3M Annual Meeting Highlights 2018 Performance
14 Mai 2019 - 5:00PM
Business Wire
Today Executive Chairman Inge G. Thulin addressed shareholders
for the last time highlighting 3M’s 2018 performance at the Annual
Meeting of Shareholders in Indianapolis, Ind. CEO Mike Roman takes
over the role of chairman of the board effective today. Thulin
retires on Jun. 1, 2019, as previously announced.
3M’s 2018 results were marked by organic growth of more than
three percent with growth across all business groups and
geographies. Other highlights include the investment of $3.4
billion in the combination of research and development and cap-ex;
$3.2 billion paid in dividends; and a $4.9 billion repurchase of 3M
shares.
In a brief recap of 2019, Thulin noted softness in a few key end
markets contributing to organic growth decreasing companywide and
the actions 3M is taking, including an organizational realignment
with the objective to improve competitiveness.
“Going forward, I remain confident in our ability to manage
through the challenges we face while continuing to position 3M for
the future,” Thulin said. “It has been my honor to serve 3M in
different capacities across this incredible company for almost 40
years.”
3M shareholders voted on four items of business including the
election of nominees for the company’s Board of Directors.
Following the business portion of the meeting, Roman joined Thulin
for the Q&A session.
Preliminary Shareholder Voting Results
3M shareholders today elected the 12 nominees to the company’s
Board of Directors for a one-year term that expires at the 2020
Annual Meeting by the vote of the majority of votes cast:
- Thomas “Tony” K. Brown, retired group
vice president, Global Purchasing, Ford Motor Company
- Pamela J. Craig, retired chief
financial officer, Accenture plc
- David B. Dillon, retired chairman of
the board and CEO of The Kroger Co.
- Michael L. Eskew, retired chairman of
the board and CEO, United Parcel Service Inc.
- Herbert L. Henkel, retired chairman of
the board and CEO, Ingersoll-Rand plc
- Amy E. Hood, executive vice president
and chief financial officer, Microsoft Corporation
- Muhtar Kent, retired chairman of the
board and CEO, The Coca-Cola Company
- Edward M. Liddy, retired chairman of
the board and CEO, The Allstate Corporation
- Dambisa F. Moyo, founder and CEO,
Mildstorm LLC
- Gregory R. Page, retired chairman of
the board and CEO, Cargill, Incorporated
- Michael F. Roman, chief executive
officer, 3M Company
- Patricia A. Woertz, retired chairman of
the board and CEO, Archer-Daniels-Midland Company
Shareholders ratified the appointment of PricewaterhouseCoopers
LLP as 3M's independent registered public accounting firm for
2019.
Shareholders approved, on an advisory basis, executives’
compensation as described in the proxy statement.
Shareholders did not approve the shareholder proposal to set
target amounts for CEO compensation.
3M will disclose the final voting results on each item of
business properly presented at the Annual Meeting on Form 8-K to be
filed with the SEC.
Forward-Looking Statements
This news release contains forward-looking information about
3M’s financial results and estimates and business prospects that
involve substantial risks and uncertainties. You can identify these
statements by the use of words such as “anticipate,” “estimate,”
“expect,” “aim,” “project,” “intend,” “plan,” “believe,” “will,”
“should,” “could,” “target,” “forecast” and other words and terms
of similar meaning in connection with any discussion of future
operating or financial performance or business plans or prospects.
Among the factors that could cause actual results to differ
materially are the following: (1) worldwide economic,
political, regulatory, capital markets and other external
conditions and other factors beyond the Company’s control,
including natural and other disasters or climate change affecting
the operations of the Company or its customers and suppliers;
(2) the Company’s credit ratings and its cost of capital;
(3) competitive conditions and customer preferences;
(4) foreign currency exchange rates and fluctuations in those
rates; (5) the timing and market acceptance of new product
offerings; (6) the availability and cost of purchased
components, compounds, raw materials and energy (including oil and
natural gas and their derivatives) due to shortages, increased
demand or supply interruptions (including those caused by natural
and other disasters and other events); (7) the impact of
acquisitions, strategic alliances, divestitures, and other unusual
events resulting from portfolio management actions and other
evolving business strategies, and possible organizational
restructuring; (8) operational execution, including scenarios
where the Company generates fewer productivity improvements than
estimated; (9) unanticipated problems or delays with the
phased implementation of a global enterprise resource planning
(ERP) system, or security breaches and other disruptions to the
Company’s information technology infrastructure;
(10) financial market risks that may affect the Company’s
funding obligations under defined benefit pension and
postretirement plans; and (11) legal proceedings, including
significant developments that could occur in the legal and
regulatory proceedings described in the Company’s Annual Report on
Form 10-K for the year ended Dec. 31, 2018, and any
subsequent quarterly reports on Form 10-Q (the “Reports”).
Changes in such assumptions or factors could produce significantly
different results. A further description of these factors is
located in the Reports under “Cautionary Note Concerning Factors
That May Affect Future Results” and “Risk Factors” in
Part I, Items 1 and 1A (Annual Report) and in
Part I, Item 2 and Part II, Item 1A (Quarterly
Reports). The information contained in this news release is as of
the date indicated. The Company assumes no obligation to update any
forward-looking statements contained in this news release as a
result of new information or future events or developments.
About 3M
At 3M, we apply science in collaborative ways to improve lives
daily. With $33 billion in sales, our 93,000 employees connect with
customers all around the world. Learn more about 3M’s creative
solutions to the world’s problems at www.3M.com or on Twitter @3M
or @3MNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20190514005689/en/
3MInvestor Contact:Bruce Jermeland, 651-733-1807orTony Riter,
651-733-1141orMedia Contact:Donna Fleming Runyon, 651-736-7646
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