3M Said To Prepapre For CEO Deapture (MMM)

According to a Bloomberg article, 3M MMM, the Minnesota industrial giant is planning to be without its current CEO George Buckley next year. The move is unexpected, as Buckley turns 64 next year, and has told board members he would like to resign next year. His contract expires when he is set to turn 65 in February 2012. The board has begun looking at internal candidates at the company, as it has only add two CEO's come from outside the firm. The first was James McNerney, and the second is Buckley. There are three executives being considered for the job: Inge Thulin, 57, executive vice president of international operations, Bradley Sauer, 51, executive vice president, health care, and Jean Lobey, 58, executive vice president of the safety, security and protection-services businesses. At last check, shares of MMM were up $1.01 to $87.38 on 2.4 million shares today. 3M Company operates as a diversified technology company worldwide. It operates in six segments: Industrial and Transportation; Health Care; Consumer and Office; Safety, Security and Protection Services; Display and Graphics; and Electro and Communications.