3M Appoints New CFO

Monish Patolawala has been appointed senior vice president and chief financial officer of 3M, announces the company in a press release. Patolawala will succeed Nick Gangestad, who has announced his intention to retire. Gangestad will stay on through July 31, 2020, to ensure an orderly transition.

Patolawala, 51, is currently at GE Healthcare, where he has served as chief financial officer of the approximately $17 billion business, driving its financial strategy and performance since 2015. He has also been working closely with GE chairman and chief executive officer, H. Lawrence Culp, Jr., as vice president of operational transformation, driving operating rigor and lean management across the company. Patolawala joined GE in 1994, taking leadership roles of increasing responsibility. He is a certified Chartered Accountant with experience at A.F. Ferguson & Co. (an ex-affiliate of KPMG) prior to his tenure at GE. Patolawala also is a certified Cost Accountant from the Institute of Cost and Works Accountants of India.

“I am pleased to welcome Monish to our leadership team,” says Mike Roman, 3M chairman and chief executive officer. “His deep and extensive experience in leading the financial operations of industrial and healthcare businesses – as well as driving operational changes – will make an immediate impact as we manage through the current economic challenges and continue to position 3M for the future. I am confident Monish will provide strong leadership and is an excellent addition to the 3M team.”

As CFO, Patolawala will lead 3M’s global finance organization and will be responsible for accounting, treasury, financial planning and analysis, tax and investor relations.

Patolawala holds a bachelor’s degree from St. Joseph’s College of Commerce in Bangalore, India.