3M Poaches Zimmer Biomet CEO Hanson to Lead Healthcare Spinoff

By Colin Kellaher

3M has named Bryan Hanson chief executive of its healthcare spinoff, plucking the executive from musculoskeletal company Zimmer Biomet Holdings.

3M on Tuesday said Hanson will join the St. Paul, Minn., industrial conglomerate on Sept. 1 as CEO of its healthcare business group, which is being spun off as an independent company.

Hanson has been president and CEO of Zimmer Biomet since late 2017 and chairman since 2021.

Zimmer on Tuesday said Ivan Tornos, its chief operating officer since March 2021, takes the helm as president and CEO effective immediately and is also joining the Warsaw, Ind., company's board.

Zimmer said Suketu Upadhyay, who joined as executive vice president and chief financial officer in 2019, is taking on oversight of the company's global operations and supply-chain functions, while its lead independent director, Christopher Begley, succeeds Hanson as chairman.

3M in July 2022 unveiled plans to spin off the healthcare business, which had $8.4 billion in sales in 2022, joining the ranks of conglomerates using such moves to distinguish business lines with the potential for better sales and profit growth.

3M on Tuesday said healthcare industry veteran Carrie Cox will serve as chairman of spinoff.

Write to Colin Kellaher at colin.kellaher@wsj.com

Corrections & Amplifications

This article was corrected at 8:56 a.m. ET because it incorrectly said the plan to spin off the healthcare business was unveiled in June. In July 2022, MMM unveiled plans to spin off the healthcare business.

(END) Dow Jones Newswires

August 22, 2023 09:00 ET (13:00 GMT)

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