3m board of directors compensation

Mr. Pizarro served as president of SCE from 2014 to 2016. 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. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. You'll want to pursue networking both online and offline. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. You may also find the annual proxy statement by going directly to the company's website. In his spare time, he dedicates himself to being a loving husband and father and growing his family. I am extremely thankful for the company and leaders I work for at 3M, Eric says. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. Equity grants most commonly vest immediately, or cliff-vest after one year. The report recommended that companies start compensating board directors with cash and equity. He previously led the construction and home improvement business, and the companys corporate marketing and sales organization. Tel: (651) 737-6523 He holds a bachelors degree in Physics from University of Edinburgh and a masters degree in Business Administration from Strathclyde Business School in Glasgow, Scotland. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. Inside directors, who are mostly C-suite level executives, don't receive additional compensation. 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, Similar to last year, 63% of companies provide additional compensation to committee members. Investopedia requires writers to use primary sources to support their work. 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. 2 0 obj Three years later, he was tapped to lead 3M's corporate research lab. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. 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. 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. She earned a B.A. Three years later, he was tapped to lead 3Ms corporate research lab. The estimated base pay is $176,306 per year. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. "2020 Proxy Statement," Page 12. Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. 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. 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. Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. 6 yrs at my current company. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Get a free, personalized salary estimate based on today's job market. All proxy statements are public filings made available to the general public by the SEC. 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). He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. 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. 224-1W-02 Ms. Here are a couple of examples of what Fortune 500 companies pay their board members. 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. Jeff Lavers is the group president of 3Ms Consumer Business Group. I have been an Office Manager 21 yrs. 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.. The Company assumes no obligation to update or revise any forward-looking statements. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. Mike and his family enjoy a variety of physical fitness and outdoor activities. Most recently he served as CFO of GE Healthcare. 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. 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. Ms. Phone: 651-737-6501 or 800-3M-HELPS 3M Investor Relations Department Bldg. We also reference original research from other reputable publishers where appropriate. Ashish has a strong technical background and has authored 10 patents. 1 0 obj You can sign up for additional alert options at any time. 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. 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. This post is based on their FW Cook memorandum. %PDF-1.6 % He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. 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. Engage in conversations about Director pay with other professionals in the community. For example, audit committees have regular meetings before public filings, she says. You can sign up for additional alert options at any time. They also recommended doing away with pension and . Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. 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. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. 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. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. investorrelations@3M.com. 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. 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. 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. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? As a CTO, Ashish led the global 3M team of over 8,000 scientists and engineers. 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 . Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. Mr. Roman is on the board of the following organizations in addition to 3M: Abbott Laboratories, University of Minnesota Foundation Board of Trustees. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com Its about supporting constant iteration, until a point you make yourself obsolete.. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. Tel: (651) 737-6523 The Company assumes no obligation to update or revise any forward-looking statements. 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. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. 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. 123 0 obj <>stream 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. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). Could you fill that gap? 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.. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. He received his J.D., magna cum laude, from Northwestern University; and his B.A. Ashish serves as a member of the board of directors of Constellation and on the Deans advisory board for the College of Science and Engineering at the University of Minnesota. 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. 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. 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. 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. Chairman of the Board and Chief Executive Officer of 3M Company. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. 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.. 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. 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 Can we afford $1.3M home? He retired from Ford on August 1, 2013. 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 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. 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. He is a member of the Marketing Leadership Council and serves on several non-profit and community boards. "Few Hours, Soaring Pay for Corporate Board Members.". 3M(NYSE: MMM) believes science helps create a brighter world for everyone. 4 0 obj There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Additional pay could include bonus, stock, commission, profit sharing or tips. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. 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. 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 IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global The estimated total pay for a Director at 3M is $345,577 per year. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. Make sure you develop a board resume that positions you as qualified for the corporations board, says Rene Hornbaker, who currently serves on the boards of Eastman Chemical Company, The Freeman Company, and Tri Global Energy. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. A fiduciary is a person or organization that acts on behalf of a person or persons and is legally bound to act solely in their best interests. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. Help make it more accurate by adding yours. During his leadership, this business was transformed through a thorough portfolio prioritization and diversification in fast growth segments, becoming a strong contributor to the company results. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. hbbd``b`$fH0@= , VDtbc a`$2012| 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. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. The proxy statement also says the company isseekingexpertise in governance, strategy, development, and execution; people who understand financial, operational and strategic issues facing large retail companies; global or international business experience; technology and e-commerce experience; marketing, brand management or public relations experience; finance, accounting, or financial reporting experience; or regulatory or legal experience. You will compete for board positions with people who have been extremely successful at a young age. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. 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. 3M Investor Relations Department We believe that good corporate governance serves the long-term interests of stockholders, strengthens the Board and management, and further enhances the public trust 3M has earned from more than a century of operating with uncompromising integrity and doing business the right way. 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. 3 0 obj Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. The estimated base pay is $176,111 per year. Zoe is a chartered member of Chartered Institute of Personnel & Development. 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. 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. 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. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Dr. Moyo is a global economist and author who analyzes the macroeconomy and international affairs. Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. Average compensation in 2018 at those firms was $304,856, according to Reuters. 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). 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. 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. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Averages based on self-reported salaries. c/o Abbott Corporate Secretary. <> 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. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. 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. 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. endobj Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. It goes a lot higher from there. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. Sales Compensation Trends Revealed in New Survey. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. He enjoys pushing himself mentally and physically in a broad range of athletics. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. 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.