As first reported in a Counselor Breaking News Alert, 3M, parent company of Top 40 supplier 3M/Promotional Markets (asi/91240), has appointed a new chief executive officer. Michael F. Roman will take over the CEO position, effective July 1, the company announced early this week. Roman succeeds current CEO Inge G. Thulin, who will become executive chairman of the board – a newly created position that will also be effective July 1.
Michael F. Roman, at left, will take over the CEO position. Roman succeeds current CEO Inge G. Thulin, at right.
“After a thorough and thoughtful succession planning process, Mike is the clear choice to lead 3M into the future as CEO,” said Thulin. “He is an accomplished, results-oriented and high-integrity leader, with an excellent track record of growing sales, improving operational efficiency and increasing value across a wide range of global businesses.”
Roman, 58, is excited about the challenge that lies ahead. “It is an honor to lead 3M into the future,” said Roman. “Inge’s leadership has taken 3M to new heights, and I look forward to building on our momentum and delivering value for customers and shareholders.”
Since July 2017, Roman has been 3M’s chief operating officer and executive vice president. As such, he has been directly responsibile for 3M’s five business groups, along with the company’s international operations.
During a 30-year career at 3M, Roman has held several other key leadership roles. He previously led the company’s largest business group, “Industrial,” which accounts for one-third of 3M’s worldwide sales. Prior to that, he served as 3M’s chief strategist, where he worked closely with Thulin to develop 3M’s strategic roadmap. Roman has also led 3M businesses around the world, including the United States, Europe and Asia. Roman holds a master’s degree in electrical engineering from the University of Southern California and a bachelor’s degree from the University of Minnesota.
Mike Eskew, an independent lead director for the 3M Board, is confident that the appointment of Roman as CEO and Thulin as executive chairman of the board will lead to success. “3M will benefit greatly from having two strong leaders involved going forward,” said Eskew. “We are excited to appoint a highly capable leader like Mike as CEO, while also leveraging Inge’s tremendous experience in his new role as executive chairman of the board.”
3M/Promotional Markets ranked 18th on Counselor’s latest list of the largest suppliers in the industry with estimated 2016 North American promotional product revenue of $96 million.