Summary
3M Company (MMM) announced on August 14, 2017, a significant addition to its Board of Directors with the election of Amy E. Hood, the Executive Vice President and Chief Financial Officer of Microsoft Corp. This appointment, effective August 13, 2017, increased the size of the Board from 11 to 12 directors. Ms. Hood's extensive financial expertise as a senior executive at a major global technology company is expected to provide valuable strategic insights to 3M's governance and financial oversight. Ms. Hood has been deemed an independent director by the Board, aligning with New York Stock Exchange listing standards and 3M's corporate governance guidelines. She will participate in the established compensation program for non-employee directors and has been appointed to the Board's Finance Committee. This move signals a commitment by 3M to strengthen its financial acumen at the highest level of corporate leadership.
Key Highlights
- 1Amy E. Hood, EVP and CFO of Microsoft Corp., elected to 3M's Board of Directors.
- 2Ms. Hood's appointment is effective August 13, 2017.
- 3The Board's size was increased from 11 to 12 directors to accommodate the new appointment.
- 4Ms. Hood is considered an independent director under NYSE and 3M's guidelines.
- 5Ms. Hood has been appointed to the Finance Committee of the Board of Directors.
- 6Ms. Hood will receive compensation as per the non-employee director program.