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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, December 5, 2000

Top GE execs get 3M, Home Depot posts

MAPLEWOOD, Minn. -- 3M named W. James McNerney Jr., the head of General Electric Co.'s aircraft engines division who was passed over for GE's top job, to be its next chairman and chief executive. 3M shares surged more than 11 percent on the news to close up $11.63 at $116.63.

Meanwhile, Robert Nardelli, 52, the other runner-up for the top GE job, was named CEO of Home Depot Inc.

McNerney, 51, had been considered a top candidate to become GE's next CEO. Instead, GE designated Jeffrey Immelt last week as the successor to the legendary John F. Welch Jr.

Yesterday, Maplewood, Minn.-based 3M said McNerney will succeed L.D. DeSimone, 64, at 3M on Jan. 1. DeSimone will remain with the diversified manufacturing company until April 1, when he will retire.

Minnesota Mining & Manufacturing Co. makes products as Scotch brand tapes, Post-it Notes, and cleaning cloths. It has operations in more than 60 countries.

Pets.com sells trademarks to rival

SAN FRANCISCO -- Pets.com Inc., a defunct online pet food retailer, said it plans to sell various Internet addresses and related trademarks, including the www.pets.com Web site, to closely held Petsmart.com Inc. Terms were not disclosed. San Francisco-based Pets.com said that effective immediately, the www. pets.com address will lead users to the Petsmart.com Web site. Company officials could not be reached for confirmation.

Pets.com announced Nov. 7 it would begin the process of closing, just nine months after going public. Pets.com said that it doesn't believe the purchase price will materially increase the distributions it expects to make to its shareholders after it has completed closing its business. The sale doesn't include any other Pets.com assets, such as its customer list, sock-puppet character or any inventory, Bloomberg News reported.