3M Names Nicholas Gangestad CFO, Replacing David Meline

(RTTNews) - Diversified technology company 3M Co. (MMM) said Monday that it has appointed company veteran Nicholas Gangestad as senior vice president and chief financial officer, with immediate effect. He replaces David Meline, who is leaving 3M to become CFO with another large publicly-traded company.

Gangestad has served as corporate controller and chief accounting officer of St. Paul, Minnesota-based 3M for the past three years. He has worked closely with 3M Chairman, President and Chief Executive Officer Inge Thulin, to drive 3M strategies, improve its businesses and optimize its capital structure.

Gangestad's 27-year career with 3M covers financial leadership positions across several businesses in multiple geographic regions, including the U.S., Asia Pacific, Latin America and Canada.

Outgoing CFO David Meline has served as SVP and CFO of 3M since 2011. He was appointed the company's vice president, corporate controller and chief accounting officer in 2008.

In late April, 3M reported a 7 percent increase in profit for the first quarter on higher revenues across all segments. Net profit for the quarter rose to $1.21 billion or $1.79 per share from $1.13 billion or $1.61 per share in the year-ago period. Sales for the quarter rose 3 percent from the year-ago quarter to $7.83 billion.

MMM is trading at $144.93, up $0.29 or 0.20 percent on a volume of 81,463 shares.