3M Taps GE Exec as CFO

3M Taps GE Exec as CFO

As 3M’s Nick Gangestad retires, GE Healthcare’s Monish Patolawala will take over as the Minnesota manufacturer’s new CFO.

Monish Patolawala has been named 3M’s new senior vice president and CFO to replace Nick Gangestad, a 35-year 3M veteran who plans to retire.

Patolawala will take over July 1, and Gangestad will remain with 3M through July 31 for transitional purposes.

Patolawala, who currently serves as GE Healthcare’s CFO and vice president of operation transformation, has held positions of increasing responsibility at GE since 1994. He has been the CFO at the roughly $17 billion business since 2015.

“I am pleased to welcome Monish to our leadership team,” 3M’s CEO Mike Roman said in a press release. “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.”

Patolawala is a certified chartered accountant, a certified cost accountant from the Institute of Cost and Works Accountants of India, and has a bachelor’s degree from St. Joseph’s College of Commerce in Bangalore, India.

“3M has unique strengths, a strong business model and a proud history, and I look forward to working with the team to execute on the company’s priorities, accelerate growth and enhance value for shareholders and all stakeholders,” Patolawala said.