"Definitive Proxy Statement, Apple 2021. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. Mr. Pizarro served as president of SCE from 2014 to 2016. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. You must click the activation link in order to complete your subscription. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. This is a defining time for all companies and 3M is no different in that respect, Scott said. 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. Rogers adds, Board members are the representatives of the shareholders, and it is their fiduciary duty to oversee the affairs of the corporation, including overall performance and fiscal strength, and to serve as a consultant for managementparticularly with respect to the strategic and operational directives of the company.. I took some time to think about it because the emotions of the time were raw and real, Garfield said. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. 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. 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. The 3M board of directors is mostly composed of former CEOs. 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. 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. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> The estimated total pay for a Director at 3M is $346,118 per year. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. He is past-chair of the board of Big Brothers Big Sisters of America, past president of the Northern Star Council of the Boy Scouts of America and continues to serve on both boards as well as the board of Alight (formerly known as the American Refugee Committee). The new 2022 third edition of the survey contains over 1,200 responses, an increase of about 300 participants from the prior full version of the . The company is strengthening environmental stewardship with a $1 billion commitment to achieve carbon neutrality, reduce water use, improve water quality and reduce its use of plastics. 10 S. Dearborn St., 54th Floor. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. <> A. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. A non-executive director is a member of a company's board of directors who is not part of the executive team. 3M Investor Relations Department Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Retired, Chief Executive Officer of AT&T Business, an organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3 million business customers in more than 200 countries and territories around the world. 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. 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, . 3M CO Board Member Thomas | Salary.com Download required. Jeff Lavers is the group president of 3Ms Consumer Business Group. Mike became chairman of the board in May 2019 and chief executive officer in July 2018. He received his J.D., magna cum laude, from Northwestern University; and his B.A. The brands listed above are trademarks of 3M. Make sure your resume states what you will specifically bring to the table as a board member.. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. For him, that comes down to business/market analysis and team success. 1 0 obj Investopedia requires writers to use primary sources to support their work. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. 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. I feel blessed and give everything I have to leave 3M in a better place, every day.. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . 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). 123 0 obj <>stream Mr. Pizarro is a member of Edison International's Board of Directors. 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. 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. How Should Board of Directors' Compensation Be Handled? - Diligent c/o Abbott Corporate Secretary. 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. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. 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. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. Leadership is about connecting with and inspiring others to achieve their best, Mark 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). Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. 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. Get a free, personalized salary estimate based on today's job market. He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. The more qualifications you can bring to the table, the better. 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. I am starting to look elsewhere but I have great WFH life now. Outside of work, Peter enjoys hiking, reading, and supporting the Glasgow Celtic soccer club and serves on the boards of CP Kelco and the Jesuit School of Theology of Santa Clara University. 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. Birmingham Water Works Board files lawsuit against chemical Board of directors - Leadership and Governance - Exelon An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. 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. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. The average mix across the entire sample is 43% cash and 57% equity. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. Leadership is about serving more than yourself, he says. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. St. Paul, MN 55144-1000 From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. 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 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). 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. Michael Ferrante and Connor Damon are consultants at FW Cook. 3M News Center - Press Releases IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global Over the years, he has held various positions of increasing responsibility in corporate research and division labs. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Anne Chow and Pedro Pizarro elected to 3M Board of Directors At 3M, we promise to treat your data with respect and will not share your information with any third party. Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. In 2001, Mike returned to the U.S. as one of 3Ms first Six Sigma master black belts. Those two years, he says, are what really grounded him in company-wide priorities. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Its about supporting constant iteration, until a point you make yourself obsolete.. This post is based on their FW Cook memorandum. 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. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. 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. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. 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. He joined 3M in 1988 as a senior design engineer. 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. He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. Executive search firms can streamline the process since theyll know about available positions. 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. 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. 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. 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. 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. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. 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. 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. 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. Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. Chairman of the Board and Chief Executive Officer of 3M Company. If you experience any issues with this process, please contact us for further assistance. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Leonteq publishes agenda and proposal of the Board of Directors for the Board of Directors | Corporate Governance | Dow Investor Relations Similar to last year, 63% of companies provide additional compensation to committee members. Ms. Kereere is also a longtime champion for equity and inclusion in business and society. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. 3M CO Board Member Muhtar Kent | Salary.com As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. The Company assumes no obligation to update or revise any forward-looking statements. 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. PDF 3M Board of Directors Nominating and Governance Committee Charter Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. 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. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. Mr. Mr. Fitterling is also a passionate advocate for inclusion and diversity with a focus on diversifying Dows global talent, enhancing innovation and the customer experience, and strengthening relationships in the communities the company serves. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. "U.S. company directors compensated more than ever, but now risk backlash.". In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. Bldg. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. You will compete for board positions with people who have been extremely successful at a young age. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. 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. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. 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. 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 . He began his professional career as a senior research engineer in 3M laboratories in St. Paul. St. Paul, MN 55144-1000 He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. 3M CO Board Member Vance D. Coffman | Salary.com In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. 3M United States Investor Relations Governance Board of Directors Investor Relations IR Home About 3M Stock Information Financials Events & Presentations News Governance Resources Board of Directors Thomas K. Brown Retired Group Vice President, Global Purchasing, Ford Motor Company Anne H. Chow Retired Chief Executive Officer, AT&T Business 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. 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. 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 . 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