Leadership is about connecting with and inspiring others to achieve their best, Mark says. investorrelations@3M.com. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. Prior to that, Mr. Roman served as Executive Vice President and Chief Operating Officer of 3M Company from July 2017 to June 2018, Executive Vice President of 3Ms Industrial Business from May 2014 to June 2017, and Senior Vice President of Business Development from May 2013 to May 2014, with responsibility for 3Ms strategic roadmap. 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. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. % 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. @,s30_j0 \ Incorporation is the legal process by which a business entity is formed. Related Searches:All Director Salaries|All 3M Salaries. 2 0 obj Outside of work, Peter enjoys hiking, reading, and supporting the Glasgow Celtic soccer club and serves on the boards of CP Kelco and the Jesuit School of Theology of Santa Clara University. Download required. 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. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. %%EOF 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. They also recommended doing away with pension and . Birmingham Water Works Board files lawsuit against chemical ", Boston Globe. That's a 43% increase over 10 years. I am extremely thankful for the company and leaders I work for at 3M, Eric says. 1 0 obj Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? 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. Its that excitement, mixed with his incredible passion and leadership, that has led to some of 3Ms biggest equitable actions in the past year. Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. Average compensation in 2018 at those firms was $304,856, according to Reuters. Leonteq publishes agenda and proposal of the Board of Directors for the In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. Look for a gap in expertise that might be left when a current board member steps down. Board of directors - Leadership and Governance - Exelon Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. Leadership is about serving more than yourself, he says. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". The median board retainer for large-cap companies increased slightly by $2,500 to $92,500 and remained flat at mid-cap and small-cap companies (at $75,000 and $60,000, respectively). Our household income is $240k and have $400k for down payment after selling all stocks. Effective July 1, 2022, Jeff is also leading 3Ms Health Care Business Group on an interim basis. 3M News Center - Press Releases Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. "3M is a globally diverse company in so many dimensions," Ashish says. 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. 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. Tel: (651) 737-6523 Board of Directors | Committees | Abbott U.S. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. 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 is advancing diversity, equity and inclusion with a pledge to double its representation of underrepresented groups, along with new initiatives to strengthen STEM education. 224-1W-02 Mike later became general manager of 3M Spain. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. The Company assumes no obligation to update or revise any forward-looking statements. Purpose: The Compensation Committee (the "Committee") of the Board of Directors of 3M Company reviews the Company's compensation practices and policies, annually reviews and approves the compensation for the CEO and other senior executives, . 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. Apples non-employee directors each receive approximately $250,000 worth of restricted stock units per year, which are granted at the annual shareholder meeting and vest on Feb. 1 of the following year. In connection with Ms. Kereere's election, the Board of Directors . He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. <> 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. As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. "People from all backgrounds and experiences work together and create new and differentiated solutions to solve our customers' and their customers' problems -- across so many industries and geographies.". 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. She is deeply involved in the companys operations, as well as the strategy development and overall execution of the companys successful acquisitions of LinkedIn and GitHub. The 3M board of directors is mostly composed of former CEOs. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. Bldg. "Private Company Board Compensation Survey. A corporation is a separate legal entity from its owners. 3M Investor Relations Department Shareholders can communicate with the Chairman of the Corporate Governance Committee or with the independent directors as a group by writing to them c/o: Gayle Littleton, Executive Vice President, General Counsel. Outside of work, Karina is an experience seeker, avid traveler and food lover who enjoys dancing and yoga. He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. Michael Ferrante and Connor Damon are consultants at FW Cook. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. All proxy statements are public filings made available to the general public by the SEC. Only outside directors get compensation specifically for serving on the board. For nine straight years, 3M has been recognized by Ethisphere as one of the Worlds Most Ethical Companies. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. 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 . 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. St. Paul, MN 55144-1000 Get a free, personalized salary estimate based on today's job market. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. A. I am starting to look elsewhere but I have great WFH life now. Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. 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. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. PDF 3M Company Board of Directors Compensation Committee Charter (As 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. 3M has increased its dividend for 64 straight years. Exelon Corporation. Engage in conversations about Director pay with other professionals in the community. 3M Director Salaries | Glassdoor Hornbaker says attending committee meetings might be another responsibility. 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. 3M - Governance - Governance Documents Ashish has a strong technical background and has authored 10 patents. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. 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. Three years later, he was tapped to lead 3Ms corporate research lab. Mike became chairman of the board in May 2019 and chief executive officer in July 2018. She joined 3M in 2008 as a marketing and public affairs manager for 3M Mexico, and has held roles of increasing responsibility in the United States, Asia and Latin America. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. In his spare time, he dedicates himself to being a loving husband and father and growing his family. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. Ms. Kereere served in leadership positions at American Express from 1988 to 2016, including as head of its U.S. National Merchant Business and Global Network Business. Averages based on self-reported salaries. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. Walmart. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. 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. 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. 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. 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. 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. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. AP6D. 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. The information shown here is a reporting of information included in the company's proxy statement. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. investorrelations@3M.com. Its members include current board members, aspiring board members, and corporations looking to hire board members. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Unsurprisingly, the board disagrees with the USW proposal. 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 enjoys pushing himself mentally and physically in a broad range of athletics. 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. . You may also find the annual proxy statement by going directly to the company's website. As executive vice president, chief technology officer and environmental responsibility, Dr. John Banovetz leads more than 8,000 scientists who connect 3Ms 51 technology platforms to solve the real-world needs of customers around the world. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. 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. The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). 10 S. Dearborn St., 54th Floor. Investopedia requires writers to use primary sources to support their work. 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. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. 3M announced that Suzan Kereere, head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective Feb. 10, 2022. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . 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. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. She has been married more than 20 years, with two teenage kids. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Kereere has over 20 years of experience in leading global . He received his J.D., magna cum laude, from Northwestern University; and his B.A. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Another example would be compensation meetings to discuss compensation plans and awards.. 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. Zoe is a chartered member of Chartered Institute of Personnel & Development. Rogers Corporation Board of Directors Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. It regularly meets in executive session, without the presence of Rogers' management. The brands listed above are trademarks of 3M. 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. 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. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr?