3M will nominate CEO, Mike Roman to serve as chairman following the company’s annual meeting of shareholders on 14 May this year.

Inge Thulin, 3M’s current executive chairman, has announced his intention not to stand for re-election and to retire on 1 June, 2019.

“Under Inge’s leadership, 3M evolved into a more agile and competitive enterprise while generating value for customers and shareholders,” said 3M Board independent lead director, Mike Eskew.

“Today’s decision underscores the Board’s confidence in Mike’s leadership and strong character to lead 3M into the future as both CEO and chairman of the board.”

For his part, Roman added: “It’s an honour to be nominated to the additional role of chairman of the board,” said Roman. “I thank Inge for his leadership and partnership throughout my career, especially over the past year in his role as executive chairman.”

At its annual meeting in May, the 3M Board of Directors will consist of 12 members, 11 of whom will be independent directors.

“The board’s corporate governance measures, including a lead independent director with broad authority, ensure strong, independent directors will continue to effectively oversee company management and the key issues related to strategy, risk, and integrity,” noted a 3M statement.