nearly 7% following the announcement, although they are down about 14% year-to-date due to ongoing lawsuits and declining demand [1] - 3M is facing a challenging macro environment, forecasting full-year earnings below Wall Street estimates [1][2] Group 2 - The electronics business of 3M has been significantly impacted by a slowdown in discretionary spending, particularly in China [2] - Bill Brown is recognized for his ability to drive margin and working capital efficiency, as well as for making bold strategic moves [2] - To address the demand slowdown, 3M is implementing a major restructuring plan that includes job cuts and the spinoff of its healthcare business [2] Group 3 - 3M has agreed to pay $6.01 billion from 2023 to 2029 to settle lawsuits related to its Combat Arms earplugs, which allegedly caused hearing damage to U.S. military personnel [3] - In June, 3M reached a tentative agreement to pay$10.3 billion to settle claims related to water pollution from "forever chemicals" [3]