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3M | 8-K: 3M Announces New Leadership Appointments

SEC announcement ·  Mar 12 06:37
Summary by Moomoo AI
On March 8, 2024, 3M Company announced significant leadership changes with William M. Brown being appointed as the new chief executive officer, effective May 1, 2024. Brown, with a notable history as the former chairman and CEO of L3Harris Technologies, succeeds Michael F. Roman, who will take on the role of executive chairman of the Board of Directors from the same date. The Board has also nominated Brown for election as a director at the Annual Meeting of Stockholders scheduled for May 14, 2024. Concurrently, Roman's and Brown's mandatory retirement age was waived by the Board. In terms of compensation, Brown's package includes a base salary of $1.8 million, target annual incentive of $3.15 million, a hiring bonus of $3 million, and eligibility for long-term incentives. He...Show More
On March 8, 2024, 3M Company announced significant leadership changes with William M. Brown being appointed as the new chief executive officer, effective May 1, 2024. Brown, with a notable history as the former chairman and CEO of L3Harris Technologies, succeeds Michael F. Roman, who will take on the role of executive chairman of the Board of Directors from the same date. The Board has also nominated Brown for election as a director at the Annual Meeting of Stockholders scheduled for May 14, 2024. Concurrently, Roman's and Brown's mandatory retirement age was waived by the Board. In terms of compensation, Brown's package includes a base salary of $1.8 million, target annual incentive of $3.15 million, a hiring bonus of $3 million, and eligibility for long-term incentives. He will also receive equity awards, including restricted stock units and performance shares, subject to a Protective Covenant Agreement. The performance goals for these awards will align with those set for other executive officers in 2024. Additionally, Brown will be eligible to participate in the Company's Executive Severance Plan, which has been amended to include pro rata vesting of inducement restricted stock unit awards.

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