Exec Passed Over at GE Named CEO at 3M

General Electric Co. named David Calhoun chief executive and president of its GE Aircraft Engines unit to replace James McNerney, who was named chief executive and chairman of Minnesota Mining & Manufacturing Co. McNerney agreed to take the helm at 3M, the diversified maker of consumer, industrial, and life-sciences products, after he was passed over to succeed Jack Welch as chairman and chief executive of GE. He will join 3M on Jan. 1. Calhoun, 43, has been executive vice president and chief operating officer of GE Aircraft Engines, which is based in Evendale, Ohio, and has $10.6 billion in annual revenue, since June. His appointment as head of the unit is effective immediately. GE shares rose $2.50 to close at $54.13, while 3M shares rose $11.63 to close at $116.63, both on the New York Stock Exchange.