ADVERTISEMENTs
Monish Patolawala to exit 3M
He will move to Archer-Daniels-Midland as the grain trader's new finance chief.
Monish Patolawala / LinkedIn
Manufacturing giant 3M said on July 10 that chief financial officer (CFO) Monish Patolawala would leave the company at the end of the month, ahead of his move to Archer-Daniels-Midland as the grain trader's new finance chief.
Patolawala's appointment at ADM will be effective August 1, the company said. He will succeed ADM's interim CFO Ismael Roig, who has been serving in his role since January 2024. "It has been a privilege to work as part of 3M's leadership team and I am proud of our accomplishments," said Patolawala. "3M is well positioned for success and this is the right time for me to transition to a new opportunity."
In March, ADM had corrected six years of financial data after an internal investigation found some sales between business units within the company were not recorded properly. ADM said it had overstated annual operating profit in the nutrition segment by as much as 9.2 percent.
On his ADM appointment, Patolawala ssaid, “It is an honor to join ADM as CFO at an important point in the company’s trajectory. As a child growing up in India, I witnessed severe poverty and hunger firsthand, and that’s what makes me so passionate about the important work that ADM is doing to feed the world through its purpose of unlocking the power of nature to enrich the quality of life. As a member of the executive team, I look forward to drawing upon my experience to advance ADM’s operational excellence and discipline, as we deliver for our stakeholders and drive shareholder value.”
3M shares were up marginally in morning trade. Its stock has fallen about 23 percent since Patolawala assumed office on July 1, 2020, as the company struggled with a slump in demand for electronics.
3M rolled out a major restructuring last year that includes cutting thousands of jobs and the spin off of its healthcare business into a listed company, to mitigate the slowdown in demand.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
.jpg)
E Paper
ADVERTISEMENT
Video
.jpg)
.png)
.png)
.png)
Comments
Start the conversation
Become a member of New India Abroad to start commenting.
Sign Up Now
Already have an account? Login