3M, parent company of Top 40 supplier 3M Promotional Markets (asi/91240), has named experienced technology executive William M. “Bill” Brown as its new CEO.

Brown replaces Michael Roman, who is becoming executive chairman of the Minnesota-headquartered corporation’s board of directors. The role changes are effective May 1.

William H. Brown, 3M

“I am excited for the opportunity to lead this iconic global company,” said Brown. “The company has made significant positive changes under Mike’s leadership, and I am looking forward to building on that progress as CEO.”

Roman has been with 3M for more than 35 years; he became CEO in 2018.

“Bill’s strong track record as a CEO for a global technology company makes him the right leader for 3M,” said Roman. “He brings a wealth of experience in strategic leadership, innovation and operational excellence to 3M.”

Brown, a 61-year-old who holds an MBA from The University of Pennsylvania’s Wharton School and a master’s degree in mechanical engineering from Villanova University, is the former board chairman and CEO of L3Harris Technologies, a company that provides aerospace and defense technology solutions.

Brown was chairman, president and CEO of Harris Corporation prior to its merger with L3 Technologies in 2019. He joined Harris Corporation in November 2011 as president and CEO. Prior to Harris Corporation, Brown spent 14 years at United Technologies Corporation (UTC), serving in a variety of leadership roles.

Brown enters the 3M C-suite at what’s been a challenging time for the multinational conglomerate, which reported total global revenue for 2023 of about $32.7 billion, a 4.5% year-over-year decline.

In January, 3M forecasted that its 2024 earnings will come in below estimates from Wall Street, as demand has been “muted.” Lower discretionary spending in China has reportedly hurt 3M’s electronics business, which produces displays for smartphones and tablets.

Amid the struggles, 3M has undertaken a restructuring that includes axing jobs and spinning its healthcare business off into a listed company.

Last year, 3M struck a tentative agreement to pay $10.3 billion to settle claims of water pollution resulting from PFAS “forever chemicals” that allegedly came from its operations. The company also agreed to a $6.01 billion settlement in response to lawsuits that claimed it provided faulty earplugs that led to hearing damage for U.S. military members who used the products.

Promo is a small part of 3M’s overall business. Based on reported 2022 North American promotional product revenue of $98.2 million, 3M Promotional Markets ranked 19^th on Counselor’s most recent list of the largest suppliers in the industry.