3m board of directors compensation

In his spare time, he dedicates himself to being a loving husband and father and growing his family. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. Monish joined 3M as senior vice president and chief financial officer in July 2020 and was drawn to the company for its history of innovation, ethics and global reach. 123 0 obj <>stream Lead, Columbia University's SIPA Tech & Policy Initiative; . Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. St. Paul, MN 55144-1000 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. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Get a free, personalized salary estimate based on today's job market. Kevin and his wife Melinda have three adult children. 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. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. 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. The estimated base pay is $176,111 per year. %PDF-1.6 % 224-1W-02 As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. 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. "The Types of Directors," Pages 1-2. The brands listed above are trademarks of 3M. 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. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. A corporation is a separate legal entity from its owners. As a CTO, Ashish led the global 3M team of over 8,000 scientists and engineers. <> As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. Most recently he served as CFO of GE Healthcare. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. Mike became chairman of the board in May 2019 and chief executive officer in July 2018. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. Retired Chairman and Chief Executive Officer of Cargill. Chairman of the Board and Chief Executive Officer of 3M Company. He was a senior research chemist in the Visual Systems Division before joining 3M Italy as a product development engineer. Investopedia does not include all offers available in the marketplace. Lodestone Global. Exelon Corporation. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. stream He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. If you experience any issues with this process, please contact us for further assistance. After submitting your request, you will receive an activation email to the requested email address. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. Mr. Head of Global Business Solutions, Fiserv, Inc. Bldg. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). For its 2021 fiscal year, 3M CO, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. Explore our Directors and their backgrounds. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. You can sign up for additional alert options at any time. 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 . Various senior positions at Ita Unibanco Group , including CEO (January 2017 . John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Executive search firms can streamline the process since theyll know about available positions. Companies in all size segments continue to provide more than half of total pay in equity, on average, with equity weighting generally increasing with company size. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 3M Company reviews the Company's compensation practices and policies, annually reviews and approves (subject to ratification by the independent directors of the Board) the compensation for the CEO, annually reviews and approves the compensation for the other senior executives, He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. In his 35-year career with the company, he has played a key role in its transformation, from lower-margin, commodity businesses to one more deeply focused on higher-growth consumer demand-driven markets that value innovation. You must click the activation link in order to complete your subscription. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. You must click the activation link in order to complete your subscription. hbbd``b`$fH0@= , VDtbc a`$2012| Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Under his leadership, the company has committed to providing much-needed innovation and resources to address key sustainability challenges such as plastic waste and climate change. Another example would be compensation meetings to discuss compensation plans and awards.. One of our four strategic priorities at 3M is People & Culture because we know we will drive growth in our business and change in our communities by developing talent in an inclusive environment, Zoe says. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. 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 Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. 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). 10 S. Dearborn St., 54th Floor. 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. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. Know Your Worth. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Hornbaker also recommends becoming educated on the fundamentals of governance and directorship through a program such as the National Association of Corporate Directors Director Professionalism program. 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. 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 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. 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. 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. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. endobj Average compensation in 2018 at those firms was $304,856, according to Reuters. 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. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. 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. Phone: 651-737-6501 or 800-3M-HELPS 3M Investor Relations Department Bldg. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. To find out what any publicly held company pays its board members, read the companys annual proxystatement, available from its corporate website or the Securities and Exchange Commission website. 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. 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. Ms. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. 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. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. He was assigned to lead 3Ms $5.5B Electronics & Energy Business Group in July 2017. Similar to last year, 63% of companies provide additional compensation to committee members. 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. Dr. Moyo is a global economist and author who analyzes the macroeconomy and international affairs. The Company assumes no obligation to update or revise any forward-looking statements. He joined 3M in 1988 as a senior design engineer. Zoe is a chartered member of Chartered Institute of Personnel & Development. 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. Ashish has been with the company for more than 26 years. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. The estimated total pay for a Director at 3M is $346,118 per year. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. He enjoys pushing himself mentally and physically in a broad range of athletics. @,s30_j0 \ Anne Chow's career in the technology and business sectors spans over three decades. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. Michael Ferrante and Connor Damon are consultants at FW Cook. 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. 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. I took some time to think about it because the emotions of the time were raw and real, Garfield said. The Board has delegated certain authority to a number of standing committees, including an Audit Committee, Compensation and Organization Committee and Nominating and Governance Committee. What Is the Salary of the Federal Reserve Chair? A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Look for a gap in expertise that might be left when a current board member steps down. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Zoe has been the architect of 3Ms talent and organization effectiveness strategies, and a passionate advocate for embedding diversity, equity and inclusion across the company. Download required. endobj Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. To address this data deficiency, Compensation Advisory Partners (CAP) and Family Business and Private Company Director magazines conducts our Private Company Board Compensation and Governance Survey. 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. 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. %PDF-1.7 The median annual retainer is $30,000, up from $28,000 in 2020. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). 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. 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. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Abbott Laboratories, Dept 364, Bldg. Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 . Investopedia requires writers to use primary sources to support their work. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. 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. 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. Mr. Pizarro is a member of Edison International's Board of Directors. If you experience any issues with this process, please contact us for further assistance. 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. He can also be found running, antiquing, reading science fiction and spending time with his family. Mike later became general manager of 3M Spain. In this role, he leverages his many years of experience as both a technology and business leader. Outside directors who hold certain board positions receive an additional annual retainer:$35,000 for the lead independent director; $25,000 for audit committee members and for compensation, nominating, and governance committee members; and $20,000 for strategic planning and finance committee chairs and for technology and eCommerce committee chairs. 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. "Definitive Proxy Statement, Apple 2021. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. Your strategy to get noticed and be considered for board membership should be similar to the strategy it takes to secure any high-level position. The 3M board of directors is mostly composed of former CEOs. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? Mike and his family enjoy a variety of physical fitness and outdoor activities. Ashish has a strong technical background and has authored 10 patents. Kereere has over 20 years of experience in leading global . You can sign up for additional alert options at any time. 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. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates.