3m board of directors compensation 3m board of directors compensation

102 0 obj <> endobj If you experience any issues with this process, please contact us for further assistance. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The Board is mainly comprised of outside, independent directors. St. Paul, MN 55144-1000 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. The estimated additional pay is $169,271 per year. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. 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. 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. 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. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. That's actually a 5% increase from the year before . Can we afford $1.3M home? Thorough reviews have been conducted to assure this data accurately reflects disclosures. Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. 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 . 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. Average compensation in 2018 at those firms was $304,856, according to Reuters. Ms. Kereere served in leadership positions at American Express from 1988 to 2016, including as head of its U.S. National Merchant Business and Global Network Business. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. 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. St. Paul, MN 55144-1000 This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. For him, that comes down to business/market analysis and team success. This compensation may impact how and where listings appear. VUL^07d=xy2 *'..j(( Hs00 Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. 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 approves the compensation for the CEO and other senior executives, . 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. The Company assumes no obligation to update or revise any forward-looking statements. He previously led the companys litigation function, and served for more than ten years as chief intellectual property counsel, with responsibility for managing the global intellectual property assets of 3M and its worldwide affiliates. 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. 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. oYgd=??/_C|72KFSI. 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. 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. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. 0 Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. Of this total $47,843 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 . endobj Only outside directors get compensation specifically for serving on the board. Ms. If you experience any issues with this process, please contact us for further assistance. 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. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. 3M has added Suzan Kereere to its board of directors. Engage in conversations about Director pay with other professionals in the community. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. The average salary for a Director is $129,368 per year in United States, which is 62% lower than the average 3M salary of $346,118 per year for this job. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Make sure you develop a board resume that positions you as qualified for the corporations board, says Rene Hornbaker, who currently serves on the boards of Eastman Chemical Company, The Freeman Company, and Tri Global Energy. Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. During his leadership, this business was transformed through a thorough portfolio prioritization and diversification in fast growth segments, becoming a strong contributor to the company results. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. @,s30_j0 \ For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Its about supporting constant iteration, until a point you make yourself obsolete.. The report recommended that companies start compensating board directors with cash and equity. Unsurprisingly, the board disagrees with the USW proposal. Zoe has been the architect of 3Ms talent and organization effectiveness strategies, and a passionate advocate for embedding diversity, equity and inclusion across the company. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. 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. 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. Retired Chairman of the Board and Chief Executive Officer The Kroger Co., a large retailer that operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores throughout the U.S. Mr. Dillon retired as Krogers Chairman of the Board on December 31, 2014, where he was Chairman of the Board since 2004 and was the Chief Executive Officer from 2003 through 2013. Kevin and his wife Melinda have three adult children. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. The estimated additional pay is $170,007 per year. He can also be found running, antiquing, reading science fiction and spending time with his family. endstream endobj startxref Lead, Columbia University's SIPA Tech & Policy Initiative; . In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. I wanted to make sure that the company was really serious about doing this work and that this was something I could see myself getting behind to make a difference because I have a bias for action. Our household income is $240k and have $400k for down payment after selling all stocks. Help make it more accurate by adding yours. 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. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. You will compete for board positions with people who have been extremely successful at a young age. You can learn more about the standards we follow in producing accurate, unbiased content in our. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. The Company assumes no obligation to update or revise any forward-looking statements. You must click the activation link in order to complete your subscription. 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. The Board of Directors (the "Board") of 3M Company ("3M" or the "Company") has adopted these guidelines, which in conjunction with the Certificate of Incorporation, Bylaws, and Board . 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Prior to GE, Monish gained experience at A.F. I have been an Office Manager 21 yrs. 3M Expands Board of Directors February 14, 2022. 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. 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. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. We continue to observe an increasing number of women on Boards: 94% of companies in the study have at least one woman on the Board (90% last year), 59% of large-cap companies have three or more women on the Board (50% last year) and 25% of both mid-cap and small-cap companies have three or more female members (22% and 13% last year, respectively). Pedro Pizarro has been President and CEO of Edison International, the parent company of Southern California Edison (SCE), one of the nation's largest electric utilities, since 2016. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. Exelon Corporation. "U.S. company directors compensated more than ever, but now risk backlash.". 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. 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. 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. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. 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. 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? Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. Retired Group Vice President, Global Purchasing, Ford Motor Company, Retired Chief Executive Officer, AT&T Business, Retired Chief Financial Officer, Accenture. 123 0 obj <>stream 3M is not only a world leader in innovation but was built on a foundation of strong ethics, customer centricity, a global mindset and a deep and diverse team, says Monish. Three years later, he was tapped to lead 3M's corporate research lab. 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. 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. 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. You can sign up for additional alert options at any time. investorrelations@3M.com. 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. Tel: (651) 737-6523 John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. Chairman of the Board and Chief Executive Officer of 3M Company. About3M The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. %%EOF The 3M board of directors is mostly composed of former CEOs. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. For its 2021 fiscal year, 3M CO, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Mr. Pizarro is a member of Edison International's Board of Directors. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. We also reference original research from other reputable publishers where appropriate. 224-1W-02 Throughout her life and career, Karina has lived and worked around the world. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. This post is based on their FW Cook memorandum. stream 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 information shown here is a reporting of information included in the company's proxy statement. 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. 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. Ms. Kereere is also a longtime champion for equity and inclusion in business and society. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. Lodestone Global. hbbd``b`$fH0@= , VDtbc a`$2012| He is a member of the Marketing Leadership Council and serves on several non-profit and community boards. Edison International is also the parent company of Edison Energy, a portfolio of competitive businesses providing commercial and industrial customers with energy management and procurement services. ", Reuters. To effectively drive growth, it is important to keep the customer at the center of everything we do. 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. He is past-chair of the board of Big Brothers Big Sisters of America, past president of the Northern Star Council of the Boy Scouts of America and continues to serve on both boards as well as the board of Alight (formerly known as the American Refugee Committee). Dr. Moyo is a global economist and author who analyzes the macroeconomy and international affairs. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Download required. Investopedia requires writers to use primary sources to support their work. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The brands listed above are trademarks of 3M. It claims that including the USW proposal would involve "significant time, cost and resource . They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. As a CTO, Ashish led the global 3M team of over 8,000 scientists and engineers. Bldg. %PDF-1.6 % I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. She also worked at the World Bank in Washington, D.C. from 1993 to 1995. Hood has acted as a strategic partner to Microsoft CEO Satya Nadella, propelling long-term financial growth, championing culture and driving corporate initiatives including Microsofts climate and affordable housing commitments, that have bolstered the companys broader ecosystem. 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. 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. 1 0 obj Retired Chairman and Chief Executive Officer of Cargill. In his spare time, he dedicates himself to being a loving husband and father and growing his family. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. 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. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. 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 He began his professional career as a senior research engineer in 3M laboratories in St. Paul. I have been trying to get a review ever since and no one will say what is going on. 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.