Inge Thulin's promotion to CEO of 3M also comes with a raise. Thulin's annual base salary will be increased to $1.3 million and his target annual incentive compensation will be increased to $2 million.
Thulin will have access to 3M's corporate aircraft for all personal and business travel, and a vehicle and driver for business travel in the Twin Cities. Thulin also will be awarded stock options and performance shares with a target value of $8 million for 2012, although the ultimate value of those grants will depend on the company's performance.
George Buckley's base salary for 2010 was $1,720,000 while his total compensation was $23.2 million, with the bulk of that coming from restricted stock that vested during that year.
Thulin took home $2.7 million in 2010, including a base salary of $598,500 and $1.4 million from the exercise of stock options and gains from vested stock awards. 3M's proxy statement and compensation for 2011 have not been filed.
PATRICK KENNEDY
