If you experience any issues with this process, please contact us for further assistance. 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 . I am extremely thankful for the company and leaders I work for at 3M, Eric says. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. 224-1W-02 Inspired, passionate leaders have the power to transform, Jeff says. 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. Mr. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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. After submitting your request, you will receive an activation email to the requested email address. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. 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. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. During his leadership, this business was transformed through a thorough portfolio prioritization and diversification in fast growth segments, becoming a strong contributor to the company results. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. 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. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. 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. In connection with Ms. Kereere's election, the Board of Directors . Ms. Chow has led global organizations through major transformations with decades of strategic and operational experience serving the business marketplace, including roles as president, AT&T National Business and president, and AT&T Integrator Solutions. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. Walmart. For its 2021 fiscal year, 3M CO, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. from Grinnell College. 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. 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, Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Year-over-year increases to total compensation, at the median, were modest among large-cap and mid-cap companies compared to small-cap companies, which had a relatively significant increase: the large-cap median increased 1.6% to $290,000, the mid-cap median increased 1.7% to $216,950, and the small-cap median increased 5.1% to $163,500. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. He joined 3M in 1988 as a senior design 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. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. 6 yrs at my current company. 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 . periodically receive reports on the status of Board compensation in relation to other large U.S. companies and is responsible for recommending to . That's a 43% increase over 10 years. 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. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. Ms. Private company board compensation programs have two common cash components: An annual retainer (the amount paid to each eligible director on an annual or quarterly basis for board service) is offered by 71% of private companies surveyed. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. With more than 25 years of extensive experience leading the financial operations of industrial and healthcare businesses, Monish Patolawala, 3Ms executive vice president and chief financial and transformation officer, understands what it takes to drive profitable growth in an ever-changing environment. Small-cap companies tend to have the highest cash weighting (average of 47%) and large-cap companies tend to have the lowest (average of 37%). Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. stream Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. 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. St. Paul, MN 55144-1000 He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. 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. To find out what any publicly held company pays its board members, read the companys annual proxystatement, available from its corporate website or the Securities and Exchange Commission website. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. VUL^07d=xy2 *'..j(( Hs00 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. Bldg. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. "Private Company Board Compensation Survey. 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. During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. Help make it more accurate by adding yours. %PDF-1.7 You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. 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. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. Ms. Kereere served in leadership positions at American Express from 1988 to 2016, including as head of its U.S. National Merchant Business and Global Network Business. So what does he do when hes not in the office? Related Searches:All Director Salaries|All 3M Salaries. Its members include current board members, aspiring board members, and corporations looking to hire board members. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. Mike Roman is chairman of the board and chief executive officer of 3M, a $35 billion science and manufacturing company that improves lives around the world. From May 2005 through January 2006, he was President and Chief Operating Officer of The Coca-Cola Companys North Asia, Eurasia and Middle East Group. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. At 3M, we promise to treat your data with respect and will not share your information with any third party. 3M Investor Relations Department She also worked at the World Bank in Washington, D.C. from 1993 to 1995. Mr. Fitterling was named CEO-elect of Dow in March 2018 prior to becoming CEO in July 2018, and he was elected chairman in April 2020. The Company assumes no obligation to update or revise any forward-looking statements. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? 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. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. 10 S. Dearborn St., 54th Floor. Due to the COVID-19 pandemic, 15% of S&P 500 companies and roughly 13% of Russell 3000 companies reported taking pay actions through the third quarter of 2020, which generally consisted of cash retainer reductions. 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. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. 3M is not only a world leader in innovation but was built on a foundation of strong ethics, customer centricity, a global mindset and a deep and diverse team, says Monish. 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. 3M has added Suzan Kereere to its board of directors. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. 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 . Ms. Craig served as Accenture's CFO from 2006 through 2013, following her many other leadership roles in line management, consulting and operations at Accenture during her 34 years with the company. In his 35-year career with the company, he has played a key role in its transformation, from lower-margin, commodity businesses to one more deeply focused on higher-growth consumer demand-driven markets that value innovation. Throughout her life and career, Karina has lived and worked around the world. Here are a couple of examples of what Fortune 500 companies pay their board members. Personal health and fitness are his passion. 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. 3M has increased its dividend for 64 straight years. She 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. After submitting your request, you will receive an activation email to the requested email address. Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. From 1991 to 1997 he served as Executive Director, Purchasing and Transportation at QMS Inc. From 1976 to 1991 he served in various managerial roles at Digital Equipment Corporation. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The 3M board of directors is mostly composed of former CEOs. %PDF-1.6 % Retired Chairman and Chief Executive Officer of Cargill. 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. Mike serves as a member of the board of directors of The Toro Company and is a former trustee of the Science Museum of Minnesota. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. The Board is mainly comprised of outside, independent directors. If youre interested in pursuing a board seat, heres what you need to know about what boards are looking for, how to get noticed, and what to expect as compensation. 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. Investopedia does not include all offers available in the marketplace. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. 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. "The Types of Directors," Pages 1-2. 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. "U.S. company directors compensated more than ever, but now risk backlash.". 123 0 obj <>stream Working globally, and having led in United States, West Europe, and Asia Pacific, he has always focused on maximizing value for customers, employees, and shareholders. Anne Chow's career in the technology and business sectors spans over three decades. 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com 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. 3M Expands Board of Directors February 14, 2022. They also recommended doing away with pension and . "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.". 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. For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. <> Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. c/o Abbott Corporate Secretary. Three years later, he was tapped to lead 3M's corporate research lab. He oversaw annual R&D investments of nearly $2 billion, while building 3Ms digital capabilities and bringing the companys technology expertise even closer to customers around the world. 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. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. 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. He can also be found running, antiquing, reading science fiction and spending time with his family. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. The Company assumes no obligation to update or revise any forward-looking statements. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. 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. . The information on this website, including any documents posted herein, contains a significant amount of information about 3M. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. 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 Mr. Pizarro served as president of SCE from 2014 to 2016. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. 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. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. 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. 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. Pizarro served as president of SCE from 2014 to 2016. 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. This report is not for commercial use. 3M Investor Relations Department Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. 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? The median annual retainer is $30,000, up from $28,000 in 2020. In his spare time, he dedicates himself to being a loving husband and father and growing his family. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. The average mix across the entire sample is 43% cash and 57% equity. Kereere has over 20 years of experience in leading global . 3 0 obj Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. Home to some of 3Ms most iconic brands, this business serves global consumers and consists of construction and home improvement, stationery and office supplies, home care, and consumer health care. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. Leadership is about connecting with and inspiring others to achieve their best, Mark says. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. 03.03.2023 - Leonteq AG / Key word(s): AGMEGM Press release: Leonteq publishes agenda and proposal of the Board of Directors for the Annual General Meeting 2023 03.03.2023 / 07:00 CET/CEST PRESS . 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 Mr. Roman is on the board of the following organizations in addition to 3M: Abbott Laboratories, University of Minnesota Foundation Board of Trustees. <> You must click the activation link in order to complete your subscription. Chairman of the Board and Chief Executive Officer of 3M Company. endobj In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. He previously led the construction and home improvement business, and the companys corporate marketing and sales organization. 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.. 4 0 obj 3M Investor Relations Department Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. It claims that including the USW proposal would involve "significant time, cost and resource . The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. Exelon Corporation. Thorough reviews have been conducted to assure this data accurately reflects disclosures. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). Possessing a wealth of experience in manufacturing and supply chain operations, Peter previously held senior-level executive positions at Mattel, Starbucks and ICI Paints North America. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. Prior to GE, Monish gained experience at A.F. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. St. Paul, MN 55144-1000 Rogers adds, Board members are the representatives of the shareholders, and it is their fiduciary duty to oversee the affairs of the corporation, including overall performance and fiscal strength, and to serve as a consultant for managementparticularly with respect to the strategic and operational directives of the company.. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. 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. Lead directors are also almost always provided with additional compensation, ranging from approximately $20,000 to $35,000 at the median across all size and sector groups. Download required. Ferguson & Co, a former KPMG affiliate. Executive search firms can streamline the process since theyll know about available positions. Mr. 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 Incorporation is the legal process by which a business entity is formed. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Aside from the financial compensation, your reward will be having substantial input into major decisions made by the company, such as executive hires, policies on dividends and stock options, and executive payall while representing the best interests of management and shareholders. You can sign up for additional alert options at any time. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company.
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