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. How Much Board of Directors Members Get Paid and What They Do Ashish has been with the company for more than 26 years. A. ", Reuters. 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. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. Engage in conversations about Director pay with other professionals in the community. He is a member of the Marketing Leadership Council and serves on several non-profit and community boards. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. Corporate boards are made up of highly successful executive outsiders. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. 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. Equity grants most commonly vest immediately, or cliff-vest after one year. 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. 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. We also reference original research from other reputable publishers where appropriate. 3M Adds To Board Of Directors - CleanLink 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. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. Of this total $155,000 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 was awarded as stock and $917 came from other . That's a 43% increase over 10 years. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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.". Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. 224-1W-02
Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. 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. PDF The Board of Directors (the "Board") of 3M Company ("3M" or the "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. "Few Hours, Soaring Pay for Corporate Board Members.". This compensation may impact how and where listings appear. Hood has acted as a strategic partner to Microsoft CEO Satya Nadella, propelling long-term financial growth, championing culture and driving corporate initiatives including Microsofts climate and affordable housing commitments, that have bolstered the companys broader ecosystem. Another example would be compensation meetings to discuss compensation plans and awards.. 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. Possessing a wealth of experience in manufacturing and supply chain operations, Peter previously held senior-level executive positions at Mattel, Starbucks and ICI Paints North America. 3M News Center - Press Releases 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 . from Grinnell College. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. %%EOF
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. The estimated total pay for a Director at 3M is $346,118 per year. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. All proxy statements are public filings made available to the general public by the SEC. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. USW Proposal Spotlights Excessive 3M CEO Compensation She has been married more than 20 years, with two teenage kids. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . 2 0 obj
Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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. As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. VUL^07d=xy2
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Hs00 Only outside directors get compensation specifically for serving on the board. The estimated additional pay is $169,271 per year. 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. 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. 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. You can sign up for additional alert options at any time. 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. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. 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. 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 Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. 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. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. ", Veritas. 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. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. hb```e``3,00```T~s@@(` 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. 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. You will compete for board positions with people who have been extremely successful at a young age. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. 0
You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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 . Opening up lines of communication to a second- or even third-degree connection could lead to an excellent fit for the board position you seek. In his free time, he enjoys spending time with his wife and three kids, as well as a variety of outdoor activities including hiking, biking and fishing. 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. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. 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. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. Kevin is a registered patent attorney and has served as President of the Intellectual Property Owners Association and the Association of Corporate Patent Counsel, as well as Chair of the Steering Committee of the Coalition for 21st Century Patent Reform. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. It goes a lot higher from there. The brands listed above are trademarks of 3M. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>>
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. Abbott Laboratories, Dept 364, Bldg. 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. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. As an outside director, you could bring a fresh perspective to a corporate board and leverage your years of experience as an executive into a satisfying new project that still leaves you with enough time to do your day job or enjoy your retirement. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. 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. A leadership position had been created to advance more of the companys equity initiatives and they wanted to know if he would like to be considered. PDF 3M Board of Directors Nominating and Governance Committee Charter Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Attractive qualities include experience in high-level work for the federal government, positions as a CEO or director, experience founding and running a successful startup, and experience on other boards. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. 3M Investor Relations Department
Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. 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. This is a defining time for all companies and 3M is no different in that respect, Scott said. 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. He was assigned to lead 3Ms $5.5B Electronics & Energy Business Group in July 2017. Download required. I have been trying to get a review ever since and no one will say what is going on. We continue to observe an increasing number of women on Boards: 94% of companies in the study have at least one woman on the Board (90% last year), 59% of large-cap companies have three or more women on the Board (50% last year) and 25% of both mid-cap and small-cap companies have three or more female members (22% and 13% last year, respectively). In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. Investopedia does not include all offers available in the marketplace. Most companies continue to use fixed-value equity award guidelines, with full-value stock awards remaining the most common form of equity compensation and providing the most consistent means to align director pay with shareholder interests. Explore our Directors and their backgrounds. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. Walmart. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. 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. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. Here are a couple of examples of what Fortune 500 companies pay their board members. She earned a B.A. St. Paul, MN 55144-1000
John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. Director Compensation - The Conference Board I am starting to look elsewhere but I have great WFH life now. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. He enjoys pushing himself mentally and physically in a broad range of athletics. 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. Thorough reviews have been conducted to assure this data accurately reflects disclosures. The estimated base pay is $176,111 per year. Incorporation is the legal process by which a business entity is formed. 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. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. A non-executive director is a member of a company's board of directors who is not part of the executive team. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. 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. 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. 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. You can sign up for additional alert options at any time. 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 Bldg. 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. 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. 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. 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. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). 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. He led 3Ms International Finance organization, and also served four years as 3Ms Senior Vice President of FP&A and Chief Accounting Officer. 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. Exelon Corporation. 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, Mr. 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. Effective July 1, 2022, Jeff is also leading 3Ms Health Care Business Group on an interim basis. In this role, he leverages his many years of experience as both a technology and business leader. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. 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 Investor Relations Department
3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Head of Global Business Solutions, Fiserv, Inc. 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.