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, . Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. 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. 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. 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. After submitting your request, you will receive an activation email to the requested email address. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. He can also be found running, antiquing, reading science fiction and spending time with his family. Could you fill that gap? Three years later, he was tapped to lead 3M's corporate research lab. 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. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. 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. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. These include white papers, government data, original reporting, and interviews with industry experts. A non-executive director is a member of a company's board of directors who is not part of the executive team. 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. "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. A director elected to the Board after the beginning of a Plan Year may elect, by written notice to 3M within 30 days after such director's term begins, to participate in the Compensation alternatives for the remainder of that Plan Year, and election for succeeding years shall be on the same basis as for other directors. The 3M board of directors is mostly composed of former CEOs. A corporation is a separate legal entity from its owners. Mike later became general manager of 3M Spain. 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. Outside directors who hold certain board positions receive an additional annual retainer:$35,000 for the lead independent director; $25,000 for audit committee members and for compensation, nominating, and governance committee members; and $20,000 for strategic planning and finance committee chairs and for technology and eCommerce committee chairs. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. 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. 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. Prior to that, Mr. Roman served as Executive Vice President and Chief Operating Officer of 3M Company from July 2017 to June 2018, Executive Vice President of 3Ms Industrial Business from May 2014 to June 2017, and Senior Vice President of Business Development from May 2013 to May 2014, with responsibility for 3Ms strategic roadmap. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. 3M has added Suzan Kereere to its board of directors. 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. 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. 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. Abbott Laboratories, Dept 364, Bldg. The brands listed above are trademarks of 3M. 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. Outside of work he enjoys reading, following college sports and spending time with his family. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. Zoe is a chartered member of Chartered Institute of Personnel & Development. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. I am starting to look elsewhere but I have great WFH life now. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 224-1W-02 "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". 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 . Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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. Inspired, passionate leaders have the power to transform, Jeff says. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. Throughout her career she has led successful transformation, sales and customer initiatives at Fortune 100 companies across global business lines and regional high-growth start-ups. 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. Non-employee directors also receive an annual cash retainer of $100,000. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. 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. 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 (subject to ratification by the independent directors of the Board) the compensation for stream Can we afford $1.3M home? ST. PAUL, Minn., Feb. 9, 2022 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Suzan Kereere, Head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective February 10, 2022.In connection with Ms. Kereere's election, the Board of Directors increased its size from 12 to 13 members. You can sign up for additional alert options at any time. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. This is a defining time for all companies and 3M is no different in that respect, Scott said. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. 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. I feel blessed and give everything I have to leave 3M in a better place, every day.. The estimated base pay is $176,306 per year. Its about supporting constant iteration, until a point you make yourself obsolete.. Your strategy to get noticed and be considered for board membership should be similar to the strategy it takes to secure any high-level position. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. Investopedia requires writers to use primary sources to support their work. 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. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. Attractive qualities include experience in high-level work for the federal government, positions as a CEO or director, experience founding and running a successful startup, and experience on other boards. hb```e``3,00```T~s@@(` Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. What Is the Salary of the Federal Reserve Chair? For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. The estimated total pay for a Director at 3M is $346,118 per year. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. At 3M, we promise to treat your data with respect and will not share your information with any third party. For nine straight years, 3M has been recognized by Ethisphere as one of the Worlds Most Ethical Companies. This post is based on their FW Cook memorandum. 0 For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. 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. endobj Ms. Chow 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. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. investorrelations@3M.com. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. How can I negotiate if they say the offer is off, Planning to bid on a house - 1.3M, with a base salary of 210K - in Seattle.. Worth it? The median annual retainer is $30,000, up from $28,000 in 2020. Hornbaker suggests giving your resume to search firms youve dealt with in the past and letting them know you're interested in obtaining a board position. ", Veritas. Ms. 3M Investor Relations Department The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). Investopedia does not include all offers available in the marketplace. Explore our Directors and their backgrounds. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 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. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. from Grinnell College. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. About3M 3M has increased its dividend for 64 straight years. Non-executive board chairs are almost always provided additional compensation for the role, with the median ranging from $72,500 at small-cap companies to $175,000 at large-cap companies. 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. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. 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. Incorporation is the legal process by which a business entity is formed. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The company is strengthening environmental stewardship with a $1 billion commitment to achieve carbon neutrality, reduce water use, improve water quality and reduce its use of plastics. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. 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. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. 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. 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. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. Know Your Worth. 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. Personal health and fitness are his passion. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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 Technology and Industrials sectors have the highest prevalence of stock options at 18% and 10% prevalence, respectively, granted in isolation or in tandem with full-value stock awards. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. St. Paul, MN 55144-1000 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. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. 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.
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