3M CEO Gets Pay Package of $10M in 2007

Buckley, 61, received 2007 total compensation of just over $10 million from the maker of Scotch tape and Post-its. He had received a pay package totaling nearly $15.5 million in 2006, when his compensation was boosted by a $4.1 million bonus that he would have gotten if he had stayed with his previous employer, boatmaker Brunswick Corp.

In 2007, Buckley's pay included a base salary of $1.67 million and stock options and stock awards valued at $3.5 million, according to 3M's proxy filing. His performance-based bonus amounted to $4.5 million.

Other compensation totaled $409,908, including $176,749 that 3M paid to improve security at Buckley's homes.

The Associated Press calculations of total pay includes salary, bonus, incentives, perks, above-market returns on deferred compensation (which Buckley did not receive) 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, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

Buckley left the top job at Brunswick in late 2005 to take over 3M. He met some initial skepticism that he was in over his head at 3M, a manufacturer with a global footprint that gets more than half its revenue from overseas, and makes everything from household products like Scotch tape to granules for roofing shingles, and coatings for LCD screens.

But Buckley launched a string of acquisitions that have helped its growth, and in January the Maplewood-based company reiterated its expectation that its 2008 profit would increase by at least 10 percent.

Its 2007 profit rose 11 percent to $4.1 billion, while revenue rose 7 percent to $24.5 billion.

Shares of 3M, a Dow component, traded at $78.22 on Wednesday, about where they were at the end of 2006. In the fall of 2007 they climbed as high as $97.