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. 03.03.2023 - Leonteq AG / Key word(s): AGMEGM Press release: Leonteq publishes agenda and proposal of the Board of Directors for the Annual General Meeting 2023 03.03.2023 / 07:00 CET/CEST PRESS . At 3M, we promise to treat your data with respect and will not share your information with any third party. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. 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. ", Boston Globe. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). 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. A corporation is a separate legal entity from its owners. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? The Board is mainly comprised of outside, independent directors. 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. 3M Investor Relations Department Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. St. Paul, MN 55144-1000 You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. % The brands listed above are trademarks of 3M. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. 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. 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. 123 0 obj <>stream 6 yrs at my current company. This is an opportunity for us to shape what were going to be for the next 100 years., We need to act with purpose: One 3Mer's passion is shaping 3M's approach to addressing equity in STEM, Averages based on self-reported salaries. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. "Definitive Proxy Statement, Apple 2021. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. PDF The Board of Directors (the "Board") of 3M Company ("3M" or the He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. At 3M, we promise to treat your data with respect and will not share your information with any third party. 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. You can learn more about the standards we follow in producing accurate, unbiased content in our. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. Inspired, passionate leaders have the power to transform, Jeff says. These include white papers, government data, original reporting, and interviews with industry experts. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. For him, that comes down to business/market analysis and team success. 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). 3M CO Board Member Muhtar Kent | Salary.com They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. He enjoys pushing himself mentally and physically in a broad range of athletics. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. All proxy statements are public filings made available to the general public by the SEC. Ms. During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. For its 2021 fiscal year, 3M CO, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). This is a defining time for all companies and 3M is no different in that respect, Scott said. 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. Mr. Dillon served as a Director of the Kroger Co. from 1995 through 2014. 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. Look for a gap in expertise that might be left when a current board member steps down. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. 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. 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. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? The Company assumes no obligation to update or revise any forward-looking statements. He was a senior research chemist in the Visual Systems Division before joining 3M Italy as a product development engineer. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. 2020 Director Compensation Report - The Harvard Law School Forum on I am starting to look elsewhere but I have great WFH life now. 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Leadership is about serving more than yourself, he says. That's actually a 5% increase from the year before. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. 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. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. 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 . In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. "3M is a globally diverse company in so many dimensions," Ashish says. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 3M has increased its dividend for 64 straight years. Kereere has over 20 years of experience in leading global . You may communicate with the board of directors by writing a letter to the chairman of the board, to the chairman of the nominations and governance committee, who acts as the lead director at the meetings of the independent directors, or to the independent directors. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. 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. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). The brands listed above are trademarks of 3M. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. The estimated base pay is $176,111 per year. 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. investorrelations@3M.com. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. Head of Global Business Solutions, Fiserv, Inc. Non-employee directors also receive an annual cash retainer of $100,000. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. With more than 25 years of extensive experience leading the financial operations of industrial and healthcare businesses, Monish Patolawala, 3Ms executive vice president and chief financial and transformation officer, understands what it takes to drive profitable growth in an ever-changing environment. 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. Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. After submitting your request, you will receive an activation email to the requested email address. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. 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. Mr. Pizarro is a member of Edison International's Board of Directors. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. 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. 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. Boards aren't entirely made up of retirees and people nearing the end of their careers. Sales Compensation Trends Revealed in New Survey. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. Could you fill that gap? It operates through the following segments: Safety and Industrial,. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 3M CO Board Member Vance D. Coffman | Salary.com Engage in conversations about Director pay with other professionals in the community. 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. The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. from Grinnell College. Home to some of 3Ms most iconic brands, this business serves global consumers and consists of construction and home improvement, stationery and office supplies, home care, and consumer health care. @,s30_j0 \ stream 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. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. So what does he do when hes not in the office? 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. 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. After submitting your request, you will receive an activation email to the requested email address. 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, 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. He joined 3M in 1988 as a senior design engineer. What Is the Salary of the Federal Reserve Chair? For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. 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. 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. It regularly meets in executive session, without the presence of Rogers' management. Retired Group Vice President, Global Purchasing, Ford Motor Company, Retired Chief Executive Officer, AT&T Business, Retired Chief Financial Officer, Accenture. 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. You must click the activation link in order to complete your subscription. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. He retired from Ford on August 1, 2013. Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. Exelon Corporation. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. 3M Director Salaries | Glassdoor 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 $917 came from other . Director Compensation - The Conference Board This compensation may impact how and where listings appear. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. He retired as Chairman of the Board and Chief Executive Officer at the end of 2007 but remained as a director of UPS until December 31, 2014. Know Your Worth. Three years later, he was tapped to lead 3M's corporate research lab. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. Download required. endobj He leads a team that, among other things, helps to keep the world connected by improving efficiency in electronic devices and data centers, enables e-mobility, and advances transportation and its safety. Mr. Additional pay could include bonus, stock, commission, profit sharing or tips. Investopedia does not include all offers available in the marketplace. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. Kevin and his wife Melinda have three adult children. "2020 Proxy Statement," Page 12. hbbd``b`$fH0@= , VDtbc a`$2012| St. Paul, MN 55144-1000 ", Veritas. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. The average mix across the entire sample is 43% cash and 57% equity. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. 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. 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. 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. Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. Averages based on self-reported salaries. 3M Expands Board of Directors February 14, 2022. 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. Zoe is a chartered member of Chartered Institute of Personnel & Development. "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.". He joined 3M in 1987 as a health care sales representative. "Few Hours, Soaring Pay for Corporate Board Members.". The 2022 Private Company Board Compensation Survey Mike later became general manager of 3M Spain. 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. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. The estimated additional pay is $170,007 per year. Most companies continue to use fixed-value equity award guidelines, with full-value stock awards remaining the most common form of equity compensation and providing the most consistent means to align director pay with shareholder interests. The information shown here is a reporting of information included in the company's proxy statement. Unsurprisingly, the board disagrees with the USW proposal. Mr. Pizarro served as president of SCE from 2014 to 2016. 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. Learn how this feature works. 3M CO Board Member Thomas | Salary.com Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. 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.