3m board of directors compensation 3m board of directors compensation

In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. For the past eight years, Ms. If you experience any issues with this process, please contact us for further assistance. She earned a B.A. from Grinnell College. We also reference original research from other reputable publishers where appropriate. 3M shareholders today elected 11 directors for one-year terms that expire at the company's 2021 Annual Meeting: Thomas "Tony" K. Brown, retired group vice president, Global Purchasing, Ford Motor Company Pamela J. Craig, retired chief financial officer, Accenture plc David B. Dillon, retired chairman of the board and CEO, The Kroger Co. Executive search firms can streamline the process since theyll know about available positions. He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. ST. PAUL, Minn., Feb. 8, 2023 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Anne H. Chow, retired chief executive officer of AT&T Business, and Pedro J. Pizarro, president and chief executive officer of Edison International, have been elected to 3M's Board of Directors, effective Feb. 9, 2023. Of this total $135,000 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as options, $185,000 . The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. Anne Chow's career in the technology and business sectors spans over three decades. Inspired, passionate leaders have the power to transform, Jeff says. Throughout her career she has led successful transformation, sales and customer initiatives at Fortune 100 companies across global business lines and regional high-growth start-ups. Inside directors, who are mostly C-suite level executives, don't receive additional compensation. Another example would be compensation meetings to discuss compensation plans and awards.. Help make it more accurate by, Get started with your Free Employer Profile, average salary for a Director is $129,368 per year in United States, The Ultimate Job Interview Preparation Guide. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. He was appointed to the Board of Directors in October 2009, and became Chief Executive Officer of Textron in December 2009 and Chairman of the . Bldg. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc. Executive Vice President and Chief Financial Officer, Microsoft Corporation, Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? The Company assumes no obligation to update or revise any forward-looking statements. To address this data deficiency, Compensation Advisory Partners (CAP) and Family Business and Private Company Director magazines conducts our Private Company Board Compensation and Governance Survey. For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. Mr. Anderson served without compensation as the President and Chief Executive Officer of Amtrak, an intercity passenger rail service provider, from July 2017 until his retirement on April 15, 2020. . endobj Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. The average salary for a Director is $129,368 per year in United States, which is 62% lower than the average 3M salary of $346,118 per year for this job. Its about creating an environment that unlocks the full potential of teams and individuals and, as a result, achieves even higher performance and more engaged employees.. Michael Ferrante and Connor Damon are consultants at FW Cook. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. %PDF-1.6 % Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We believe that good corporate governance serves the long-term interests of stockholders, strengthens the Board and management, and further enhances the public trust 3M has earned from more than a century of operating with uncompromising integrity and doing business the right way. Our household income is $240k and have $400k for down payment after selling all stocks. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? 3M Adds To Board Of Directors - CleanLink hb```e``3,00```T~s@@(` CVS Health CEO tapped for Biden's Export Council John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. He is a member of the Marketing Leadership Council and serves on several non-profit and community boards. 3M has added Suzan Kereere to its board of directors. Kevin and his wife Melinda have three adult children. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. Ashish serves as a member of the board of directors of Constellation and on the Deans advisory board for the College of Science and Engineering at the University of Minnesota. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . Head of Global Business Solutions, Fiserv, Inc. Mike and his family enjoy a variety of physical fitness and outdoor activities. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 3M Investor Relations Department Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. After submitting your request, you will receive an activation email to the requested email address. I was offered a promotion & salary increase (66k to 96k) in Dec but then in Jan the company fired my country VP who made the offer. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. If you experience any issues with this process, please contact us for further assistance. It regularly meets in executive session, without the presence of Rogers' management. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. %%EOF The brands listed above are trademarks of 3M. Get a free, personalized salary estimate based on today's job market. Mark Murphy has more than two decades of experience developing and leading global technology organizations across multiple industries including healthcare, medical device, retail and financial services. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. For its 2021 fiscal year, 3M CO, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Its that excitement, mixed with his incredible passion and leadership, that has led to some of 3Ms biggest equitable actions in the past year. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. Board of Directors | Corporate Governance | Dow Investor Relations You can sign up for additional alert options at any time. "People from all backgrounds and experiences work together and create new and differentiated solutions to solve our customers' and their customers' problems -- across so many industries and geographies.". He received his J.D., magna cum laude, from Northwestern University; and his B.A. Your strategy to get noticed and be considered for board membership should be similar to the strategy it takes to secure any high-level position. Retired Group Vice President, Global Purchasing, Ford Motor Company, Retired Chief Executive Officer, AT&T Business, Retired Chief Financial Officer, Accenture. oYgd=??/_C|72KFSI. Board of Directors | Medtronic (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. He leads a team that, among other things, helps to keep the world connected by improving efficiency in electronic devices and data centers, enables e-mobility, and advances transportation and its safety. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. ", Reuters. Mr. Eskew was appointed Executive Vice President in 1999 and Vice Chairman in 2000 before becoming Chairman of the Board and Chief Executive Officer of UPS in January 2002. Hornbaker says attending committee meetings might be another responsibility. As a CTO, Ashish led the global 3M team of over 8,000 scientists and engineers. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. 1 0 obj Mr. Pizarro served as president of SCE from 2014 to 2016. These include white papers, government data, original reporting, and interviews with industry experts. The company is strengthening environmental stewardship with a $1 billion commitment to achieve carbon neutrality, reduce water use, improve water quality and reduce its use of plastics. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. Shareholders can communicate with the Chairman of the Corporate Governance Committee or with the independent directors as a group by writing to them c/o: Gayle Littleton, Executive Vice President, General Counsel. I took some time to think about it because the emotions of the time were raw and real, Garfield said. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. 3M Director Salaries | Glassdoor 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Help make it more accurate by adding yours. The 3M board of directors is mostly composed of former CEOs. Retired Chairman of the Board and Chief Executive Officer, Cargill, Chairman of the Board and Chief Executive Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. Posted by Michael Ferrante and Connor Damon, FW Cook, on, Harvard Law School Forum on Corporate Governance, Prevalence of annual limits on director compensation remains high, with equity-only limits continuing to be the most common approach, though use of total compensation limits. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. Sales Compensation Trends Revealed in New Survey. The estimated total pay for a Director at 3M is $345,577 per year. Chicago, IL 60603. "U.S. company directors compensated more than ever, but now risk backlash.". Hornbaker says pay depends on the complexity of the company, whether it's public or private, the number of meetings it entails, and the amount of responsibility involved. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. After submitting your request, you will receive an activation email to the requested email address. Mr. Kent is a member of the board and past Co-Chair of The Consumer Goods Forum and past Chairman of the International Business Council of the World Economic Forum. endstream endobj 103 0 obj <. Before that, he served as president and chief operating officer of Dow and also previously served as chief operating officer for the Materials Science division of DowDuPont. They also recommended doing away with pension and . Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. 118 0 obj <>/Filter/FlateDecode/ID[<7EC0A6CD8E76974B8000B812351B4C61><50CA0BECC4E50243A657300F9E70214C>]/Index[102 22]/Info 101 0 R/Length 82/Prev 76119/Root 103 0 R/Size 124/Type/XRef/W[1 2 1]>>stream It goes a lot higher from there. This is a defining time for all companies and 3M is no different in that respect, Scott said. 3M is advancing diversity, equity and inclusion with a pledge to double its representation of underrepresented groups, along with new initiatives to strengthen STEM education. "2020 Proxy Statement," Page 12. Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. USW Proposal Spotlights Excessive 3M CEO Compensation In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. Its about supporting constant iteration, until a point you make yourself obsolete.. The estimated additional pay is $169,271 per year. You must click the activation link in order to complete your subscription. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. 3Ms purpose drives its performance, and the company is advancing four strategic priorities to support long-term value creation: Portfolio Management, Transforming the 3M Operating Model, Growth through Innovation, and People and Culture. c/o Abbott Corporate Secretary. As an outside director, you could bring a fresh perspective to a corporate board and leverage your years of experience as an executive into a satisfying new project that still leaves you with enough time to do your day job or enjoy your retirement. Equity grants most commonly vest immediately, or cliff-vest after one year. As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. Board of Directors: What It Is, What Its Role Is, Incorporation: Definition, How It Works, and Advantages, Audit Committee: Definition, How They're Used, and Purpose, What Is a Proxy Statement? He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. Retired Chairman and Chief Executive Officer of Cargill. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. The median board retainer for large-cap companies increased slightly by $2,500 to $92,500 and remained flat at mid-cap and small-cap companies (at $75,000 and $60,000, respectively). Purpose: The Compensation Committee (the "Committee") of the Board of Directors of 3M Company reviews the Company's compensation practices and policies, annually reviews and approves (subject to ratification by the independent directors of the Board) the compensation for 3M Investor Relations Department Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. You can sign up for additional alert options at any time. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. The new 2022 third edition of the survey contains over 1,200 responses, an increase of about 300 participants from the prior full version of the . She joined 3M in 2008 as a marketing and public affairs manager for 3M Mexico, and has held roles of increasing responsibility in the United States, Asia and Latin America. Unsurprisingly, the board disagrees with the USW proposal. Really nervous. Thorough reviews have been conducted to assure this data accurately reflects disclosures. We continue to observe an increasing number of women on Boards: 94% of companies in the study have at least one woman on the Board (90% last year), 59% of large-cap companies have three or more women on the Board (50% last year) and 25% of both mid-cap and small-cap companies have three or more female members (22% and 13% last year, respectively). Throughout his career Jeff has held leadership roles spanning all four of 3Ms business groups, including positions in the companys health care and industrial businesses, and most recently as leader of the automotive and aerospace business. The Birmingham Water Works Board (BWWB) is taking multiple chemical companies to federal court in South Carolina, accusing them of contaminating Birmingham's drinking water supply - which was . He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. Lodestone Global. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. He leads a global Legal Affairs team that helps guide business opportunities, address enterprise risks, protect intellectual property, shape the development of law and policy, and strengthen compliance and security. 3M has increased its dividend for 64 straight years. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. 3M CO Board Member Thomas | Salary.com Ownership guidelines are typically enforced via a years-to-achieve rule (66% prevalence), a retention/holding requirement (11% prevalence), or a combination of the two (23% prevalence). 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The estimated base pay is $176,306 per year. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. I wanted to make sure that the company was really serious about doing this work and that this was something I could see myself getting behind to make a difference because I have a bias for action. She has been married more than 20 years, with two teenage kids. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. The Technology and Industrials sectors have the highest prevalence of stock options at 18% and 10% prevalence, respectively, granted in isolation or in tandem with full-value stock awards. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. In 2008, he became Ford's Group Vice President, Global Purchasing, with responsibility for approximately $90 billion of production and non-production procurement for Ford operations worldwide. In early 2020, Garfield Bowen was leading global R&D operations and project management for one of 3Ms largest divisions when he got a call from the chief human resources officer a call that would completely change his career trajectory. A fiduciary is a person or organization that acts on behalf of a person or persons and is legally bound to act solely in their best interests. Companies in all size segments continue to provide more than half of total pay in equity, on average, with equity weighting generally increasing with company size. The Company assumes no obligation to update or revise any forward-looking statements. Opening up lines of communication to a second- or even third-degree connection could lead to an excellent fit for the board position you seek. Mr. Dillon served as a Director of the Kroger Co. from 1995 through 2014. In 1996, the National Association of Corporate Directors (NACD) issued the Blue Ribbon Commission Report on Director Professionalism, which had a great influence on board member compensation practices. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. endstream endobj startxref Explore our Directors and their backgrounds. ST. PAUL, Minn., Feb. 8, 2023 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Anne H. Chow, retired chief executive officer of AT&T Business, and Pedro J. Pizarro, president and chief. Investopedia does not include all offers available in the marketplace. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. periodically receive reports on the status of Board compensation in relation to other large U.S. companies and is responsible for recommending to . He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Changes were relatively stable across industries; we observe that Financial Services, Industrials, and Technology companies had no increases in median total compensation, while Energy and Retail companies had increases of 3% and 2%, respectively. The 2022 Private Company Board Compensation Survey He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. The Company assumes no obligation to update or revise any forward-looking statements. He enjoys pushing himself mentally and physically in a broad range of athletics. The Board is mainly comprised of outside, independent directors. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. Mr. Pizarro is a vice chairman of the Edison Electric Institute, a director of the Electric Power Research Institute, a member of the Electricity Subsector Coordinating Council, and a Trustee of the California Institute of Technology. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. You can sign up for additional alert options at any time. stream degree from Harvard University and a Ph.D. in Economics from the University of Oxford. CleanLink News. For example, some of the qualities Wal-Mart says its looking for in board members include:"outstanding achievement in their professional careers; broad experience and wisdom; personal and professional integrity; ability to make independent, analytical inquiries; experience with and understanding of the business environment; willingness and ability to devote adequate time to Board duties.". Additional pay could include bonus, stock, commission, profit sharing or tips. investorrelations@3M.com. Suzan Kereere elected to 3M Board of Directors - Feb 9, 2022