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

Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. Tel: (651) 737-6523 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.. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. %PDF-1.6 % 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? Kevin is a registered patent attorney and has served as President of the Intellectual Property Owners Association and the Association of Corporate Patent Counsel, as well as Chair of the Steering Committee of the Coalition for 21st Century Patent Reform. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. 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. 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. He joined 3M in 1988 as a senior design engineer. Abbott Laboratories, Dept 364, Bldg. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> Inside directors, who are mostly C-suite level executives, don't receive additional compensation. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. Ms. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. Mike Vale leads 3Ms Safety & Industrial Business Group, which includes personal safety, adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. 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. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. The offers that appear in this table are from partnerships from which Investopedia receives compensation. 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. Explore our Directors and their backgrounds. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. 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. To effectively drive growth, it is important to keep the customer at the center of everything we do. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global Ms. 10 S. Dearborn St., 54th Floor. Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. Leadership is about serving more than yourself, he says. Three years later, he was tapped to lead 3Ms corporate research lab. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. 0 That's actually a 5% increase from the year before . 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. Deloitte. You'll want to pursue networking both online and offline. 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. These include white papers, government data, original reporting, and interviews with industry experts. Executive search firms can streamline the process since theyll know about available positions. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. 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. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. News & Views 2/17/2022 3M Adds To Board Of Directors. 3M Expands Board of Directors February 14, 2022. Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. 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 the compensation for the CEO and other senior executives, . Corporate boards are made up of highly successful executive outsiders. 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. Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. Related Searches:All Director Salaries|All 3M Salaries. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. You can sign up for additional alert options at any time. 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. The Board is mainly comprised of outside, independent directors. 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. 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. Mr. 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. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. Look for a gap in expertise that might be left when a current board member steps down. The estimated additional pay is $169,271 per year. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. It goes a lot higher from there. Average compensation in 2018 at those firms was $304,856, according to Reuters. 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 . Page also serves as non-executive Chairman of the Board of Corteva Agriscience. 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. Anne Chow's career in the technology and business sectors spans over three decades. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. U.S. Securities and Exchange Commission. It claims that including the USW proposal would involve "significant time, cost and resource . Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. 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. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. Head of Global Business Solutions, Fiserv, Inc. After submitting your request, you will receive an activation email to the requested email address. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. Mr. Pizarro served as president of SCE from 2014 to 2016. It regularly meets in executive session, without the presence of Rogers' management. He is a member of the Marketing Leadership Council and serves on several non-profit and community boards. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. These descriptions are fairly generic. The median annual retainer is $30,000, up from $28,000 in 2020. 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. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. She has been married more than 20 years, with two teenage kids. Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. 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. They also recommended doing away with pension and . The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. For nine straight years, 3M has been recognized by Ethisphere as one of the Worlds Most Ethical Companies. 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. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. AP6D. 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. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. "Definitive Proxy Statement, Apple 2021. 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. 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. ", Boston Globe. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the 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 . 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. So what does he do when hes not in the office? Zoe is a chartered member of Chartered Institute of Personnel & Development. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. 3M Investor Relations Department That's actually a 5% increase from the year before. 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. 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. According to the company's 2021 proxystatement, Walmarts compensation program for outside directors offers base compensation of a $175,000 annual stock grant and a $100,000 annual retainer. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. A. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. After submitting your request, you will receive an activation email to the requested email address. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. 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. 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 . You will compete for board positions with people who have been extremely successful at a young age. investorrelations@3M.com. investorrelations@3M.com. This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries. VUL^07d=xy2 *'..j(( Hs00 Retired Chairman of the Board and Chief Executive Officer The Kroger Co., a large retailer that operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores throughout the U.S. Mr. Dillon retired as Krogers Chairman of the Board on December 31, 2014, where he was Chairman of the Board since 2004 and was the Chief Executive Officer from 2003 through 2013. Unsurprisingly, the board disagrees with the USW proposal. He previously led the companys litigation function, and served for more than ten years as chief intellectual property counsel, with responsibility for managing the global intellectual property assets of 3M and its worldwide affiliates. 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. To address this data deficiency, Compensation Advisory Partners (CAP) and Family Business and Private Company Director magazines conducts our Private Company Board Compensation and Governance Survey. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. 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. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. 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. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. 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. 3 0 obj 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. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. He then led Research & Development for the formerly Industrial Business Group initially in Asia Pacific and later globally. Anne Chow and Pedro Pizarro elected to 3M Board of Directors, Caution Concerning Forward-Looking Statements, https://www.prnewswire.com/news-releases/anne-chow-and-pedro-pizarro-elected-to-3m-board-of-directors-301741429.html, SDS, RDS, More Regulatory & Compliance Information. 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. Our household income is $240k and have $400k for down payment after selling all stocks. The report recommended that companies start compensating board directors with cash and equity. stream She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. c/o Abbott Corporate Secretary. 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. 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%). Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. endobj Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. 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. 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. As executive vice president, chief technology officer and environmental responsibility, Dr. John Banovetz leads more than 8,000 scientists who connect 3Ms 51 technology platforms to solve the real-world needs of customers around the world. 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. Averages based on self-reported salaries. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. Additional pay could include bonus, stock, commission, profit sharing or tips. 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. Its members include current board members, aspiring board members, and corporations looking to hire board members. 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. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. 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). Under his leadership, the company has committed to providing much-needed innovation and resources to address key sustainability challenges such as plastic waste and climate change. This is an opportunity for us to shape what were going to be for the next 100 years., We need to act with purpose: One 3Mer's passion is shaping 3M's approach to addressing equity in STEM, Averages based on self-reported salaries. 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. endstream endobj startxref You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. 224-1W-02 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. Learn how this feature works. At 3M, we promise to treat your data with respect and will not share your information with any third party. 2 0 obj Walmart's current board members include Cesar Conde, 47, chair of NBCUniversal, and Marissa Mayer, 46, who is well-known for the high positions she achieved at Google and Yahoo.