Board of Directors | Corporate Governance | Dow Investor Relations My new VP is in the company less than 6m and in the position 3m. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. How Much Board of Directors Members Get Paid and What They Do 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. 10 S. Dearborn St., 54th Floor. 3M - Governance - Corporate Officers - 3M - IR Home Of this total $135,000 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 . 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. Most recently he served as CFO of GE Healthcare. He is past-chair of the board of Big Brothers Big Sisters of America, past president of the Northern Star Council of the Boy Scouts of America and continues to serve on both boards as well as the board of Alight (formerly known as the American Refugee Committee). Three years later, he was tapped to lead 3Ms corporate research lab. 3M United States Investor Relations Governance Board of Directors Investor Relations IR Home About 3M Stock Information Financials Events & Presentations News Governance Resources Board of Directors Thomas K. Brown Retired Group Vice President, Global Purchasing, Ford Motor Company Anne H. Chow Retired Chief Executive Officer, AT&T Business 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. If the company wasnt serious about action, then I wouldnt be the right candidate., Listening to our communities: The diverse voices and perspectives of 3M's Community Coalition, During his 33-year tenure at 3M, Global Diversity and Inclusion Strategist Scott Morris has never been more excited to be a part of a company and movement that is helping affect peoples lives. 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. Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". For its 2021 fiscal year, 3M CO, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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. 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. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. Outside of work he enjoys reading, following college sports and spending time with his family. I have been an Office Manager 21 yrs. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. Look for a gap in expertise that might be left when a current board member steps down. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. Corporate boards are made up of highly successful executive outsiders. 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. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Mr. Pizarro served as president of SCE from 2014 to 2016. Can we afford $1.3M home? 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. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. 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. 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. 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. 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 served as president of SCE from 2014 to 2016. In this role, he leverages his many years of experience as both a technology and business leader. 3M - Governance - Committee Composition 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. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. About3M Mike and his family enjoy a variety of physical fitness and outdoor activities. from Grinnell College. These descriptions are fairly generic. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. Average compensation in 2018 at those firms was $304,856, according to Reuters. FW Cook's 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 3M CO Board Member Thomas | Salary.com Incorporation is the legal process by which a business entity is formed. %PDF-1.7 Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. Kereere has over 20 years of experience in leading global . In 2016, John moved to West Europe to serve as managing director of 3Ms D-A-CH region, which represents the companys combined operations in Germany, Austria and Switzerland. 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. 3M Adds To Board Of Directors - CleanLink In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. 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. This compensation may impact how and where listings appear. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Jeff earned his bachelor of business administration degree in marketing and finance from the Robert O. Anderson School of Management at the University of New Mexico, Albuquerque. 0 Its about supporting constant iteration, until a point you make yourself obsolete.. The median annual retainer is $30,000, up from $28,000 in 2020. 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 offers that appear in this table are from partnerships from which Investopedia receives compensation. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. Board of directors - Leadership and Governance - Exelon Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. St. Paul, MN 55144-1000 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Help make it more accurate by adding yours. After submitting your request, you will receive an activation email to the requested email address. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. 3 0 obj PDF The Board of Directors (the "Board") of 3M Company ("3M" or the What Is the Salary of the Federal Reserve Chair? PDF 3M Board of Directors Nominating and Governance Committee Charter He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. Ms. Peter Gibbons joined 3M in November 2021 as group president of Enterprise Operations, which brings together manufacturing, supply chain and customer operations, and is focused on optimizing the customer experience through end-to-end aligned and agile operations. The new 2022 third edition of the survey contains over 1,200 responses, an increase of about 300 participants from the prior full version of the . 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. 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. This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Kevin and his wife Melinda have three adult children. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. Ms. Kereere is also a longtime champion for equity and inclusion in business and society. Anne Chow's career in the technology and business sectors spans over three decades. As 3Ms senior vice president and chief strategy officer, Karina Chavez leads several functions including strategy, brand, design, sponsorships and events, and communications for the $32 billion science-based company. endobj For the past eight years, Ms. 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. Mike became chairman of the board in May 2019 and chief executive officer in July 2018. Executive search firms can streamline the process since theyll know about available positions. 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). Before that, he served as president and chief operating officer of Dow and also previously served as chief operating officer for the Materials Science division of DowDuPont. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. You can sign up for additional alert options at any time. A fiduciary is a person or organization that acts on behalf of a person or persons and is legally bound to act solely in their best interests. Head of Global Business Solutions, Fiserv, Inc. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. "The Types of Directors," Pages 1-2. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. stream Chicago, IL 60603. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. 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. 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. For example, audit committees have regular meetings before public filings, she says. 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. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. Hornbaker says attending committee meetings might be another responsibility. 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. These include white papers, government data, original reporting, and interviews with industry experts. This is a defining time for all companies and 3M is no different in that respect, Scott said. Throughout his career Jeff has held leadership roles spanning all four of 3Ms business groups, including positions in the companys health care and industrial businesses, and most recently as leader of the automotive and aerospace business. Retired Chairman of the Board and Chief Executive Officer, Cargill, Chairman of the Board and Chief Executive Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. 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. 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. Rogers adds, Board members are the representatives of the shareholders, and it is their fiduciary duty to oversee the affairs of the corporation, including overall performance and fiscal strength, and to serve as a consultant for managementparticularly with respect to the strategic and operational directives of the company.. Mr. Really nervous. Unsurprisingly, the board disagrees with the USW proposal. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc. Executive Vice President and Chief Financial Officer, Microsoft Corporation, Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company. Chairman of the Board and Chief Executive Officer of 3M Company. Prior to GE, Monish gained experience at A.F. 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 . <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. Its members include current board members, aspiring board members, and corporations looking to hire board members. 3M Investor Relations Department Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. She earned a B.A. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. He enjoys pushing himself mentally and physically in a broad range of athletics. 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. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. The Board is mainly comprised of outside, independent directors. 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. 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. Non-employee directors also receive an annual cash retainer of $100,000. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. 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. If you experience any issues with this process, please contact us for further assistance. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. She currently serves as Adjunct Professor of Executive Education at the Kellogg School of Management, Northwestern University, and is currently a member of the Dallas Mavericks Advisory Council, Business and Community Advisory Council of the Federal Reserve Bank of Dallas, and the Committee of 100. Could you fill that gap? ", Veritas. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Ms. Chow 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. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. 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 estimated total pay for a Director at 3M is $346,118 per year. Throughout her life and career, Karina has lived and worked around the world. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. Mr. Pizarro is on the board of the following public company in addition to 3M: Edison International. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. Birmingham Water Works Board files lawsuit against chemical You will compete for board positions with people who have been extremely successful at a young age. Inspired, passionate leaders have the power to transform, Jeff 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. I took some time to think about it because the emotions of the time were raw and real, Garfield said. Michael Ferrante and Connor Damon are consultants at FW Cook. 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. Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. Words such as plan, expect, aim, believe, project, target, anticipate, intend, estimate, will, should, could, forecast and other words and terms of similar meaning, typically identify such forward-looking statements. This 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.