3M Finance Chief Departs for Amgen -- 2nd Update

By Dow Jones Business News, 
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By Michael Calia

3M Co. named Nicholas C. Gangestad as its new chief financial officer, as David Meline departs to take the same post at biopharmaceutical company Amgen Inc.

Mr. Gangestad has worked for the industrial conglomerate for 27 years, recently serving as its corporate controller and chief accounting officer for the past three years.

"Nick is an outstanding and respected financial leader amongst a very strong 3M finance team," Chairman and Chief Executive Inge G. Thulin said in a release. "He has a proven track record of success and is ideally suited for the 3M chief financial officer role."

Mr. Meline, meanwhile, had worked with 3M since 2008, when he became the controller and accounting chief. He has served as finance chief since 2011.

His appointment at Amgen is effective July 21, and he will replace Michael Kelly who had served in the role on an interim basis since the beginning of the year. Mr. Meline previously held numerous leadership positions at General Motors Co.

Mr. Meline gained "great international experience in Asia and Europe while at General Motors," said Peter D. Crist, chairman of recruiters Crist|Kolder Associates, which wasn't involved in Amgen's search. "All of the GM alums think the world of him," the recruiter added.

3M, maker of brands such as Post-it Notes and Scotch tape, posted in April a boost in profit for the first quarter as its electronics and energy division experience strong demand for optical films. The gains were offset somewhat by harsh winter weather in the U.S. weighing on office-supply stores' sales and delaying construction projects that rely on 3M-produced materials.

Meanwhile, Amgen, the largest biotechnology company by sales, posted a 25% drop in earnings in April on higher costs that masked its revenue growth.

Joann S. Lublin contributed to this article.

Write to Michael Calia at michael.calia@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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