Top-level executive turnover is continuing at 3M.

The Minnesota-headquartered multinational conglomerate, which is parent firm to Top 40 supplier 3M Promotional Markets (asi/91240), is looking for a new chief financial officer following the just-announced departure of Monish Patolawala.

Patolawala’s exit comes several months after a March-announced move that saw Mike Roman, a 35-year veteran of 3M, be replaced as CEO, a position he’d held for six years, by experienced technology executive William M. Brown. Roman remains executive chairman of 3M.

Patolawala, who spent four years with 3M, has become executive vice president and chief financial officer for ADM, a Chicago-based food processing and commodities trading company. His final day at 3M is July 31. His appointment at ADM is effective Aug. 1.

“It has been a privilege to work as part of 3M’s leadership team and I am proud of our accomplishments,” said Patolawala. “3M is well positioned for success, and this is the right time for me to transition to a new opportunity.”

3M said it’s looking for a new CFO but didn’t give a time frame for appointing one. “I thank Monish for his leadership and contributions to 3M,” said Brown. “We wish him continued success in his future endeavors.”

As changes occur in the C-Suite, 3M has also faced business and legal challenges.

Last year, the publicly traded company’s total global revenue declined 4.5% on an annual basis to about $32.7 billion. Executives said performance was better than expected in the first quarter of 2024, with the firm nudging out an organic sales increase, but overall total sales still dropped 0.3%. GAAP earnings per share were down 5% year over year for the quarter.

Meanwhile, 3M is expecting to pay up to $16.3 billion following legal settlements. One case involved allegations of 3M causing water pollution from PFAS “forever chemicals,” while the other centered on claims the corporation provided faulty earplugs that led to hearing damage for U.S. military members who used the products.

In April, 3M completed the planned spin-off of its healthcare business, which formally launched Solventum Corporation as an independent company. Solventum is listed on the New York Stock Exchange.

Despite recent top line sales setbacks, executives believe 3M is strongly situated. “The progress we have made in executing our strategic priorities positions the company for long-term shareholder value creation,” Roman has said. The company plans to announce second quarter results on July 26.

Promo is a small part of 3M’s overall business and no anticipated impacts to the promo unit or other divisions were announced in relation to the CFO change. 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. The new rankings are due out this summer.