Financial news

3M today announced the appointment of Bryan C. Hanson as Chief Executive Officer of the independent health care company when it is spun off from 3M.

Hanson will join 3M on September 1 as CEO of the Health Care Business Group. Hanson comes to 3M from Zimmer Biomet, a global MedTech innovator with annual revenue of more than $7 billion. He has served as President and Chief Executive Officer since 2017, and Chairman since 2021.

Hanson is a proven executive with a track record of successfully leading, growing, and transforming global medical device businesses to achieve greater innovation, commercial success, and driving value for customers, patients, and shareholders.

“We are pleased to have Bryan join us to advance the spin off of our Health Care business and build a leading independent medical technology innovation company,” said Mike Roman, 3M chairman and chief executive officer. “His industry expertise, ability to drive growth, and track record of building a strong culture and teams will make an immediate impact.”

3M’s Health Care Business Group, with approximately $8.4 billion in sales in 2022, is a diversified healthcare technology leader with a deep and diverse portfolio of trusted brands, global capabilities, and leadership in attractive end market segments such as wound care, oral care, healthcare IT, and biopharma filtration. As a standalone business, Health Care will be better positioned to deliver industry-leading innovation that enables better, smarter, and safer healthcare for patients worldwide.

“I am honored and excited to join 3M’s Health Care Business Group at such an important time in its evolution,” said Hanson. “I have a deep respect and admiration for what 3M has built in health care – strong brands, quality products, commercial excellence, and customer-driven innovation. I look forward to working with the team to more deeply understand and realize the potential of our business as we accelerate our path forward, and build on our legacy as a trusted leader in medical innovation.”

Prior to joining Zimmer Biomet, Hanson was Executive Vice President and President of Medtronic’s Minimally Invasive Therapies Group, where he oversaw and provided strategic direction to an approximately $9 billion business.  Prior to Medtronic, he served in a number of executive roles of increasing responsibility at Covidien.  In 2013, he was named Group President of Covidien’s Medical Devices business.  In 2011, as Surgical Solutions Group President, Hanson transformed two of Covidien’s largest divisions—Energy-based Devices and Surgical Devices—into one global business unit. 

Hanson serves on the board of directors of Walgreens Boots Alliance, Inc. He also serves on the board of the Advanced Medical Technology Association, is a member of its International Board Committee and chairs the China subcommittee. He is a director emeritus of the Americares board of directors, an emergency response and global health organization committed to saving lives and building healthier futures for people in crisis.

Carrie Cox Named Chairman of the Board of Directors of the New Health Care Company

3M also announced today that Carrie Cox, a healthcare industry veteran, will serve as the Chairman of the Board of Directors of the independent Health Care company. Cox currently serves as the Chairman of the Board of Organon, and on the Boards of Directors of Cardinal Health, Selecta BioSciences, and Texas Instruments. She previously served as Chairman and Chief Executive Officer of Humacyte, Inc., which she joined in 2010. She also served for 10 years on the board of Celgene (2009-2018) until its sale to Bristol-Myers Squibb. Cox spent her early career at Sandoz Pharmaceuticals (now Novartis) in a variety of commercial roles. She was later President of Global Prescription Business at Schering-Plough, Senior Vice President of Global Business Management at Pharmacia & Upjohn, as well as Vice President of Women’s Healthcare at Wyeth-Ayerst (all now Pfizer). She is a graduate of the Massachusetts College of Pharmacy and Health Sciences.

“Carrie is an experienced leader with a deep understanding of health care across different sectors of the industry,” said Roman. “She has been serving as an advisor to 3M, and played a key role in the selection process of Bryan as CEO.  Carrie is an ideal choice to lead the Board as Health Care becomes an independent company.”

“I am grateful to Mike and the 3M Board of Directors for this opportunity to help shape and lead a health care company that builds on the best of 3M and has the flexibility to invest in future growth opportunities,” said Cox. “I look forward to working with Bryan and the team to create value for customers and patients around the world.”

Monish Patolawala Appointed 3M President and Chief Financial Officer

Monish Patolawala is appointed 3M President and Chief Financial Officer, effective September 1. In this role, he will add responsibility for executing country prioritization and country governance evolution to his current responsibilities which include leadership of finance, information technology, office for separation management for the upcoming spin off of Health Care, office for project management as the company executes on announced actions, enterprise strategy, and 3M’s global service centers.   

“This appointment strengthens our leadership of the strategic priorities that will improve our performance and build a stronger 3M,” Roman said.  “Monish is a key leader in our transformation, and I am confident in his leadership as we work together to deliver on our commitments to our customers and shareholders.”