Robert Morrison, the former chairman and chief executive of Quaker Oats Co., was named Thursday as interim chairman and CEO of St. Paul-based 3M Co.
The 62-year-old Morrison, a member of the 3M board, was named to temporarily replace James McNerney Jr., who Thursday was named chairman and CEO of Chicago-based Boeing Co.
Morrison joined Quaker in 1997 after three years in the top job at Kraft Foods Co. Former Quaker shareholders credit Morrison with leading a turnaround of the company that resulted in its sale to PepsiCo Inc. in 2000 for a 120 percent premium.
Still, he has not been engaged in the day-to-day operations of a company since stepping down from PepsiCo in 2003.
Morrison, who said a search team has been formed to consider “inside and outside” candidates, sought to reassure Wall Street that 3M would continue outperforming market expectations.
He said he was “confident that the right team and the right plans are in place to realize our potential.”
Still, shares of 3M fell nearly 5 percent, or $3.74, to $72.30, on the New York Stock Exchange after the announcement of McNerney’s departure.
Morrison also is a member of the boards of Aon Corp., Illinois Tool Works Inc. and Tribune Co., which owns the Chicago Tribune.
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jschmeltzer@tribune.com
