3m board of directors compensation

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. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. 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. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. He retired from Ford on August 1, 2013. endstream endobj startxref Mr. Dillon served as a Director of the Kroger Co. from 1995 through 2014. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. It claims that including the USW proposal would involve "significant time, cost and resource . St. Paul, MN 55144-1000 Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. I am starting to look elsewhere but I have great WFH life now. Help make it more accurate by adding yours. 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 am extremely thankful for the company and leaders I work for at 3M, Eric says. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. The estimated additional pay is $169,271 per year. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. Similar to last year, 63% of companies provide additional compensation to committee members. 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. <> Pedro brings skills and experience in leading large companies and driving strategic improvements, and a deep understanding of the power of materials science to improve the world. Executive search firms can streamline the process since theyll know about available positions. "Private Company Board Compensation Survey. Deloitte. St. Paul, MN 55144-1000 4 0 obj The information on this website, including any documents posted herein, contains a significant amount of information about 3M. endstream endobj 103 0 obj <. Mr. Anderson served without compensation as the President and Chief Executive Officer of Amtrak, an intercity passenger rail service provider, from July 2017 until his retirement on April 15, 2020. . A corporation is a separate legal entity from its owners. 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. 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. This report is not for commercial use. 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 estimated total pay for a Director at 3M is $346,118 per year. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. 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. ", Boston Globe. 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. 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. Effective July 1, 2022, Jeff is also leading 3Ms Health Care Business Group on an interim basis. Boards aren't entirely made up of retirees and people nearing the end of their careers. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. They also recommended doing away with pension and . 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. 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. 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. Its members include current board members, aspiring board members, and corporations looking to hire board members. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. 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. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. 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: the large-cap median increased 1.6% to $290,000, the mid-cap median increased 1.7% to $216,950, and the small-cap median increased 5.1% to $163,500. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. The estimated base pay is $176,306 per year. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. In this role, he leverages his many years of experience as both a technology and business leader. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. Monish joined 3M as senior vice president and chief financial officer in July 2020 and was drawn to the company for its history of innovation, ethics and global reach. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. To effectively drive growth, it is important to keep the customer at the center of everything we do. 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. The brands listed above are trademarks of 3M. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. Help make it more accurate by, Get started with your Free Employer Profile, average salary for a Director is $129,368 per year in United States, The Ultimate Job Interview Preparation Guide. 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. 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. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. 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. investorrelations@3M.com. 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. 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. This is a defining time for all companies and 3M is no different in that respect, Scott said. Inspired, passionate leaders have the power to transform, Jeff says. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. 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. Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. 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 . Abbott Laboratories, Dept 364, Bldg. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. Averages based on self-reported salaries. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). 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. As a CTO, Ashish led the global 3M team of over 8,000 scientists and engineers. 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. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. %PDF-1.7 He joined 3M in 1988 as a senior design engineer. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Lodestone Global. Mr. Pizarro is a member of Edison International's Board of Directors. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. Mr. Pizarro served as president of SCE from 2014 to 2016. Zoe has been the architect of 3Ms talent and organization effectiveness strategies, and a passionate advocate for embedding diversity, equity and inclusion across the company. If you experience any issues with this process, please contact us for further assistance. You can learn more about the standards we follow in producing accurate, unbiased content in our. 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. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. 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. 6 yrs at my current company. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. The report recommended that companies start compensating board directors with cash and equity. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. Your strategy to get noticed and be considered for board membership should be similar to the strategy it takes to secure any high-level position. Anne Chow and Pedro Pizarro elected to 3M Board of Directors, Caution Concerning Forward-Looking Statements, https://www.prnewswire.com/news-releases/anne-chow-and-pedro-pizarro-elected-to-3m-board-of-directors-301741429.html, SDS, RDS, More Regulatory & Compliance Information. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. 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. 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. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. You must click the activation link in order to complete your subscription. stream St. Paul, MN 55144-1000 In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. 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. Learn how this feature works. 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. 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. She has been married more than 20 years, with two teenage kids. 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