George Buckley, who retired as CEO and president of 3M Co. last week and is due to retire as chairman in May, has found a new leadership role in his native England.
Arle Capital Partners LLP said Monday that Buckley will become chairman of the London-based investment firm. The appointment is effective June 1.
Buckley, who joined 3M in 2005, was succeeded last week by Chief Operating Officer Inge Thulin.
The announcement of Thulin's appointment said that Buckley would continue as 3M's chairman until after the annual stockholders' meeting May 8, when the board plans to elect Thulin as its new chairman. That ended speculation that Buckley, who was said to be eager to stay on, would remain 3M's chairman. The board would have had to amend 3M's rules to retain Buckley as CEO and president because last week he turned 65, the company's mandatory retirement age for executives.
When 3M announced Thulin's appointment, some analysts said they didn't think it would take long for Buckley to find a new position. "I suspect that George has been considering alternatives, possibly as a CEO or maybe a lead director at another company," said Mariann Montagne, an analyst and portfolio manager at Marks Group Wealth Management in Minnetonka.
A news release from Arle said Buckley will play an integral part in delivering the firm's strategy. He was quoted as saying, "Arle's investment approach with a clear geographic and sector focus, along with its collaborative and active approach to managing its portfolio, all play to my strengths. I really look forward to working with the team to make Arle an enduring success".
Susan Feyder 612-673-1723
