stream Get a free, personalized salary estimate based on today's job market. 224-1W-02 It claims that including the USW proposal would involve "significant time, cost and resource . The median annual retainer is $30,000, up from $28,000 in 2020. 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. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. Chairman of the Board and Chief Executive Officer of 3M Company. Prior to GE, Monish gained experience at A.F. 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. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. <> 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. 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. 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. 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 CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. Mr. Dillon served as a Director of the Kroger Co. from 1995 through 2014. Exelon Corporation. Help make it more accurate by adding yours. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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. Mr. Pizarro is a member of Edison International's Board of Directors. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. Walmart's current board members include Cesar Conde, 47, chair of NBCUniversal, and Marissa Mayer, 46, who is well-known for the high positions she achieved at Google and Yahoo. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. A. 3M has increased its dividend for 64 straight years. For example, audit committees have regular meetings before public filings, she says. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Throughout her life and career, Karina has lived and worked around the world. You must click the activation link in order to complete your subscription. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. 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. That's actually a 5% increase from the year before . Mike serves as a member of the board of directors of The Toro Company and is a former trustee of the Science Museum of Minnesota. 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. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. endstream endobj startxref Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. Zoe is a chartered member of Chartered Institute of Personnel & Development. 6 yrs at my current company. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. endobj 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? 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. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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 The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. Mike later became general manager of 3M Spain. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. All proxy statements are public filings made available to the general public by the SEC. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. In 2008, he became Ford's Group Vice President, Global Purchasing, with responsibility for approximately $90 billion of production and non-production procurement for Ford operations worldwide. Could you fill that gap? Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. 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. Its that excitement, mixed with his incredible passion and leadership, that has led to some of 3Ms biggest equitable actions in the past year. Retired Chairman and Chief Executive Officer of Cargill. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. 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. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. This post is based on their FW Cook memorandum. You may also find the annual proxy statement by going directly to the company's website. We also reference original research from other reputable publishers where appropriate. 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Bldg. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. He received his J.D., magna cum laude, from Northwestern University; and his B.A. 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. He then led Research & Development for the formerly Industrial Business Group initially in Asia Pacific and later globally. 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. He oversaw annual R&D investments of nearly $2 billion, while building 3Ms digital capabilities and bringing the companys technology expertise even closer to customers around the world. 3M Investor Relations Department These descriptions are fairly generic. <> 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 . In 2016, John moved to West Europe to serve as managing director of 3M's D-A-CH region, which represents the company's combined operations in . As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. 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. The brands listed above are trademarks of 3M. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. 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. 03.03.2023 - Leonteq AG / Key word(s): AGMEGM Press release: Leonteq publishes agenda and proposal of the Board of Directors for the Annual General Meeting 2023 03.03.2023 / 07:00 CET/CEST PRESS . 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. Tel: (651) 737-6523 Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. Ferguson & Co, a former KPMG affiliate. During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. 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. 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. 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. Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. Ms. Our household income is $240k and have $400k for down payment after selling all stocks. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. 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, . ", Boston Globe. 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. Explore our Directors and their backgrounds. 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. The Company assumes no obligation to update or revise any forward-looking statements. 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 . Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. Anne Chow's career in the technology and business sectors spans over three decades. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. 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. The Health Care Business Group makes better health possible by delivering proven innovations in medical and oral care, health information systems, and food safety, enabling healthcare professionals to improve quality of care for millions of people around the globe. This compensation may impact how and where listings appear. 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. "3M is a globally diverse company in so many dimensions," Ashish says. Jeff Lavers is the group president of 3Ms Consumer Business Group. 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. The estimated total pay for a Director at 3M is $346,118 per year. It operates through the following segments: Safety and Industrial,. 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. 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. 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 . "Definitive Proxy Statement, Apple 2021. Ashish has a strong technical background and has authored 10 patents. 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. IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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 . Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. Abbott Laboratories, Dept 364, Bldg. 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. It regularly meets in executive session, without the presence of Rogers' management. 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 Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. He previously worked at St. Jude Medical for more than 15 years, holding multiple technology roles of increasing responsibility. These include white papers, government data, original reporting, and interviews with industry experts. 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. Mr. Pizarro served as president of SCE from 2014 to 2016. Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. Lead, Columbia University's SIPA Tech & Policy Initiative; . I am extremely thankful for the company and leaders I work for at 3M, Eric says. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . If you experience any issues with this process, please contact us for further assistance. Bldg. The more qualifications you can bring to the table, the better. 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 was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. She has been married more than 20 years, with two teenage kids. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. She currently serves as Adjunct Professor of Executive Education at the Kellogg School of Management, Northwestern University, and 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. 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. 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. From 1991 to 1997 he served as Executive Director, Purchasing and Transportation at QMS Inc. From 1976 to 1991 he served in various managerial roles at Digital Equipment Corporation. She earned a B.A. Unsurprisingly, the board disagrees with the USW proposal. They also recommended doing away with pension and . periodically receive reports on the status of Board compensation in relation to other large U.S. companies and is responsible for recommending to . oYgd=??/_C|72KFSI. Three years later, he was tapped to lead 3Ms corporate research lab. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. AP6D. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. 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. Boards aren't entirely made up of retirees and people nearing the end of their careers. Changes were relatively stable across industries; we observe that Financial Services, Industrials, and Technology companies had no increases in median total compensation, while Energy and Retail companies had increases of 3% and 2%, respectively. After submitting your request, you will receive an activation email to the requested email address. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. The brands listed above are trademarks of 3M. Sales Compensation Trends Revealed in New Survey. 102 0 obj <> endobj He joined 3M in 1987 as a health care sales representative. Equity grants most commonly vest immediately, or cliff-vest after one year. 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. Related Searches:All Director Salaries|All 3M Salaries. 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. 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. About3M Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. Engage in conversations about Director pay with other professionals in the community. %PDF-1.7 You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Its about supporting constant iteration, until a point you make yourself obsolete.. FW Cooks 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. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. Kevin and his wife Melinda have three adult children. That's actually a 5% increase from the year before. VUL^07d=xy2 *'..j(( Hs00 He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. St. Paul, MN 55144-1000 Learn how this feature works. 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. "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.". Ms. hbbd``b`$fH0@= , VDtbc a`$2012| Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. 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? This is a defining time for all companies and 3M is no different in that respect, Scott said. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. endobj This report is not for commercial use. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Look for a gap in expertise that might be left when a current board member steps down. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. 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. Michael Ferrante and Connor Damon are consultants at FW Cook. Inspired, passionate leaders have the power to transform, Jeff says. The Company assumes no obligation to update or revise any forward-looking statements. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. 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. A corporation is a separate legal entity from its owners. Lead directors are also almost always provided with additional compensation, ranging from approximately $20,000 to $35,000 at the median across all size and sector groups. 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. 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. 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 . The information shown here is a reporting of information included in the company's proxy statement. He also served as a trustee on the board for University of St. Thomas and as a board member of the 3M Foundation in the past with particular focus on STEM (science, technology, engineering and math) education.. 224-1W-02 Mike became chairman of the board in May 2019 and chief executive officer in July 2018. Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing.