Investopedia requires writers to use primary sources to support their work. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? After submitting your request, you will receive an activation email to the requested email address. periodically receive reports on the status of Board compensation in relation to other large U.S. companies and is responsible for recommending to . He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. Tel: (651) 737-6523 Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Averages based on self-reported salaries. Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. Incorporation is the legal process by which a business entity is formed. 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. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. 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. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. Can we afford $1.3M home? c/o Abbott Corporate Secretary. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. hbbd``b`$fH0@= , VDtbc a`$2012| 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. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. 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. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. The most common director ownership guideline is 5x the annual cash retainer with a 5-year timeframe to meet the guideline. If you experience any issues with this process, please contact us for further assistance. investorrelations@3M.com. Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. Only outside directors get compensation specifically for serving on the board. 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. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. Investopedia does not include all offers available in the marketplace. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 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. Mike Roman is chairman of the board and chief executive officer of 3M, a $35 billion science and manufacturing company that improves lives around the world. Phone: 651-737-6501 or 800-3M-HELPS 3M Investor Relations Department Bldg. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. A leadership position had been created to advance more of the companys equity initiatives and they wanted to know if he would like to be considered. What Is the Salary of the Federal Reserve Chair? He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. 3M Investor Relations Department That's actually a 5% increase from the year before . Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. Walmart. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. %PDF-1.6 % He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Download required. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Michael Ferrante and Connor Damon are consultants at FW Cook. Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. The brands listed above are trademarks of 3M. 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. My new VP is in the company less than 6m and in the position 3m. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. 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. Rogers Corporation Board of Directors John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. Mike and his family enjoy a variety of physical fitness and outdoor activities. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. 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 . 3M has added Suzan Kereere to its board of directors. 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? They also recommended doing away with pension and . After submitting your request, you will receive an activation email to the requested email address. 1 0 obj Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. I feel blessed and give everything I have to leave 3M in a better place, every day.. He joined 3M in October 2021 as executive vice president and chief information & digital officer, helping lead the digital transformation of the $32 billion science-based company. 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. Definition, What's In It, and Voting, Non-Executive Director Role and Responsibilities Defined, Fiduciary Definition: Examples and Why They Are Important, Private Company Board Compensation Survey. It claims that including the USW proposal would involve "significant time, cost and resource . Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. Engage in conversations about Director pay with other professionals in the community. Here are a couple of examples of what Fortune 500 companies pay their board members. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. 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. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. He enjoys pushing himself mentally and physically in a broad range of athletics. 3M has increased its dividend for 64 straight years. Attractive qualities include experience in high-level work for the federal government, positions as a CEO or director, experience founding and running a successful startup, and experience on other boards. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. The median annual retainer is $30,000, up from $28,000 in 2020. How Much Board of Directors Members Get Paid and What They Do View original content to download multimedia:https://www.prnewswire.com/news-releases/anne-chow-and-pedro-pizarro-elected-to-3m-board-of-directors-301741429.html. IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global ", Veritas. Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. Outside of work he enjoys reading, following college sports and spending time with his family. The Board of Directors (the "Board") of 3M Company ("3M" or the "Company") has adopted these guidelines, which in conjunction with the Certificate of Incorporation, Bylaws, and Board . 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. The Company assumes no obligation to update or revise any forward-looking statements. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. 102 0 obj <> endobj They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. Hornbaker says attending committee meetings might be another responsibility. Leadership is about connecting with and inspiring others to achieve their best, Mark 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. 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.". U.S. Securities and Exchange Commission. 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). Birmingham Water Works Board files lawsuit against chemical 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. St. Paul, MN 55144-1000 John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. 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. 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. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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. Ferguson & Co, a former KPMG affiliate. 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 executive officer of Edison International, have been elected to 3M's Board of Directors, effective Feb. 9, 2023. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. "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.". Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. endobj
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