3m board of directors compensation

Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. This compensation may impact how and where listings appear. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Every day her team is focused on attracting, supporting, and developing talent, and ensuring 3M is a place where everyone belongs, learns, innovates and thrives. Kevin and his wife Melinda have three adult children. Non-employee directors also receive an annual cash retainer of $100,000. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. 123 0 obj <>stream "2020 Proxy Statement," Page 12. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Under Mikes leadership, 3M has also helped lead the worlds response to COVID-19, which includes distributing more than 4 billion respirators to protect nurses, doctors and first responders. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. Chairman of the Board and Chief Executive Officer, Executive Vice President, Chief Technology Officer and Environmental Responsibility, Senior Vice President and Chief Strategy Officer, Executive Vice President and Chief Human Resources Officer, Executive Vice President, Chief Country Governance and Services Officer, Group President, Transportation & Electronics, Group President, Consumer and Interim Group President, Health Care, Executive Vice President, Chief Information and Digital Officer, Executive Vice President, Chief Financial and Transformation Officer, Executive Vice President and Chief Legal Affairs Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. 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. Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. For the past eight years, Ms. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. %%EOF "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". 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. endstream endobj 103 0 obj <. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. %PDF-1.6 % Explore our Directors and their backgrounds. 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. A director elected to the Board after the beginning of a Plan Year may elect, by written notice to 3M within 30 days after such director's term begins, to participate in the Compensation alternatives for the remainder of that Plan Year, and election for succeeding years shall be on the same basis as for other directors. The more qualifications you can bring to the table, the better. 102 0 obj <> endobj He retired from Ford on August 1, 2013. He enjoys pushing himself mentally and physically in a broad range of athletics. 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. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com The estimated base pay is $176,306 per year. 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. Kereere has over 20 years of experience in leading global . 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. Equity grants most commonly vest immediately, or cliff-vest after one year. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ Tel: (651) 737-6523 By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. After submitting your request, you will receive an activation email to the requested email address. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . Prior to her current role, Ms. Kereere served as Fiservs Chief Growth Officer, leading strategy and business development to enhance client value and accelerate growth. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. You'll want to pursue networking both online and offline. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Pedro brings skills and experience in leading large companies and driving strategic improvements, and a deep understanding of the power of materials science to improve the world. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. Ms. Kereere is also a longtime champion for equity and inclusion in business and society. 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. A non-executive director is a member of a company's board of directors who is not part of the executive team. The Company assumes no obligation to update or revise any forward-looking statements. He received his J.D., magna cum laude, from Northwestern University; and his B.A. hb```e``3,00```T~s@@(` The Board is mainly comprised of outside, independent directors. from Grinnell College. CleanLink News. Finally, make sure you are networking and letting people know what boards you are suitable for, while also leveraging contacts you might have with the companies that you might be interested in, Hornbaker says. 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. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. 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. 10 S. Dearborn St., 54th Floor. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. He is past-chair of the board of Big Brothers Big Sisters of America, past president of the Northern Star Council of the Boy Scouts of America and continues to serve on both boards as well as the board of Alight (formerly known as the American Refugee Committee). Ashish has been with the company for more than 26 years. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. Inspired, passionate leaders have the power to transform, Jeff says. He joined 3M in 1987 as a health care sales representative. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. Lodestone Global. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional 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. 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. Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Additional pay could include bonus, stock, commission, profit sharing or tips. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. Really nervous. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. c/o Abbott Corporate Secretary. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. If the company wasnt serious about action, then I wouldnt be the right candidate., Listening to our communities: The diverse voices and perspectives of 3M's Community Coalition, During his 33-year tenure at 3M, Global Diversity and Inclusion Strategist Scott Morris has never been more excited to be a part of a company and movement that is helping affect peoples lives. Head of Global Business Solutions, Fiserv, Inc. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. Effective July 1, 2022, Jeff is also leading 3Ms Health Care Business Group on an interim basis. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. They may contain forward-looking information about 3Ms financial results, estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Outside of work he enjoys reading, following college sports and spending time with his family. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. 3M United States Investor Relations Governance Board of Directors Investor Relations IR Home About 3M Stock Information Financials Events & Presentations News Governance Resources Board of Directors Thomas K. Brown Retired Group Vice President, Global Purchasing, Ford Motor Company Anne H. Chow Retired Chief Executive Officer, AT&T Business Personal health and fitness are his passion. 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. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. 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. 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. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. Ashish is a trained Chemical Engineer, with a bachelors degree from Indian Institute of Technology, Delhi, and a Ph.D. from the University of Minnesota. This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. He is a member of the Marketing Leadership Council and serves on several non-profit and community boards. Mr. The brands listed above are trademarks of 3M. 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. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. 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 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. investorrelations@3M.com. Higher-paying sectors tend to place a greater weighting on equity; Energy and Technology companies have the most equity-heavy mix while Financial Services organizations have the least. Phone: 651-737-6501 or 800-3M-HELPS 3M Investor Relations Department Bldg. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. Chicago, IL 60603. He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. Ashish has a strong technical background and has authored 10 patents. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. After submitting your request, you will receive an activation email to the requested email address. Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. 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. For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. Corporate boards are made up of highly successful executive outsiders. 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 . At 3M, we promise to treat your data with respect and will not share your information with any third party. 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. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. This post is based on their FW Cook memorandum. 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 . How can I negotiate if they say the offer is off, Planning to bid on a house - 1.3M, with a base salary of 210K - in Seattle.. Worth it? From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. I have been an Office Manager 21 yrs. In connection with Ms. Kereere's election, the Board of Directors . Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. 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. Ms. Chow served as the CEO of AT&T Business from 2019 to 2022 after having served in various executive leadership positions at AT&T since 2000. Ferguson & Co, a former KPMG affiliate. 3M Investor Relations Department Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. Unsurprisingly, the board disagrees with the USW proposal. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. "The Types of Directors," Pages 1-2. The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. It claims that including the USW proposal would involve "significant time, cost and resource . The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. 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. The report recommended that companies start compensating board directors with cash and equity. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. You may also find the annual proxy statement by going directly to the company's website. 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%). In his spare time, he dedicates himself to being a loving husband and father and growing his family. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). If you experience any issues with this process, please contact us for further assistance. I have been trying to get a review ever since and no one will say what is going on. 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. Most companies continue to use fixed-value equity award guidelines, with full-value stock awards remaining the most common form of equity compensation and providing the most consistent means to align director pay with shareholder interests. 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. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. We also reference original research from other reputable publishers where appropriate. He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. investorrelations@3M.com. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? Mr. Dillon began his retailing career at Dillon Companies, Inc. (later a subsidiary of The Kroger Co.) in 1976 and advanced through various management positions, including its President from 1986-1995. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. 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. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. Investopedia requires writers to use primary sources to support their work.

3m board of directors compensation 2023