Inge Thulin is retiring and will not stand for reelection to the position of executive chairman of the board of directors at 3M, parent company of Top 40 promotional products supplier 3M/Promotional Markets (asi/91240).

In an announcement made this week, St. Paul, MN-headquartered 3M said the board will nominate CEO Mike Roman to serve as its chairman. The nomination is expected to come at the annual stockholders’ meeting on May 14th. “Today’s decision underscores the board’s confidence in Mike’s leadership and strong character to lead 3M into the future as both CEO and chairman of the board,” said Mike Eskew, independent lead director for the 3M board.

Mike Roman, CEO, 3M

Thulin worked for 3M for 39 years. He was named CEO in February 2012 and served as chief executive until retiring from the role in June 2018. Thulin began as board chairman in May 2012. Prior to that, he ran 3M’s international unit for years.

The StarTribune reported that Thulin improved 3M’s profitability and directed the company through a global downtown back to revenue growth. “Under Inge’s leadership, 3M evolved into a more agile and competitive enterprise while generating tremendous value for customers and shareholders,” said Eskew.

Inge Thulin

Thulin believes Roman is an excellent successor for the chairman’s seat. “I’m very confident that 3M’s best days are ahead. Mike will do a fantastic job leading 3M into the future,” Thulin said.

Roman is excited for the potential expanded role. “It’s an honor to be nominated,” he said. “I thank Inge for his leadership and partnership throughout my career, especially over the past year in his role as executive chairman.”

In January, 3M reported that year-over-year total company sales increased 3.5% to $32.8 billion in 2018. GAAP earnings were up too, rising about 12% to $8.89 per share. Adjusted earnings tallied $10.46 per share, a 14% increase. Profits were $5.3 billion for the company with 93,000 worldwide employees.

With estimated 2017 North American promotional product revenue of $93 million, 3M ranked 18th on Counselor’s latest list of the largest suppliers in the promotional products industry.