3M Deepens Bench, Fills CEO, CFO And Other C-Suite Positions At Healthcare Spinoff
Portfolio Pulse from Lekha Gupta
3M Co has filled several leadership positions for its independent healthcare company post-spin-off. Bryan C. Hanson, former president and CEO of Zimmer Biomet Holdings Inc, has been named CEO, and Monish Patolawala has been named president and CFO. Both appointments are effective from September 1. Last year, 3M announced its intention to spin off its Health Care business, which generated revenues of $8.4 billion in 2022.
August 22, 2023 | 4:39 pm
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NEUTRAL IMPACT
3M has filled key leadership positions for its healthcare spinoff, which could provide stability and direction for the new company. However, the company's shares are currently trading lower.
The appointment of experienced leaders could provide stability and direction for 3M's healthcare spinoff, which could be positive for the company in the long term. However, the immediate market reaction has been negative, with shares trading lower.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Zimmer Biomet Holdings Inc's former president and CEO, Bryan C. Hanson, has been appointed as the CEO of 3M's healthcare spinoff.
The departure of Bryan C. Hanson from Zimmer Biomet could potentially impact the company's leadership. However, it's unclear what the immediate impact on Zimmer Biomet's stock will be.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50