3M names new chief financial officer

3M has announced the appointment of veteran employee Nicholas Gangestad as its new senior vice-president and chief financial officer (CFO).

Mr Gangestad has been with the company for 27 years and has occupied financial leadership positions across several businesses in multiple geographic regions, including the US, Asia Pacific, Latin America and Canada.

He served as corporate controller and chief accounting officer for the past three years, playing a key role in driving and shaping the firm's strategies, improving its businesses and optimising its capital structure.

David Meline, Mr Gangestad's predecessor, has left 3M this week in order to become the CFO of pharmaceutical company Amgen.

3M's chairman, president and chief executive officer Inge Thulin, said: "Nick is an outstanding and respected financial leader amongst a very strong 3M finance team. He has a proven track record of success and is ideally suited for the 3M chief financial officer role."

The organisation is currently in robust financial health, having broken its own performance records in 2013 and during the first quarter of 2014.