Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. Mr. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. That's actually a 5% increase from the year before. Retired, Chief Executive Officer of AT&T Business, an organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3 million business customers in more than 200 countries and territories around the world. Mr. Dillon served as a Director of the Kroger Co. from 1995 through 2014. %PDF-1.6 % 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. He joined 3M in 1987 as a health care sales representative. 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. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. He is past-chair of the board of Big Brothers Big Sisters of America, past president of the Northern Star Council of the Boy Scouts of America and continues to serve on both boards as well as the board of Alight (formerly known as the American Refugee Committee). Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. Tel: (651) 737-6523 <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> Executive search firms can streamline the process since theyll know about available positions. Tel: (651) 737-6523 IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 3M Expands Board of Directors February 14, 2022. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. 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. I am extremely thankful for the company and leaders I work for at 3M, Eric says. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. 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. Another example would be compensation meetings to discuss compensation plans and awards.. 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 . In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. 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. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. The estimated additional pay is $170,007 per year. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Engage in conversations about Director pay with other professionals in the community. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. 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. AP6D. You must click the activation link in order to complete your subscription. I am starting to look elsewhere but I have great WFH life now. 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. Chairman of the Board and Chief Executive Officer of 3M Company. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. 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. You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. Most recently he served as CFO of GE Healthcare. It regularly meets in executive session, without the presence of Rogers' management. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. Ferguson & Co, a former KPMG affiliate. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. If you experience any issues with this process, please contact us for further assistance. Get a free, personalized salary estimate based on today's job market. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. 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. ", Reuters. Outside of work he enjoys reading, following college sports and spending time with his family. Only outside directors get compensation specifically for serving on the board. He enjoys pushing himself mentally and physically in a broad range of athletics. At 3M, we promise to treat your data with respect and will not share your information with any third party. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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 . Three years later, he was tapped to lead 3M's corporate research lab. "2020 Proxy Statement," Page 12. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. Boards aren't entirely made up of retirees and people nearing the end of their careers. If the company wasnt serious about action, then I wouldnt be the right candidate., Listening to our communities: The diverse voices and perspectives of 3M's Community Coalition, During his 33-year tenure at 3M, Global Diversity and Inclusion Strategist Scott Morris has never been more excited to be a part of a company and movement that is helping affect peoples lives. Chicago, IL 60603. The report recommended that companies start compensating board directors with cash and equity. 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. Leadership is about serving more than yourself, he says. During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. Make sure your resume states what you will specifically bring to the table as a board member.. 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. Abbott Laboratories, Dept 364, Bldg. 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%). 0 3M has added Suzan Kereere to its board of directors. I have been an Office Manager 21 yrs. Here are a couple of examples of what Fortune 500 companies pay their board members. Bldg. 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, The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. Apples non-employee directors each receive approximately $250,000 worth of restricted stock units per year, which are granted at the annual shareholder meeting and vest on Feb. 1 of the following year. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. 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 . Inspired, passionate leaders have the power to transform, Jeff says. The Board is mainly comprised of outside, independent directors. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. News & Views 2/17/2022 3M Adds To Board Of Directors. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. She is also actively involved in charitable organizations, focused on education and on the advancement of women in business, including The Womens Forum of New York, New York University Stern School of Business, Junior Achievement of New Jersey, and is a board member for Smith College Trustees. Mr. Pizarro served as president of SCE from 2014 to 2016. He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. Deloitte. 3M Investor Relations Department 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. investorrelations@3M.com. 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. 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. Mike and his family enjoy a variety of physical fitness and outdoor activities. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Additional pay could include bonus, stock, commission, profit sharing or tips. That's a 43% increase over 10 years. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. 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. I was offered a promotion & salary increase (66k to 96k) in Dec but then in Jan the company fired my country VP who made the offer. Throughout her life and career, Karina has lived and worked around the world. 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. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. About3M Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. U.S. Securities and Exchange Commission. 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 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. Three years later, he was tapped to lead 3Ms corporate research lab. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Of this total $155,000 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 was awarded as stock and $917 came from other . Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. 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. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. For nine straight years, 3M has been recognized by Ethisphere as one of the Worlds Most Ethical Companies. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Retired Chairman and Chief Executive Officer of Cargill. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. Can we afford $1.3M home? Ms. Kereere is also a longtime champion for equity and inclusion in business and society. This compensation may impact how and where listings appear. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. 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. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. I feel blessed and give everything I have to leave 3M in a better place, every day.. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". To effectively drive growth, it is important to keep the customer at the center of everything we do. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 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. 1 0 obj In his 35-year career with the company, he has played a key role in its transformation, from lower-margin, commodity businesses to one more deeply focused on higher-growth consumer demand-driven markets that value innovation. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. 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. The estimated total pay for a Director at 3M is $346,118 per year. Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews.
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