3m board of directors compensation

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. After submitting your request, you will receive an activation email to the requested email address. 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. 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. St. Paul, MN 55144-1000 He joined 3M in 1988 as a senior design engineer. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. 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 . Mike Vale leads 3Ms Safety & Industrial Business Group, which includes personal safety, adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. You must click the activation link in order to complete your subscription. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. The Board is mainly comprised of outside, independent directors. Mike and his family enjoy a variety of physical fitness and outdoor activities. Ashish is a trained Chemical Engineer, with a bachelors degree from Indian Institute of Technology, Delhi, and a Ph.D. from the University of Minnesota. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. 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. Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. If you experience any issues with this process, please contact us for further assistance. 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. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. 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. Aside from the financial compensation, your reward will be having substantial input into major decisions made by the company, such as executive hires, policies on dividends and stock options, and executive payall while representing the best interests of management and shareholders. The information shown here is a reporting of information included in the company's proxy statement. I have been an Office Manager 21 yrs. Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. 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. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. Mr. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. You can sign up for additional alert options at any time. Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. That's a 43% increase over 10 years. 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. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. The Company assumes no obligation to update or revise any forward-looking statements. As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. She also has a long track record of community leadership involvement in strategic board and advisory work focused on driving success at the intersection of people, culture, and technology. He was appointed to the Board of Directors in October 2009, and became Chief Executive Officer of Textron in December 2009 and Chairman of the . I am extremely thankful for the company and leaders I work for at 3M, Eric says. 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. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. At 3M, we promise to treat your data with respect and will not share your information with any third party. 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. You can sign up for additional alert options at any time. Lodestone Global. 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. 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. For example, some of the qualities Wal-Mart says its looking for in board members include:"outstanding achievement in their professional careers; broad experience and wisdom; personal and professional integrity; ability to make independent, analytical inquiries; experience with and understanding of the business environment; willingness and ability to devote adequate time to Board duties.". 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. Bldg. endstream endobj 103 0 obj <. 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. 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. 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. ST. PAUL, Minn., Feb. 8, 2023 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Anne H. Chow, retired chief executive officer of AT&T Business, and Pedro J. Pizarro, president and chief. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. Finally, make sure you are networking and letting people know what boards you are suitable for, while also leveraging contacts you might have with the companies that you might be interested in, Hornbaker says. From May 2005 through January 2006, he was President and Chief Operating Officer of The Coca-Cola Companys North Asia, Eurasia and Middle East Group. 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. 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. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. If you experience any issues with this process, please contact us for further assistance. We also reference original research from other reputable publishers where appropriate. 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 . Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). 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. CleanLink News. Thorough reviews have been conducted to assure this data accurately reflects disclosures. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? 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 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. She earned a B.A. The brands listed above are trademarks of 3M. Ms. Chow also has a long track record of community leadership involvement in strategic board and advisory work focused on driving success at the intersection of people, culture, and technology. The Birmingham Water Works Board (BWWB) is taking multiple chemical companies to federal court in South Carolina, accusing them of contaminating Birmingham's drinking water supply - which was . He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. To effectively drive growth, it is important to keep the customer at the center of everything we do. Personal health and fitness are his passion. 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. 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 . 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. 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. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. [email protected]. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. 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%). During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. Explore our Directors and their backgrounds. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. This report is not for commercial use. 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). To find out what any publicly held company pays its board members, read the companys annual proxystatement, available from its corporate website or the Securities and Exchange Commission website. You must click the activation link in order to complete your subscription. Learn how this feature works. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. Most recently he served as CFO of GE Healthcare. 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. I took some time to think about it because the emotions of the time were raw and real, Garfield said. 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, These descriptions are fairly generic. 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. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. 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. 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. 10 S. Dearborn St., 54th Floor. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Ferguson & Co, a former KPMG affiliate. Make sure your resume states what you will specifically bring to the table as a board member.. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 6 yrs at my current company. The more qualifications you can bring to the table, the better. 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. U.S. Securities and Exchange Commission. Download required. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. ST. PAUL, Minn., Feb. 8, 2023 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Anne H. Chow, retired chief executive officer of AT&T 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. "2020 Proxy Statement," Page 12. 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. "The Types of Directors," Pages 1-2. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. 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. 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. 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 . Investopedia does not include all offers available in the marketplace. This is a defining time for all companies and 3M is no different in that respect, Scott said. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. I am starting to look elsewhere but I have great WFH life now. Zoe is a chartered member of Chartered Institute of Personnel & Development. 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. 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 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. Exelon Corporation. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021.