3M names GE executive as new CFO

3M has appointed a top GE Healthcare executive as its new chief financial officer.

The Maplewood-based company said current CFO Nick Gangestad is retiring after a 33-year career at 3M.

Monish Patolawala, 51, has been GE Healthcare's CFO since 2015. His new job at 3M starts July 1.

Gangestad will stay on through July 31 "to ensure an orderly transition," the company said in a statement.

Gangestad, 55, has been 3M's CFO since 2014 and started at the company in 1987 as a systems analyst in the finance office.

Patolawala, who earned a bachelor's degree from St. Joseph's College of Commerce in Bangalore, India, joined GE in 1994 through its financial-management program. He worked his way up, and he was CFO of GE Transportation before his current post at GE Healthcare.

Patolawala also has been working closely with GE Chairman and CEO Lawrence Culp as vice president of operational transformation. Culp is trying to turn around the famous but ailing GE.

According to a filing with the Securities and Exchange Commission, Patolawala will received an annual salary of $885,000 at 3M and be eligible for annual incentive compensation of the same amount.

In addition, he will receive a $700,000 hiring bonus and a mix of long-term equity awards consisting of stock options and restricted stock worth about $6.4 million that includes a $2.8 million restricted stock award to compensate him for equity awards he's leaving behind at GE.

Staff writer Patrick Kennedy contributed to this report.