Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. 3 0 obj You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. 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. Sales Compensation Trends Revealed in New Survey. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. 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. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. Ms. 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. 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. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. 4 0 obj They also recommended doing away with pension and . 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 . Bldg. 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. That's a 43% increase over 10 years. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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. Mike became chairman of the board in May 2019 and chief executive officer in July 2018. After submitting your request, you will receive an activation email to the requested email address. 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 224-1W-02 Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. Download required. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. 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 . She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. She served as the CEO of AT&T Business from 2019 to 2022 after having served in various executive leadership positions at AT&T since 2000. 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. The Board is mainly comprised of outside, independent directors. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. For example, audit committees have regular meetings before public filings, she says. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. 3M has added Suzan Kereere to its board of directors. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. 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. Mr. Brown served in various leadership capacities in global purchasing since joining Ford 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. 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. 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 . c/o Abbott Corporate Secretary. He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. I am extremely thankful for the company and leaders I work for at 3M, Eric says. Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. stream investorrelations@3M.com. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. 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. Its about supporting constant iteration, until a point you make yourself obsolete.. 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. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. Personal health and fitness are his passion. 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. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. 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. In his spare time, he dedicates himself to being a loving husband and father and growing his family. %PDF-1.7 That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. You can sign up for additional alert options at any time. Zoe is a chartered member of Chartered Institute of Personnel & Development. Get a free, personalized salary estimate based on today's job market. 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. 224-1W-02 The information shown here is a reporting of information included in the company's proxy statement. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. Three years later, he was tapped to lead 3M's corporate research lab. Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. Investopedia does not include all offers available in the marketplace. Every day her team is focused on attracting, supporting, and developing talent, and ensuring 3M is a place where everyone belongs, learns, innovates and thrives. 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. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. 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. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. 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. U.S. Securities and Exchange Commission. Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. 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. The more qualifications you can bring to the table, the better. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. in Economics from Instituto Tecnolgico Autnomo de Mexico, a Masters in Economics for Development from Oxford University in the United Kingdom, and an MBA from Universit Libre de Bruxelles in Belgium. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. 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. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. 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 . Opening up lines of communication to a second- or even third-degree connection could lead to an excellent fit for the board position you seek. 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.". How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? After submitting your request, you will receive an activation email to the requested email address. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. 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 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. 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. 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. You'll want to pursue networking both online and offline. 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. Lead, Columbia University's SIPA Tech & Policy Initiative; . 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. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. He was assigned to lead 3Ms $5.5B Electronics & Energy Business Group in July 2017. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Tel: (651) 737-6523 ", Veritas. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. He was a senior research chemist in the Visual Systems Division before joining 3M Italy as a product development engineer. 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. This compensation may impact how and where listings appear. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. Leadership is about serving more than yourself, he says. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. 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. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. A. endobj 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. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. 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. Most recently he served as CFO of GE Healthcare. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. 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. Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. Here are a couple of examples of what Fortune 500 companies pay their board members. CleanLink News. After submitting your request, you will receive an activation email to the requested email address. If you experience any issues with this process, please contact us for further assistance. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. Kereere has over 20 years of experience in leading global . 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. Lodestone Global. At 3M, we promise to treat your data with respect and will not share your information with any third party. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. He can also be found running, antiquing, reading science fiction and spending time with his family. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> Averages based on self-reported salaries. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. The Company assumes no obligation to update or revise any forward-looking statements. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. This report is not for commercial use. The companys 96,000 employees are united by a common purpose: unlocking the value of people, science, and ideas to re-imagine what is possible. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. Page served as Executive Director of Cargill from 2015 to 2016, Executive Chairman from 2013 to 2015, Chief Executive Officer from 2007 to 2013, and President from 2000 to 2007. I am starting to look elsewhere but I have great WFH life now. He joined 3M in 1987 as a health care sales representative. 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. Retired Chairman of the Board and Chief Executive Officer, Cargill, Chairman of the Board and Chief Executive Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. In this role, he leverages his many years of experience as both a technology and business leader. The charts on this page feature a breakdown of the total annual pay for the top executives at 3M CO as reported in their proxy statements. You will compete for board positions with people who have been extremely successful at a young age. The Company assumes no obligation to update or revise any forward-looking statements. 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 . Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. 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 . Outside directors who hold certain board positions receive an additional annual retainer:$35,000 for the lead independent director; $25,000 for audit committee members and for compensation, nominating, and governance committee members; and $20,000 for strategic planning and finance committee chairs and for technology and eCommerce committee chairs. You can learn more about the standards we follow in producing accurate, unbiased content in our. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. 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. Mr. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. These descriptions are fairly generic. 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. 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. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. This is a defining time for all companies and 3M is no different in that respect, Scott said. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. endstream endobj startxref 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. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company.
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