3m board of directors compensation

He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. 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 . Before that, he served as president and chief operating officer of Dow and also previously served as chief operating officer for the Materials Science division of DowDuPont. Averages based on self-reported salaries. 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 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. 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. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. It operates through the following segments: Safety and Industrial,. He joined 3M in 1988 as a senior design engineer. Walmart. Non-employee directors also receive an annual cash retainer of $100,000. Mr. Pizarro served as president of SCE from 2014 to 2016. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. 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. 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. About3M In his 35-year career with the company, he has played a key role in its transformation, from lower-margin, commodity businesses to one more deeply focused on higher-growth consumer demand-driven markets that value innovation. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. 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. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. 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. Mike Roman is chairman of the board and chief executive officer of 3M, a $35 billion science and manufacturing company that improves lives around the world. 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. Only outside directors get compensation specifically for serving on the board. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. 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. 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. 6 yrs at my current company. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. The Company assumes no obligation to update or revise any forward-looking statements. Another example would be compensation meetings to discuss compensation plans and awards.. News & Views 2/17/2022 3M Adds To Board Of Directors. As an outside director, you could bring a fresh perspective to a corporate board and leverage your years of experience as an executive into a satisfying new project that still leaves you with enough time to do your day job or enjoy your retirement. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Get a free, personalized salary estimate based on today's job market. You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. 3M Investor Relations Department After submitting your request, you will receive an activation email to the requested email address. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. Mr. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. 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. hb```e``3,00```T~s@@(` 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. They also recommended doing away with pension and . endstream endobj startxref 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. Investopedia requires writers to use primary sources to support their work. 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. investorrelations@3M.com. 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. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. Personal health and fitness are his passion. 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). Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. What Is the Salary of the Federal Reserve Chair? When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. For example, audit committees have regular meetings before public filings, she says. I was offered a promotion & salary increase (66k to 96k) in Dec but then in Jan the company fired my country VP who made the offer. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. 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. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. At 3M, we promise to treat your data with respect and will not share your information with any third party. "Definitive Proxy Statement, Apple 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. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 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. Look for a gap in expertise that might be left when a current board member steps down. Non-executive board chairs are almost always provided additional compensation for the role, with the median ranging from $72,500 at small-cap companies to $175,000 at large-cap companies. 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. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. 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. His team supports the success of the 3M Operating Model, ensuring strong customer and employee engagement globally, protecting the reputation of 3M, providing world global services, while driving the companys workplace transformation strategy. The estimated additional pay is $170,007 per year. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. 10 S. Dearborn St., 54th Floor. The 3M board of directors is mostly composed of former CEOs. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. For the past eight years, Ms. The Board has delegated certain authority to a number of standing committees, including an Audit Committee, Compensation and Organization Committee and Nominating and Governance Committee. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. You will compete for board positions with people who have been extremely successful at a young age. The estimated base pay is $176,111 per year. 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. 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. 224-1W-02 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. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. Our household income is $240k and have $400k for down payment after selling all stocks. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 3M Investor Relations Department Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. Lodestone Global. Mr. Learn how this feature works. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. I have been trying to get a review ever since and no one will say what is going on. Prior to GE, Monish gained experience at A.F. 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. 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. 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. 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. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. % ST. PAUL, Minn., Feb. 9, 2022 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Suzan Kereere, Head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective February 10, 2022.In connection with Ms. Kereere's election, the Board of Directors increased its size from 12 to 13 members. At 3M, we promise to treat your data with respect and will not share your information with any third party. 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. 102 0 obj <> endobj To effectively drive growth, it is important to keep the customer at the center of everything we do. Similar to last year, 63% of companies provide additional compensation to committee members. Bldg. 3M Investor Relations Department Ashish has a strong technical background and has authored 10 patents. 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. 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. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Engage in conversations about Director pay with other professionals in the community. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. Inside directors, who are mostly C-suite level executives, don't receive additional compensation. I feel blessed and give everything I have to leave 3M in a better place, every day.. endstream endobj 103 0 obj <. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Average compensation in 2018 at those firms was $304,856, according to Reuters. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Really nervous. A non-executive director is a member of a company's board of directors who is not part of the executive team. He retired from Ford on August 1, 2013. Head of Global Business Solutions, Fiserv, Inc. Bldg. "3M is a globally diverse company in so many dimensions," Ashish says. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. So what does he do when hes not in the office? You must click the activation link in order to complete your subscription. She 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. This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. 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. Deloitte. 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. %PDF-1.6 % 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. Three years later, he was tapped to lead 3Ms corporate research lab. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. During his leadership, this business was transformed through a thorough portfolio prioritization and diversification in fast growth segments, becoming a strong contributor to the company results. Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. Of this total $155,000 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 was awarded as stock and $917 came from other . Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Monish joined 3M as senior vice president and chief financial officer in July 2020 and was drawn to the company for its history of innovation, ethics and global reach. Can we afford $1.3M home? The estimated total pay for a Director at 3M is $345,577 per year. Eric Hammes is 3Ms executive vice president, chief country governance and services officer.

3m board of directors compensation 2023