3m board of directors compensation3m board of directors compensation

The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Average compensation in 2018 at those firms was $304,856, according to Reuters. Prior to that, Mr. Roman served as Executive Vice President and Chief Operating Officer of 3M Company from July 2017 to June 2018, Executive Vice President of 3Ms Industrial Business from May 2014 to June 2017, and Senior Vice President of Business Development from May 2013 to May 2014, with responsibility for 3Ms strategic roadmap. 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 . Monish joined 3M as senior vice president and chief financial officer in July 2020 and was drawn to the company for its history of innovation, ethics and global reach. Ms. 224-1W-02 You may communicate with the board of directors by writing a letter to the chairman of the board, to the chairman of the nominations and governance committee, who acts as the lead director at the meetings of the independent directors, or to the independent directors. His team supports the success of the 3M Operating Model, ensuring strong customer and employee engagement globally, protecting the reputation of 3M, providing world global services, while driving the companys workplace transformation strategy. He retired as Chairman of the Board and Chief Executive Officer at the end of 2007 but remained as a director of UPS until December 31, 2014. She is also actively involved in charitable organizations, focused on education and on the advancement of women in business, including The Womens Forum of New York, New York University Stern School of Business, Junior Achievement of New Jersey, and is a board member for Smith College Trustees. Bldg. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". Ashish has a strong technical background and has authored 10 patents. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. Non-executive board chairs are almost always provided additional compensation for the role, with the median ranging from $72,500 at small-cap companies to $175,000 at large-cap companies. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. He then led Research & Development for the formerly Industrial Business Group initially in Asia Pacific and later globally. In 2011, he became executive vice president of the Consumer Business Group, and in 2016 was appointed executive vice president of the Health Care Business Group. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. The report is complemented by an online dashboard, which enables users to delve into the most recent corporate disclosures by Russell 3000 companies and review individual elements of compensation packages, supplemental compensations for committee service . Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. Make sure you develop a board resume that positions you as qualified for the corporations board, says Rene Hornbaker, who currently serves on the boards of Eastman Chemical Company, The Freeman Company, and Tri Global Energy. investorrelations@3M.com. Kereere has over 20 years of experience in leading global . Really nervous. Retired Chairman and Chief Executive Officer of Cargill. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. Unsurprisingly, the board disagrees with the USW proposal. The Company assumes no obligation to update or revise any forward-looking statements. Mr. Pizarro served as president of SCE from 2014 to 2016. 3M Expands Board of Directors February 14, 2022. For nine straight years, 3M has been recognized by Ethisphere as one of the Worlds Most Ethical Companies. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. Ms. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. Equity grants most commonly vest immediately, or cliff-vest after one year. endstream endobj startxref After submitting your request, you will receive an activation email to the requested email address. "The Types of Directors," Pages 1-2. 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. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. 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. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. ", Boston Globe. The companys 96,000 employees are united by a common purpose: unlocking the value of people, science, and ideas to re-imagine what is possible. Hornbaker also recommends becoming educated on the fundamentals of governance and directorship through a program such as the National Association of Corporate Directors Director Professionalism program. Its that excitement, mixed with his incredible passion and leadership, that has led to some of 3Ms biggest equitable actions in the past year. Executive search firms can streamline the process since theyll know about available positions. If you experience any issues with this process, please contact us for further assistance. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. Investopedia does not include all offers available in the marketplace. Hornbaker says attending committee meetings might be another responsibility. Here are a couple of examples of what Fortune 500 companies pay their board members. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. You will compete for board positions with people who have been extremely successful at a young age. News & Views 2/17/2022 3M Adds To Board Of Directors. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. A. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. Non-employee directors also receive an annual cash retainer of $100,000. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. FW Cook's 2020 Director Compensation Report studies non-employee director compensation at 300 companies of various sizes and industries to analyze market practices in pay levels and program structure. 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. About3M He joined 3M in October 2021 as executive vice president and chief information & digital officer, helping lead the digital transformation of the $32 billion science-based company. In connection with Ms. Kereere's election, the Board of Directors . She earned a B.A. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. View original content to download multimedia:https://www.prnewswire.com/news-releases/anne-chow-and-pedro-pizarro-elected-to-3m-board-of-directors-301741429.html. oYgd=??/_C|72KFSI. 10 S. Dearborn St., 54th Floor. Tel: (651) 737-6523 The charts on this page feature a breakdown of the total annual pay for the top executives at 3M CO as reported in their proxy statements. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. The Company assumes no obligation to update or revise any forward-looking statements. 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 . Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. I have been an Office Manager 21 yrs. "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. We also reference original research from other reputable publishers where appropriate. I took some time to think about it because the emotions of the time were raw and real, Garfield said. As CEO, she was responsible for AT&T's Business Solutions organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3million business customers in more than 200 countries and territories around the world. Of this total $155,000 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 was awarded as stock and $917 came from other . There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. Words such as plan, expect, aim, believe, project, target, anticipate, intend, estimate, will, should, could, forecast and other words and terms of similar meaning, typically identify such forward-looking statements. Most recently he served as CFO of GE Healthcare. Chairman of the Board and Chief Executive Officer of 3M Company. I am starting to look elsewhere but I have great WFH life now. I am extremely thankful for the company and leaders I work for at 3M, Eric 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. Can we afford $1.3M home? Ferguson & Co, a former KPMG affiliate. For the past eight years, Ms. Attractive qualities include experience in high-level work for the federal government, positions as a CEO or director, experience founding and running a successful startup, and experience on other boards. She also has a long track record of community leadership involvement in strategic board and advisory work focused on driving success at the intersection of people, culture, and technology. Make sure your resume states what you will specifically bring to the table as a board member.. After submitting your request, you will receive an activation email to the requested email address. You can sign up for additional alert options at any time. Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. The estimated additional pay is $169,271 per year. He was a senior research chemist in the Visual Systems Division before joining 3M Italy as a product development engineer. Hood has acted as a strategic partner to Microsoft CEO Satya Nadella, propelling long-term financial growth, championing culture and driving corporate initiatives including Microsofts climate and affordable housing commitments, that have bolstered the companys broader ecosystem. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. 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 the CEO, annually reviews and approves the compensation for the other senior executives, In 2016, John moved to West Europe to serve as managing director of 3M's D-A-CH region, which represents the company's combined operations in . "U.S. company directors compensated more than ever, but now risk backlash.". For example, audit committees have regular meetings before public filings, she says. He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. Engage in conversations about Director pay with other professionals in the community. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. Its about supporting constant iteration, until a point you make yourself obsolete.. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Outside directors who hold certain board positions receive an additional annual retainer:$35,000 for the lead independent director; $25,000 for audit committee members and for compensation, nominating, and governance committee members; and $20,000 for strategic planning and finance committee chairs and for technology and eCommerce committee chairs. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. 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. 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 . Sales Compensation Trends Revealed in New Survey. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. "Few Hours, Soaring Pay for Corporate Board Members.". He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. Pedro Pizarro has been President and CEO of Edison International, the parent company of Southern California Edison (SCE), one of the nation's largest electric utilities, since 2016. FW Cooks 2020 Director Compensation Report studies non-employee director compensation at 300 companies of various sizes and industries to analyze market practices in pay levels and program structure. 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. 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. Similar to last year, 63% of companies provide additional compensation to committee members. 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. During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. "3M is a globally diverse company in so many dimensions," Ashish says. Definition, What's In It, and Voting, Non-Executive Director Role and Responsibilities Defined, Fiduciary Definition: Examples and Why They Are Important, Private Company Board Compensation Survey. Hood is responsible for leading the companys worldwide finance organization, including business operations, acquisitions, treasury, tax planning, global real estate, accounting and reporting, internal audit and investor relations. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. He enjoys pushing himself mentally and physically in a broad range of athletics. Leadership is about serving more than yourself, he says. He previously led the companys litigation function, and served for more than ten years as chief intellectual property counsel, with responsibility for managing the global intellectual property assets of 3M and its worldwide affiliates. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. "Private Company Board Compensation Survey. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 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. %PDF-1.6 % Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. 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. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. investorrelations@3M.com. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. 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. She also worked at the World Bank in Washington, D.C. from 1993 to 1995. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. 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. These include white papers, government data, original reporting, and interviews with industry experts. At 3M, we promise to treat your data with respect and will not share your information with any third party. stream Chicago, IL 60603. She currently serves as Adjunct Professor of Executive Education at the Kellogg School of Management, Northwestern University, and is currently a member of the Dallas Mavericks Advisory Council, Business and Community Advisory Council of the Federal Reserve Bank of Dallas, and the Committee of 100. He retired from Ford on August 1, 2013. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. The proxy statement also says the company isseekingexpertise in governance, strategy, development, and execution; people who understand financial, operational and strategic issues facing large retail companies; global or international business experience; technology and e-commerce experience; marketing, brand management or public relations experience; finance, accounting, or financial reporting experience; or regulatory or legal experience. 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. . Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Kereere currently serves as head of global business solutions for Fiserv Inc. She has more than 20 years of international business leadership experience, previously working in executive leadership positions with such companies as Visa and American Express before joining Fiserv. The board chair receives an additional $200,000; the audit committee chair receives an additional $35,000; the compensation committee chair receives an additional $30,000, and the nominating committee chair receives an additional $25,000. The Board of Directors (the "Board") of 3M Company ("3M" or the "Company") has adopted these guidelines, which in conjunction with the Certificate of Incorporation, Bylaws, and Board . The Health Care Business Group makes better health possible by delivering proven innovations in medical and oral care, health information systems, and food safety, enabling healthcare professionals to improve quality of care for millions of people around the globe. @,s30_j0 \ My new VP is in the company less than 6m and in the position 3m. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Retired, Chief Executive Officer of AT&T Business, an organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3 million business customers in more than 200 countries and territories around the world. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. The Company assumes no obligation to update or revise any forward-looking statements. Mr. Mr. Fitterling is also a passionate advocate for inclusion and diversity with a focus on diversifying Dows global talent, enhancing innovation and the customer experience, and strengthening relationships in the communities the company serves. endobj Edison International is also the parent company of Edison Energy, a portfolio of competitive businesses providing commercial and industrial customers with energy management and procurement services. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Explore our Directors and their backgrounds. 1 0 obj What Is the Salary of the Federal Reserve Chair? Of this total $47,843 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 . 4 0 obj In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. Outside of work, Peter enjoys hiking, reading, and supporting the Glasgow Celtic soccer club and serves on the boards of CP Kelco and the Jesuit School of Theology of Santa Clara University. Incorporation is the legal process by which a business entity is formed. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. 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). A leadership position had been created to advance more of the companys equity initiatives and they wanted to know if he would like to be considered. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. The following chart summarizes total non-employee director pay levels and market capitalizations of the 300 companies in our study (100 companies in each size grouping): The complete publication is available here. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. Outside of work he enjoys reading, following college sports and spending time with his family. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. To effectively drive growth, it is important to keep the customer at the center of everything we do. One of our four strategic priorities at 3M is People & Culture because we know we will drive growth in our business and change in our communities by developing talent in an inclusive environment, Zoe says. ST. PAUL, Minn., Feb. 9, 2022 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Suzan Kereere, Head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective February 10, 2022.In connection with Ms. Kereere's election, the Board of Directors increased its size from 12 to 13 members. The estimated base pay is $176,306 per year. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe.
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