3M has confirmed the departure of CEO/chairman Jim McNerney as he leaves the company to become CEO of Boeing.
McNerney has been on Boeing’s board since 2001. He will be the third CEO of the company since December 2003, replacing Harry Stonecipher, who was forced out in March.
Robert Morisson will serve as interim chairman and CEO at 3M. He said: "On behalf of the entire board, I want to thank Jim and wish him every success at Boeing as we build on his many contributions to 3M."
3M director Vance Coffman will lead a selection committee at the company to find a successor for McNerney.
A possible candidate from inside 3M is SVP and CFO Patrick Campbell but executive-search professionals say it is more likely that the company will recruit externally. Candidates include CEO of Emerson Electric, David Farr.