.png)
.webp)
As President from 1929 to 1949 and Chairman of the Board from 1949 to 1966, William McKnight oversaw 3M's transformation from a struggling sandpaper company into a diversified corporation, fostering an innovative culture that launched beloved global brands like Scotch Tape and Post-its.
However, McKnight's unwillingness to invest in pollution control while expanding production in the postwar decades later forced 3M to devote substantial resources to environmental remediation projects, costing billions of dollars.
As Chairman and Chief Executive from 1966 to 1970 and a Board Member from 1970 to 1975, Bert Cross led 3M's expansion internationally by establishing new companies around the world.
He struggled with domestic anti-trust lawsuits regarding the company's dominant position in coated abrasives which resulted in lowered market share.
Though Cross achieved strong international growth during his tenure, he failed to diversify 3M's product portfolio enough to avoid regulatory scrutiny in its core abrasives business.
Serving as 3M's President from 1966 to 1970 and Chairman and Chief Executive from 1970 to 1975, Harry Heltzer oversaw strong growth and diversification by expanding product lines into areas like gift ribbons and surgical drapes.
However, he drew criticism for failing to address environmental impacts from manufacturing during his tenure which later cost the company billions for remediation.
Though sales increased greatly under Heltzer's leadership, he refused requests to invest in pollution control equipment, setting 3M up for problems later on.
Raymond Herzog guided 3M as President from 1970 to 1975 and Chairman and Chief Executive from 1975 to 1979, championing pollution control efforts to reduce emissions and waste substantially.
But he was unable to avoid an economic downturn and accompanying stagnating sales late in his tenure as high inflation and interest rates slowed construction and industrial activity.
While Herzog made important environmental reforms early on, his later years brought business struggles out of his control.
Lewis Lehr, 3M's President from 1979 to 1986, focused the company on office products to great success by expanding the signature Scotch Tape and Post-It Notes brands internationally.
He failed to invest in next-generation manufacturing technologies soon enough to maintain competitive production quality and costs which contributed to his contract not being renewed.
Though Lehr oversaw the dramatic rise of brands like Post-It Notes, declining market share ultimately doomed his prospects.
As President of Domestic Operations from 1984 to 1991, Allen Jacobson drove US sales growth through innovative product launches like Press 'n Peel bookmarks and built the pharmaceutical division substantially before abruptly being ousted as results slid.
Though declining international growth placed disproportionate pressure on domestic units to overperform. Despite initial successes, Jacobson was pushed out due to forces abroad he struggled to counterbalance domestically.
Chairman and CEO from 1991 to 2001, Livio DeSimone renewed focus on innovation and international markets, fueling tremendous growth for much of his tenure but failing to ensure the company made adequate investments in developing the next generation of leadership to sustain market dominance long-term.
Though sales, earnings and share price all rose dramatically under DeSimone, the lack of succession planning created uncertainty about 3M's direction going forward.
James McNerney's tenure as Chairman from 2001 to 2005 brought overdue discipline through his "3M Acceleration" initiative aimed at increasing productivity and accountability.
However, his aggressive focus on operational efficiency soured relations between management and technical teams, causing key innovators to depart.
While McNerney enhanced profits, his tension with engineers made it difficult to achieve breakthrough developments during his leadership.
George Buckley, 3M's Chairman and CEO from 2005 to 2012, helped reform businesses and rebuild product development after recent declines.
But he could not reignite consistent top-line growth, as rising commodities costs coupled with global financial instability dampened sales and earnings internationally.
Though Buckley stabilized prior dysfunction, deep challenges outside the company limited financial performance overall.
As 3M’s Chairman, President and CEO from 2012 to 2018 and Executive Chairman from 2018 to 2019, Inge Thulin restored revenue growth and company culture by increasing investments for R&D and focusing on improving operational efficiency.
He struggled with a declining stock price and pressure from activist investors dissatisfied with decision-making and lack of portfolio focus amidst reorganization efforts.
While Thulin brought sales back on track, Wall Street discontent loomed large throughout.
Michael Roman has led 3M as CEO since 2018 and Chairman since 2019, cutting costs substantially through layoffs and plant closures while also divesting multiple businesses to simplify operations, though facing fluctuating sales and earnings as slowing economies paired with ongoing environmental litigation over PFAS water contamination hampered recent results.
Roman has restructured to enhance profits but still confronts lingering environmental issues from the past.
.png){kind=logo}
.webp)
.webp)