3M (NYSE:MMM) announced today that it appointed Monish Patolawala as its new senior VP and chief financial officer, effective July 1.

Patolawala is set to succeed Nick Gangestad, who announced that he is retiring, but will stay on through July 31 in an effort to ensure an orderly transition. Gangestad spent 35 years with 3M, according to a news release.

Currently the CFO at General Electric Healthcare (NYSE:GE), Patolawala has been with GE since 1994, also recently serving as VP of operational transformation at the company.

“I am pleased to welcome Monish to our leadership team,” 3M chairman & CEO Mike Roman said in the news release. “His deep and extensive experience in leading the financial operations of industrial and healthcare businesses – as well as driving operational changes – will make an immediate impact as we manage through the current economic challenges and continue to position 3M for the future. I am confident Monish will provide strong leadership and is an excellent addition to the 3M team.”

In the role of CFO, Patolawala is set to lead 3M’s global finance organizations with responsibilities centering around accounting, treasury, financial planning and analysis, tax and investor relations.

“I am thrilled to join 3M, a company I have long admired as one of the most innovative in the world,” Patolawala said. “3M has unique strengths, a strong business model and a proud history, and I look forward to working with the team to execute on the company’s priorities, accelerate growth and enhance value for shareholders and all stakeholders.”