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GE exec heading to 3M?
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December 4, 2000: 2:06 p.m. ET
Report: Top General Electric executive to be named 3M chief
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NEW YORK (CNNfn) - Shares of Minnesota, Mining & Manufacturing Co. rose more than 5 percent Monday after a published report said the diversified manufacturer has picked W. James McNerney Jr., a leading General Electric Co. executive, as its new chairman and CEO.
McNerney, who lost a three-way race last week to succeed outgoing GE chief executive Jack Welch, could be announced as 3M's new leader later Monday, the Wall Street Journal reported in its online edition, citing "informed individuals." McNerney, 51, runs GE Aircraft Engines in Evendale, Ohio.
3M spokesman Chris Welsh told CNNfn.com that the report was "all speculation" and said no announcement was planned. He said retiring CEO Livio "Desi" D. DeSimone has previously announced his intention to name a successor by the end of the year, and that this timetable still stands. DeSimone is expected to step down next July.
 McNerney's office referred calls to a GE spokesman, who declined comment.
Last week, Fairfield, Conn.-based GE tapped Jeffrey Immelt, head of GE Medical Systems, to succeed the retiring Welch, the diversified conglomerate's well-known leader. Analysts said at the time that the two losing candidates, McNerney and Robert L. Nardelli, CEO of the company's Power Systems division, were likely prime candidates for CEO posts elsewhere in corporate America.
McNerney would be the first outsider to run St. Paul, Minn.-based 3M, the Journal said.
3M stock, a Dow Jones industrials component, gained $5.50 to $105.12, a fresh 52-week high, in afternoon trading. 
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3M
General Electric
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