20. 3M Co. (healthcare segment)
Revenue: $7,431,000,000*
Maplewood, Minn.
2019 rank: 20
Employees: 13,000
*Fiscal year ended 12/31/2019
3M was immediately thrust into the center of the pandemic with its N95 respirator masks becoming among the most sought-after PPE for healthcare workers and regular citizens alike. A $37.5 million contract for mask production issued by the U.S. Department of Defense on Nov. 12 brought the cumulative face value of 3M’s federal contracts to nearly $125.5 million. Much of the year has been spent resolving fraud and price gouging cases related to the N95s, but despite increased orders for products, the financial effects of the pandemic contributed to close to 3,000 layoffs, mostly related to its divested drug delivery business. “Though economic uncertainty and challenges due to the COVID-19 pandemic remain, we returned to positive organic sales growth with sequential improvement across businesses and geographies,” 3M chairman & CEO Mike Roman said in an Oct. 27 news release. “We continue to take actions to transform 3M and position us to deliver strong results as our end markets recover.” –SW
Key personnel: Michael Roman, chair & CEO; John Banovetz, SVP, innovation & stewardship & chief technology officer; Ivan Fong, SVP, general counsel & secretary; Eric Hammes, EVP, enterprise operations; Ashish Khandpur, EVP, transportation & electronics business group; Veena Lakkundi, SVP, strategy & business development; Jeffrey Lavers, EVP, consumer business group; Kristen Ludgate, SVP, human resources; Monish Patolawala, SVP & CFO; Mojdeh Poul, EVP, healthcare business group; Denise Rutherford, SVP, corporate affairs; Ty Silberhorn, SVP, transformation, technologies & service; Michael Vale, EVP, safety & industrial business group; Karen Carroll, VP & general auditor; Michael Dai, assistant secretary; Sarah Grauze, treasurer & VP, finance; Michael Duran, VP & chief ethics & compliance officer; Theresa Reinseth, VP, corporate controller & chief accounting officer; Ted Ringsred, assistant secretary; Christina Spence, assistant treasurer