3M CEO Plans To Sell A Third Of Company Stock

ST. PAUL, Minn. (AP) — A regulatory filing shows that 3M Co. chief executive George Buckley plans to sell almost one-third of his company stock, worth more than $33 million.

The prearranged plan would have Buckley sell about 350,000 shares of 3M common stock over the next two months. The shares were acquired through stock-option exercises and will be sold in accordance with minimum price thresholds.

The plan was described in a Wednesday filing with the U.S. Securities and Exchange Commission.

Shares of 3M were up 39 cents, or 0.4 percent, to $94.33 in morning trading Thursday.

Buckley became CEO of the St. Paul-based company five years ago. In February he will turn 65, which is 3M’s mandatory retirement age.

3M’s products include Post-it notes and mining equipment.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • meh

    So why is this even news?

  • Citizen

    @meh. It’s probably news to make sure the sale of Buckley’s stock is public and up front so no one can accuse him of insider trader later. LOL. It’s a typical golden parachute plan for a CEO–probably funded by wage and benefit cuts to the employees who actually do the work and with increased prices to consumers of 3M’s product. An old shell game….no one is worth what this guy is getting!

    • asdf

      no, 3M would need to file a form that people will see on edgar.

  • L

    wouldnt it be grand if all these over paid CEO’s would share their wealth and balance out MN ?

    • Citizen

      @L. Good one! LMAO. Never happen because these guys love their money too much.

      • W

        And…the republicans don’t want to raise taxes on the top 1% of income earners or raise the capital gains taxes…..

      • Brad

        …or because they worked their buttocks off for many years working their way up the ladder of success. Some people don’t want to work very hard and work their way up the ladder, so they are paid appropriately. Sure, some CEO’s don’t deserve their pay but most don’t realize the scrutiny and responsibility a CEO has.

        George Buckley is carrying a $30 billion dollar global company with 79,000 employees and over 55,000 products on his shoulders. He has increased profits and expanded the company, creating thousands jobs for people. I think his pay is justified.

        • Citizen

          @Brad. He still puts his pants on one leg at a time. No one is worth what he is getting. No one. I doubt seriously if he could name a couple of hundred of his products. It is well know that the higher up you get in management the less real work you do. The wealth of the world and a company is created by the farmers, laborers, factory workers, engineers, architects. Never by the wealthy who PRODUCE NOTHING. They just sit and pull strings all day….and do not earn by the sweat of their brow. That is honest labor that builds wealth.

        • Slow Down Brad

          I agree with you in part Brad. Yes, you don’t want to pay a guy in charge of that kind of operation 45k a year…..and his compensation isn’t as outrageous as some.

          However i take point with you stating they “work their butt off”. Some do and some sure as heck don’t. There is alot of luck and good-ol-boy networking that goes on to advance to a position like that. Millions of other people work much harder every day and get paid in the thousands not hundreds of millions.

          So again, I’m not saying he does or doesn’t deserve his compensation, just saying its a fallacy to put these CEO’s on a pedestal as a model of hard work, attrition and perseverance. Many of them should be put up there as testament to the opportunities and advantages those with money receive over those without.

          • Brad Sped Up

            It’s true that there are people at every level working their buttocks off, from janitors to CEO’s. George cleaning toilets works just as hard as George running 3M. However the level of responsibility and accountability changes from janitor to CEO.

            You can pay your janitor $45k a year to clean a facility because if he/she fails you won’t lose any jobs, you just get a messy toilet. However, the level of responsibility and accountability rises dramatically for a CEO. If he/she fails, how many jobs and products are lost?

            The basis for my argument is that people like L and W sound communist; Let’s take away the salary of the highest paid employees and split it amongst the general public, even though the general public did nothing to deserve it. Where would the motivation be for people to achieve a higher education, or invent new products? I would not want to go to college if I knew my paycheck would be split amongst my peers.

            Let be honest here: if you were offered a job that pays millions of dollars, would you say “No thanks.” or “sure I accept but I want you to take most of my salary and give it to everybody.” I think most people would accept the entire paycheck.

            If George cleaning toilets isn’t happy that George running 3M makes more money, then George cleaning toilets should go back to school for business and continue working his buttocks off and make his way up rather than demand the other George for money.

            • Slow Down Brad

              I think you got all fired up before you even read my point. You are really just re-stating stuff i just said.

              So again, I’m not saying he does or doesn’t deserve his compensation, just saying its a fallacy to put these CEO’s on a pedestal as a model of hard work, attrition and perseverance. Many of them should be put up there as testament to the opportunities and advantages those with money receive over those without.

    • Kath Church

      you got to be kidding these guys don’t have a conscience if they did Minnesotians wouldn’t have such a great divide of the have and have nots. This guy is also problably selling up and moving his cash out of the Minnesota or the US. That is the real story lets follow this guy and see where he takes his money to evade paying taxes here.

  • kevin

    citizen you are so jellous of another person’s succes. It’s fun watching you pee down your leg.

    • Slow Down Kevin

      Really?? How did he statement strike you as jealously? While potentially misguided, Its fundamentally true isnt it? Did you really think 3M is a billion dollar company because the CEO manufactures, packages, delivers and markets the product himself did you?

      And what makes watching some pee fun for you? Is that one of those fetishes i’ve read about? Kinda sick….maybe see someone about that.

      • Citizen

        @Slow Down Kevin. kevin hates me because I pointed out that while kevin stated he was one of 12 children, he and his family never took any government handouts. Thus, I pointed out to him public education, ag subsidies, ethanol subsidies. He doesn’t like having his perfidy pointed out.

      • Brad

        Do you really thing that 3M is a billion dollar company because the laborers determine business strategies, discover market opportunities, manage themselves and develop innovative products and bring them to fruition?

        Kevin is actually right. Jealousy is the fundamental issue here. Why would someone who doesn’t make a lot of money think that someone who does make a lot of money should share it?

        Citizen, are you telling me that if you made $1 million a year you would want most of it to be shared amongst the people? Even if you worked your buttocks off for it?

        • Slow Down Brad

          I get your point….the laborers without leadership are worthless.

          But do you get Citizens?….the leadership without skilled labor is worthless.

          Both are mutally dependent upon eachother. However sometimes it feels the guys at the top forget that point. The good ones recognize they are nothing without those surronding them and reward their staff/subordinates accordingly.

  • Pavel

    A CEO of any company is “hired to do a job”. Therefore, they should be paiid accordingly. However, corporations today pay executives “a salary” (including very generous benefits) in addition to “bonuses”, which are the substance of excessive abuse.

    The CEO in this case is selling 1//3 of his stock in 3M, which is valued at more than $33,000,000. That means he still will control 2/3 of his stock, which is valued at this time at more than $66,000,000.

    Now I ask you: Is any person worth $100,000,000.00 for 5 years of work??? Do not forget he has also earned salary and other benefits in the millions at the same time.

    It was good the writer brought our attention to this matter. If someone can’t figure out why this is “news” they better go back to bed!

    This is GROSS INCOMPETENCE and America will surely fail if corporations continue such scandalous policies!

    These individuals need to contribute a much larger (likely they pay nothings now) share of their income to our tax base!

    I feel the same about ball players who are paid scandalous salaries as well.

    • Brad

      How does a publicly held company “abuse” its bonus and salary system?

      A publicly held company determines the CEO’s salary/bonuses through a board committee. I would hardly call that abuse since it’s their own money.

      • Slow Down Brad

        LOL….Brad, so niave…kinda cute.

        Who the heck do you think makes up the boards of these companies? Joe Schmo from down the block?

        Enron, Worldcom, Tyco, Lehman Bro…..all had boards of directors too.

        AGAIN….i’m not saying that they do or don’t deserve their salary. I just was hoping that people wouldn’t be so ingnorant as to believe these individuals are where they are and make what they make soley based on merit, skill and luck.

    • asdf

      Pavel – this guy is not gettin $100 million dollars. He is selling stock options wich have a value to them. He only get the increase in value from that price as profit. There is an SEC form 4 on edgar file on 2/25. He got 50000 shares at an option price of 77.18. If he sold all those at todays, price he’d get 690,000 out of a market value of 4.55 million.

      just a rough calc, but if all his stock were optioned to him at the lowest price in the past five years, he’d clear about 50 million.

  • kevin

    citizen, do you unstanstand how a private co works. There’s the excutive branch that’s works on keeping the co focused for the long haul and profitable, and the workers that produce and ship there product to you and me.The more profitable the co. is the greater the rewards. And yes your statement reaked with jealousy.

    • Citizen

      And your rants are streaked with self interest. If the divide continues to widen between the uber wealthy of the U.S. who pay no taxes and the rest of us, I predict pitchforks and torches. Remember the Bastille…. There are plenty of places where you can read about the cultural war going on the U.S. right now between the wealthy and the corporations buying the government and the rest of the serfs. Unless you are as wealthy as this CEO is, you shouldn’t be defending his OUTRAGEOUS compensation package. It is always amazing to me how people who are not wealthy support the policies of the people who are keeping them downtrodden. Must be Stockholm Syndrome…

      • Brad

        @Citizen, part of this divide is due to the increased gap between the lazy and the not-so-lazy. Anyone can go to school and become a CEO, so why didn’t you? You might be happy as a janitor, which is great, but you don’t have nearly the responsibility and accountability as a CEO.

        Imagine if your job description was “grow a multi-million dollar company into a billion dollar company by discovering new market opportunities, developing capitol and resources, managing 40 business units (yes 3M has 40) and by making decisions which will affect the entire company’s well-being…along with providing direction to 40 business leaders who need you to decide on the best direction. And if you don’t do well the board will fire you.”


        I think that if I found someone who could do all of those things I would pay them accordingly.

        And I don’t understand how Kevin’s post was “streaked with self interest”. It’s merely a few lines of facts which ends in an opinion which I agree with.

        • Slow Down Brad

          No Brad….and this is where i take issue with your simplistic “black n white” approach.

          Nothing in the REAL world is black and white. You cannot say the growing divide between the rich and poor in this country has more than 1% to do with Lazy vs. Not-Lazy.

          I admit, it is easier to look at it that way. It makes it nice and simple and fits great into the little box you created.

          But what i dont think some people understand…..wealth provides opportunities and advantages that would otherwise be unobtainable. It is much eaiser to turn 500 million into 1 billion, than it is to turn 0 into 500 million.

          And the rich and wealthy have a monoply on opportunities in this country. That is my point. But this isn’t new…it’s been that way since the beggining of time. The rich however, better be carefull to not let the middle class disapear. Because when they disapear, so does their wealth. This country needs the middle class, the wealth need the middle class……and the middle class need the wealth. It is a delicate balance that shouldn’t shift too far in any one direction.

          • Brad sped up

            The key word in my post was “part of the divide”, not the entire problem. Don’t skip words.

            I agree that more opportunities arise when one has more money. It is easier to turn .5 billion into 1 billion. There are plenty of people who have .5 billion and want 1 billion. That to me is very greedy.

            However, my point is this: everyone has an opportunity to make money, and the fact that some people on this post want someone who has made money to give it to them is absurd. Like I said, if you made millions would you want to spread it around to people you don’t know, especially if they don’t deserve it?

            If I am in charge of 3M, which has 40 business sectors, 70k employers and 55k products, I would expect a nice compensation.

            • asdf

              nothing greedy about it. if you can make money, make money. greed is determined by what you do with the money, not how you earn it. By your logic, Warren Buffet is the worst, greediest guy on earth….who just happened to be giving away 44 billion to charities because charities do more good with that money than the gov’t ever could.

              If he gave 50% away when he had his first billion, what would he be able to give today? significantly less.

              people like gov Dayton are greedy. they keep their money in a trust fund and spend it on themselves. he earned 672,000 in 2010, but only gave $8,150 to charity. He also only pays capital gains, not real income tax like most of us.

  • kevin

    Citzen, I don’t hate you, what I am trying to get thru is that with all the easy gov hand outs many people in the country have lost focus of what it means to work for a living and not have the gov. bail them all the. time. I’m far from rich but I do work hard for my wages and I provide for my family with pride. Until people start taking responsibilty for there own life and contribute to our society then yes I agree with you, this country as we know it will disintegrate.

    • Brad

      Kevin get it.

      Citizen wants a handout from the wealthy.

      We all (not everybody) work hard for our wages. But for the billionth time a janitor does not have the level of responsibility or accountability that a CEO does.

  • Pavel

    Brad…..I got it!!! You are the guy in the article who just raked up $100,000,000.00 . You are just trying to justify your cleaning the pockets of all the stock holders of 3M….

    Interesting you keep puting down janitors. By doing so you give indication to your age and your lack of education. Anyone who is at least 50 years old and has worked with janitors knows they have not been called “janitors” for at least 50 years. Don’t forget “custodians” make the office, building, toilets, board room or classroom clean and tidy. They often have to clean up some of the nastiest things possible. Many of the best and hardest workers I have know were “custodians”. You should be ashamed to degrade these members of the work force.

    • asdf

      others would have to be buying what this guy is selling. It is not affecting the current shareholders at all, except for a little dilution in the shares. and in the best case scenario, he can only clear about $50 million. More likely it will be a lot less, but I do not have time to go through all the form 4s for this guy.

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