3M Company (NYSE:MMM) has designated Bryan C. Hanson as the upcoming chief executive officer (CEO) to lead the healthcare division upon its spin-off.
In July 2022, 3M announced its intention to separate its Health Care segment into an independent publicly-traded company. This new entity will focus on wound care, oral care, healthcare IT, and biopharma filtration. The execution of this spin-off is projected to conclude by the end of 2023, subject to regulatory approvals. Notably, the Health Care division generated revenues amounting to $8.4 billion in 2022.
Effective from September 1, Hanson will assume the role of CEO for the Health Care Business Group. Previously, he served as the chairman of Zimmer Biomet since 2021 and has held the positions of president and CEO since 2017. Presently, Hanson is also a board member of Walgreens Boots Alliance, Inc. and the Advanced Medical Technology Association.
3M has additionally appointed a seasoned healthcare industry professional, Carrie Cox, as the chairperson of the board of directors for the independent healthcare entity. With extensive experience in the healthcare sector, Cox is actively involved in the boards of Organon, Cardinal Health, Selecta BioSciences, and Texas Instruments. Her past roles encompass the position of president of Global Prescription Business at Schering-Plough, senior vice president of Global Business Management at Pharmacia & Upjohn, and vice president of Women’s Health Care at Wyeth-Ayerst.
Monish Patolawala has also been named as 3M’s president and chief financial officer, effective September 1. In this capacity, he will be responsible for implementing country prioritization and country governance, in addition to his current responsibilities which involve overseeing finance, information technology, and the management of the forthcoming separation of the healthcare division, among other duties.
Featured Image: Unsplash © Dimitri Karastelev
Author Stephanie Bédard-Châteauneuf 