Report of 3M Succession Boosts Stock Price

Shares of 3M rose more than 5% following a report that the Maplewood, Minn.-based company has chosen General Electric Co. executive W. James McNerney as its next chief executive. The Wall Street Journal, citing unidentified sources, reported that McNerney will succeed L.D. DeSimone, 64, who is expected to retire from Minnesota Mining & Manufacturing Co. next summer. 3M spokesman Chris Welsh said the report was “just a rumor” and would not comment on it. McNerney is head of GE Aircraft Engines and had been considered a top candidate to succeed CEO Jack Welch. Instead, the job went to Jeffrey Immelt. McNerney, 51, inherited a troubled jet engine program and is credited with improving business despite an aerospace down cycle. 3M shares closed up $5.38 at $105 on the New York Stock Exchange.