June 9 (Reuters) - Diversified manufacturer 3M Co on Monday named its corporate controller and chief accounting officer as its new chief financial officer, replacing David Meline, who 3M said is leaving to become CFO “with another large publicly traded company.”
3M did not name the next destination for Meline, who had been with the company about six years, the past three as CFO.
The move, effective immediately, comes after 3M last December set long-term capital allocation plans, including for $5 billion to $10 billion in acquisitions through 2017.
New CFO Nicholas Gangestad served in his prior role for three years and has been with 3M for 27 years. In a release, 3M said Gangestad has been “working closely” with Chief Executive Officer Inge Thulin “to drive 3M strategies, improving its businesses and optimizing its capital structure.”
“Despite today’s change in the CFO office, we don’t expect a substantial change in the capital allocation strategy,” Sanford Bernstein analyst Steven Winoker said in a research note.
3M shares were up 0.5 percent at $145.40 in mid-day trading on the New York Stock Exchange. (Reporting by Lewis Krauskopf; Editing by Tom Brown)