As Chairman of the Board and Chief Executive Officer at 3M CO, Michael F. Roman made $15,222,046 in total compensation. Of this total $1,337,487 was received as a salary, $3,131,774 was received as a bonus, $5,250,960 was received in stock options, $5,250,138 was awarded as stock and $251,687 came from other types of compensation. This information is according to proxy statements filed for the 2021 fiscal year.
Chairman of the Board and Chief Executive Officer
3M CO
How does this guy not receive a “1 -did not meet expectations” for 2022?
Michael F. Roman
Report card MR - Rated F
Marketing was always a nice to have function in 3M. So less said the better
Divesting businesses, Spin-offs.
Everything done is amateurish, not a professional CEO act, he had has not delivered stability or contain the bleed.
So then what must one justify to Fire him.
And I am sure many more I have not captured above..
It really is unbelievable that a CEO can make millions while their company's stock underperforms the indexes. Like any monkey can "lead" a company and underperform the S&P. Why would any investor invest in 3M when they can get better returns with less risk in VT/VOO, etc? Why does Mike deserve to make more than say a JG7? Plop any JG7 into Mike's job and the stock wouldn't have performed any worse over the past 5 years.
How the heck did Roman earn more than a $5 million dollar bonus in 2021? What was so hard exceptional in 2021?
Executives should not be getting bonuses if achieving their numbers are primarily achieved through costs cuts and job eliminations. This can be done by anyone that can balance their check book.
If they are not organically growing the company or if a significant portion of their pay structure and bonuses are not linked to growth.
3Ms leadership has been void and actually worse than void. Everything they have pivoted to has been a huge mistake that any knucklehead could have identified its failure was predictable - A3M. Adding additional layers of mgt and executives was the stupidest thing 3M or any company could have done.
On top of that, good leaders understand their weaknesses snd surround their selves with people who are strong where they are weak. They encourage different opinions and discussion. Over the last few years/decade, 3M’s leaders have surrounded themselves with people who are like them - one big group think all the way to include the board. Offering a differing opinion or challenging the status quo is not supported and can be career ending.
The only culture 3M is supporting or growing is submissive and supportive - with no questions asked.
There was a time when a few of the executives would drop into peoples cubes - like level 7 folks and ask them how things are going. How are the customers? Ask for one’s opinion of different ideas, etc. it was a way of keeping pulse on the business and probably doing a little bit of MSA on what they were hearing from their direct reports. I have not seen any of this in decades - since the 90’s. Sometimes the solutions are right under their noses, but when they do not ask.
“The person who cannot be questioned, eventually ends up doing the questionable.”
Vale has sold his share options the last two years, just under25000 shares each time. just keep them if the company means that much to you,
He works so hard, he "earns" it right?! lmao
Unfortunately, all of the reliable sources in leadership tell me that Vale is Mike's choice to replace him in 2 years. Monish is pining for the HC CEO and will likely get it since the comatose Board has gone along with this charade long enough. No reason to see them change course.
Whoever mentioned that the once proud HMS 3M ship is sailing to its final stop in hades on river Styx is right. Hope you can get packaged out on a lifeboat soon.
Michael Vale made $4,274,852 in total compensation as Group President, Safety and Industrial Business Group at 3M Co in 2021