David Meline, 3M Co.'s financial chief for the past three years, will receive a $2 million signing bonus and nearly $7 million in restricted stock to become chief financial officer at Amgen Inc.
He's also getting a $200,000 bump in base pay and will trade Minnesota's winter for Southern California's sun.
Meline, 56, joined Maplewood-based 3M as controller in 2008 after 20 years at General Motors. He was named chief financial officer in 2011.
The announcement of his departure on Monday surprised 3M analysts and investors, but it was viewed as good news for Amgen, which has had an interim CFO since January.
Meline is expected to help with expense controls, international sales growth and investor confidence at Amgen, which is the largest U.S. biotech company with $19 billion in annual revenue and its headquarters in Thousand Oaks, Calif.
3M appointed Nicholas Gangestad, a 27-year veteran who has been corporate controller and chief accounting officer for three years, as its new CFO.
Meline could not be reached for comment Friday. A 3M spokeswoman said Meline's departure was amicable.
According to documents Amgen filed this week with the Securities and Exchange Commission, Meline will receive the $2 million bonus and $6.8 million in Amgen restricted stock grants. The company said the grants were designed to induce him to join Amgen and to compensate him for stock grants lost as a result of leaving 3M.
Meline will also receive $1.6 million in pension benefits, which will cover those he forfeited upon leaving 3M.
Meline's new base pay at Amgen will be $900,000, which is about 200,000 more than at 3M.
Meline helped manage 3M's finances through the 2008-09 recession and the slow global recovery since then. In the past year, he helped 3M ramp up its capital expenditure plans. It recently increased plans for stock repurchases and dividends and said it would invest more in research and development and consider multibillion-dollar acquisitions.