Just a week after he was passed over for the top job at General Electric Co., W. James McNerney, president of GE's Evendale jet engine business, has reportedly been picked as the new chief executive officer of Minnesota Mining & Manu facturing Co.

        The St. Paul, Minn.-based maker of Post-It notes and 50,000 other products chose Mr. McNerney, 51, president of GEAE since 1997, to succeed the retiring Livio DeSimone, 63, the Wall Street Journal's online edition reported.

        Spokesman for both GEAE and 3M said they couldn't confirm the report. Chris Welsh, spokesman for 3M, said, “We have nothing to announce.”

        Mr. McNerney would be the first outsider to head 3M since the company's founding 98 years ago. Investors reportedly have been pushing for an outsider to succeed Mr. DeSimone, because they feel 3M's profits have suffered at the expense of its technology.

        3M's shares jumped $5.38, or 5.4 percent, Monday closing at $105.

        Mr. McNerney's departure has been expected since GE chairman Jack Welch tapped Finneytown native Jeffrey Immelt to succeed him as chairman and CEO at the end of next year. Mr. McNerney was at GEAE's Evendale headquarters Monday but not taking calls, a spokesman said.

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