EXHIBIT 99
FOR IMMEDIATE RELEASE Media Contact: John Cornwell, 3M
(651) 733-7698
Investor Contact: Jon Greer, 3M
(651) 736-1915
Investor Contact: Matt Ginter, 3M
(651) 733-8206
3M Elects Chairman, Chief Executive Officer;
W. James McNerney Jr., to Succeed L.D. DeSimone
ST. PAUL, Minn. - Dec. 5, 2000 - 3M announced today that W. James McNerney Jr.
has been elected chairman and chief executive officer, effective Jan. 1, 2001.
He succeeds L.D. DeSimone, who will remain with the company until
April 1, 2001 to ensure a smooth transition.
McNerney, 51, was president and CEO of GE Aircraft Engines, a world-leading
supplier of jet engines with more than $10 billion in annual revenue. His
GE career includes the top position at GE Lighting; president of
GE Asia-Pacific; president and CEO of GE Electrical Distribution and Control;
executive vice president of GE Capital, one of the world's largest financial
services companies; and president of GE Information Services, a supplier of
network computer services.
He holds a B.A. from Yale University and an M.B.A. from Harvard University.
"We are very pleased that Jim McNerney will be joining the 3M team," said
L.D. DeSimone, 3M chairman of the board and chief executive officer. "The
people of 3M have a long and outstanding record of innovation and a
consistently high level of commercial and financial success. We're confident
that his experience, leadership and personality will drive the company to
new levels of success."
"I'm both honored and excited to have been chosen to lead this company,"
said McNerney. "3M is one of the world's great companies and tremendously
strong from any point of view. I have long admired 3M, its people and its
culture. I'm especially impressed with the strong leadership team and
look forward to working with them."
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3M Elects Chairman, Chief Executive Officer - Page 2
Speaking for the 3M Board, director Edward A. Brennan said, "We want to
thank Desi for more than 43 years of service to the company, and especially
for his leadership over the last decade. He demonstrated the courage
and insight to make both difficult and correct decisions, always with
an eye to sustaining 3M success well into the future."
3M is a $16 billion technology company with leading positions in
electronics, telecommunications, industrial, consumer and office,
health care, safety and other markets. Headquartered in St. Paul,
Minn., the company has operations in more than 60 countries and
serves customers in nearly 200 countries. 3M businesses share
technologies, manufacturing operations, brands, market channels and
other important resources. 3M is one of the 30 stocks that make up the
Dow Jones Industrial Average and also is a component of the Standard &
Poor's 500 index. Additional information about the company is
available at www.3M.com.
FROM:
3M Media Relations
3M Center, Building 225-1S-15
St. Paul, MN 55144-1000
(651) 733-8805
