Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. 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. Learn how this feature works. ", Veritas. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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 (subject to ratification by the independent directors of the Board) the compensation for Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. If you experience any issues with this process, please contact us for further assistance. I have been an Office Manager 21 yrs. CleanLink News. Investopedia requires writers to use primary sources to support their work. 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. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. 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. 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. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . 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. Mr. The following chart summarizes total non-employee director pay levels and market capitalizations of the 300 companies in our study (100 companies in each size grouping): The complete publication is available here. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. 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. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Unsurprisingly, the board disagrees with the USW proposal. Michael Ferrante and Connor Damon are consultants at FW Cook. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. 1 0 obj 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. Why Investors Should Look at the Proxy Statement, Disney Names New Chair, Eases Park Rules Amid Proxy Battle. 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. 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. 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. You may also find the annual proxy statement by going directly to the company's website. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. He joined 3M in 1988 as a senior design engineer. 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. 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.". Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. I feel blessed and give everything I have to leave 3M in a better place, every day.. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. They also recommended doing away with pension and . I wanted to make sure that the company was really serious about doing this work and that this was something I could see myself getting behind to make a difference because I have a bias for action. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. We continue to observe an increasing number of women on Boards: 94% of companies in the study have at least one woman on the Board (90% last year), 59% of large-cap companies have three or more women on the Board (50% last year) and 25% of both mid-cap and small-cap companies have three or more female members (22% and 13% last year, respectively). Tel: (651) 737-6523 Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. Can we afford $1.3M home? Investopedia does not include all offers available in the marketplace. 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. %%EOF As CEO, she was responsible for AT&T's Business Solutions organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3million business customers in more than 200 countries and territories around the world. He leads a global Legal Affairs team that helps guide business opportunities, address enterprise risks, protect intellectual property, shape the development of law and policy, and strengthen compliance and security. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 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. Personal health and fitness are his passion. For the past eight years, Ms. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. 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. After submitting your request, you will receive an activation email to the requested email address. 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. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. endobj Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. That's actually a 5% increase from the year before . 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. Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. 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. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. "U.S. company directors compensated more than ever, but now risk backlash.". 102 0 obj <> endobj 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. If you experience any issues with this process, please contact us for further assistance. 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. 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. @,s30_j0 \ VUL^07d=xy2 *'..j(( Hs00 All proxy statements are public filings made available to the general public by the SEC. This is a defining time for all companies and 3M is no different in that respect, Scott said. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This compensation may impact how and where listings appear. These include white papers, government data, original reporting, and interviews with industry experts. The report recommended that companies start compensating board directors with cash and equity. For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. 123 0 obj <>stream The Company assumes no obligation to update or revise any forward-looking statements. The brands listed above are trademarks of 3M. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. 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. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Mr. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. Throughout her life and career, Karina has lived and worked around the world. Bldg. 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. In connection with Ms. Kereere's election, the Board of Directors . 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. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. He previously led the companys litigation function, and served for more than ten years as chief intellectual property counsel, with responsibility for managing the global intellectual property assets of 3M and its worldwide affiliates. 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. The average mix across the entire sample is 43% cash and 57% equity. 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 more qualifications you can bring to the table, the better. Ms. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. 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. 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. To address this data deficiency, Compensation Advisory Partners (CAP) and Family Business and Private Company Director magazines conducts our Private Company Board Compensation and Governance Survey. Kereere has over 20 years of experience in leading global . 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. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? She earned a B.A. Its about creating an environment that unlocks the full potential of teams and individuals and, as a result, achieves even higher performance and more engaged employees.. Opening up lines of communication to a second- or even third-degree connection could lead to an excellent fit for the board position you seek. 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. 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. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. 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. Anne Chow's career in the technology and business sectors spans over three decades. 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. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing.