10:08 AM EDT, 07/10/2024 (MT Newswires) -- 3M ( MMM ) said Wednesday its chief financial officer, Monish Patolawala, would leave the company on July 31, less than three months after a new chief executive took the reins at the industrial conglomerate.

Patolawala will join Archer-Daniels-Midland ( ADM ) as CFO, effective Aug. 1, the agriculture supply company said in a separate statement. Ismael Roig has been serving as ADM's interim CFO since January.

Patolawala joined 3M ( MMM ) as finance chief in 2020. 3M ( MMM ) said it has launched a CFO succession process.

"3M ( MMM ) is well positioned for success and this is the right time for me to transition to a new opportunity," Patolawala said in a statement.

Patolawala's resignation comes after William Brown joined 3M ( MMM ) as CEO on May 1. Brown, the former CEO of L3Harris Technologies (LHX), succeeded Michael Roman, who transitioned to the role of executive chairman at 3M ( MMM ) at the time.

3M ( MMM ) lowered its full-year 2024 outlook at the end of April to reflect the separation of its health care business, which formally launched Solventum (SOLV) as an independent entity. At the time, 3M ( MMM ) said it expected per-share adjusted earnings to be in a range of $6.80 to $7.30 with adjusted sales to be down 0.25% to up 1.75%. It previously anticipated adjusted EPS of $9.35 to $9.75 on sales growth of 0.25% to 2.25%.

Earlier this year, the company behind brands such as Scotch tape and Post-It notes received final court approval for a settlement to address water pollution claims by public suppliers across the US.

3M ( MMM ) agreed in August to pay $6 billion between 2023 and 2029 to settle litigation around its combat arms earplugs.

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