Summary
This Form 8-K filing by 3M Company, dated February 1, 2016, primarily reports on significant changes to its Board of Directors. Two new independent directors, Gregory R. Page and Patricia A. Woertz, have been elected to fill newly created vacancies, increasing the board size from 11 to 13 members. Both directors bring substantial experience from leadership roles in major corporations, with Mr. Page from Cargill and Ms. Woertz from Archer-Daniels-Midland. These appointments are notable as they bring additional expertise to key board committees. Mr. Page has been appointed to the Audit and Nominating and Governance committees, with his qualifications specifically noted as 'financially literate' and an 'audit committee financial expert.' Ms. Woertz will serve on the Compensation and Finance committees, bringing her experience to areas critical for executive compensation and financial oversight. Both directors will receive compensation in line with the company's existing non-employee director program.
Key Highlights
- 13M Company has elected two new directors, Gregory R. Page and Patricia A. Woertz, to its Board of Directors.
- 2The Board size has been increased from 11 to 13 directors to accommodate the new appointments.
- 3Gregory R. Page brings extensive experience from Cargill and has been designated as an 'audit committee financial expert'.
- 4Patricia A. Woertz has a background with Archer-Daniels-Midland and will serve on the Compensation and Finance committees.
- 5Both new directors have been determined to be independent under NYSE listing standards and 3M's own guidelines.
- 6Mr. Page is appointed to the Audit and Nominating and Governance committees.
- 7Ms. Woertz is appointed to the Compensation and Finance committees.