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3M shareholders vote down executives' pay packages in annual meeting
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3M shareholders vote down executives' pay packages in annual meeting
May 14, 2024 2:24 PM

May 14 (Reuters) - 3M ( MMM ) said on Tuesday that the

annual compensation packages of certain executives, including

that of former CEO Mike Roman, did not receive the requisite

number of favorable shareholder votes, on an advisory basis.

Roman's 2023 total compensation was $16.4 million, compared

to about $14 million in 2022, even as the company dealt with the

fallout from multiple lawsuits and slowing sales.

Although the vote is non-binding, the company's board

-including its compensation and talent committee - considers the

results of the shareholder meeting as one of the critical inputs

in the compensation review process, the company said in a

statement.

Former top boss at L3 Harris Technologies Bill Brown

succeeded Roman as CEO on May 1. Roman transitioned to become

3M's ( MMM ) executive chairman on the same day.

Brown takes the helm after a period of what has been

seen as poor financial performance, which 3M ( MMM ) has tried to

mitigate by rolling out a major restructuring that includes

cutting thousands of jobs and the spinoff of its healthcare

business into a listed company.

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