ST. PAUL, Minn., Feb. 9, 2022 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Suzan Kereere, Head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective February 10, 2022.In connection with Ms. Kereere's election, the Board of Directors increased its size from 12 to 13 members. They also recommended doing away with pension and . Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. He received his J.D., magna cum laude, from Northwestern University; and his B.A. Mr. Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. Corporate boards are made up of highly successful executive outsiders. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. Kereere currently serves as head of global business solutions for Fiserv Inc. She has more than 20 years of international business leadership experience, previously working in executive leadership positions with such companies as Visa and American Express before joining Fiserv. 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. "Private Company Board Compensation Survey. Lead, Columbia University's SIPA Tech & Policy Initiative; . The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). 102 0 obj <> endobj You'll want to pursue networking both online and offline. Deloitte. You can sign up for additional alert options at any time. Help make it more accurate by, Get started with your Free Employer Profile, average salary for a Director is $129,368 per year in United States, The Ultimate Job Interview Preparation Guide. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. Ashish has been with the company for more than 26 years. You can learn more about the standards we follow in producing accurate, unbiased content in our. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. I was offered a promotion & salary increase (66k to 96k) in Dec but then in Jan the company fired my country VP who made the offer. 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. Prior to that, Mr. Roman served as Executive Vice President and Chief Operating Officer of 3M Company from July 2017 to June 2018, Executive Vice President of 3Ms Industrial Business from May 2014 to June 2017, and Senior Vice President of Business Development from May 2013 to May 2014, with responsibility for 3Ms strategic roadmap. 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 . from Grinnell College. 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.. VUL^07d=xy2 *'..j(( Hs00 He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Inspired, passionate leaders have the power to transform, Jeff says. To effectively drive growth, it is important to keep the customer at the center of everything we do. You must click the activation link in order to complete your subscription. FW Cook's 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. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. If you experience any issues with this process, please contact us for further assistance. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Ashish has a strong technical background and has authored 10 patents. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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 . 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. For him, that comes down to business/market analysis and team success. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. Executive search firms can streamline the process since theyll know about available positions. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. 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. Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. 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. U.S. Securities and Exchange Commission. The offers that appear in this table are from partnerships from which Investopedia receives compensation. 118 0 obj <>/Filter/FlateDecode/ID[<7EC0A6CD8E76974B8000B812351B4C61><50CA0BECC4E50243A657300F9E70214C>]/Index[102 22]/Info 101 0 R/Length 82/Prev 76119/Root 103 0 R/Size 124/Type/XRef/W[1 2 1]>>stream The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. During his leadership, this business was transformed through a thorough portfolio prioritization and diversification in fast growth segments, becoming a strong contributor to the company results. This post is based on their FW Cook memorandum. You may also find the annual proxy statement by going directly to the company's website. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. 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. Zoe has been the architect of 3Ms talent and organization effectiveness strategies, and a passionate advocate for embedding diversity, equity and inclusion across the company. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. Its members include current board members, aspiring board members, and corporations looking to hire board members. 6 yrs at my current company. 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com Three years later, he was tapped to lead 3Ms corporate research lab. 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. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries. 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 is on the board of the following public company in addition to 3M: Edison International. 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. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. 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. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. 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. The brands listed above are trademarks of 3M. 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 . Zoe is a chartered member of Chartered Institute of Personnel & Development. In early 2020, Garfield Bowen was leading global R&D operations and project management for one of 3Ms largest divisions when he got a call from the chief human resources officer a call that would completely change his career trajectory. Throughout his career he has led large technology transformations including SAP implementations, digital initiatives and cybersecurity. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. Mr. Eskew was appointed Executive Vice President in 1999 and Vice Chairman in 2000 before becoming Chairman of the Board and Chief Executive Officer of UPS in January 2002. 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. @,s30_j0 \ I am extremely thankful for the company and leaders I work for at 3M, Eric says. 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. 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. Outside of work he enjoys reading, following college sports and spending time with his family. At 3M, we promise to treat your data with respect and will not share your information with any third party. He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. Help make it more accurate by adding yours. 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. 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. Posted by Michael Ferrante and Connor Damon, FW Cook, on, Harvard Law School Forum on Corporate Governance, Prevalence of annual limits on director compensation remains high, with equity-only limits continuing to be the most common approach, though use of total compensation limits. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. That's actually a 5% increase from the year before . 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. Hornbaker says attending committee meetings might be another responsibility. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. It regularly meets in executive session, without the presence of Rogers' management. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. Could you fill that gap? A non-executive director is a member of a company's board of directors who is not part of the executive team. AP6D. 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. She currently serves as Lead Director on the Board of Directors for FranklinCovey and as Adjunct Professor of Executive Education at the Kellogg School of Management, Northwestern University. After submitting your request, you will receive an activation email to the requested email address. This compensation may impact how and where listings appear. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. 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. Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. 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. Bldg. He can also be found running, antiquing, reading science fiction and spending time with his family. Chairman of the Board and Chief Executive Officer of 3M Company. The report recommended that companies start compensating board directors with cash and equity. 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. The information shown here is a reporting of information included in the company's proxy statement. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. Engage in conversations about Director pay with other professionals in the community. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. It goes a lot higher from there. Michael Ferrante and Connor Damon are consultants at FW Cook. The brands listed above are trademarks of 3M. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 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. I have been an Office Manager 21 yrs. All proxy statements are public filings made available to the general public by the SEC. ", Boston Globe. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Abbott Laboratories, Dept 364, Bldg. c/o Abbott Corporate Secretary. Mr. Mr. Roman is on the board of the following organizations in addition to 3M: Abbott Laboratories, University of Minnesota Foundation Board of Trustees. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. Mike and his family enjoy a variety of physical fitness and outdoor activities. The Board is mainly comprised of outside, independent directors. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. 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? John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. %PDF-1.7 In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. Averages based on self-reported salaries. 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. 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. Tel: (651) 737-6523 A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. A. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. "The Types of Directors," Pages 1-2. By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. Make sure your resume states what you will specifically bring to the table as a board member.. endobj "2020 Proxy Statement," Page 12. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Lodestone Global. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. 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. Here are a couple of examples of what Fortune 500 companies pay their board members. 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. Ms. 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. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ

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