Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. Kereere has over 20 years of experience in leading global . c/o Abbott Corporate Secretary. 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. If youre interested in pursuing a board seat, heres what you need to know about what boards are looking for, how to get noticed, and what to expect as compensation. 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.". Mr. Roman is on the board of the following organizations in addition to 3M: Abbott Laboratories, University of Minnesota Foundation Board of Trustees. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. Mr. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. St. Paul, MN 55144-1000 About3M The more qualifications you can bring to the table, the better. News & Views 2/17/2022 3M Adds To Board Of Directors. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. 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. Another example would be compensation meetings to discuss compensation plans and awards.. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. 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. "Definitive Proxy Statement, Apple 2021. You may also find the annual proxy statement by going directly to the company's website. 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. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. 3M shareholders today elected 11 directors for one-year terms that expire at the company's 2021 Annual Meeting: Thomas "Tony" K. Brown, retired group vice president, Global Purchasing, Ford Motor Company Pamela J. Craig, retired chief financial officer, Accenture plc David B. Dillon, retired chairman of the board and CEO, The Kroger Co. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. The estimated additional pay is $169,271 per 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. investorrelations@3M.com. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. 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. 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. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. 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 Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. 3M Expands Board of Directors February 14, 2022. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Retired Chairman and Chief Executive Officer of Cargill. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. Anne Chow's career in the technology and business sectors spans over three decades. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. Mr. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. 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. 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. Can we afford $1.3M home? Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. 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. The brands listed above are trademarks of 3M. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. I am starting to look elsewhere but I have great WFH life now. 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. 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. 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. endobj The offers that appear in this table are from partnerships from which Investopedia receives compensation. Ownership guidelines are typically enforced via a years-to-achieve rule (66% prevalence), a retention/holding requirement (11% prevalence), or a combination of the two (23% prevalence). "U.S. company directors compensated more than ever, but now risk backlash.". He retired from Ford on August 1, 2013. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. 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. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. 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. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. Chairman of the Board and Chief Executive Officer of 3M Company. in Economics from Instituto Tecnolgico Autnomo de Mexico, a Masters in Economics for Development from Oxford University in the United Kingdom, and an MBA from Universit Libre de Bruxelles in Belgium. Hornbaker says attending committee meetings might be another responsibility. The estimated total pay for a Director at 3M is $345,577 per year. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. 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. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. You must click the activation link in order to complete your subscription. The information shown here is a reporting of information included in the company's proxy statement. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Using 46 technology platforms, our integrated team of scientists and researchers.css-epvm6{white-space:nowrap;} More, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. Lodestone Global. 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. Jeff Lavers is the group president of 3Ms Consumer Business Group. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. Unsurprisingly, the board disagrees with the USW proposal. Get a free, personalized salary estimate based on today's job market. He was a senior research chemist in the Visual Systems Division before joining 3M Italy as a product development engineer. He joined 3M in 1987 as a health care sales representative. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Leadership is about connecting with and inspiring others to achieve their best, Mark says. It claims that including the USW proposal would involve "significant time, cost and resource . Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. Related Searches:All Director Salaries|All 3M Salaries. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. Due to the COVID-19 pandemic, 15% of S&P 500 companies and roughly 13% of Russell 3000 companies reported taking pay actions through the third quarter of 2020, which generally consisted of cash retainer reductions. Throughout her life and career, Karina has lived and worked around the world. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. hb```e``3,00```T~s@@(` She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. 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. That's actually a 5% increase from the year before . In this role, he leverages his many years of experience as both a technology and business leader. 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. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. 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. "3M is a globally diverse company in so many dimensions," Ashish says. <> This is a defining time for all companies and 3M is no different in that respect, Scott said. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> In 2011, he became executive vice president of the Consumer Business Group, and in 2016 was appointed executive vice president of the Health Care Business Group. 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. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. Additional pay could include bonus, stock, commission, profit sharing or tips. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. Walmart. You can sign up for additional alert options at any time. 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. 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. You can learn more about the standards we follow in producing accurate, unbiased content in our. 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. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. 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). 3 0 obj How can I negotiate if they say the offer is off, Planning to bid on a house - 1.3M, with a base salary of 210K - in Seattle.. Worth it? Its about supporting constant iteration, until a point you make yourself obsolete.. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. In connection with Ms. Kereere's election, the Board of Directors . endobj 3M has increased its dividend for 64 straight years. 4 0 obj Aside from the financial compensation, your reward will be having substantial input into major decisions made by the company, such as executive hires, policies on dividends and stock options, and executive payall while representing the best interests of management and shareholders. "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. 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. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. It regularly meets in executive session, without the presence of Rogers' management. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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 served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. 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. Average compensation in 2018 at those firms was $304,856, according to Reuters. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year.