3M Company (NYSE: NYSE:MMM) has appointed Anurag Maheshwari as its new Executive Vice President and Chief Financial Officer (CFO), effective September 1, 2024.
Maheshwari, who is currently holding the position of Executive Vice President and CFO at Otis Worldwide (NYSE:OTIS) Corporation, brings experience to the multinational conglomerate, known for its wide range of industrial, safety, and consumer products.
With a tenure at Otis that saw him overseeing financial and business functions, Maheshwari's background includes strategic planning, operations, and investor relations, as well as profit and loss responsibility. His previous roles have spanned various organizations, including Harris Corporation (NYSE:LHX) and L3Harris, where he led investor relations and strategic investment planning.
3M's CEO, Bill Brown, expressed confidence in Maheshwari's abilities, citing a working relationship of over two decades and anticipating his contribution to 3M's profitable growth and operational excellence.
In his new role at 3M, Maheshwari will be at the helm of the company's global finance organization, with a broad portfolio of responsibilities that include business finance, accounting, treasury, financial planning and analysis, tax, and investor relations.
Until Maheshwari assumes his role in September, Teri Reinseth will serve as Interim CFO starting today. Reinseth is currently 3M's Senior Vice President, Corporate Controller, and Chief Accounting Officer, a position she has held since April 1, 2019.
InvestingPro Insights
As 3M Company (NYSE:MMM) welcomes Anurag Maheshwari as its new CFO, the company's financial health remains a focal point for investors. According to InvestingPro data, 3M's market capitalization stands at a robust $70.42 billion. This figure reflects the company's significant presence in the market and investor confidence in its business model.
InvestingPro Tips indicate that 3M's P/E ratio, adjusted for the last twelve months as of Q2 2024, is 12.82, suggesting that the company's shares might be valued reasonably in relation to its earnings. This could be a positive signal for investors looking for stable investment opportunities, especially when coupled with the company's revenue growth of 12.32% during the same period. Such growth is indicative of 3M's ability to increase its sales and potentially enhance shareholder value.
Furthermore, the company's dividend yield stands at 2.2%, a figure that is particularly relevant for income-focused investors. This yield, in combination with a strong price return of 45.62% over the past year, paints a picture of a potentially attractive investment in terms of both income and capital appreciation.
It's worth noting that on the InvestingPro platform, there are additional tips available that can provide deeper insights into 3M's financial performance and stock valuation. With more tips at their disposal, investors can make more informed decisions regarding their investments in 3M.
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