3M's (MMM.US) CFO resigns after leadership change and healthcare business spin-off

3M (MMM.US) announced Wednesday that Chief Financial Officer Monish Patolawala had resigned "to pursue other opportunities," after the company named Bill Brown as its new CEO.

Patolawala will remain in his post until the end of the month, after four years as CFO, helping the company complete the spinoff of its healthcare business Solventum (SOLV.US) in April and help the company reach a $10 billion-plus settlement in a water pollution lawsuit. 3M said in a statement Wednesday that it had begun the search process.

3M shares were down more than 2% in premarket trading Wednesday. The stock is up 9.1% this year, while the S&P 500 is up 17%.

Other S&P 500 index components also had CFO changes this week. Chipotle Mexican (CMG.US) earlier announced that its CFO would be leaving, while United Parcel Service (UPS.US) named an internal candidate to the post.