3M CFO Patolawala to leave company at end of July.

(Reuters) -3M said on Wednesday its CFO Monish Patolawala would leave the company at the end of the month to pursue another opportunity, the second major change at the post-its maker’s top brass this year.

Patolawala, who is also 3M’s President, will stay on until July 31 to ensure an orderly transition, the manufacturing giant said, adding it has initiated a search process for his replacement.

3M shares were down 2.2% before the bell. The stock has fallen about 23% since Patolawala assumed office on July 1, 2020, as the company struggled with a slump in demand for electronics while dealing with costly legal settlements tied to military earplugs and “forever chemicals”.

The company, to mitigate the impact of a slowdown in demand, has rolled out a major restructuring that includes cutting thousands of jobs and the spin-off of its healthcare business into a listed company.

In March, 3M appointed former L3Harris Technologies (NYSE: LHX) head Bill Brown as its new CEO as the company continued to go through a period of slowing sales.