3M announced today that Michael L. Eskew, a member of the company's board of directors since 2003, is elected lead director, effective immediately. He succeeds Vance D. Coffman, who remains on the board after serving as lead director since 2006.
In his new role, Eskew will lead executive sessions of 3M's independent directors and will facilitate information flow and communication between the directors and the chairman, in addition to other duties specified in the board’s Governance Guidelines (available on 3M’s Web site at http://investor.3M.com under Corporate Governance).
“Mike is a highly experienced director and his guidance will help to further enhance 3M’s excellent governance practices and reputation,” Coffman said. Eskew currently serves on the boards of United Parcel Service (UPS), IBM and Eli Lilly and Co. He served as chairman of the board and chief executive officer of UPS until his retirement at the end of 2007.
"Mike’s knowledge of global logistics and his skills in financial matters qualify him well to serve as lead director," said Inge G. Thulin, 3M chairman of the board, president and chief executive officer. “We welcome him to this position.”Thulin continued, “Thank you to Vance, who helped to establish the role of lead director, for his leadership over the last six years. We look forward to his continued contributions as a member of our board.” About 3M3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $30 billion in sales, 3M employs 84,000 people worldwide and has operations in more than 65 countries. For more information, visit www.3M.com or follow @3MNews on Twitter.
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