3m board of directors compensation 3m board of directors compensation

3M (NYSE: MMM) believes science helps create a brighter world for everyone. 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%). Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. 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). investorrelations@3M.com. Walmart. 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. Bldg. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. St. Paul, MN 55144-1000 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. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. 3 0 obj Corporate boards are made up of highly successful executive outsiders. A non-executive director is a member of a company's board of directors who is not part of the executive team. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. "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.". ", Reuters. 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. In his spare time, he dedicates himself to being a loving husband and father and growing his family. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. He leads a global Legal Affairs team that helps guide business opportunities, address enterprise risks, protect intellectual property, shape the development of law and policy, and strengthen compliance and security. He joined 3M in 1988 as a senior design engineer. I am starting to look elsewhere but I have great WFH life now. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. hbbd``b`$fH0@= , VDtbc a`$2012| The brands listed above are trademarks of 3M. Zoe is a chartered member of Chartered Institute of Personnel & Development. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. 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. 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. Ms. 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. Mr. 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. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. 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. 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. He was assigned to lead 3Ms $5.5B Electronics & Energy Business Group in July 2017. <> Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. 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. Definition, What's In It, and Voting, Non-Executive Director Role and Responsibilities Defined, Fiduciary Definition: Examples and Why They Are Important, Private Company Board Compensation Survey. The median board retainer for large-cap companies increased slightly by $2,500 to $92,500 and remained flat at mid-cap and small-cap companies (at $75,000 and $60,000, respectively). The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. This is a defining time for all companies and 3M is no different in that respect, Scott said. Michael Ferrante and Connor Damon are consultants at FW Cook. After submitting your request, you will receive an activation email to the requested email address. %PDF-1.6 % Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. You can learn more about the standards we follow in producing accurate, unbiased content in our. Lead, Columbia University's SIPA Tech & Policy Initiative; . Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. 10 S. Dearborn St., 54th Floor. Our household income is $240k and have $400k for down payment after selling all stocks. 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 . 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. If you experience any issues with this process, please contact us for further assistance. Mr. Dillon began his retailing career at Dillon Companies, Inc. (later a subsidiary of The Kroger Co.) in 1976 and advanced through various management positions, including its President from 1986-1995. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. 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 served as president of SCE from 2014 to 2016. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. The Company assumes no obligation to update or revise any forward-looking statements. As a board member, your responsibilities would typically include preparing for and attending board meetings, and reviewing company filings and materials, she says, as well as advising management on a wide range of matters, including succession, strategy, compensation, and acquisitions. The board chair receives an additional $200,000; the audit committee chair receives an additional $35,000; the compensation committee chair receives an additional $30,000, and the nominating committee chair receives an additional $25,000. Mike serves as a member of the board of directors of The Toro Company and is a former trustee of the Science Museum of Minnesota. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. "U.S. company directors compensated more than ever, but now risk backlash.". To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. The estimated base pay is $176,111 per year. Similar to last year, 63% of companies provide additional compensation to committee members. IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 224-1W-02 Equity grants most commonly vest immediately, or cliff-vest after one year. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. Mark Murphy has more than two decades of experience developing and leading global technology organizations across multiple industries including healthcare, medical device, retail and financial services. "2020 Proxy Statement," Page 12. The Board is mainly comprised of outside, independent directors. Peter Gibbons joined 3M in November 2021 as group president of Enterprise Operations, which brings together manufacturing, supply chain and customer operations, and is focused on optimizing the customer experience through end-to-end aligned and agile operations. 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. The Company assumes no obligation to update or revise any forward-looking statements. 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. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. 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. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. Its about supporting constant iteration, until a point you make yourself obsolete.. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. What Is the Salary of the Federal Reserve Chair? Ms. I feel blessed and give everything I have to leave 3M in a better place, every day.. He then led Research & Development for the formerly Industrial Business Group initially in Asia Pacific and later globally. For him, that comes down to business/market analysis and team success. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). 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. If youre interested in pursuing a board seat, heres what you need to know about what boards are looking for, how to get noticed, and what to expect as compensation. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. 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. 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. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. You can sign up for additional alert options at any time. The estimated total pay for a Director at 3M is $345,577 per year. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. 0 Incorporation is the legal process by which a business entity is formed. endstream endobj 103 0 obj <. Companies in all size segments continue to provide more than half of total pay in equity, on average, with equity weighting generally increasing with company size. In 2016, John moved to West Europe to serve as managing director of 3Ms D-A-CH region, which represents the companys combined operations in Germany, Austria and Switzerland. 3M is not only a world leader in innovation but was built on a foundation of strong ethics, customer centricity, a global mindset and a deep and diverse team, says Monish. 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. 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. Chicago, IL 60603. Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. Can we afford $1.3M home? Non-employee directors also receive an annual cash retainer of $100,000.