This photo provided by the 3M Co., shows newly elected 3M president and CEO, Inge Thulin. 3M announced Wednesday, Feb. 8, 2012, that Inge G. Thulin was elected president and CEO, effective Feb. 24. He succeeds Sir George W. Buckley, chairman, president and CEO, who will retire on June 1. (AP Photo/3M Co.) ORG XMIT: MIN2012102316055239
CEO Pay Watch 3M Co.
Inge Thulin, chairman, president, CEO
Total compensation: $9,044,103 for the year ended Dec. 31
Non-equity incentive pay: $2,441,842
Other compensation: $425,668
Exercised stock options: $2,655,940
Value realized on vesting shares: $2,181,653
New stock options: 248,627
Total 2013 shareholder return: 54.5 percent
Note: Thulin took home $9 million in total compensation in 2013, nearly the same as last year. He got a 4 percent increase in his base salary and a 22 percent increase in his annual bonus. Thulin earned more from exercised stock options but a lot less from restricted stock compared with 2012.
3M’s financial performance earned executives annual incentives that were slightly more than the target award for the year, and 3M’s stock performance in 2013, a total return of 54.5 percent, helped Thulin realize $2.7 million from exercised stock options, after exercising $339,000 worth of options in 2012.
Thulin earned $2.2 million from restricted stock awards in 2013, down from $5 million from restricted stock awards in 2012.
3M’s long-term incentives are based on sales growth, return on invested capital and sales from new products. Executives earned long-term equity awards for the performance period covering 2011, 2012 and 2013. Thulin earned 13,144 shares worth $1.8 million, which was under the targeted amount of 17,430 shares. Thulin also received another $338,207 from 3,294 shares of restricted stock granted in 2010.
At 3M’s annual shareholder meeting last May, 96 percent of the shares voted on a nonbinding executive compensation question were “for” the company’s program.