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3M said its board appointed Anurag Maheshwari as Executive Vice President and Chief Financial Officer, effective September 1, 2024. He currently serves as Executive Vice President and Chief Financial Officer of Otis Worldwide Corporation and will remain in that role until August 23, 2024.

8-KDeparture or Appointment of Directors or Certain OfficersFiled Period of report Summary published (UTC)

Key points

AI summary

  1. 3M said its board appointed Anurag Maheshwari as Executive Vice President and Chief Financial Officer, effective September 1, 2024. He currently serves as Executive Vice President and Chief Financial Officer of Otis Worldwide Corporation and will remain in that role until August 23, 2024.

  2. 3M said its board appointed Theresa ("Teri") Reinseth as Interim Chief Financial Officer effective August 1, 2024, pending Maheshwari's assumption of the CFO role on September 1, 2024. Former CFO Monish Patolawala served as the company's CFO through July 31, 2024.

  3. The company said it will provide Maheshwari with an annual base salary of $1,050,000 and a target annual incentive opportunity of $1,155,000 (110% of base salary), and will pay him a hiring bonus of $3,150,000. If he resigns or the company determines in writing that he engaged in Misconduct before the 3rd anniversary of his start date, he must repay some or all of the hiring bonus.

  4. Under the offer letter, the company said Maheshwari will receive a Make-Whole RSU Award covering a number of shares equal to $4,500,000 divided by the closing price on the grant date, vesting in equal installments on each of the first 3 anniversaries of the grant date. He will also receive a pro rata 2024 RSU grant and a pro rata 2024 PSA, based on $666,667, and each award will be granted within 60 days after his start date.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Anurag Maheshwari Named Chief Financial Officer

3M said its board appointed Anurag Maheshwari as Executive Vice President and Chief Financial Officer, effective September 1, 2024. He currently serves as Executive Vice President and Chief Financial Officer of Otis Worldwide Corporation and will remain in that role until August 23, 2024.

Source · Based on the filing body and exhibits

Interim CFO Named Following Departure of Prior CFO

3M said its board appointed Theresa ("Teri") Reinseth as Interim Chief Financial Officer effective August 1, 2024, pending Maheshwari's assumption of the CFO role on September 1, 2024. Former CFO Monish Patolawala served as the company's CFO through July 31, 2024.

Source · Based on the filing body and exhibits

Offer Letter Cash Compensation and Hiring Bonus Terms

The company said it will provide Maheshwari with an annual base salary of $1,050,000 and a target annual incentive opportunity of $1,155,000 (110% of base salary), and will pay him a hiring bonus of $3,150,000. If he resigns or the company determines in writing that he engaged in Misconduct before the 3rd anniversary of his start date, he must repay some or all of the hiring bonus.

Source · Based on the filing body and exhibits

Make-Whole RSU and Initial Long-Term Incentive Awards

Under the offer letter, the company said Maheshwari will receive a Make-Whole RSU Award covering a number of shares equal to $4,500,000 divided by the closing price on the grant date, vesting in equal installments on each of the first 3 anniversaries of the grant date. He will also receive a pro rata 2024 RSU grant and a pro rata 2024 PSA, based on $666,667, and each award will be granted within 60 days after his start date.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗
Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.