3m board of directors compensation

She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. 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. 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. Michael Ferrante and Connor Damon are consultants at FW Cook. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. Mark Murphy has more than two decades of experience developing and leading global technology organizations across multiple industries including healthcare, medical device, retail and financial services. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. Lead, Columbia University's SIPA Tech & Policy Initiative; . 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. Only outside directors get compensation specifically for serving on the board. The company is strengthening environmental stewardship with a $1 billion commitment to achieve carbon neutrality, reduce water use, improve water quality and reduce its use of plastics. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. 1 0 obj For the past eight years, Ms. 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. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. You can sign up for additional alert options at any time. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. 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. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. 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. A corporation is a separate legal entity from its owners. He previously led the construction and home improvement business, and the companys corporate marketing and sales organization. The offers that appear in this table are from partnerships from which Investopedia receives compensation. He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. 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. Its that excitement, mixed with his incredible passion and leadership, that has led to some of 3Ms biggest equitable actions in the past year. 3M is advancing diversity, equity and inclusion with a pledge to double its representation of underrepresented groups, along with new initiatives to strengthen STEM education. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. Help make it more accurate by adding yours. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. 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. 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. He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". The estimated base pay is $176,111 per year. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. 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. If you experience any issues with this process, please contact us for further assistance. Mike and his family enjoy a variety of physical fitness and outdoor activities. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. 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. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. This report is not for commercial use. 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. 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. The median annual retainer is $30,000, up from $28,000 in 2020. 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. 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 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. As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. You'll want to pursue networking both online and offline. 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. 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. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. She is deeply involved in the companys operations, as well as the strategy development and overall execution of the companys successful acquisitions of LinkedIn and GitHub. 3M has increased its dividend for 64 straight years. Inspired, passionate leaders have the power to transform, Jeff says. Leadership is about serving more than yourself, he says. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. investorrelations@3M.com. She 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. 3M announced that Suzan Kereere, head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective Feb. 10, 2022. from Grinnell College. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. You can sign up for additional alert options at any time. 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. endstream endobj startxref Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. Ms. He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. 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 . Jeff earned his bachelor of business administration degree in marketing and finance from the Robert O. Anderson School of Management at the University of New Mexico, Albuquerque. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. 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. The average mix across the entire sample is 43% cash and 57% equity. CleanLink News. He is a member of the Marketing Leadership Council and serves on several non-profit and community boards. At 3M, we promise to treat your data with respect and will not share your information with any third party. Similar to last year, 63% of companies provide additional compensation to committee members. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Mr. 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. Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. Investopedia requires writers to use primary sources to support their work. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. We believe that good corporate governance serves the long-term interests of stockholders, strengthens the Board and management, and further enhances the public trust 3M has earned from more than a century of operating with uncompromising integrity and doing business the right way. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. 6 yrs at my current company. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. Get a free, personalized salary estimate based on today's job market. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. St. Paul, MN 55144-1000 %%EOF Lodestone Global. "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.". Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. In addition to his role at 3M, he is on the Presidents Council of Advisors on Science and Technology (PCAST), the Board of Trustees at the Science Museum of Minnesota and is an emeritus trustee for Hamline University. Jeff Lavers is the group president of 3Ms Consumer Business Group. 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. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. Equity grants most commonly vest immediately, or cliff-vest after one year. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. 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? Another example would be compensation meetings to discuss compensation plans and awards.. She earned a B.A. 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. 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. Ashish has a strong technical background and has authored 10 patents. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. It goes a lot higher from there. 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. Abbott Laboratories, Dept 364, Bldg. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. Outside of work he enjoys reading, following college sports and spending time with his family. 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. As a CTO, Ashish led the global 3M team of over 8,000 scientists and engineers. These include white papers, government data, original reporting, and interviews with industry experts. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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. Kereere has over 20 years of experience in leading global . Look for a gap in expertise that might be left when a current board member steps down. 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. The brands listed above are trademarks of 3M. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. 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. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. For example, some of the qualities Wal-Mart says its looking for in board members include:"outstanding achievement in their professional careers; broad experience and wisdom; personal and professional integrity; ability to make independent, analytical inquiries; experience with and understanding of the business environment; willingness and ability to devote adequate time to Board duties.". 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. 3M has added Suzan Kereere to its board of directors. 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. 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. Incorporation is the legal process by which a business entity is formed. To effectively drive growth, it is important to keep the customer at the center of everything we do. Mr. Pizarro is a member of Edison International's Board of Directors. 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. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. The brands listed above are trademarks of 3M. Hornbaker suggests giving your resume to search firms youve dealt with in the past and letting them know you're interested in obtaining a board position. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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. stream On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. hbbd``b`$fH0@= , VDtbc a`$2012| She currently serves as Lead Director on the Board of Directors for FranklinCovey and as Adjunct Professor of Executive Education at the Kellogg School of Management, Northwestern University. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Hornbaker says attending committee meetings might be another responsibility. 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. 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. In this role, he leverages his many years of experience as both a technology and business leader. oYgd=??/_C|72KFSI. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. 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. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. Averages based on self-reported salaries. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. 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. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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. endobj %PDF-1.7 Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. 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. All proxy statements are public filings made available to the general public by the SEC. 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. ", Boston Globe. 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. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. 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 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. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Zoe is a chartered member of Chartered Institute of Personnel & Development. Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. 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. Mr. Dr. Moyo is a global economist and author who analyzes the macroeconomy and international affairs. 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 The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. 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. After submitting your request, you will receive an activation email to the requested email address. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. Zoe has been the architect of 3Ms talent and organization effectiveness strategies, and a passionate advocate for embedding diversity, equity and inclusion across the company. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members.

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