INDIANAPOLIS & ST. PAUL, Minn.–(BUSINESS WIRE)–Today Executive Chairman Inge G. Thulin addressed shareholders for the
last time highlighting 3M’s 2018 performance at the Annual Meeting of
Shareholders in Indianapolis, Ind. CEO Mike Roman takes over the role of
chairman of the board effective today. Thulin retires on Jun. 1, 2019,
as previously announced.
3M’s 2018 results were marked by organic growth of more than three
percent with growth across all business groups and geographies. Other
highlights include the investment of $3.4 billion in the combination of
research and development and cap-ex; $3.2 billion paid in dividends; and
a $4.9 billion repurchase of 3M shares.
In a brief recap of 2019, Thulin noted softness in a few key end markets
contributing to organic growth decreasing companywide and the actions 3M
is taking, including an organizational realignment with the objective to
improve competitiveness.
“Going forward, I remain confident in our ability to manage through the
challenges we face while continuing to position 3M for the future,”
Thulin said. “It has been my honor to serve 3M in different capacities
across this incredible company for almost 40 years.”
3M shareholders voted on four items of business including the election
of nominees for the company’s Board of Directors. Following the business
portion of the meeting, Roman joined Thulin for the Q&A session.
Preliminary Shareholder Voting Results
3M shareholders today elected the 12 nominees to the company’s Board of
Directors for a one-year term that expires at the 2020 Annual Meeting by
the vote of the majority of votes cast:
-
Thomas “Tony” K. Brown, retired group vice president, Global
Purchasing, Ford Motor Company - Pamela J. Craig, retired chief financial officer, Accenture plc
-
David B. Dillon, retired chairman of the board and CEO of The Kroger
Co. -
Michael L. Eskew, retired chairman of the board and CEO, United Parcel
Service Inc. -
Herbert L. Henkel, retired chairman of the board and CEO,
Ingersoll-Rand plc -
Amy E. Hood, executive vice president and chief financial officer,
Microsoft Corporation -
Muhtar Kent, retired chairman of the board and CEO, The Coca-Cola
Company -
Edward M. Liddy, retired chairman of the board and CEO, The Allstate
Corporation - Dambisa F. Moyo, founder and CEO, Mildstorm LLC
-
Gregory R. Page, retired chairman of the board and CEO, Cargill,
Incorporated - Michael F. Roman, chief executive officer, 3M Company
-
Patricia A. Woertz, retired chairman of the board and CEO,
Archer-Daniels-Midland Company
Shareholders ratified the appointment of PricewaterhouseCoopers LLP as
3M’s independent registered public accounting firm for 2019.
Shareholders approved, on an advisory basis, executives’ compensation as
described in the proxy statement.
Shareholders did not approve the shareholder proposal to set target
amounts for CEO compensation.
3M will disclose the final voting results on each item of business
properly presented at the Annual Meeting on Form 8-K to be filed with
the SEC.
Forward-Looking Statements
This news release contains forward-looking information about 3M’s
financial results and estimates and business prospects that involve
substantial risks and uncertainties. You can identify these statements
by the use of words such as “anticipate,” “estimate,” “expect,” “aim,”
“project,” “intend,” “plan,” “believe,” “will,” “should,” “could,”
“target,” “forecast” and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance or business plans or prospects. Among the factors that could
cause actual results to differ materially are the following:
(1) worldwide economic, political, regulatory, capital markets and other
external conditions and other factors beyond the Company’s control,
including natural and other disasters or climate change affecting the
operations of the Company or its customers and suppliers; (2) the
Company’s credit ratings and its cost of capital; (3) competitive
conditions and customer preferences; (4) foreign currency exchange rates
and fluctuations in those rates; (5) the timing and market acceptance of
new product offerings; (6) the availability and cost of purchased
components, compounds, raw materials and energy (including oil and
natural gas and their derivatives) due to shortages, increased demand or
supply interruptions (including those caused by natural and other
disasters and other events); (7) the impact of acquisitions, strategic
alliances, divestitures, and other unusual events resulting from
portfolio management actions and other evolving business strategies, and
possible organizational restructuring; (8) operational execution,
including scenarios where the Company generates fewer productivity
improvements than estimated; (9) unanticipated problems or delays with
the phased implementation of a global enterprise resource planning (ERP)
system, or security breaches and other disruptions to the Company’s
information technology infrastructure; (10) financial market risks that
may affect the Company’s funding obligations under defined benefit
pension and postretirement plans; and (11) legal proceedings, including
significant developments that could occur in the legal and regulatory
proceedings described in the Company’s Annual Report on Form 10-K for
the year ended Dec. 31, 2018, and any subsequent quarterly reports on
Form 10-Q (the “Reports”). Changes in such assumptions or factors could
produce significantly different results. A further description of these
factors is located in the Reports under “Cautionary Note Concerning
Factors That May Affect Future Results” and “Risk Factors” in
Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and
Part II, Item 1A (Quarterly Reports). The information contained in this
news release is as of the date indicated. The Company assumes no
obligation to update any forward-looking statements contained in this
news release as a result of new information or future events or
developments.
About 3M
At 3M, we apply science in collaborative ways to improve lives daily.
With $33 billion in sales, our 93,000 employees connect with customers
all around the world. Learn more about 3M’s creative solutions to the
world’s problems at www.3M.com
or on Twitter @3M or @3MNews.
Contacts
3M
Investor Contact:
Bruce Jermeland, 651-733-1807
or
Tony
Riter, 651-733-1141
or
Media Contact:
Donna Fleming
Runyon, 651-736-7646
