3Ms purpose drives its performance, and the company is advancing four strategic priorities to support long-term value creation: Portfolio Management, Transforming the 3M Operating Model, Growth through Innovation, and People and Culture. Mike Vale leads 3Ms Safety & Industrial Business Group, which includes personal safety, adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. 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. All proxy statements are public filings made available to the general public by the SEC. "Definitive Proxy Statement, Apple 2021. Help make it more accurate by adding yours. Hornbaker says pay depends on the complexity of the company, whether it's public or private, the number of meetings it entails, and the amount of responsibility involved. As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. 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. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. 224-1W-02 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. Zoe is a chartered member of Chartered Institute of Personnel & Development. 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. Lodestone Global. 3M Investor Relations Department 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. 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. This is a defining time for all companies and 3M is no different in that respect, Scott said. He leads a team that, among other things, helps to keep the world connected by improving efficiency in electronic devices and data centers, enables e-mobility, and advances transportation and its safety. Mr. Pizarro served as president of SCE from 2014 to 2016. 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. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. Tel: (651) 737-6523 Kevin and his wife Melinda have three adult children. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. This report is not for commercial use. 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. 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. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. The Company assumes no obligation to update or revise any forward-looking statements. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . I am starting to look elsewhere but I have great WFH life now. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. 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. 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. Retired Group Vice President, Global Purchasing, Ford Motor Company, Retired Chief Executive Officer, AT&T Business, Retired Chief Financial Officer, Accenture. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. 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. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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. 3 0 obj Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. Non-employee directors also receive an annual cash retainer of $100,000. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. 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. 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. My new VP is in the company less than 6m and in the position 3m. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. 10 S. Dearborn St., 54th Floor. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. We believe that good corporate governance serves the long-term interests of stockholders, strengthens the Board and management, and further enhances the public trust 3M has earned from more than a century of operating with uncompromising integrity and doing business the right way. 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. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. 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. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. They also recommended doing away with pension and . 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 . Leadership is about serving more than yourself, he says. With more than 25 years of extensive experience leading the financial operations of industrial and healthcare businesses, Monish Patolawala, 3Ms executive vice president and chief financial and transformation officer, understands what it takes to drive profitable growth in an ever-changing environment. 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. Could you fill that gap? A director elected to the Board after the beginning of a Plan Year may elect, by written notice to 3M within 30 days after such director's term begins, to participate in the Compensation alternatives for the remainder of that Plan Year, and election for succeeding years shall be on the same basis as for other 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. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. She 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. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. Bldg. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. Outside of work he enjoys reading, following college sports and spending time with his family. Prior to GE, Monish gained experience at A.F. You can sign up for additional alert options at any time. % Hornbaker says attending committee meetings might be another responsibility. Thorough reviews have been conducted to assure this data accurately reflects disclosures. This post is based on their FW Cook memorandum. 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. Look for a gap in expertise that might be left when a current board member steps down. Download required. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. 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. Lead, Columbia University's SIPA Tech & Policy Initiative; . The estimated additional pay is $169,271 per year. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. 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 The report recommended that companies start compensating board directors with cash and equity. Personal health and fitness are his passion. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Tel: (651) 737-6523 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. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. 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. Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. 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. 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. I have been trying to get a review ever since and no one will say what is going on. 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. 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. 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). Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. The median annual retainer is $30,000, up from $28,000 in 2020. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. U.S. Securities and Exchange Commission. Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. 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. 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. 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 . The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. 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. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? He received his J.D., magna cum laude, from Northwestern University; and his B.A. 3M Expands Board of Directors February 14, 2022. 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 . Mike and his family enjoy a variety of physical fitness and outdoor activities. He retired from Ford on August 1, 2013. 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. Inside directors, who are mostly C-suite level executives, don't receive additional compensation. To effectively drive growth, it is important to keep the customer at the center of everything we do. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities.
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