3m board of directors compensation

2 0 obj So what does he do when hes not in the office? 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 123 0 obj <>stream Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. U.S. Securities and Exchange Commission. Mr. At 3M, we promise to treat your data with respect and will not share your information with any third party. That's actually a 5% increase from the year before. 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. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. Averages based on self-reported salaries. 3M (NYSE: MMM) announced today that Anne H. Chow, retired chief executive officer of ATT 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. Of this total $135,000 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as options, $185,000 . 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. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Mr. Pizarro is a member of Edison International's Board of Directors. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. If you experience any issues with this process, please contact us for further assistance. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. Average compensation in 2018 at those firms was $304,856, according to Reuters. "2020 Proxy Statement," Page 12. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. In 2001, Mike returned to the U.S. as one of 3Ms first Six Sigma master black belts. Those two years, he says, are what really grounded him in company-wide priorities. They also recommended doing away with pension and . 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. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. He was a senior research chemist in the Visual Systems Division before joining 3M Italy as a product development engineer. Only outside directors get compensation specifically for serving on the board. Bldg. Investopedia does not include all offers available in the marketplace. 3M Investor Relations Department Here are a couple of examples of what Fortune 500 companies pay their board members. 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 . 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. endobj In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. The Company assumes no obligation to update or revise any forward-looking statements. He can also be found running, antiquing, reading science fiction and spending time with his family. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. He retired from Ford on August 1, 2013. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. Most recently he served as CFO of GE Healthcare. "3M is a globally diverse company in so many dimensions," Ashish says. 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. Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. 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. 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. We also reference original research from other reputable publishers where appropriate. Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. A. 224-1W-02 Know Your Worth. 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. In this role, he leverages his many years of experience as both a technology and business leader. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. The proxy statement also says the company isseekingexpertise in governance, strategy, development, and execution; people who understand financial, operational and strategic issues facing large retail companies; global or international business experience; technology and e-commerce experience; marketing, brand management or public relations experience; finance, accounting, or financial reporting experience; or regulatory or legal experience. 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. You will compete for board positions with people who have been extremely successful at a young age. 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 . A non-executive director is a member of a company's board of directors who is not part of the executive team. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. The 3M board of directors is mostly composed of former CEOs. AP6D. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. 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. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. 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. 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 3M shareholders today elected 11 directors for one-year terms that expire at the company's 2021 Annual Meeting: Thomas "Tony" K. Brown, retired group vice president, Global Purchasing, Ford Motor Company Pamela J. Craig, retired chief financial officer, Accenture plc David B. Dillon, retired chairman of the board and CEO, The Kroger Co. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. In his free time, he enjoys spending time with his wife and three kids, as well as a variety of outdoor activities including hiking, biking and fishing. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. 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. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> The brands listed above are trademarks of 3M. 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. 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. Could you fill that gap? 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. 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. Deloitte. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. The estimated base pay is $176,111 per year. 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 . Effective July 1, 2022, Jeff is also leading 3Ms Health Care Business Group on an interim basis. 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. investorrelations@3M.com. In early 2014, Ashish began leading one of 3Ms biggest businesses the Personal Safety Division and later that same year he was named the chief technology officer (CTO) and senior vice president of research and development of 3M. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. The estimated total pay for a Director at 3M is $346,118 per year. For its 2021 fiscal year, 3M CO, listed the following CEO pay ratio data on its annual proxy statement to 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. 3M has added Suzan Kereere to its board of directors. Sales Compensation Trends Revealed in New Survey. 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. . As a board member, your responsibilities would typically include preparing for and attending board meetings, and reviewing company filings and materials, she says, as well as advising management on a wide range of matters, including succession, strategy, compensation, and acquisitions. 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. 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. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. 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. 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. Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. 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. The median board retainer for large-cap companies increased slightly by $2,500 to $92,500 and remained flat at mid-cap and small-cap companies (at $75,000 and $60,000, respectively). 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. Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. 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. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. 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. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. 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. 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. 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 must click the activation link in order to complete your subscription. "Definitive Proxy Statement, Apple 2021.

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