3M appoints new lead director

3M has announced the appointment of Michael Eskew as its new lead director, effective immediately.

Mr Eskew has been a member of the board since 2003 and is also serves as a director of Lilly, IBM and United Parcel Service, having previously acted as chief executive officer of the latter organisation until 2007.

In his new role, he will lead executive sessions of 3M's independent directors and will facilitate the flow of information and communication between the directors and the chairman, in addition to other duties.

He has been appointed as the successor to Vance Coffman, who has served as lead director since 2006 and will continue to make contributions as a member of the board.

Inge Thulin, 3M's chairman of the board, president and chief executive officer, said: "Mike's knowledge of global logistics and his skills in financial matters qualify him well to serve as lead director. We welcome him to this position."

Last month, 3M published its financial results for the third quarter of 2012, during which it generated sales of $7.5 billion (4.72 billion pounds).