Yash Birla steps down from 3M India board

Yashovardhan Birla, has resigned as a director and chairman of the board of directors of the company of 3M India, after the Birlas shed their stake in the company. Yashovardhan Birla through his two companies Shearson Investment and Trading Company and Godavari Corporation, divested 6.2% in 3M India over the last one month. Post this, the Indian promoters hold 1% in the company and are no longer termed as promoters of 3M. 3M India has a topline of Rs 550 crore.

In a release to BSE, the company said after Yashovardhan Birla's resignation effective June 6, 2007, Thomas P Spencer, non-executive director, has been appointed as chairman of the board of directors. Mary B McCormick has also stepped down as director of the company effective June 18 and Richard L Becker succeeds her.