3M's CEO George Buckley: Early out?

Is Buckley ready to retire from 3M?


3M Co. chairman and CEO George Buckley has told the company's board of directors that he would like to retire early, according to Bloomberg. Buckley was named CEO in December 2005 and his current contract runs until he turns 65 in February 2012.

The news service, citing three unnamed sources, said the board is evaluating three top executives to succeed Buckley at the Maplewood-based giant.

3M spokeswoman Jacqueline Berry declined to comment. She said Buckley was traveling and unavailable for comment.

The three internal candidates are Inge Thulin, executive vice president of international relations, Bradley Sauer, executive vice president of health care and Jean Lobey, executive vice president of the safety, security and protection services business, Bloomberg reported.

All three men have spent their entire careers with 3M, though Sauer spent a few years with Imation Corp. after 3M spun it off in 1996. Sauer, 51, is from Minneapolis, and joined 3M after graduating from the University of Minnesota with a degree in mechanical engineering in 1981. Thulin, 57, first joined 3M in his native Sweden in 1979 and spent most of his career there and in Europe with the company. He has headed the international operations wince 2003.

Lobey, 58, is from Algeria and joined 3M in 1976 after studying economics and marketing in Paris. He has worked with the company in Europe, the Middle East and Brazil and took on his current role in 2005.

Buckley took the reins of the company after James McNerney left to become CEO at Boeing Co. The two men are the only outsiders to run the company in its 108-year history.

Comment: 3M (MMM) is one of my best stocks. Daughter works there. I think she should be the next CEO!

1 comment:

  1. I agree with your comment regarding the next CEO. If only everyone were so smart...


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