0 Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. 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 . She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. 3M Investor Relations Department 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. Abbott Laboratories, Dept 364, Bldg. 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. 3M Expands Board of Directors February 14, 2022. The brands listed above are trademarks of 3M. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Sales Compensation Trends Revealed in New Survey. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. endobj That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. 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. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. 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. Deloitte. 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. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. Hood is responsible for leading the companys worldwide finance organization, including business operations, acquisitions, treasury, tax planning, global real estate, accounting and reporting, internal audit and investor relations. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Investopedia does not include all offers available in the marketplace. 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. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. 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. Chairman of the Board and Chief Executive Officer, Executive Vice President, Chief Technology Officer and Environmental Responsibility, Senior Vice President and Chief Strategy Officer, Executive Vice President and Chief Human Resources Officer, Executive Vice President, Chief Country Governance and Services Officer, Group President, Transportation & Electronics, Group President, Consumer and Interim Group President, Health Care, Executive Vice President, Chief Information and Digital Officer, Executive Vice President, Chief Financial and Transformation Officer, Executive Vice President and Chief Legal Affairs Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. Related Searches:All Director Salaries|All 3M Salaries. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. She earned a B.A. Walmart. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. Investopedia requires writers to use primary sources to support their work. Engage in conversations about Director pay with other professionals in the community. Phone: 651-737-6501 or 800-3M-HELPS 3M Investor Relations Department Bldg. 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. Michael Ferrante and Connor Damon are consultants at FW Cook. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. 3M has added Suzan Kereere to its board of directors. c/o Abbott Corporate Secretary. I am starting to look elsewhere but I have great WFH life now. 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. Small-cap companies tend to have the highest cash weighting (average of 47%) and large-cap companies tend to have the lowest (average of 37%). Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. After submitting your request, you will receive an activation email to the requested email address. 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. 224-1W-02 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. From May 2005 through January 2006, he was President and Chief Operating Officer of The Coca-Cola Companys North Asia, Eurasia and Middle East Group. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. %PDF-1.6 % Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. 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. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. endstream endobj 103 0 obj <. 224-1W-02 A. periodically receive reports on the status of Board compensation in relation to other large U.S. companies and is responsible for recommending to . He previously worked at St. Jude Medical for more than 15 years, holding multiple technology roles of increasing responsibility. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 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. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. You can learn more about the standards we follow in producing accurate, unbiased content in our. investorrelations@3M.com. 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). Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. He then led Research & Development for the formerly Industrial Business Group initially in Asia Pacific and later globally. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. 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. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. 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. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Anne Chow and Pedro Pizarro elected to 3M Board of Directors, Caution Concerning Forward-Looking Statements, https://www.prnewswire.com/news-releases/anne-chow-and-pedro-pizarro-elected-to-3m-board-of-directors-301741429.html, SDS, RDS, More Regulatory & Compliance Information. 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.. Shareholders can communicate with the Chairman of the Corporate Governance Committee or with the independent directors as a group by writing to them c/o: Gayle Littleton, Executive Vice President, General Counsel. 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. 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. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. Leadership is about connecting with and inspiring others to achieve their best, Mark says. ", Boston Globe. 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. It operates through the following segments: Safety and Industrial,. 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. %%EOF Another example would be compensation meetings to discuss compensation plans and awards.. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. 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. That's actually a 5% increase from the year before. The brands listed above are trademarks of 3M. It regularly meets in executive session, without the presence of Rogers' management. Similar to last year, 63% of companies provide additional compensation to committee members. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. 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. My new VP is in the company less than 6m and in the position 3m. The estimated base pay is $176,111 per year. Boards aren't entirely made up of retirees and people nearing the end of their careers. She has led global organizations through major transformations with decades of strategic and operational experience serving the business marketplace, including roles as president, AT&T National Business and president, and AT&T Integrator Solutions. Throughout his career Jeff has held leadership roles spanning all four of 3Ms business groups, including positions in the companys health care and industrial businesses, and most recently as leader of the automotive and aerospace business. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. As executive vice president, chief technology officer and environmental responsibility, Dr. John Banovetz leads more than 8,000 scientists who connect 3Ms 51 technology platforms to solve the real-world needs of customers around the world. The Board has delegated certain authority to a number of standing committees, including an Audit Committee, Compensation and Organization Committee and Nominating and Governance Committee. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. Ms. 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. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). Its members include current board members, aspiring board members, and corporations looking to hire board members. Possessing a wealth of experience in manufacturing and supply chain operations, Peter previously held senior-level executive positions at Mattel, Starbucks and ICI Paints North America. hbbd``b`$fH0@= , VDtbc a`$2012| 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 As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. You must click the activation link in order to complete your subscription. 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. 3M has increased its dividend for 64 straight years. 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. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. 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. The estimated total pay for a Director at 3M is $346,118 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. Bldg. Anne Chow's career in the technology and business sectors spans over three decades. Mr. He was appointed to the Board of Directors in October 2009, and became Chief Executive Officer of Textron in December 2009 and Chairman of the . It claims that including the USW proposal would involve "significant time, cost and resource . "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". Our household income is $240k and have $400k for down payment after selling all stocks. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. Download required. You will compete for board positions with people who have been extremely successful at a young age. The Company assumes no obligation to update or revise any forward-looking statements. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. 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. For example, audit committees have regular meetings before public filings, she says. 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. IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global It goes a lot higher from there. 2 0 obj 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. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. 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. 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. From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. 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. You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. After submitting your request, you will receive an activation email to the requested email address. 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. Lodestone Global. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. 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. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. A corporation is a separate legal entity from its owners. 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. "3M is a globally diverse company in so many dimensions," Ashish says. 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. He received his J.D., magna cum laude, from Northwestern University; and his B.A. from Grinnell College. 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. 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. 3M Company reviews the Company's compensation practices and policies, annually reviews and approves (subject to ratification by the independent directors of the Board) the compensation for the CEO, annually reviews and approves the compensation for the other senior executives, 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. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ What Is the Salary of the Federal Reserve Chair? Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. CleanLink News. 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. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. News & Views 2/17/2022 3M Adds To Board Of Directors. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Ms. Kereere is also a longtime champion for equity and inclusion in business and society. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. The Birmingham Water Works Board (BWWB) is taking multiple chemical companies to federal court in South Carolina, accusing them of contaminating Birmingham's drinking water supply - which was . Leadership is about serving more than yourself, he says. Its about creating an environment that unlocks the full potential of teams and individuals and, as a result, achieves even higher performance and more engaged employees.. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. "Definitive Proxy Statement, Apple 2021. Posted by Michael Ferrante and Connor Damon, FW Cook, on, Harvard Law School Forum on Corporate Governance, Prevalence of annual limits on director compensation remains high, with equity-only limits continuing to be the most common approach, though use of total compensation limits. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. 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. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). In 2001, Mike returned to the U.S. as one of 3Ms first Six Sigma master black belts. Those two years, he says, are what really grounded him in company-wide priorities. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. Head of Global Business Solutions, Fiserv, Inc. 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. Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. This employer has claimed their Employer Profile and is engaged in the Glassdoor community.
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