3m board of directors compensation

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 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 . 10 S. Dearborn St., 54th Floor. 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. Jeff Lavers is the group president of 3Ms Consumer Business Group. Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. 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. Leadership is about serving more than yourself, he says. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. 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. A non-executive director is a member of a company's board of directors who is not part of the executive team. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. 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. For nine straight years, 3M has been recognized by Ethisphere as one of the Worlds Most Ethical Companies. Prior to GE, Monish gained experience at A.F. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. USW Proposal Spotlights Excessive 3M CEO Compensation Private Company Board Compensation and Governance They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". 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. ", Veritas. 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. St. Paul, MN 55144-1000 Thorough reviews have been conducted to assure this data accurately reflects disclosures. The 3M board of directors is mostly composed of former CEOs. 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. Board of Directors: What It Is, What Its Role Is, Incorporation: Definition, How It Works, and Advantages, Audit Committee: Definition, How They're Used, and Purpose, What Is a Proxy Statement? 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. 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. 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. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. 224-1W-02 In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. PDF 3M Company Board of Directors Compensation and Talent Committee Charter The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. 3M has increased its dividend for 64 straight years. After submitting your request, you will receive an activation email to the requested email address. 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. 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. Incorporation is the legal process by which a business entity is formed. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. Deloitte. 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 report recommended that companies start compensating board directors with cash and equity. CVS Health CEO tapped for Biden's Export Council 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. 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 . You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. 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. 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. Ms. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. 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. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. ", Boston Globe. Know Your Worth. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. 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. He joined 3M in 1987 as a health care sales representative. Mike became chairman of the board in May 2019 and chief executive officer in July 2018. Leadership is about connecting with and inspiring others to achieve their best, Mark says. Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. "3M is a globally diverse company in so many dimensions," Ashish says. Equity grants most commonly vest immediately, or cliff-vest after one year. 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. 3M Expands Board of Directors - ISSA c/o Abbott Corporate Secretary. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. PDF 3M Company Board of Directors Compensation Committee Charter (As Ms. Kereere is also a longtime champion for equity and inclusion in business and society. 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. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. 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. He joined 3M in 1988 as a senior design engineer. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. investorrelations@3M.com. That's actually a 5% increase from the year before. The information shown here is a reporting of information included in the company's proxy statement. 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. 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. 6 yrs at my current company. AP6D. I am extremely thankful for the company and leaders I work for at 3M, Eric says. Could you fill that gap? You can sign up for additional alert options at any time. Get a free, personalized salary estimate based on today's job market. He retired from Ford on August 1, 2013. Kevin and his wife Melinda have three adult children. The Board is mainly comprised of outside, independent directors. You must click the activation link in order to complete your subscription. Another example would be compensation meetings to discuss compensation plans and awards.. 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. in Economics from Instituto Tecnolgico Autnomo de Mexico, a Masters in Economics for Development from Oxford University in the United Kingdom, and an MBA from Universit Libre de Bruxelles in Belgium. "Private Company Board Compensation Survey. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. You can sign up for additional alert options at any time. 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. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. Here are a couple of examples of what Fortune 500 companies pay their board members. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. It operates through the following segments: Safety and Industrial,. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. endobj 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. 4 0 obj 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. 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. 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. Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. What Is the Salary of the Federal Reserve Chair? His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. 3m Compensation Plan For Non-employee Directors The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. 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. 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. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. @,s30_j0 \ Chicago, IL 60603. Only outside directors get compensation specifically for serving on the board. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. 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. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. This post is based on their FW Cook memorandum. 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. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. Effective July 1, 2022, Jeff is also leading 3Ms Health Care Business Group on an interim basis. At 3M, we promise to treat your data with respect and will not share your information with any third party. As a CTO, Ashish led the global 3M team of over 8,000 scientists and engineers. He can also be found running, antiquing, reading science fiction and spending time with his family. Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. You can sign up for additional alert options at any time. Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. Unsurprisingly, the board disagrees with the USW proposal. He enjoys pushing himself mentally and physically in a broad range of athletics. 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. As 3Ms senior vice president and chief strategy officer, Karina Chavez leads several functions including strategy, brand, design, sponsorships and events, and communications for the $32 billion science-based company. 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. Using 46 technology platforms, our integrated team of scientists and researchers.css-epvm6{white-space:nowrap;} More, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 3M Definitive Proxy Statement 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. 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. 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. Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. %PDF-1.7 He received his J.D., magna cum laude, from Northwestern University; and his B.A. Retired Chairman of the Board and Chief Executive Officer, Cargill, Chairman of the Board and Chief Executive Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. stream Rogers Corporation Board of Directors Bldg. This is a defining time for all companies and 3M is no different in that respect, Scott said. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 3M - Governance - Governance Documents 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. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. Apples non-employee directors each receive approximately $250,000 worth of restricted stock units per year, which are granted at the annual shareholder meeting and vest on Feb. 1 of the following year. U.S. Securities and Exchange Commission. Executive search firms can streamline the process since theyll know about available positions. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents.