3M names new president and CEO

3M has announced the election of Inge Thulin as its new president and chief executive officer (CEO), succeeding the retiring Sir George Buckley.

Mr Thulin will move into the company's top leadership role from his current position of chief operating officer on February 24th 2012, becoming a member of the board of directors with immediate effect.

The new CEO has been credited with increasing 3M's international sales to nearly $20 billion (12.74 billion pounds) during his time as executive vice-president for international operations.

3M's board also intends to appoint Mr Thulin to Sir George's position of president following his departure on June 1st, with this move set to be decided upon at the annual meeting of stockholders in May.

Vance Coffman, lead director of 3M, said: "Inge is a proven leader with a terrific blend of strategic, business and analytical skills, and an excellent record of delivering both sales growth and operational efficiency."

According to the firm's 2011 fiscal report, 3M's global sales rose by 11.1 percent last year to $29.6 billion.