July 10 (Reuters) - 3M said on Wednesday its CFO Monish Patolawala would leave the company at the end of the month to pursue another opportunity, the second major change at the post-it maker's top brass this year.
Patolawala, who is also 3M's President, will stay on until July 31 to ensure an orderly transition, the manufacturing giant said, adding it has initiated a search process for his replacement.
3M shares were down 2.2% before the bell. The stock has fallen about 23% since Patolawala assumed office on July 1, 2020, as the company struggled with a slump in demand for electronics while dealing with costly legal settlements tied to military earplugs and "forever chemicals."
The company, to mitigate the impact of a slowdown in demand, has rolled out a major restructuring that includes cutting thousands of jobs and the spin off of its healthcare business into a listed company.
In March, 3M appointed former L3Harris Technologies head Bill Brown as its new CEO as the company continued to go through a period of slowing sales.
(Reporting by Nathan Gomes and Abhinav Parmar in Bengaluru; Editing by Krishna Chandra Eluri)
