In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Head of Global Business Solutions, Fiserv, Inc. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. The estimated additional pay is $170,007 per year. Corporate boards are made up of highly successful executive outsiders. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. 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. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. USW Proposal Spotlights Excessive 3M CEO Compensation 3M CO Board Member Muhtar Kent | Salary.com Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. 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. 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. 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 Investor Relations Department Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. You can sign up for additional alert options at any time. ", Reuters. News & Views 2/17/2022 3M Adds To Board Of Directors. You must click the activation link in order to complete your subscription. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. 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. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. Posted by Michael Ferrante and Connor Damon, FW Cook, on, Harvard Law School Forum on Corporate Governance, Prevalence of annual limits on director compensation remains high, with equity-only limits continuing to be the most common approach, though use of total compensation limits. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. We also reference original research from other reputable publishers where appropriate. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. 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 . How Should Board of Directors' Compensation Be Handled? - Diligent For example, audit committees have regular meetings before public filings, she says. Board of directors - Leadership and Governance - Exelon Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. 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. 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. 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. Boards aren't entirely made up of retirees and people nearing the end of their careers. endstream endobj 103 0 obj <. Retired Chairman and Chief Executive Officer of Cargill. 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. ", Boston Globe. Kereere has over 20 years of experience in leading global . His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. For nine straight years, 3M has been recognized by Ethisphere as one of the Worlds Most Ethical Companies. U.S. Securities and Exchange Commission. 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. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. 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 . Mr. Pizarro served as president of SCE from 2014 to 2016. ", Veritas. That's actually a 5% increase from the year before . Average compensation in 2018 at those firms was $304,856, according to Reuters. Ms. In early 2014, Ashish began leading one of 3Ms biggest businesses the Personal Safety Division and later that same year he was named the chief technology officer (CTO) and senior vice president of research and development of 3M. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. 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. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". For him, that comes down to business/market analysis and team success. Its that excitement, mixed with his incredible passion and leadership, that has led to some of 3Ms biggest equitable actions in the past year. He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. 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. 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. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. You can sign up for additional alert options at any time. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. He previously led the companys litigation function, and served for more than ten years as chief intellectual property counsel, with responsibility for managing the global intellectual property assets of 3M and its worldwide affiliates. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. 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. The Health Care Business Group makes better health possible by delivering proven innovations in medical and oral care, health information systems, and food safety, enabling healthcare professionals to improve quality of care for millions of people around the globe. 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. 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. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. Equity grants most commonly vest immediately, or cliff-vest after one year. He was assigned to lead 3Ms $5.5B Electronics & Energy Business Group in July 2017. Jeff Lavers is the group president of 3Ms Consumer Business Group. PDF 3M Company Board of Directors Compensation Committee Charter (As He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. These descriptions are fairly generic. 3M (NYSE: MMM) announced today that Anne H. Chow, retired chief executive officer of ATT 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. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. All proxy statements are public filings made available to the general public by the SEC. Ms. Chow 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. 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. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. 0 3M has added Suzan Kereere to its board of directors. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. 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. Our household income is $240k and have $400k for down payment after selling all stocks. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. The estimated total pay for a Director at 3M is $345,577 per year. 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. 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. 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. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. Retired Chairman of the Board and Chief Executive Officer The Kroger Co., a large retailer that operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores throughout the U.S. Mr. Dillon retired as Krogers Chairman of the Board on December 31, 2014, where he was Chairman of the Board since 2004 and was the Chief Executive Officer from 2003 through 2013. You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. "Definitive Proxy Statement, Apple 2021. Here are a couple of examples of what Fortune 500 companies pay their board members. VUL^07d=xy2 *'..j(( Hs00 Mr. Anderson served without compensation as the President and Chief Executive Officer of Amtrak, an intercity passenger rail service provider, from July 2017 until his retirement on April 15, 2020. . 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. SAI KRISHNA.docx - IBM Board of Directors (PAGE 10) As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. 3M Adds To Board Of Directors - CleanLink Rogers Corporation Board of Directors "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Ashish serves as a member of the board of directors of Constellation and on the Deans advisory board for the College of Science and Engineering at the University of Minnesota. I am starting to look elsewhere but I have great WFH life now. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. 3M - Department of Defense Data Reveals No Hearing - investors.3m.com %%EOF 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. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> If you experience any issues with this process, please contact us for further assistance. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. Deloitte. 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. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. Leonteq publishes agenda and proposal of the Board of Directors for the Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. 3M - Governance - Board of Directors You can sign up for additional alert options at any time. 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. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. At 3M, we promise to treat your data with respect and will not share your information with any third party. Tel: (651) 737-6523 Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. 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. For the past eight years, Ms. hb```e``3,00```T~s@@(` AP6D. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. The Company assumes no obligation to update or revise any forward-looking statements. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . He oversaw annual R&D investments of nearly $2 billion, while building 3Ms digital capabilities and bringing the companys technology expertise even closer to customers around the world. MMM | 3M Co. Company Profile & Executives - WSJ Anne Chow and Pedro Pizarro elected to 3M Board of Directors Edison International is also the parent company of Edison Energy, a portfolio of competitive businesses providing commercial and industrial customers with energy management and procurement services. The Board is mainly comprised of outside, independent directors. 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. 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. Walmart. c/o Abbott Corporate Secretary. You can learn more about the standards we follow in producing accurate, unbiased content in our. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). 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. Make sure your resume states what you will specifically bring to the table as a board member.. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. "Private Company Board Compensation Survey. Inspired, passionate leaders have the power to transform, Jeff says. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 . The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Ferguson & Co, a former KPMG affiliate. 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. Lead, Columbia University's SIPA Tech & Policy Initiative; . 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. Phone: 651-737-6501 or 800-3M-HELPS 3M Investor Relations Department Bldg. Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. A corporation is a separate legal entity from its owners. Year-over-year increases to total compensation, at the median, were modest among large-cap and mid-cap companies compared to small-cap companies, which had a relatively significant increase . 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. He can also be found running, antiquing, reading science fiction and spending time with his family. Board of Directors | Medtronic Non-employee directors also receive an annual cash retainer of $100,000. 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. So what does he do when hes not in the office? Mr. Fitterling was named CEO-elect of Dow in March 2018 prior to becoming CEO in July 2018, and he was elected chairman in April 2020. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. 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. 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. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. Personal health and fitness are his passion. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. 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? Ashish is a trained Chemical Engineer, with a bachelors degree from Indian Institute of Technology, Delhi, and a Ph.D. from the University of Minnesota. Zoe is a chartered member of Chartered Institute of Personnel & Development. Tel: (651) 737-6523 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. The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. Ashish has a strong technical background and has authored 10 patents. He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. 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 . Investopedia does not include all offers available in the marketplace. 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. This compensation may impact how and where listings appear. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. Year-over-year increases to total compensation, at the median, were modest among large-cap and mid-cap companies compared to small-cap companies, which had a relatively significant increase: the large-cap median increased 1.6% to $290,000, the mid-cap median increased 1.7% to $216,950, and the small-cap median increased 5.1% to $163,500. Director Compensation - The Conference Board Leadership is about connecting with and inspiring others to achieve their best, Mark says. 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. 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. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. CleanLink News. Abbott Laboratories, Dept 364, Bldg. 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. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer.