3M Company said Monday that it has promoted Nicholas Gangestad to senior vice president and chief financial officer—replacing David Meline, who is leaving for another company.
Gangestad has held numerous positions during his 27-year career at the Maplewood-based company, roles that included financial leadership of several 3M businesses in the United States, the Asia Pacific, Latin America, and Canada.
For the past three years, he has served as corporate controller and chief accounting officer, a role in which he worked closely with Chairman, President, and CEO Inge Thulin, the company said. Gangestad had assumed those roles when Meline vacated them to become CFO in 2011, replacing then-CFO Patrick Campbell, who retired.
3M did not specify which company Meline is leaving for, saying only that he will become CFO of “another large publicly traded company.” But Amgen, a large Thousand Oaks, California-based biotech firm, announced in its own press release that it has appointed Meline executive vice president and chief financial officer, effective July 21.
As CFO at 3M, Gangestad will oversee financial operations of Minnesota's fourth-largest public company, whose revenue totaled $30.9 billion in 2013. 3M employs roughly 89,000 people worldwide and has operations in more than 70 countries.
“Nick is an outstanding and respected financial leader amongst a very strong 3M finance team," Thulin said in a statement. “He has a proven track record of success and is ideally suited for the 3M chief financial officer role.”