You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. For its 2021 fiscal year, 3M CO, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Lodestone Global. 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. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. 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. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Mr. Dillon began his retailing career at Dillon Companies, Inc. (later a subsidiary of The Kroger Co.) in 1976 and advanced through various management positions, including its President from 1986-1995. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. Kereere has over 20 years of experience in leading global . 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. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. 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. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. Hornbaker says attending committee meetings might be another responsibility. To address this data deficiency, Compensation Advisory Partners (CAP) and Family Business and Private Company Director magazines conducts our Private Company Board Compensation and Governance Survey. The median board retainer for large-cap companies increased slightly by $2,500 to $92,500 and remained flat at mid-cap and small-cap companies (at $75,000 and $60,000, respectively). Effective July 1, 2022, Jeff is also leading 3Ms Health Care Business Group on an interim basis. This compensation may impact how and where listings appear. The Board is mainly comprised of outside, independent directors. 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. Explore our Directors and their backgrounds. Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. He joined 3M in 1987 as a health care sales representative. 3M Investor Relations Department In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Rogers Corporation Board of Directors The report recommended that companies start compensating board directors with cash and equity. 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. My new VP is in the company less than 6m and in the position 3m. How Should Board of Directors' Compensation Be Handled? - Diligent 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. You must click the activation link in order to complete your subscription. I have been trying to get a review ever since and no one will say what is going on. 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. Can we afford $1.3M home? 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. The estimated additional pay is $170,007 per year. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. 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. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. CleanLink News. 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. Anne Chow and Pedro Pizarro elected to 3M Board of Directors 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 . A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. All proxy statements are public filings made available to the general public by the SEC. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. Mike became chairman of the board in May 2019 and chief executive officer in July 2018. That's actually a 5% increase from the year before. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. c/o Abbott Corporate Secretary. 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. 3M CO Executive Salaries & Other Compensation | Salary.com Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Outside of work he enjoys reading, following college sports and spending time with his family. 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. 3M CO Board Member Thomas | Salary.com The estimated total pay for a Director at 3M is $346,118 per year. 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. 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. Sales Compensation Trends Revealed in New Survey. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. 224-1W-02 It goes a lot higher from there. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Mike later became general manager of 3M Spain. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. 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 (subject to ratification by the independent directors of the Board) the compensation for I took some time to think about it because the emotions of the time were raw and real, Garfield said. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Under his leadership, the company has committed to providing much-needed innovation and resources to address key sustainability challenges such as plastic waste and climate change. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Birmingham Water Works Board files lawsuit against chemical Leadership is about serving more than yourself, he says. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. You may also find the annual proxy statement by going directly to the company's website. He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. 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. 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. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". Look for a gap in expertise that might be left when a current board member steps down. You must click the activation link in order to complete your subscription. 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. 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. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. 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. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. 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 received his J.D., magna cum laude, from Northwestern University; and his B.A. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. Three years later, he was tapped to lead 3M's corporate research lab. 3M CO Board Member Vance D. Coffman | Salary.com I am starting to look elsewhere but I have great WFH life now. 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. "The Types of Directors," Pages 1-2. 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. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. Jeff earned his bachelor of business administration degree in marketing and finance from the Robert O. Anderson School of Management at the University of New Mexico, Albuquerque. Make sure your resume states what you will specifically bring to the table as a board member.. Here are a couple of examples of what Fortune 500 companies pay their board members. 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 . To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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 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. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. 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. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. That's actually a 5% increase from the year before . The estimated additional pay is $169,271 per year. 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. "Private Company Board Compensation Survey. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. Abbott Laboratories, Dept 364, Bldg. 3M Expands Board of Directors - ISSA She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. 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, .