The second-highest-paid executive at 3M Co. is planning to retire in May, a change that could signal the start of a top-level transition at the Maplewood-based giant.
Patrick Campbell will retire as senior vice president of finance and chief financial officer, a post he has held since joining 3M in 2002. Campbell, 58, will be succeeded by David Meline, vice president, corporate controller and chief accounting officer. Meline, 53, joined 3M in 2008 and will take on his new duties in April.
Campbell's retirement from 3M, the maker of everything from Post-its to stethoscopes, with $26.7 billion in worldwide sales, comes amid ongoing speculation about the future of Chairman and CEO George Buckley.
Buckley's contract with 3M is due to expire next February when he turns 65. In December, news stories citing unnamed sources reported he wanted to step down this year, but Buckley later said he had no plans to retire early. He also said he expects 3M's board to announce how the transition in top management will take place later this year.
3M declined to make Campbell available for an interview Tuesday, and spokeswoman Jacqueline Berry said she didn't know how long his retirement plans had been in the works. Nicholas Heymann, an analyst at Sterne Agee in New York, said he wasn't surprised by Campbell's announcement. "The timing makes it more likely that George is getting ready to turn over the keys later this year, at least as CEO," Heymann said. He said Buckley could stay on as chairman after stepping down as CEO.
Heymann said he believes Campbell and Buckley have had a strong working relationship. He said Campbell has strengthened 3M's balance sheet and cash flow, but also has been involved in operational changes to support Buckley's strategy to expand the company's global presence and increase sales growth. Among other things, Campbell has helped evaluate acquisitions, which topped $2 billion last year, Heymann said.
3M hasn't reported compensation for executives in 2010. In 2009 Campbell ranked second behind Buckley with cash compensation of $1.46 million.
Susan Feyder • 612-673-1723
