3M names Bryan Hanson as CEO of its health care business

(Reuters) -3M Co said on Tuesday that Bryan Hanson would be the chief executive officer of the healthcare company it plans to spin off.

3M last year disclosed plans to spin off its healthcare business into a listed company, in which the U.S. industrial giant would retain a 19.9% stake. The company expects to complete the spinoff by the end of 2023.

The health care unit, which focuses on wound care, oral care and healthcare technology, accounted for about 25% of 3M’s $34.23 billion in sales last year.

Hanson joins 3M from Indiana-based medical equipment maker Zimmer Biomet, where he was president and CEO since 2017, and chairman since 2021.

Hanson would join 3M on Sept. 1 as CEO of Health Care Business Group, the company said.

3M also said Carrie Cox, who has previously served as chairman and CEO of human tissue developer Humacyte Inc, would take on the role of the chairman of the board of directors of the health care unit.

Monish Patolawala would take on the expanded role of president of 3M Co from Sept. 1. He is currently the executive vice president and chief financial and transformation officer at the company.

(Reporting by Kannaki Deka in Bengaluru; Editing by Shilpi Majumdar)