Shares in 3M Company (MMM) moved sharply higher Tuesday after the company said it had appointed William M. "Bill" Brown as the new chief executive officer.

Brown, who was formerly CEO of aerospace and defense firm L3Harris Technologies (LHX), succeeds Michael Roman, who will become 3M’s executive cha𝕴irman, according to the statement from the company. Both aꦡppointments take effect from May 1.

The transition comes as the industrial conglomerate weathers a series of legal challenges. Last year, the company agreed to pay $10.3 billion toꦉ settle broad class-action lawsuits over so-called “forever chemicals" and also reached a $5.5 billion settlement over earplugs provided to the m🐼ilitary.

The company said that it has waived the mandatory retirement age of 65 years foꦫr Roman, 64, and Brown, 61.

Shares of 3M were up 3.8% at $97.65 at 12:45 p.m. ET, after rising as high as $100.85 early in the session. Shares of the company have lost about half their value since Roman became CEO in July 2018.