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. 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. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? Ownership guidelines are typically enforced via a years-to-achieve rule (66% prevalence), a retention/holding requirement (11% prevalence), or a combination of the two (23% prevalence). Kevin is a registered patent attorney and has served as President of the Intellectual Property Owners Association and the Association of Corporate Patent Counsel, as well as Chair of the Steering Committee of the Coalition for 21st Century Patent Reform. Ms. Kereere is also a longtime champion for equity and inclusion in business and society. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. Mr. Phone: 651-737-6501 or 800-3M-HELPS 3M Investor Relations Department Bldg. 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. 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. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. 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. These descriptions are fairly generic. endobj
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Leadership is about serving more than yourself, he says. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. One of our four strategic priorities at 3M is People & Culture because we know we will drive growth in our business and change in our communities by developing talent in an inclusive environment, Zoe says. CVS Health CEO tapped for Biden's Export Council She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. He received his J.D., magna cum laude, from Northwestern University; and his B.A. 3M is advancing diversity, equity and inclusion with a pledge to double its representation of underrepresented groups, along with new initiatives to strengthen STEM education. Mr. Fitterling was named CEO-elect of Dow in March 2018 prior to becoming CEO in July 2018, and he was elected chairman in April 2020. Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. investorrelations@3M.com. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Make sure your resume states what you will specifically bring to the table as a board member.. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The median annual retainer is $30,000, up from $28,000 in 2020. Kevin and his wife Melinda have three adult children. Learn how this feature works. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. 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 most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. 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. 6 yrs at my current company. Executive search firms can streamline the process since theyll know about available positions. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. She has been married more than 20 years, with two teenage kids. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. 3M - Governance - Corporate Officers - 3M - IR Home 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. She 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. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. 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. St. Paul, MN 55144-1000
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. A corporation is a separate legal entity from its owners. Rogers adds, Board members are the representatives of the shareholders, and it is their fiduciary duty to oversee the affairs of the corporation, including overall performance and fiscal strength, and to serve as a consultant for managementparticularly with respect to the strategic and operational directives of the company.. Kereere currently serves as head of global business solutions for Fiserv Inc. She has more than 20 years of international business leadership experience, previously working in executive leadership positions with such companies as Visa and American Express before joining Fiserv. 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. 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. 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. . Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. 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. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. St. Paul, MN 55144-1000
For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. St. Paul, MN 55144-1000
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. Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. 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. 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. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? 3M - Governance - Committee Composition Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. 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. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. Mr. Pizarro is a member of Edison International's Board of Directors. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. %PDF-1.6
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Average compensation in 2018 at those firms was $304,856, according to Reuters. 1 0 obj
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. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. Mike and his family enjoy a variety of physical fitness and outdoor activities. 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. Unsurprisingly, the board disagrees with the USW proposal. From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. Mike Vale leads 3Ms Safety & Industrial Business Group, which includes personal safety, adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. 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. 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. 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. 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. 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. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. All proxy statements are public filings made available to the general public by the SEC. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. 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 compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. He retired from Ford on August 1, 2013. 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. 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. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. Hornbaker says attending committee meetings might be another responsibility. 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 . He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. 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 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. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. Investopedia requires writers to use primary sources to support their work. 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. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. He joined 3M in 1988 as a senior design engineer. 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. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". It regularly meets in executive session, without the presence of Rogers' management. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. If you experience any issues with this process, please contact us for further assistance. The 3M board of directors is mostly composed of former CEOs. 123 0 obj
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What Is the Salary of the Federal Reserve Chair? You will compete for board positions with people who have been extremely successful at a young age. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. As CEO, she was responsible for AT&T's Business Solutions organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3million business customers in more than 200 countries and territories around the world. 3M Investor Relations Department
Outside of work he enjoys reading, following college sports and spending time with his family. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. 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. 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. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. 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. Board of Directors | Medtronic 3M CO Board Member Vance D. Coffman | Salary.com CleanLink News. Suzan Kereere elected to 3M Board of Directors - Feb 9, 2022 Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. Walmart. 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. 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. 3M - Governance - Board of Directors 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 3m Compensation Plan For Non-employee Directors Mr. Dillon served as a Director of the Kroger Co. from 1995 through 2014. A. 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. Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. Michael Ferrante and Connor Damon are consultants at FW Cook. Ms. A non-executive director is a member of a company's board of directors who is not part of the executive team. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 3M - Department of Defense Data Reveals No Hearing - investors.3m.com 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. 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. 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 . 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. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. "People from all backgrounds and experiences work together and create new and differentiated solutions to solve our customers' and their customers' problems -- across so many industries and geographies.". Board of Directors | Committees | Abbott U.S. 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 Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. 3M Expands Board of Directors - ISSA In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. PDF 3M Company Board of Directors Compensation Committee Charter (As Lead, Columbia University's SIPA Tech & Policy Initiative; . 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. How Should Board of Directors' Compensation Be Handled? - Diligent 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 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. Ashish has a strong technical background and has authored 10 patents. Throughout her life and career, Karina has lived and worked around the world. As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. 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. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. FW Cook's 2020 Director Compensation Report studies non-employee director compensation at 300 companies of various sizes and industries to analyze market practices in pay levels and program structure. investorrelations@3M.com. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. 224-1W-02
Explore our Directors and their backgrounds. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. 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 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. 0
Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. Board of Directors | Corporate Governance | Dow Investor Relations 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. 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. Can we afford $1.3M home? Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. 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. 2 0 obj
Abbott Laboratories, Dept 364, Bldg. investorrelations@3M.com. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. Ferguson & Co, a former KPMG affiliate. 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. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. @,s30_j0 \
3M Definitive Proxy Statement That's actually a 5% increase from the year before . He joined 3M in 1987 as a health care sales representative. Our household income is $240k and have $400k for down payment after selling all stocks. For him, that comes down to business/market analysis and team success. After submitting your request, you will receive an activation email to the requested email address. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert.
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