3M'S BUCKLEY TO STAY LONGER?

Patrick Campbell's announce­ment that he will retire as CFO from 3M in May has set off new CEO succession scenarios.
3M chief William Buckley is 65 and his contract expires soon; the assumption was that the company was busy looking for his replacement. Bloomberg Citgroup analyst Dean Dray speculated in a research note, "Campbell's decision to retire increases the likelihood that Dr. Buckley remains with 3M beyond 2012 since the board would be unlikely to undertake transitions for two key leaders in one 12-month period."


3M has already announced a replacement for Campbell, but Buckley is on record as saying he would like to stay longer.

3M IN JAPAN

After the disastrous earthquakes and tsunami in Japan, 3M was quick to account for its 2,700 employees and five manufacturing sites there. Assessing the long-term business impact will take more time. Japan accounts for 9 percent of 3M's sales.

Sanford C. Bernstein & Co. analyst Steven Winoker told Bloomberg: "While we understand there is no immediate damage to operations, we have no doubt that near-term supply-chain disruptions will be another headwind for business." Winoker adds that 3M will be there for Japan's recovery. "Once lines are restored we would expect 3M to participate more broadly ... than most."

MINNESOTA EXPORTS SET QUARTERLY HIGH

Bob Kill, CEO of Enterprise Minnesota, a business consulting firm, last week noted that Minnesota manufacturers set a record quarterly high of $4.6 billion in exports in the fourth quarter of 2010. Kill told the Star Tribune, "Last year, people wondered if the export increases were just temporary .... But this year ... they feel the growth is here to stay."

PATRICK KENNEDY