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3M hires outsider Bill Brown as CEO, shares jump
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Industrial conglomerate 3M has tapped Bill Brown, the former top boss at L3Harris Technologies, as its next CEO, betting on an outsider to steer the company through a period of slowing sales and the fallout of multiple lawsuits.
The company’s shares jumped nearly 7% on Tuesday. They are down about 14% this year through last close as 3M agreed to pay billions to settle lawsuits related to its earplugs and “forever chemicals” while facing easing demand.
3M Co.’s St. Paul offices. (Reuters / Reuters Photos)
Brown, 61, will succeed Michael Roman on May 1. Roman, a 35-year company veteran, will become the executive chairman of the board on the same day.
“3M has brought in an external CEO, which indicates the desire for change,” said Wolfe Research analyst Nigel Coe in a note, adding it would be seen as a welcome move during “such challenging financial and stock market performance.”
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In January, 3M forecast full-year earnings below Wall Street estimates, citing a “muted” macro environment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MMM | 3M CO. | 98.72 | +4.69 | +4.99% |
Its electronics business, which makes displays for smartphones and tablets, has been hit particularly hard due to a slowdown in discretionary spending, mainly in China.
“Bill has a reputation for driving margin and working capital efficiency as well as bold strategic moves,” Coe added.
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An industry veteran, Brown was the CEO of aerospace and defense technology major L3Harris from June 2019 to June 2021, and then executive chair for another year.
He was CEO of Harris Corp prior to its merger with L3 and spent 14 years at United Technologies in different leadership roles before that.
To mitigate the impact of a slowdown in demand, 3M has rolled out a major restructuring that includes cutting thousands of jobs and the spinoff of its healthcare business into a listed company.
3M in August agreed to pay $6.01 billion from 2023 to 2029 to settle thousands of lawsuits related to its Combat Arms earplugs, which allegedly caused hearing damage among U.S. military service members.
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In June, the company reached a tentative agreement to pay $10.3 billion to settle water pollution claims tied to “forever chemicals”.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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