3M shareholders vote down executives’ pay packages in annual assembly

May 15, 2024 | blog

(Reuters) – 3M mentioned on Tuesday that the annual compensation packages of sure executives, together with that of former CEO Mike Roman, didn’t obtain the requisite variety of favorable shareholder votes, on an advisory foundation.

Roman’s 2023 whole compensation was $16.4 million, in comparison with about $14 million in 2022, whilst the corporate handled the fallout from a number of lawsuits and slowing gross sales.

Although the vote is non-binding, the corporate’s board –together with its compensation and expertise committee – considers the outcomes of the shareholder assembly as one of many crucial inputs within the compensation evaluation course of, the corporate mentioned in a press release.

Former high boss at L3 Harris Technologies Bill Brown succeeded Roman as CEO on May 1. Roman transitioned to change into 3M’s govt chairman on the identical day.

Brown takes the helm after a interval of what has been seen as poor monetary efficiency, which 3M has tried to mitigate by rolling out a serious restructuring that features slicing 1000’s of jobs and the spinoff of its healthcare enterprise right into a listed firm.

(Reporting by Ananta Agarwal and Kannaki Deka in Bengaluru; Editing by Shailesh Kuber)

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