Inge Thulin, 3M Co. chairman, president and CEO
Total compensation: $19,462,824 for the year ended Dec. 31
Nonequity incentive pay: $4,121,830
Other compensation: $667,821
Exercised stock options: $5,092,761
Value realized on vesting shares: $8,053,817
New stock options: 255,329
Total 2017 shareholder return: 34.9 percent
CEO pay ratio: 324:1
Median employee pay: $63,338
Note: Last June, 3M’s board waived the mandatory retirement age of 65 for Thulin, who has been CEO since February 2012. He will retire as CEO on July 1, however. The company announced earlier this month that Michael Roman, the current chief operating officer, will succeed Thulin as CEO, with Thulin assuming a new role of executive chairman.
In 2017, Thulin took home the largest pay package of his tenure. The $19.5 million was a 16 percent increase over 2016. His annual incentive plan award of $4.1 million was $1.8 million more than in 2016, as 3M exceeded the target levels for revenue, earnings, invested capital and cash flow measures. It was the largest annual bonus Thulin has earned as CEO.
Most of the 2017 compensation was from previously issued long-term equity awards. Thulin realized $13.1 million from the exercise of the previously issued options and performance share awards that vested in 2017.
Over the past year, three-year and five-year periods, 3M stock has outperformed both its peer group and the S&P 500 Index.