Retired Group Vice President, Global Purchasing, Ford Motor Company, Retired Chief Executive Officer, AT&T Business, Retired Chief Financial Officer, Accenture. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. The average mix across the entire sample is 43% cash and 57% equity. You may also find the annual proxy statement by going directly to the company's website. Equity grants most commonly vest immediately, or cliff-vest after one year. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. Home to some of 3Ms most iconic brands, this business serves global consumers and consists of construction and home improvement, stationery and office supplies, home care, and consumer health care. 3M Definitive Proxy Statement 3M Expands Board of Directors February 14, 2022. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. The report recommended that companies start compensating board directors with cash and equity. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. oYgd=??/_C|72KFSI. I have been an Office Manager 21 yrs. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. What Is the Salary of the Federal Reserve Chair? Bldg. Private Company Board Compensation and Governance That's actually a 5% increase from the year before. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. AP6D. Director Compensation - The Conference Board 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. 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. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. Mr. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. USW Proposal Spotlights Excessive 3M CEO Compensation Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. In 2016, John moved to West Europe to serve as managing director of 3Ms D-A-CH region, which represents the companys combined operations in Germany, Austria and Switzerland. She also worked at the World Bank in Washington, D.C. from 1993 to 1995. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. 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. 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. 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. endstream endobj startxref 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. Approximately 80% of the sample uses a retainer-only structure (no board meeting fees), and an additional 6% only awards a meeting fee for abnormally high activity above a pre-set threshold. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. The information shown here is a reporting of information included in the company's proxy statement. St. Paul, MN 55144-1000 He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Only outside directors get compensation specifically for serving on the board. How Should Board of Directors' Compensation Be Handled? - Diligent In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. He then led Research & Development for the formerly Industrial Business Group initially in Asia Pacific and later globally. The Company assumes no obligation to update or revise any forward-looking statements. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. Leonteq publishes agenda and proposal of the Board of Directors for the He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. 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. 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. Unsurprisingly, the board disagrees with the USW proposal. Lead, Columbia University's SIPA Tech & Policy Initiative; . Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. At 3M, we promise to treat your data with respect and will not share your information with any third party. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. U.S. Securities and Exchange Commission. 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 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. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Three years later, he was tapped to lead 3M's corporate research lab. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. CVS Health CEO tapped for Biden's Export Council So what does he do when hes not in the office? Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. 3M has added Suzan Kereere to its board of directors. 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. "The Types of Directors," Pages 1-2. At 3M, we promise to treat your data with respect and will not share your information with any third party. Look for a gap in expertise that might be left when a current board member steps down. Abbott Laboratories, Dept 364, Bldg. 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 . During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. My new VP is in the company less than 6m and in the position 3m. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. You can sign up for additional alert options at any time. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. 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 . Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. CleanLink News. She 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. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. investorrelations@3M.com. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. MMM | 3M Co. Company Profile & Executives - WSJ 3M CO Board Member Muhtar Kent | Salary.com 3M - Governance - Board of Directors Over the years, he has held various positions of increasing responsibility in corporate research and division labs. Get a free, personalized salary estimate based on today's job market. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. 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. 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. 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. 3m Compensation Plan For Non-employee Directors From 1991 to 1997 he served as Executive Director, Purchasing and Transportation at QMS Inc. From 1976 to 1991 he served in various managerial roles at Digital Equipment Corporation. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. For the past eight years, Ms. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Birmingham Water Works Board files lawsuit against chemical Ms. Chow also has a long track record of community leadership involvement in strategic board and advisory work focused on driving success at the intersection of people, culture, and technology. 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. The report is complemented by an online dashboard, which enables users to delve into the most recent corporate disclosures by Russell 3000 companies and review individual elements of compensation packages, supplemental compensations for committee service . Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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 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. He joined 3M in 1987 as a health care sales representative. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. "Definitive Proxy Statement, Apple 2021. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . 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. He holds a bachelors degree in Physics from University of Edinburgh and a masters degree in Business Administration from Strathclyde Business School in Glasgow, Scotland. 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. 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. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. Throughout his career Jeff has held leadership roles spanning all four of 3Ms business groups, including positions in the companys health care and industrial businesses, and most recently as leader of the automotive and aerospace business. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. 4 0 obj Boards aren't entirely made up of retirees and people nearing the end of their careers. 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. 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. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. This report is not for commercial use. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. It regularly meets in executive session, without the presence of Rogers' management. 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? At 3M, we promise to treat your data with respect and will not share your information with any third party. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. Leadership is about serving more than yourself, he says. 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. 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. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). Make sure your resume states what you will specifically bring to the table as a board member.. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. You'll want to pursue networking both online and offline. A non-executive director is a member of a company's board of directors who is not part of the executive team. I am extremely thankful for the company and leaders I work for at 3M, Eric says. Anne Chow and Pedro Pizarro elected to 3M Board of Directors 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. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. 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. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. 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. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. For him, that comes down to business/market analysis and team success. Tel: (651) 737-6523 Mr. Fitterling is also a passionate advocate for inclusion and diversity with a focus on diversifying Dows global talent, enhancing innovation and the customer experience, and strengthening relationships in the communities the company serves. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Really nervous. 102 0 obj <> endobj Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Thorough reviews have been conducted to assure this data accurately reflects disclosures. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). To find out what any publicly held company pays its board members, read the companys annual proxystatement, available from its corporate website or the Securities and Exchange Commission website. It goes a lot higher from there. She earned a B.A. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. The brands listed above are trademarks of 3M. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. Averages based on self-reported salaries. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. ", Reuters. 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). Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. Investopedia does not include all offers available in the marketplace. He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. 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 Inspired, passionate leaders have the power to transform, Jeff says. 3M CO Executive Salaries & Other Compensation | Salary.com 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. 3M Investor Relations Department 3 0 obj All proxy statements are public filings made available to the general public by the SEC. 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. 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.