3M CEO's total pay package rises 41 percent

AP News
Posted: Mar 24, 2011 5:27 PM
3M CEO's total pay package rises 41 percent

3M CEO George Buckley saw his compensation rise 41 percent last year to $19.7 million, according to an Associated Press analysis of a regulatory filing, as the company's earnings grew on strong international growth.

Buckley's total compensation was just under $14 million the year before.

His base salary was unchanged at $1.7 million. The bulk of his compensation came in the form of stock awards, which increased 85 percent to $8 million in 2010. Buckley's option awards remained relatively flat at $3.8 million.

His performance-based cash bonus soared 45 percent to $5.6 million.

Buckley's perks, which included use of a company car, jet, life insurance and security, nearly doubled to $632,673.

In 2010, earnings for the Maplewood, Minn., maker of Post-Its and Scotch Tape increased by 25 percent from a year earlier. Revenue rose 15 percent. 3M expects double-digit sales growth this year. Although Buckley had been widely rumored to be stepping down, he said in recent months that he will stay on until his contract runs out in 2012.

The AP compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases from the total reported by companies to the Securities and Exchange Commission.