Manufacturing giant 3M said Wednesday that Chief Financial Officer Monish Batulawalla will leave the company at the end of this month, before moving to Archer Daniels Midland as the grain trading company’s new chief financial officer.
The company said on Wednesday that Batolawala’s appointment as CEO will take effect on Aug. 1. Batolawala will succeed interim CFO Ismael Roig, who has held the position since January 2024.
In March, ADM corrected six years of financial statements after an internal investigation found that some sales between business units within the company had not been properly recorded. ADM said it had overstated annual operating profit in its food division by as much as 9.2%.
Shares of 3M were slightly higher in morning trading. The stock has fallen about 23% since Batulawalla took over on July 1, 2020, as the company has struggled with falling demand for electronics.
3M launched a major restructuring last year that included cutting thousands of jobs and spinning off its health-care business into a publicly traded company, to ease slowing demand.