3M Co. Chairman Inge Thulin will retire in June. He will be succeeded as board chairman by Chief Executive Mike Roman, officials announced Wednesday.
Thulin spent 39 years at 3M, running the international unit for years before becoming CEO in February 2012 and chairman in May 2012. He retired as CEO in June.
Under Thulin, 3M focused on improving profitability by becoming more efficient, trimming nonessential businesses and acquiring big-name safety product companies with a history of fast growth.
Thulin is credited with steering 3M through a global downturn, back to revenue growth and a healthy stock price.
"Under Inge's leadership, 3M evolved into a more agile and competitive enterprise while generating tremendous value for customers and shareholders," said Mike Eskew, independent lead director for the 3M board.
In appointing Roman to the additional position of chairman, Eskew added that "Today's decision underscores the board's confidence in Mike's leadership and strong character to lead 3M into the future as both CEO and chairman of the board."
In a statement, Roman said, "I thank Inge for his leadership and partnership throughout my career, especially over the past year in his role as executive chairman ... It's an honor to be nominated to the additional role of chairman of the board."
3M is based in Maplewood and boasts five business that delivered a record $32.8 billion in 2018 revenue and profits of $5.3 billion. 3M has 93,000 employees worldwide.
3M's stock rose $1.45 per share to close Wednesday at $202.57. During the past year, 3M's stock fell from a March high of $244 a share down to $176 in October, before recovering somewhat.
Like many multinational industrial manufacturers, the company's stock has endured a volatile stock market spooked by trade wars, rising interest rates and the recent government shutdown that was the longest in U.S. history.