In connection with Ms. Kereere's election, the Board of Directors . Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). 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 median annual retainer is $30,000, up from $28,000 in 2020. Average compensation in 2018 at those firms was $304,856, according to Reuters. Investopedia requires writers to use primary sources to support their work. "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. To effectively drive growth, it is important to keep the customer at the center of everything we do. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. 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. 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. Inside directors, who are mostly C-suite level executives, don't receive additional compensation. 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. Know Your Worth. 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. 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. 102 0 obj <> endobj He retired from Ford on August 1, 2013. At 3M, we promise to treat your data with respect and will not share your information with any third party. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. 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. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. 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. Its members include current board members, aspiring board members, and corporations looking to hire board members. 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. In 2008, he became Ford's Group Vice President, Global Purchasing, with responsibility for approximately $90 billion of production and non-production procurement for Ford operations worldwide. %%EOF To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 3M shareholders today elected 11 directors for one-year terms that expire at the company's 2021 Annual Meeting: Thomas "Tony" K. Brown, retired group vice president, Global Purchasing, Ford Motor Company Pamela J. Craig, retired chief financial officer, Accenture plc David B. Dillon, retired chairman of the board and CEO, The Kroger Co. After submitting your request, you will receive an activation email to the requested email address. hbbd``b`$fH0@= , VDtbc a`$2012| 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. That's actually a 5% increase from the year before. "2020 Proxy Statement," Page 12. 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 For him, that comes down to business/market analysis and team success. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. periodically receive reports on the status of Board compensation in relation to other large U.S. companies and is responsible for recommending to . For nine straight years, 3M has been recognized by Ethisphere as one of the Worlds Most Ethical Companies. The brands listed above are trademarks of 3M. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. "Private Company Board Compensation Survey. 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 Company assumes no obligation to update or revise any forward-looking statements. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. Tel: (651) 737-6523 He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. Mr. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. from Grinnell College. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. 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. 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. The Board is mainly comprised of outside, independent directors. You must click the activation link in order to complete your subscription. Incorporation is the legal process by which a business entity is formed. She is deeply involved in the companys operations, as well as the strategy development and overall execution of the companys successful acquisitions of LinkedIn and GitHub. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. The brands listed above are trademarks of 3M. 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. 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. Really nervous. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers 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. endobj "The Types of Directors," Pages 1-2. 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. 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. That's actually a 5% increase from the year before . 3Ms purpose drives its performance, and the company is advancing four strategic priorities to support long-term value creation: Portfolio Management, Transforming the 3M Operating Model, Growth through Innovation, and People and Culture. endobj Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. 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). Make sure your resume states what you will specifically bring to the table as a board member.. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. You must click the activation link in order to complete your subscription. 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. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. The information shown here is a reporting of information included in the company's proxy statement. 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. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. You can sign up for additional alert options at any time. 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. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. 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 . "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.". 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. This post is based on their FW Cook memorandum. For example, audit committees have regular meetings before public filings, she says. 224-1W-02 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. Non-executive board chairs are almost always provided additional compensation for the role, with the median ranging from $72,500 at small-cap companies to $175,000 at large-cap companies. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. <> 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. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. 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. Investopedia does not include all offers available in the marketplace. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. 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, ST. PAUL, Minn., Feb. 9, 2022 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Suzan Kereere, Head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective February 10, 2022.In connection with Ms. Kereere's election, the Board of Directors increased its size from 12 to 13 members. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. The estimated total pay for a Director at 3M is $346,118 per year. He enjoys pushing himself mentally and physically in a broad range of athletics. 6 yrs at my current company. 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. 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. 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. 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.". "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. This compensation may impact how and where listings appear. 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Chicago, IL 60603. 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. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. Here are a couple of examples of what Fortune 500 companies pay their board members. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. Outside of work he enjoys reading, following college sports and spending time with his family. 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. 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. 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. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. Hornbaker says attending committee meetings might be another responsibility. 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. @,s30_j0 \ Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. 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 . 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. Throughout her career she has led successful transformation, sales and customer initiatives at Fortune 100 companies across global business lines and regional high-growth start-ups. 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. She earned a B.A. 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. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. The report is complemented by an online dashboard, which enables users to delve into the most recent corporate disclosures by Russell 3000 companies and review individual elements of compensation packages, supplemental compensations for committee service . Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. I have been an Office Manager 21 yrs. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. 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. 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 Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Mr. Roman is on the board of the following organizations in addition to 3M: Abbott Laboratories, University of Minnesota Foundation Board of Trustees. U.S. Securities and Exchange Commission. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Mike Roman is chairman of the board and chief executive officer of 3M, a $35 billion science and manufacturing company that improves lives around the world. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. This report is not for commercial use. Learn how this feature works. Personal health and fitness are his passion. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. 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. 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. 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. These include white papers, government data, original reporting, and interviews with industry experts. 4 0 obj Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. stream Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. What Is the Salary of the Federal Reserve Chair? Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. Equity grants most commonly vest immediately, or cliff-vest after one year. The brands listed above are trademarks of 3M. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ The average mix across the entire sample is 43% cash and 57% equity. According to the company's 2021 proxystatement, Walmarts compensation program for outside directors offers base compensation of a $175,000 annual stock grant and a $100,000 annual retainer. Retired Chairman and Chief Executive Officer of Cargill. 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. 3M has added Suzan Kereere to its board of directors. 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. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. 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. 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 . Bldg. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. A non-executive director is a member of a company's board of directors who is not part of the executive team. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. Tel: (651) 737-6523 You will compete for board positions with people who have been extremely successful at a young age. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. 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. The more qualifications you can bring to the table, the better. 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. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. 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. Using 46 technology platforms, our integrated team of scientists and researchers.css-epvm6{white-space:nowrap;} More, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. Another example would be compensation meetings to discuss compensation plans and awards.. 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. You must click the activation link in order to complete your subscription. These descriptions are fairly generic. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 1 0 obj Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. 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 approves the compensation for the CEO and other senior executives, . How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? 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.
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