Who is Sondra L. Barbour and what is her background?

Sondra L. Barbour is a newly elected independent director of 3M Company. She has a significant background in the technology and information systems sector, serving as Executive Vice President of Information Systems & Global Solutions at Lockheed Martin Corporation. Her expertise is expected to benefit the company, particularly in financial oversight.

Why was the Board of Directors increased in size?

The Board of Directors was increased from 9 to 10 members to accommodate the appointment of Sondra L. Barbour, filling the resulting vacancy and adding her specific expertise to the Board's composition.

What specific roles will Ms. Barbour play on the Board?

Ms. Barbour has been appointed to two key committees: the Audit Committee and the Finance Committee. Her qualifications, including being deemed an "audit committee financial expert," suggest a strong focus on financial governance and oversight.

How will Ms. Barbour be compensated as a director?

As a non-employee director, Ms. Barbour is eligible for the compensation program approved in May 2014. This program provides for an annual compensation of $270,000, consisting of a $120,000 annual cash retainer and a $150,000 annual stock retainer, payable in 3M common stock.

MMM 8-K: Leadership Changes

Summary

3M Company (MMM) filed an 8-K on August 11, 2014, to report a significant change in its Board of Directors. The company announced the election of Sondra L. Barbour as a new independent director, effective August 11, 2014. This appointment increased the Board's size from nine to ten members. Ms. Barbour brings substantial experience as the Executive Vice President of Information Systems & Global Solutions at Lockheed Martin Corporation. Her selection is intended to bolster the Board's expertise, particularly in financial matters, as she has been appointed to both the Audit and Finance committees. The company highlighted her qualifications, noting she is considered "financially literate," possesses "accounting or related financial management expertise," and meets the SEC's definition of an "audit committee financial expert."

Key Highlights

13M Company appointed Sondra L. Barbour as a new independent director to its Board of Directors.
2Ms. Barbour's appointment increases the size of the Board from 9 to 10 directors.
3She brings executive experience from Lockheed Martin Corporation, holding the position of Executive Vice President, Information Systems & Global Solutions.
4Ms. Barbour has been appointed to serve on both the Audit and Finance committees of the Board.
5The company confirmed Ms. Barbour qualifies as an "audit committee financial expert" according to SEC regulations.
6Ms. Barbour will receive the standard compensation for non-employee directors, which includes a cash retainer and a stock retainer, totaling $270,000 annually.
7The filing also includes a press release dated August 11, 2014, as an exhibit.

3M CO 8-K Report, Executive Changes (Aug 12, 2014)

Summary

Key Highlights

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