3M Company (NYSE:MMM) announced the appointment of Bryan Hanson as Chief Executive Officer of its healthcare business on Tuesday.
Hanson will join the company on September 1 from global MedTech firm Zimmer Biomet Holdings (NYSE:ZBH), where he served as President and Chief Executive Officer since 2017 and Chairman since 2021.
"We are pleased to have Bryan join us to successfully complete the spin-off of our Health Care business and build a leading independent medical technology innovation company," said Mike Roman, 3M chairman and chief executive officer. "His industry expertise, ability to drive growth, and track record of building a strong culture and teams will make an immediate impact."
3M also announced that Carrie Cox has been named chairman of the board of directors of the new healthcare company, while Monish Patolawala has been appointed 3M's president and chief financial officer.
Following the news of Hanson's appointment, Zimmer Biomet announced that its chief operating officer, Ivan Tornos, has been appointed president and CEO, while chief financial officer Suketu Upadhyay's role has expanded to CFO and EVP.
ZBH also reaffirmed its full-year 2023 guidance.
Reacting to the news, Truist analysts said the firm expects the CEO transition for ZBH may evoke mixed emotions, but Tornos is the natural successor.
"Mr. Tornos has played an instrumental role in overseeing ZBH’s gradual turnaround since joining in 2018, and we think few would argue about whether he is the right person for the job. That said, we do think investors could still have mixed emotions on this mgmt. update," wrote the analysts, who maintained a Hold rating and $148 price target on the stock.