3M (MMM) Appoints Hanson as CEO of Health Care Spin Off
3M Company MMM has chosen Bryan C. Hanson as chief executive officer (CEO) to lead the healthcare business when it is spun off.
In July 2022, MMM announced plans to spin off its Health Care business into a separate public company. The business would focus on wound care, oral care, healthcare IT, and biopharma filtration. The transaction is expected to be completed by 2023-end, subject to regulatory approvals. The Health Care business generated revenues of $8.4 billion in 2022.
Hanson will take on as CEO of the Health Care Business Group on Sep 1. He has been serving as the chairman of Zimmer Biomet since 2021 and as president and CEO since 2017. Hanson currently serves on the board of Walgreens Boots Alliance, Inc. and Advanced Medical Technology Association.
3M Company Price
3M Company price | 3M Company Quote
3M has also chosen healthcare industry veteran, Carrie Cox, to serve as the chairman of the board of directors of the independent healthcare company. Having years of experience in the healthcare industry, Cox is currently serving on the board of Organon, Cardinal Health, Selecta BioSciences, and Texas Instruments. In the past, she worked in the capacity 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.
3M has also announced the appointment of Monish Patolawala as its president and chief financial officer, effective Sep 1. In this role, he will be responsible for executing country prioritization and country governance. This is in addition to his current responsibilities, which include leadership of finance, information technology and management of the upcoming separation of the healthcare business, among other things.
Zacks Rank & Other Stocks to Consider
3M presently carries a Zacks Rank #2 (Buy).
Some other top-ranked industrial companies are as follows:
Graham Corporation GHM flaunts a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 243.1%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
Graham has an estimated earnings growth rate of 400% for the current fiscal year. The stock has rallied 67.2% so far this year.
Flowserve Corporation FLS is also a #1 Ranked player. The company delivered a trailing four-quarter earnings surprise of 6.2%, on average.
Flowserve has an estimated earnings growth rate of 79.1% for the current year. The stock has jumped 22.3% so far this year.
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