3M 2011 Annual Report Download - page 2

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Inge G. Thulin named President and Chief Executive Offi cer,
3M Company, Feb. 24, 2012
Inge G. Thulin, 58, was named president and chief executive offi cer of 3M Company effective
Feb. 24, 2012. A 32-year veteran of 3M, he served as executive vice president and chief operating
offi cer of 3M since May of 2011, after having served as executive vice president, 3M International
Operations since 2003. Mr. Thulin joined 3M Sweden in 1979, working in sales and marketing, and
subsequently assumed levels of greater responsibility. Mr. Thulin earned degrees in Economics and
Marketing from the University of Gothenburg, Sweden.
With hands-on experience building businesses in both developed and developing economies,
Mr. Thulin’s grasp of societal trends is impressive. For example, his business background and
Nordic upbringing helped shape his view that the global trend toward sustainability presents
tremendous opportunity for 3M to both improve the environment, and 3M’s business performance,
simultaneously.
Mr. Thulin is known for emphasizing teamwork, a concept he learned to value as a young hockey
player in one of Sweden’s top leagues. He is known for his quick wit and accessibility, for focus
and clarity, and for his ability to effectively prioritize.
A native of Malmo, Sweden, Mr. Thulin is an outdoor enthusiast who enjoys skiing and skating.
George W. Buckley
Chairman of the Board,
President and Chief Executive Offi cer
Inge G. Thulin
In many ways, 2011 was an amazing year. At times, the year felt like a
story from the book of Genesis, with the Japanese earthquake, tsunami
and subsequent nuclear issues, the fl ooding in Thailand late in the year,
tornadoes in the southern United States, and revolution in North Africa.
Matters were further complicated in 2011 by the sovereign debt issue
in Greece, worries about Italy’s solvency and the economic downturn
in Europe.
We must offer special recognition here to our Japanese colleagues for
their wonderful efforts in 2011 and to their entire nation for the dignifi ed
and orderly way in which they dealt with the tsunami and related
challenges. They have my profound personal admiration.
Through all of this, while dealing in many cases with enormous personal
challenges presented by these disasters, 3M’s people also met the
business challenges and once again delivered strong results.
Despite all this turbulence, full-year sales increased 11 percent to
$29.6 billion, with double-digit growth in Industrial and Transportation;
Safety, Security and Protection Services; and Health Care. Operating
margins were 20.9 percent for the company, and all businesses delivered
margins of 20 percent or higher, which is an amazing feat of consistency.
To our shareholders