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.