The CEO, who hits mandatory retirement age in February, could sell stock worth $32.4 million.
3M Co. CEO George Buckley plans to sell up to one-third of his shares in the Maplewood-based company by Dec. 30, according to documents filed Tuesday with the Securities and Exchange Commission.
The shares would be sold under a plan that allows executives to sell set amounts of their holdings over a designated period. The plan lets executives gradually diversify their portfolios and minimize the market impact by spreading the share sales over an extended period.
The filing said Buckley could sell up to 376,037 shares, worth about $32.4 million based on the stock's Wednesday closing price of $86.18 a share. Included are 183,342 shares that were left unsold after a similar plan expired July 21 that allowed him to sell up to 350,272 shares.
Buckley currently holds almost 1.1 million shares, according to the company. The filing said the stock would be sold only if the market price is at minimum levels specified in the plan.
Buckley joined 3M as CEO in 2005 and is scheduled to step down next February when he reaches 65, the mandatory retirement age for executives.
Susan Feyder • 612-673-1723