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The estimated additional pay is $170,007 per year. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Mike serves as a member of the board of directors of The Toro Company and is a former trustee of the Science Museum of Minnesota. He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. He retired as Chairman of the Board and Chief Executive Officer at the end of 2007 but remained as a director of UPS until December 31, 2014. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. She is also actively involved in charitable organizations, focused on education and on the advancement of women in business, including The Womens Forum of New York, New York University Stern School of Business, Junior Achievement of New Jersey, and is a board member for Smith College Trustees. 6 yrs at my current company. Under Mikes leadership, 3M has also helped lead the worlds response to COVID-19, which includes distributing more than 4 billion respirators to protect nurses, doctors and first responders. If youre interested in pursuing a board seat, heres what you need to know about what boards are looking for, how to get noticed, and what to expect as compensation. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. You'll want to pursue networking both online and offline. Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. For him, that comes down to business/market analysis and team success. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O
>vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. 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. I feel blessed and give everything I have to leave 3M in a better place, every day.. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Mr. Roman is on the board of the following organizations in addition to 3M: Abbott Laboratories, University of Minnesota Foundation Board of Trustees. 3 0 obj
Board of Directors: What It Is, What Its Role Is, Incorporation: Definition, How It Works, and Advantages, Audit Committee: Definition, How They're Used, and Purpose, What Is a Proxy Statement? Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Hornbaker says attending committee meetings might be another responsibility. 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. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. What Is the Salary of the Federal Reserve Chair? In 2016, John moved to West Europe to serve as managing director of 3M's D-A-CH region, which represents the company's combined operations in . For example, audit committees have regular meetings before public filings, she says. She currently serves as Lead Director on the Board of Directors for FranklinCovey and as Adjunct Professor of Executive Education at the Kellogg School of Management, Northwestern University. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. Sales Compensation Trends Revealed in New Survey. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. Abbott Laboratories, Dept 364, Bldg. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. CleanLink News. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. A director elected to the Board after the beginning of a Plan Year may elect, by written notice to 3M within 30 days after such director's term begins, to participate in the Compensation alternatives for the remainder of that Plan Year, and election for succeeding years shall be on the same basis as for other directors. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. We believe that good corporate governance serves the long-term interests of stockholders, strengthens the Board and management, and further enhances the public trust 3M has earned from more than a century of operating with uncompromising integrity and doing business the right way. 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. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. 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. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. Mr. Dillon served as a Director of the Kroger Co. from 1995 through 2014. The Technology and Industrials sectors have the highest prevalence of stock options at 18% and 10% prevalence, respectively, granted in isolation or in tandem with full-value stock awards. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. 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. After submitting your request, you will receive an activation email to the requested email address. Ms. Kereere is also a longtime champion for equity and inclusion in business and society. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. Private company board compensation programs have two common cash components: An annual retainer (the amount paid to each eligible director on an annual or quarterly basis for board service) is offered by 71% of private companies surveyed. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. 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 . %
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. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. 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 . 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. You can sign up for additional alert options at any time. Mike and his family enjoy a variety of physical fitness and outdoor activities. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. I was offered a promotion & salary increase (66k to 96k) in Dec but then in Jan the company fired my country VP who made the offer. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. VUL^07d=xy2
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Hs00 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. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. 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. Get a free, personalized salary estimate based on today's job market. The information shown here is a reporting of information included in the company's proxy statement. Leadership is about serving more than yourself, he says. If you experience any issues with this process, please contact us for further assistance. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ Its that excitement, mixed with his incredible passion and leadership, that has led to some of 3Ms biggest equitable actions in the past year. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. 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. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Ms. Mr. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Bldg. The offers that appear in this table are from partnerships from which Investopedia receives compensation. A fiduciary is a person or organization that acts on behalf of a person or persons and is legally bound to act solely in their best interests. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. stream
That's a 43% increase over 10 years. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. 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. investorrelations@3M.com. The median annual retainer is $30,000, up from $28,000 in 2020. endobj
So what does he do when hes not in the office? You can sign up for additional alert options at any time. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. 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 . In recent years, companies have also begun to seek ethnic and gender diversity on their boards. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. The more qualifications you can bring to the table, the better. Throughout her life and career, Karina has lived and worked around the world. 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. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. A non-executive director is a member of a company's board of directors who is not part of the executive team. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Look for a gap in expertise that might be left when a current board member steps down. 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. Pedro Pizarro has been President and CEO of Edison International, the parent company of Southern California Edison (SCE), one of the nation's largest electric utilities, since 2016. 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. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. 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. Ms. Chow 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. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. 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. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. News & Views 2/17/2022 3M Adds To Board Of Directors. 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. This compensation may impact how and where listings appear. 3M Investor Relations Department
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. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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.. The average mix across the entire sample is 43% cash and 57% equity. The Company assumes no obligation to update or revise any forward-looking statements. 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. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. You must click the activation link in order to complete your subscription. You must click the activation link in order to complete your subscription. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. 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.