Non-employee directors also receive an annual cash retainer of $100,000. Kevin and his wife Melinda have three adult children. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. Its that excitement, mixed with his incredible passion and leadership, that has led to some of 3Ms biggest equitable actions in the past year. CleanLink News. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. 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. You can sign up for additional alert options at any time. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. 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. Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. 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. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. Leadership is about connecting with and inspiring others to achieve their best, Mark says. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? 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. investorrelations@3M.com. Prior to her current role, she served as senior vice president of Talent, Learning and Insights. periodically receive reports on the status of Board compensation in relation to other large U.S. companies and is responsible for recommending to . Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. 3M Investor Relations Department He was a senior research chemist in the Visual Systems Division before joining 3M Italy as a product development engineer. 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Thorough reviews have been conducted to assure this data accurately reflects disclosures. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. 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. Download required. Michael Ferrante and Connor Damon are consultants at FW Cook. He previously led the construction and home improvement business, and the companys corporate marketing and sales organization. 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 the compensation for the CEO and other senior executives, . Ms. Craig served as Accenture's CFO from 2006 through 2013, following her many other leadership roles in line management, consulting and operations at Accenture during her 34 years with the company. 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. They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. The report is complemented by an online dashboard, which enables users to delve into the most recent corporate disclosures by Russell 3000 companies and review individual elements of compensation packages, supplemental compensations for committee service . Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. The Company assumes no obligation to update or revise any forward-looking statements. VUL^07d=xy2 *'..j(( Hs00 He retired as Chairman of the Board and Chief Executive Officer at the end of 2007 but remained as a director of UPS until December 31, 2014. Mr. If you experience any issues with this process, please contact us for further assistance. Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. Ashish serves as a member of the board of directors of Constellation and on the Deans advisory board for the College of Science and Engineering at the University of Minnesota. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. 2 0 obj %PDF-1.7 Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. 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. Dr. Moyo is a global economist and author who analyzes the macroeconomy and international affairs. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. He was appointed to the Board of Directors in October 2009, and became Chief Executive Officer of Textron in December 2009 and Chairman of the . He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. 3M Expands Board of Directors February 14, 2022. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". After submitting your request, you will receive an activation email to the requested email address. from Grinnell College. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. Know Your Worth. Exelon Corporation. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. endstream endobj startxref From 1997 to 1999 he served in leadership positions at United Technologies Corporation, including its Vice President, Supply Management. 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. The Board has delegated certain authority to a number of standing committees, including an Audit Committee, Compensation and Organization Committee and Nominating and Governance Committee. These include white papers, government data, original reporting, and interviews with industry experts. Boards aren't entirely made up of retirees and people nearing the end of their careers. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. This compensation may impact how and where listings appear. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. The more qualifications you can bring to the table, the better. The estimated base pay is $176,111 per year. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. <> The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. Three years later, he was tapped to lead 3M's corporate research lab. oYgd=??/_C|72KFSI. 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. As a board member, your responsibilities would typically include preparing for and attending board meetings, and reviewing company filings and materials, she says, as well as advising management on a wide range of matters, including succession, strategy, compensation, and acquisitions. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. 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. He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. 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. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. I feel blessed and give everything I have to leave 3M in a better place, every day.. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. 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. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. They also recommended doing away with pension and . 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. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council.

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