2017 Minnesota Census of Women in Corporate Leadership by St. Catherine University

The 2017 Minnesota Census of Women in Corporate Leadership

How Minnesotaâ&#x20AC;&#x2122;s Top Public Companies Rank

Pursuing Parity How four companies are succeeding at a time when overall progress toward gender diversity has stalled.

EXECUTIVE SUMMARY

Stuck in Neutral Minnesota’s progress on advancing women in corporate leadership has stalled. By Joann Bangs, Ph.D., and Rebecca Hawthorne, Ph.D. St. Catherine University, Master of Arts in Organizational Leadership (MAOL) program

The report is produced by St. Catherine University and co-sponsored by the Women's Foundation of Minnesota and YWCA Minneapolis.

Joann Bangs

2017 study conducted by LeanIn.Org and McKinsey & Co. prioritized gender diversity as a business imperative. Yet half of those companies’ employees report a lack of company commitment and action to improve gender diversity. These conflicting realities have resulted in stalled progress for advancing women in corporate leadership. The current statistics are startling: Across the country, 28 million women hold managerial or professional roles (ION, 2017), but only 24 women lead Fortune 500 companies, and only 22 percent of the nation’s largest 100 public companies have female directors. Local data on gender parity in corporate leadership mirror the stalled progress seen at the national level.

Rebecca Hawthorne

19.3%*

19.9%*

19.0%*

19.4% 15.5%

14.9%

17.8%

18.6% 14.9%

14.5%

17.4%

17.4% 14.2%

14.3%

15.2%

15.5%

14.2%

16.3%

Women in Leadership: 10-Year Trend

% Women Executive Officers

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2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

% Women Directors

The 2017 Minnesota Census of Women in Corporate Leadership, which provides a snapshot of women in Minnesota’s largest publiccompany boardrooms and executive suites, reveals a changing corporate landscape, with a net decrease in the number of women holding leadership roles. Fewer public companies listed Minnesota as their corporate headquarters in 2017, resulting in a decreased sample of 72 companies*. Fewer companies equate to fewer leadership opportunities for both women and men. With few notable exceptions, the 10th annual Minnesota Census of Women in Corporate Leadership underscores the challenges of maintaining forward movement in diversifying corporate leadership.

20.4%*

any companies in the United States have seen the benefits of fostering a critical mass of women leaders at all company levels: burgeoning revenue, stronger engagement and a competitive advantage, among other factors. In fact, 90 percent of companies surveyed in the Women in the Workplace

About the Census

*Note: The sample for this research tracks the Star Tribune and the Minneapolis/St. Paul Business Journal annual lists of the largest public companies based in Minnesota. From 2008 to 2015, 100 companies were tracked. In 2016, 85 companies were tracked, as both the Star Tribune and Business Journal reduced their data sets to reflect the decrease in Minnesota’s publicly traded companies. An increase in mergers and a reduction in IPOs resulted in fewer public companies in Minnesota. In 2017, the number of public companies tracked decreased further to 72. A secondary analysis of the 71 companies that remained constant from the 2016 sample to the 2017 sample revealed the same patterns as the analysis of the total 72 companies tracked in 2017.

Stepping Up to the Plate By ReBecca Koenig Roloff, president, St. Catherine University

omen and diversity are topics close to my heart, and the Minnesota Census of Women in Corporate Leadership is an important tool for measuring our progress in advancing women leaders. But I must admit, the findings of this year’s census are disheartening. I would like to call on Minnesota companies to step up their game when it comes to diversifying leadership teams. At St. Kate’s, our mission has ReBecca Koenig Roloff always been one of educating women to lead and influence, propelling them to break barriers and make history. I challenge all of Minnesota’s publicly held companies to follow in our footsteps. The case for leadership diversity in business is clear: Organizations with a reputation for promoting a diverse workforce can more easily recruit talent, and companies with inclusive cultures have lower turnover, saving significant costs. Gender

Setbacks and stalled progress A k ey reason women hold fewer directorships in Minnesota is due to shrinking opportunities. Among Minnesota’s 72 largest public companies with revenues between $17.6 million and $185 billion, there were 605 available board seats in 2017. Women held 117, or 19.3 percent, of these positions. Although 19.3 percent is an increase over the prior year’s 19 percent, the increased percentage reflects

diversity in leadership also is strongly correlated with higher returns and profitability. In short, diverse groups simply perform better. Unfortunately, the 2017 Minnesota Census of Women in Corporate Leadership tells a story of stalled progress. Over the last year, the number of women on corporate boards or in executive officer positions decreased. And even though 37 new independent directors were appointed in 2017, only six were women, including only one woman of color. Every appointment is an opportunity for us to optimize the mix of talent and perspective in our organizations. There’s no potential for loss here, only potential gains. Let’s not continue missing opportunities to build diverse leadership teams. St. Catherine University is proud to support the work of our faculty researchers, Joann Bangs and Rebecca Hawthorne. We look forward to continuing the important work of advancing women in corporate leadership. p

the smaller sample size and masks the net loss of 18 women directors. Minnesota’s percentage of women directors in 2017 is less than the national average of 22 percent (LeanIn.Org and McKinsey and Co., 2017). Sixty Minnesota Census companies have women directors, reflecting fewer public companies and fewer available seats than in previous years. Still, multiple women directors (two or more) remains the most common representation of

women across these companies, a positive note amid stalled progress. Overall, 36 of Minnesota’s 72 largest public companies (50 percent) have more than one woman director, moving toward critical mass. Unfortunately, women directors of color saw a serious setback in 2017. Retirements and company departures drove a net decrease of five women directors of color. Only one new woman director of color received a board appointment in 2017.

This is the first year in a decade that the number of women directors of color decreased and the number of companies with women directors of color declined. Women directors of color hold only 3.1 percent of the total board seats at Minnesota Census companies. These women, especially black women, face greater challenges and a rockier path to senior leadership roles due to a lack of managerial support, limited access to senior leaders and slower rates of promotion (LeanIn.Org and McKinsey & Co., 2017). More than three-fourths of Minnesota’s 72 largest publicly held companies do not have any women of color serving on their boards in 2017. Minnesota Census companies also decreased the number of women in senior executive leadership roles (Section 16b officers) from 116 to 104. The slight increase in the percentage of women executive officers from 19.9 percent to 20.4 percent reflects the decrease in sample size. Women did not make progress in attaining senior executive leadership roles in 2017. Instead, they experienced a net decrease of 12 positions. Fifty-two of the 72 companies (72 percent) have women executive officers. In the C-suite, women CEOs run 8.3 percent of Minnesota Census companies—a higher percentage than the 6 percent of Fortune 500 companies nationwide run by women CEOs (Korn Ferry, 2017). Still, women lost ground in 2017, with one fewer woman CEO than in 2016 and a decrease in women CFOs, from 16 to 10. However, Minnesota’s percentage of women CFOs (13.9 percent) remains above the national average of 12

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percent (Korn Ferry, 2016). Four of Minnesota’s women-led companies (Buffalo Wild Wings, Electromed, Insignia Systems and Sleep Number Corp.) received Honor Roll status in the 2017 Minnesota Census because 20 percent or more of their directors are women and 20 percent or more of their senior executive officers are women. This is key, because companies with women CEOs and several women board members provide increased opportunities for other women executives (Ernst & Young, 2013; Matsa and Miller, 2011).

female representation is reached in corporate leadership. This includes: l Stronger financial performance (LeanIn. Org and McKinsey & Co., 2017; Korn Ferry, 2016; The Peterson Institute for International Economics and Ernst & Young, 2016; Credit Suisse, 2013; Catalyst, 2011). l Heightened engagement (Korn Ferry, 2016). l Improved decisionmaking and group performance (McKinsey & Co., 2013; Woolley, Chabris, et al 2010). l Increased innovation (Dezso and Ross, 2012).

Aiming for critical mass

In 2017, 13 Minnesota Census companies had three or more women directors, and 16 companies had three or more women senior executive (Section 16b) officers. Sustained progress toward gender parity in corporate leadership requires diversifying both the boardroom and senior executive ranks, as senior women executive officers build the talent pool for qualified women corporate directors. Forty-seven of

In 2016, a plurality of Minnesota companies moved beyond the “one-woman show” (a single woman director) toward two or more women directors as the most common representation of women on company boards. This trend continued in 2017. Research documents the positive impact of women leaders once a critical mass of three or more women or more than 30 percent

Minnesota Women in Leadership Number of companies with women corporate directors and executive officers.

Three or No women more women directors directors (12) (13)

One woman director (24)

Two women directors (23)

No women executive officers (20)

Three or more women executive officers (16)

One woman executive officer (23)

Two women executive officers (13)

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the 72 Minnesota Census companies (65 percent) have both women directors and women executive officers, the same percentage as 2016. General Mills deserves special note for achieving a net increase in both women directors and women executive officers. The company joined the Minnesota Census Honor Roll in 2017 for the first time, with 33.3 percent women directors and 28.6 percent women executive officers. Hormel also joined the Honor Roll for the first time in 2017, as did Insignia Systems, which received Special Distinction Status. These are achievements to celebrate in a year of setbacks and stalled progress.

Moving forward Progress toward parity at Fortune 500 companies has begun to recede nationwide—an important development as these boards lead the way for other public companies in Minnesota and across the country. For the first time since 2009, the percentage of women director appointments on Fortune 500 boards halted in 2016, declining two percentage points, according to Heidrick & Struggles (2017). Given the drop in growth rate, they predict gender parity on Fortune 500 boards will not arrive until 2032. While company commitment to diversity remains at an all-time high nationally (LeanIn.Org and McKinsey & Co., 2017), women remain underrepresented at every level in corporate America, especially in senior leadership positions. And even though gender in the workplace has been front and center in the public discourse in 2017, this awareness has revealed strikingly different realities

perceived and experienced by men and women. One reason for the lack of women’s progress is that individuals and organizations face blind spots when it comes to diversity. In fact, men and women perceive the status of women in the workplace and gender-diversity efforts quite differently (LeanIn.Org and McKinsey, 2017). Men perceive equitable workplaces, whereas women perceive workplaces skewed toward men and that are less fair in terms of opportunity allocation, promotion rates and prescribed leadership styles. Men also rate their companies’ efforts toward diversity as effective, while women cite areas for improvement. What’s more, men exhibit less commitment to company gender-diversity efforts than their female counterparts, with 15 percent expressing their belief that they will be disadvantaged by such efforts. Perhaps most telling is that many employees (50 percent of men and a smaller percentage of women) believe that women are well represented in their companies when they see only one in 10 corporate leadership positions held by women. One challenge going forward will be to align men’s and women’s perceptions about gender parity efforts and realities more closely. Motivation from men and women is required to build a robust pipeline and accelerate women into director and senior executive roles. Corporate leaders at all levels must be motivated to address blind spots and increase gender diversity across companies. Inclusive workplaces that lift up all employees—of all genders— provide Minnesota with a competitive edge.

HONOR ROLL AND SPECIAL DISTINCTION COMPANIES

Leading the Way

Minnesota companies strive to attain a critical mass of women executive officers and directors.

onor Roll and Special Distinction companies serve as models of inclusive workplaces, attracting and retaining highly qualified women leaders. They provide the structural support and workplace culture necessary to successfully advance all employees in their careers. Minnesota Census companies had boards ranging from four to 15 seats in 2017 and listed from two to 18 Section 16b executive officers. Therefore, Honor Roll criteria focus on percentages of women corporate directors and women executive officers. Companies with both 20 percent or more women corporate directors and 20 percent or more women executive officers receive Honor Roll distinction. Special Distinction is awarded to companies with both 30 percent or more women directors and 30 percent or more women executive officers. Companies are listed

by revenue category and by CEO—those in the best position to serve as catalysts for change. The total number of Honor Roll companies remained at 19 in 2017. Five companies lost Honor Roll status in 2017 by losing one or two women executive officers or women directors, or by adding a position and appointing a man: H.B. Fuller, MTS Systems, Clearfield, HMN Financial, and Christopher & Banks. A sixth Honor Roll company (G&K Services) departed the Minnesota Census sample. Six companies joined the Honor Roll in 2017, five of which added one or two women executive officers to their ranks (SuperValu, General Mills, Ameriprise Financial, Hormel, Allete) and one that added two women directors (Insignia Systems). The Companies with Three or More Women Executive Officers Company Name

Target Corp. Best Buy Co. Inc.

Companies with Three or More Women Directors Company Name

General Mills Inc. Sleep Number Corp.

Women Directors

General Mills Inc.

Women Exec. Officers

impact of adding or subtracting one or two women leaders reveals the tenuous nature of the ongoing progress Minnesota companies continue to make toward gender parity.

Notable Honor Roll longevity Only Deluxe Corp. and Target Corp. have retained Honor Roll status over the past decade, maintaining a diverse corporate leadership

team despite director and executive officer turnover. Research documents the positive impact of at least three or more women on the board or on the executive leadership team (Torchia et al., 2011). In 2017, six Minnesota companies attained this critical mass of 30 percent or more on both their boards and in their executive offices, to receive the designation of Special Distinction.

Honor Roll and Special Distinction Companies (*Special Distinction Company)

Other Companies Allete Inc. | CEO Alan R. Hodnik Apogee Enterprises Inc. | CEO Joseph F. Puishys Buffalo Wild Wings Inc. | CEO Sally J. Smith

Hormel Foods Corp.

Deluxe Corp. | CEO Lee L. Schram

Sleep Number Corp.

Electromed Inc.* | CEO Kathleen Skarvan

U.S. Bancorp 3M Co.

Insignia Systems Inc.* | CEO Kristine A. Glancy

Ameriprise Financial Inc.

Medtronic Plc. | CEO Omar Ishrak

Christopher & Banks Corp.

New Ulm Telecom Inc. | CEO Bill D. Otis

U.S. Bancorp

Deluxe Corp.

Sleep Number Corp.* | CEO Shelly R. Ibach

Allete Inc.

Entellus Medical Inc. H.B. Fuller Co.

Tennant Co. | CEO H. Chris Killingstad

Ameriprise Financial Inc. Hormel Foods Corp.

Pentair Plc.

Medtronic Plc.

SuperValu Inc.

Ten Years on the Honor Roll

Otter Tail Corp. Patterson Cos. Inc.

Tactile Systems Technology Inc.

Deluxe Corp. | Target Corp.

Xcel Energy Inc.

Toro Co.

Best Buy Co. Inc. Ecolab Inc. Target Corp.

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BOARDS OF DIRECTORS

A Step Backward Women directors experience a serious setback at Minnesota’s top 72 public companies.

Directors by company

Number of Women Corporate Directors: 10-Year Trend

(Based on SEC filings as of June 30, 2017) l Women hold 19.3 percent, or 117, of the 605 available board seats at Minnesota’s 72 largest publicly held companies. This percentage increased 0.3 percentage points, from 19 percent, in 2016 due to the reduction in such companies from 85 to 72. Women did not make progress gaining access to board appointments in 2017. l Women directors experienced a net decrease of 18 positions in 2017, from 135 to 117 seats, due to fewer companies sampled and, therefore, fewer opportunities. l Forty-five new directors were appointed to Minnesota boards in 2017 compared to 81 new directors in 2016. Only eight, or 17.8 percent, of the 45 new directors are women, a significant decrease from the 29.6 percent new women directors in 2016. Of 37 new independent directors, six are women (16.2 percent).

l Women serve on the

135

Directors of color It was a sobering year for appointments of women of color to Minnesota public company boards. For the first time in 10 years, the number of women directors of color decreased in 2017, as did the number of companies with women directors of color. Women of color, as classified by

New Directors Appointed to Minnesota Boards in 2017

Men: 37 (82.2%) Women: 8 (17.8%)

Women of Color: 1 (2.2%) White Women: 7 (15.6%)

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130 125

117*

115

2012

116

115

110

2011

116

119

119 117

115

121

120

2017

2016

2015

2014

2013

2010

2009

105 2008

boards of 60 of Minnesota’s 72 largest publicly held companies, a decrease of 11 companies since 2016. This reflects a decrease in the number of public companies in Minnesota in 2017, along with a decrease in the number of available seats. l Two or more women directors continues to be the most common representation of women on Minnesota boards, as opposed to the “one-woman show” of a single woman director. Thirty-six of the top 72 companies have multiple women corporate directors; 24 have one; 12 have none.

135*

Directors by seats

Q Amongst 85 companies in 2016, 72 companies in 2017 and 100 companies all other years

the U.S. Census Bureau, include women identified as Hispanic or Latino, black or African-American, native Hawaiian or other Pacific Islander, Asian, American Indian or Alaska native, or two or more races. Five fewer companies in 2017 had women directors of color. Seventeen of Minnesota’s 72 largest publicly held companies had women directors of color in 2017. Of these 17, two companies each have two women of color serving on their boards. The 15 other companies each have one woman director of color. l Women of color now hold 3.1 percent of the 605 total available board seats in Minnesota’s 72 largest publicly held companies, a decrease of 0.3 percentage points from 2016. l Women of color hold 16.2 percent of the 117 board seats held by women, a decrease of 1.6 percentage points from 2016.

l Fifty-five of the 72 Min-

nesota Census companies (76 percent) do not have any women of color serving on their boards.

Companies where women directors made gains In 2017, 29 Minnesota Census companies added new directors, with only seven of them adding new women directors (24 percent). One company added two new women directors (Insignia Systems), and six companies added one new woman director (Buffalo Wild Wings, Cardiovasular Systems, Deluxe Corp., General Mills, MTS Systems Corp. and SurModics). Only three companies reported a net increase in women corporate directors in 2017; Insignia Systems had a net increase of two women directors, and General Mills and SurModics had a net increase of one woman director.

EXECUTIVE OFFICERS

Room for Progress Women hold only one-fifth of executive leadership positions at Minnesota’s top 72 public companies.

riteria for the inclusion in the executive officer category vary by company. To be consistent, the Minnesota Census identifies only those individuals formally designated as Section 16b executive officers in SEC filings as of June 30, 2017. In 2017, the total number of executive officer positions across Minnesota’s 72 largest publicly held companies decreased from 582 to 509, a loss of 73 positions, due primarily to the decrease in the number of companies in this sample. l Women hold 20.4 percent of the available executive officer positions in Minnesota’s 72 largest publicly held companies in 2017, an increase of 0.5 percentage points from 2016. The increase was caused by a smaller number of companies sampled. Again, women did not make progress. l Women executive officers experienced a net decrease of 12 positions in 2017, from 116 to 104. l Fifty-two of the top 72 public companies have women executive officers, 10 fewer than 2016. Twenty-nine companies list two or more women executive officers; 23 companies list one woman executive officer; and 20 companies have none.

Companies where women executive officers made gains Company

The top executive positions: C-Suite

Company Selected Positions

Net Increase in Women Executive Officers

Number of Women

ATRM Holdings Inc.

Famous Dave's of Michael W. America Inc. Lister

President

Allete Inc.

Chief Operating Officer

Ameriprise Financial Inc.

Chief Financial Officer

Cardiovascular Systems Inc.

Chief Technology Officer

1 1

MGC Diagnostics Corp.

Pentair Plc.

SuperValu

Nine companies reported a net increase in the number of women executive officers in 2017. Eight companies had a net increase of one woman executive officer, and one company had a net increase of two.

Women executive officers experienced a net decrease of 12 positions in 2017, from 116 to 104.

ANI Pharmaceuti- Arthur S. cals Inc. Przybyl

Hormel Foods Corp.

CCEO

Chief Executive Officer

General Mills Inc.

Entellus Medical Inc.

Zero-Zero companies

The 2017 Minnesota Census identifies women in top executive officer positions holding the following titles: CEO, president, COO, CFO, and CTO. Seventeen women hold these executive officer positions across the Minnesota Census companies, seven fewer than in 2016. The ranks of women CEOs decreased by one, to six, in 2017. The number of women CFOs decreased significantly, from 16 to 10.

Women CEOs 2017 Company

CEO

Buffalo Wild Wings Inc.

Sally J. Smith

Clearfield Inc.

Cheryl Beranek

Electromed Inc.

Kathleen S. Skarvan

Insignia Systems Inc.

Kristine A. Glancy

Proto Labs Inc.

Victoria M. Holt

Sleep Number Corp.

Shelly R. Ibach

Daniel M. Koch

GWG Holdings Inc. Jon R. Sabes IntriCon Corp.

Mark S. Gorder

Tile Shop Holdings Inc.

Chris R. Homeister

WSI Industries Inc.

Michael J. Pudil

The number of Minnesota companies that include no women corporate directors or women executive officers (Section 16b) on their corporate leadership teams (zero-zero) remained at seven in 2017, despite the decrease in sample size to 72 companies. Only one of the 14 companies dropped from the Minnesota Census sample in 2017 was a zerozero company. One new company joined the zerozero list: Tile Shop Holdings, which dropped one woman executive from its ranks. The shift in the Minnesota Census sample over the past two years significantly altered the zero-zero list, with many smaller companies removed from the list. Currently, 9.7 percent of Minnesota’s 72 largest publicly held companies do not have any women in corporate leadership roles. In 2017, 47 of the 72 public companies had both women directors and women executive officers (65.3 percent).

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COVER STORY

Paving the Way to Parity Minnesota companies share their strategies for advancing women in corporate leadership. By Suzy Frisch

When Bethany Owen joined Allete in 2002, she was perfectly content to focus on legal issues for the Duluth-based parent company of Minnesota Power. She quickly became engaged in her work as a senior attorney, working on complex commercial transactions and strategic initiatives. But top executives encouraged Owen to think bigger—much bigger. Allete CEO Alan Hodnik and other executives suggested that she consider leadership opportunities and opened doors for Owen to develop her management and leadership skills in a variety of positions. Their support and encouragement ultimately led Owen to become the first woman president of Allete’s subsidiary Superior Water, Light and Power. Today, she is senior vice president, chief legal and administrative officer, and corporate secretary at Allete. “They encouraged me to spread my wings and think differently about my career,” says Owen. “I enjoyed being an attorney, but others really reached out to me and said, ‘We think you have more to offer in terms of leadership.’ I have had opportunities that I wouldn’t have at other companies.” This effort to encourage women—and all employees—to work to their highest capacity is deeply ingrained in Allete’s culture. The longest-serving mem-

bers of its corporate board, including its lead director, are women. Currently, four of the company’s 12 directors and 25 percent of its top executives are women. (Note: The stats included in this story are companyreported and companydefined.) The board and executives “are very aware of the contributions and strategic advantages that women bring to the conversation and to making Allete stronger,” says Owen. Though the 2017 Minnesota Census of Women in Corporate Leadership shows stalled progress toward gender parity, many companies continue to make headway.

Culminating efforts For some companies, raising the bar on gender diversity has been a slow and steady process. General Mills is a key example. The Golden Valley-based company earned Honor Roll status in the 2017 Minnesota Census for the first time since the report’s first publication in 2008. Honor Roll status is achieved when at least 20 percent of the company’s corporate directors and executive officers are women. General Mills now exceeds this standard, with women filling 38 percent of both board and officer positions. Recognizing that women comprise the vast majority of General Mills’ customers fuels its mission to advance women leaders. The company has been working assiduously for more than a

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decade to embed the tenets of gender parity in its operations, says James Momon, senior director of global diversity and inclusion. “We believe that having a diverse workforce helps us get at the best ideas that allow us to drive the business,” he says. Diversity efforts begin early at General Mills. Through campus recruiting and hiring junior employees, the company seeks to ensure that it has a robust pipeline of women advancing into greater positions of leadership. Recently, campus hires have been about 60 percent women. A key component of General Mills’ hiring strategy is creating diverse slates of candidates and setting the right criteria for every position. When the board sought directors who were CEOs or former CEOs, its options for female candidates were limited. By using recruiters, tapping into other networks and including candidates outside the C-suite, General Mills found directors who bring important skills as well as gender and racial diversity to the company, Momon notes. The company’s efforts don’t stop there. After being hired, women participate in talent management, an effort to prepare women for higher-level roles through professional development, mentoring and employee networks such as the company’s Women in Leadership group. Another important element of General Mills’ gen-

der parity efforts involves retaining women. That means making sure the company has policies and practices that help women stay in the workforce, including modified work schedules and job sharing. A 16-year veteran of General Mills, Momon says the company has made positive shifts toward gender parity. “There’s no simple answer, and we still have work to do at the most senior levels,” he says. “But we’ve made tremendous progress across all functions and levels of the organization.”

Veteran techniques Minneapolis-based Target has made the Minnesota Census’ Honor Roll list every year for the past decade. In fact, women now constitute 33 percent of its board and 36 percent of its leadership team. Overall, Target’s employees skew female, with women making up 57 percent of its workforce and running nearly half of its 1,800-plus stores.

“I enjoyed being an attorney, but others really reached out to me and said, ‘We think you have more to offer in terms of leadership.’ I have had opportunities that I wouldn't have at other companies.” Bethany Owen, Senior Vice President, Allete Inc.

In 2016, Target's Women’s Business Council hosted a discussion with CEO Brian Cornell and board member Roxanne Austin, where the two discussed the importance of taking risks and seizing opportunities.

This achievement stems from the company’s desire to have a corporate board and team that reflect the people who shop in its stores nationwide. CEO Brian Cornell champions that notion, making it a top priority to welcome women onto Target’s board and into its executive ranks. Instilling accountability for diversity and inclusion throughout the organization and treating the effort like a business unit is key to maintaining gender diversity at Target, spokesperson Jenna Reck says. It’s a two-part effort. A small diversity and inclusion team focuses on Target’s overarching strategy, goal setting, training and integrating efforts across the company. The second part holds the entire company accountable, from CEO Brian Cornell down to the stores. It includes eight focus areas for diversity and inclusion, including employee recruitment and retention, and supplier diversity. Each focus area has specific goals, such as reducing the difference in turnover rates between white and nonwhite employees. Target is in the midst of a three-year effort to meet these goals, then its leaders will evaluate its success in setting and

achieving them. “When people think someone else’s job is diversity and inclusion, it’s going to be challenging for people to feel accountable for it,” says Reck. “The diversity and inclusion team works to make sure everyone knows what their role is, how they can support the roles others play, what we can do together and what’s the most successful for Target.” Target also works to foster and support women leaders through employee resource groups. Its Women’s Business Council is the largest group, offering women opportunities for career development, mentoring from top executives and networking with other women leaders.

Maintaining diversity The challenges many businesses experience with hiring and retaining women leaders reflects the difficulty companies face in maintaining 20 percent female representation on corporate boards and executive teams. For professions that tend to be male-dominated, those challenges prompt companies to work harder to build a deeper pipeline of women in all business units, says Paul Johnson, spokesper-

son for Minneapolis-based Ameriprise Financial. One way Ameriprise is building its pipeline is through its leadership development program for high-performing college graduates. The company has attracted many women through the program, which offers graduates the opportunity to hold three successive, full-time positions in interrelated parts of the business. Ameriprise also provides ongoing training for managers and leaders, emphasizing ways to foster an inclusive culture and help people of all backgrounds succeed. “Our diversity and inclusion efforts have evolved to become an important business initiative, and we review our progress regularly with senior management,” Johnson says. “We continue to enhance and evolve leadership development and engagement programs for women, gender inclusion training for all employees and ongoing benchmarking with other firms in the industry.” At Allete, engaging the board and entire company in advancing women has been critical. The board’s executive compensation committee's main education initiative last year evalu-

ated how Allete approaches gender parity in hiring, compensation, leadership and executive development programs. The company’s executive management understands the importance of a full cohort of women leaders who demonstrate a path to higher positions, says Owen. To that end, they provide many opportunities for informal mentoring and formal training, such as an executive development program where 40 percent of participants are women. Allete also encourages women to take advantage of opportunities as Owen did; she says her experience ascending the leadership ranks is not unique at the company. Its leaders continually urge people to express their opinions and seek advancement. “I was actively encouraged by male leaders that they wanted to hear my voice. It’s very empowering to a person who is new to the company or the industry, or to a woman who might not think they have leadership aspirations,” Owen says. “We need that diversity of thought. We’re absolutely stronger when we’re collaborating and hearing more voices.”

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CORPORATE DIRECTORS (Based on SEC filings as of June 30, 2017) Company

Corporate Director

Title

3M Co.

Patricia A. Woertz

Retired Chairman of the Board and CEO, Archer-Daniels-Midland Co.

3M Co.

Sondra L. Barbour

Retired EVP, Information Systems and Global Solutions, Lockheed Martin Corp.

Allete, Inc.

Kathryn W. Dindo

Retired VP and Chief Risk Officer, FirstEnergy Corp.

Allete, Inc.

Heidi E. Jimmerson

Former EVP, Secretary and General Counsel, Florida East Coast Railway, LLC

Allete, Inc.

Madeleine W. Ludlow

Former Principal, Market Capital Partners, LLC

Ameriprise Financial, Inc.

Dianne Neal Blixt

Former EVP and CFO, Reynolds American, Inc

Ameriprise Financial, Inc.

Amy DiGeso

Retired EVP, Global HR, Estee Lauder Cos., Inc.

Ameriprise Financial, Inc.

Siri S. Marshall

Former SVP and General Counsel, General Mills, Inc.

Apogee Enterprises, Inc.

Sara L. Hays

Managing Director and Co-Leader, North American Board Practice, Allegis Partners

Apogee Enterprises, Inc.

Patricia K. Wagner

CEO, Southern California Gas Co.

Best Buy Co., Inc.

Lisa M. Caputo

EVP and Chief Marketing and Communications Officer, Travelers Cos., Inc.

Best Buy Co., Inc.

Kathy J. Higgins Victor

President and Founder, Centera Corp.

Best Buy Co., Inc.

Karen A. McLoughlin

CFO, Cognizant Technology Solutions Corp.

Best Buy Co., Inc.

Claudia F. Munce

Venture Advisor, New Enterprise Associates

Bio-Techne Corp.

Karen A. Holbrook, Ph.D.

Interim President, Embry-Riddle Aeronautical University

Buffalo Wild Wings, Inc.

Cynthia L. Davis

Former VP, Nike and Former President, Nike Golf

Buffalo Wild Wings, Inc.

Janice L. Fields

Former President and COO, McDonald’s USA

C.H. Robinson Worldwide, Inc.

Mary J. Steele Guilfoile

Chairman, MG Advisors, Inc.

C.H. Robinson Worldwide, Inc.

Jodee A. Kozlak

Global SVP, HR, Alibaba Group

Canterbury Park Holding Corp.

Carin J. Offerman

Principal, Puppy Good Start

Capella Education Co.

Rita D. Brogley

Head, Global Enterprise Partnerships, Facebook Messenger Platform and Community Management, Facebook, Inc.

Capella Education Co.

Jody G. Miller

CEO, Business Talent Group

Cardiovascular Systems, Inc.

Martha Goldberg Aronson

Former EVP of Strategic Planning and EVP and President-Global Healthcare, Ecolab, Inc.

Christopher & Banks Corp.

Laura Weil

Founder, Village Lane Advisory LLC

Clearfield, Inc.

Cheryl Beranek

President and CEO, Clearfield, Inc.

Cogentix Medical, Inc.

Dr. Cheryl Pegus

Director, Division of General Internal Medicine and Clinical Innovation and Associate Chair, Clinical Innovation, NYU Langone Medical Center and Clinical Professor, Medicine and Population Health, NYU School of Medicine

CyberOptics Corp.

Irene M. Qualters

Director, Office of Advanced Cyberinfrastructure, National Science Foundation

Deluxe Corp.

Cheryl E. Mayberry McKissack

CEO, Nia Enterprises, LLC

Deluxe Corp.

Victoria A. Treyger

Chief Revenue Officer, Kabbage Inc.

Donaldson Co., Inc.

Trudy Rautio

Retired President and CEO, Carlson

Ecolab, Inc.

Barbara J. Beck

CEO, Learning Care Group, Inc.

Ecolab, Inc.

Tracy B. McKibben

Founder and CEO, MAC Energy Advisors, LLC

Ecolab, Inc.

Victoria J. Reich

Former SVP and CFO, Essendant, Inc.

Ecolab, Inc.

Suzanne M. Vautrinot

President, Kilovolt Consulting, Inc.

Electromed, Inc.

Lee A. Jones

President and CEO, Rebiotix, Inc.

Electromed, Inc.

Kathleen S. Skarvan

President and CEO, Electromed, Inc.

Evine Live, Inc.

Lisa Letizio

Independent Consultant, LivingHR, Inc.

Fastenal Co.

Rita J. Heise

Business Consultant and Retired Corporate VP and CIO, Cargill, Inc.

Fastenal Co.

Reyne K. Wisecup

Senior EVP, HR, Fastenal Co.

General Mills, Inc.

Alicia Boler Davis

EVP, Global Manufacturing, General Motors

General Mills, Inc.

Henrietta H. Fore

Chairman of the Board and CEO, Holsman International

General Mills, Inc.

Maria G. Henry

SVP and CFO, Kimberly-Clark Corp.

General Mills, Inc.

Heidi G. Miller

Retired President, J.P. Morgan International, J.P. Morgan Chase & Co.

General Mills, Inc.

Dorothy A. Terrell

Managing Partner, FirstCap Advisors

GlassBridge Enterprises, Inc.

Tracy McKibben

Founder and CEO, MAC Energy Advisors LLC

Graco, Inc.

Jody H. Feragen

Former EVP and CFO, Hormel Foods Corp.

Graco, Inc.

Martha A. Morfitt

President and CEO, River Rock Partners, Inc.

H.B. Fuller Co.

Maria Teresa Hilado

CFO, Allergan plc

Hawkins, Inc.

Mary J. Schumacher

COO, Twin Cities Habitat for Humanity

HMN Financial, Inc.

Wendy Shannon

Chair, Rochester Education Department, Winona State University and Director, Graduate Induction Program, Rochester Public Schools

HMN Financial, Inc.

Patricia S. Simmons

Retired, Mayo Clinic Medical Staff

Hormel Foods Corp.

Elsa A. Murano, Ph.D.

Director, Norman Borlaug Institute for International Agriculture, Professor, Animal Science and President Emerita, Texas A&M University

Hormel Foods Corp.

Susan K. Nestegard

Former President, Global Healthcare Sector, Ecolab, Inc.

Hormel Foods Corp.

Sally J. Smith

President and CEO, Buffalo Wild Wings, Inc.

Ikonics Corp.

Marianne Bohren

Executive Director, Western Lake Superior Sanitary District

Insignia Systems, Inc.

Kristine A. Glancy

President and CEO, Insignia Systems, Inc.

Insignia Systems, Inc.

Rachael B. Vegas

Chief Merchant, Brandless, Inc.

Medtronic Plc.

Shirley Ann Jackson, Ph.D.

President, Rensselaer Polytechnic Institute

Medtronic Plc.

Elizabeth G. Nabel, M.D.

President, Brigham Health

Medtronic Plc.

Denise M. O’Leary

Private Venture Capital Investor

MGC Diagnostics Corp.

Wendy D. Lynch, Ph.D.

President, Lynch Consulting, Ltd

Mosaic Co.

Nancy E. Cooper

Retired EVP and CFO, CA Inc.

APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

stkate.edu

Company Mosaic Co.

Corporate Director Denise C. Johnson

Title Group President, Resources Industries Group, Caterpillar, Inc.

MTS Systems Corp.

Gail P. Steinel

Owner, Executive Advisors

MTS Systems Corp.

Maximiliane C. Straub

CFO, Bosch LLC and EVP Finance, Controlling and Administration, Bosch North America

New Ulm Telecom, Inc.

Colleen R. Skillings

CFO and HR Director, Minnesota Valley Testing Laboratories, Inc.

New Ulm Telecom, Inc.

Suzanne M. Spellacy

VP and General Counsel, Taylor Corp.

Nortech Systems, Inc.

Kathleen Iverson

CEO, Black Hills IP

Northern Oil and Gas, Inc.

Lisa Bromiley

CFO, P3 Petroleum, LLC

Northern Technologies International Corp.

Barbara D. Colwell

Director, Publishers Clearing House, LLC

NVE Corp.

Patricia M. Hollister

Retired Director, Finance, TEL FSI, Inc.

OneBeacon Insurance Group Ltd.

Lois W. Grady

Independent Consultant, Retired EVP and Director, Information Systems and Services, Hartford Life Inc.

Otter Tail Corp.

Karen M. Bohn

President, Galeo Group, LLC

Otter Tail Corp.

Kathryn O. Johnson

Owner/Principal, Johnson Environmental Concepts

Otter Tail Corp.

Joyce Nelson Schuette

Retired Managing Director and Investment Banker, Piper Jaffray & Co.

Patterson Cos., Inc.

Jody H. Feragen

Former EVP and CFO, Hormel Foods Corp.

Patterson Cos., Inc.

Sarena S. Lin

President, Cargill Feed and Nuitrition

Patterson Cos., Inc.

Ellen A. Rudnick

Senior Advisor, Polsky Center for Entrepreneurship and Innovation, University of Chicago

Pentair Plc.

Glynis A. Bryan

CFO, Insight Enterprises, Inc.

Pentair Plc.

Billie Ida Williamson

Former Senior Assurance Partner, Ernst & Young LLP

Piper Jaffray Cos.

B. Kristine Johnson

President, Affinity Capital Management

Piper Jaffray Cos.

Sherry M. Smith

Former EVP and CFO, Supervalu, Inc.

Polaris Industries, Inc.

Annette K. Clayton

CEO and President, Schneider Electric North America

Polaris Industries, Inc.

Gwenne A. Henricks

Former VP, Product Development and Global Technology, and CTO, Caterpillar Inc.

Proto Labs, Inc.

Victoria M. Holt

President and CEO, Proto Labs, Inc.

Qumu Corp.

Kimberly K. Nelson

EVP and CFO, SPS Commerce, Inc.

Regis Corp.

M. Ann Rhoades

President, People Ink

Sleep Number Corp.

Shelly R. Ibach

President and CEO, Sleep Number Corp.

Sleep Number Corp.

Brenda J. Lauderback

Former President, Retail and Wholesale Group, Nine West Group, Inc.

Sleep Number Corp.

Barbara R. Matas

Former Managing Director and Chairman, Leveraged Finance, Citigroup Global Markets, Inc.

Sleep Number Corp.

Kathleen L. Nedorostek

Former Global CEO, Nine West Group

Sleep Number Corp.

Vicki O’Meara

CEO, Analytics Pros, Inc.

SPS Commerce, Inc.

Tami L. Reller

EVP and CFO, Optum, UnitedHealth Group, Inc.

SuperValu, Inc.

Francesca Ruiz de Luzuriaga

Independent Business Development Consultant

SuperValu, Inc.

Mary A. Winston

Founder and President, WinsCo Enterprises, Inc.

SurModics, Inc.

Lisa Wipperman Heine

COO, Mitralign

Surmodics, Inc.

Susan E. Knight

Former SVP and CFO, MTS Systems Corp.

Target Corp.

Roxanne S. Austin

President, Austin Investment Advisors

Target Corp.

Melanie L. Healey

Former Group President, North America, The Proctor & Gamble Co.

Target Corp.

Monica C. Lozano

Former Chairman, U.S. Hispanic Media, Inc.

Target Corp.

Mary E. Minnick

Partner, Lion Capital LLP

TCF Financial Corp.

Karen L. Grandstrand

Chair, Bank and Finance Group, Fredrikson & Bryon, P.A.

TCF Financial Corp.

Julie H. Sullivan

President, University of St. Thomas

Tennant Co.

Azita Arvani

Head, Innovation Partner and Venture Management, Nokia Networks

Tennant Co.

Carol S. Eicher

CEO, Innocor, Inc.

Toro Co.

Janet K. Cooper

Former SVP and Treasurer, Qwest Communications International, Inc.

Toro Co.

Katherine J. Harless

Retired President and CEO, Idearc, Inc.

U.S. Bancorp

Kimberly J. Harris

President and CEO, Puget Energy, Inc. and Puget Sound Energy, Inc.

U.S. Bancorp

Doreen Woo Ho

Commissioner, San Francisco Port Commission

U.S. Bancorp

Olivia F. Kirtley

Business Consultant

U.S. Bancorp

Karen S. Lynch

President, Aetna, Inc.

UnitedHealth Group, Inc.

Michele J. Hooper

President and CEO, The Directors’ Council

UnitedHealth Group, Inc.

Gail R. Wilensky, Ph.D.

Senior Fellow, Project HOPE

Winmark Corp.

Jenele C. Grassle

VP, Merchandising, Bluestem Brands, Inc.

Xcel Energy, Inc.

Gail K. Boudreaux

CEO and Founder, GKB Global Health, LLC

Xcel Energy, Inc.

A. Patricia Sampson

CEO, President and Owner, The Sampson Group, Inc.

Xcel Energy, Inc.

Kim Williams

Retired Partner, Wellington Management Co. LLP

THE FOLLOWING 12 COMPANIES HAVE ONLY MEN ON THEIR BOARDS:

• ANI Pharmaceuticals Inc. • Appliance Recycling Centers of America Inc. • ATRM Holdings Inc. • Communications Systems Inc. • Digi International Inc. • Entellus Medical Inc. • Famous Dave's of America Inc. • GWG Holdings Inc. • IntriCon Corp. • Tactile Systems Technology Inc. • Tile Shop Holdings Inc. • WSI Industries Inc.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018

EXECUTIVE OFFICERS (Based on SEC filings as of June 30, 2017) Company

Executive Officer

Title

3M Co.

Julie Bushman

EVP International Operations

3M Co.

Marlene M. McGrath

SVP, HR

3M Co.

Kimberly F. Price

SVP, Corporate Communications and Enterprise Services

Allete, Inc.

Deborah A. Amberg

SVP, Chief Strategy Officer, Regulated Operations and President, SWL&P

Allete, Inc.

Bethany M. Owen

SVP and Chief Legal and Administrative Officer

Ameriprise Financial, Inc.

Kelli A. Hunter

EVP, HR

Ameriprise Financial, Inc.

Deirdre D. McGraw

EVP, Marketing, Communications and Community Relations

Ameriprise Financial, Inc.

Karen Wilson Thissen

EVP and General Counsel

Apogee Enterprises, Inc.

Patricia A. Beithon

General Counsel and Secretary

Appliance Recycling Centers of America, Inc.

Rachel L. Holmes

EVP, ARCA Recycling, Inc.

Best Buy Co., Inc.

Shari L. Ballard

President, Multi-channel Retail and Operations

Best Buy Co., Inc.

Corie Barry

CFO

Best Buy Co., Inc.

Kamy Scarlett

Chief HR Officer

Best Buy Co., Inc.

Trish Walker

President, Services

Bio-Techne Corp.

Brenda Furlow

SVP, General Counsel and Secretary

Buffalo Wild Wings, Inc.

Emily Decker

SVP, General Counsel, Secretary

Buffalo Wild Wings, Inc.

Sally J. Smith

CEO and President

C.H. Robinson Worldwide, Inc.

Angela K. Freeman

Chief HR Officer

Capella Education Co.

Renee L. Jackson

SVP, General Counsel

Cardiovascular Systems, Inc.

Laura Gillund

Chief Talent Officer

Christopher & Banks Corp.

Monica L. Dahl

SVP, Chief Marketing Officer, Omni-Channel and Public Relations

Christopher & Banks Corp.

Michelle L. Rice

SVP, Chief Stores Officer

Christopher & Banks Corp.

Cindy J. Stemper

SVP, Chief HR Officer

Clearfield, Inc.

Cheryl Beranek

President and CEO

Communications Systems, Inc.

Kristin A. Hlavka

Corporate Controller

Deluxe Corp.

Amanda Brinkman

VP, Chief Brand and Communications Officer

Deluxe Corp.

Tracey Engelhardt

VP, Direct-to-Consumer

Deluxe Corp.

Julie Loosbrock

SVP, HR

Digi International, Inc.

Tracy L. Roberts

VP, Technology Services

Donaldson Co., Inc.

Amy C. Becker

VP, General Counsel and Secretary

Donaldson Co., Inc.

Sheila G. Kramer

VP, HR

Ecolab, Inc.

Laurie M. Marsh

EVP, HR

Ecolab, Inc.

Jill S. Wyant

EVP and President, Global Food & Beverage, Healthcare and Life Sciences

Electromed, Inc.

Kathleen S. Skarvan

President and CEO

Entellus Medical, Inc.

Jonelle R. Burnham

VP, General Counsel and Compliance Officer

Entellus Medical, Inc.

Martha J. Christian

VP, Reimbursement

Entellus Medical, Inc.

Karen E. Peterson

VP, Clinical, Regulatory and Quality

Evine Live, Inc.

Nicole Ostoya

EVP and Chief Marketing Officer

Fastenal Co.

Sheryl A. Lisowski

Controller, Chief Accounting Officer, and Treasurer

Fastenal Co.

Reyne K. Wisecup

Senior EVP, HR and Director

General Mills, Inc.

Christina Law

SVP and Group President, Asia & Latin America

General Mills, Inc.

Kimberly A. Nelson

SVP, External Relations and President, General Mills Foundation

General Mills, Inc.

Bethany Quam

Group President, Europe & Australia

General Mills, Inc.

Jacqueline Williams-Roll

SVP, Chief HR Officer

Graco, Inc.

Caroline M. Chambers

VP, Corporate Controller and Information Systems

Graco, Inc.

Karen Park Gallivan

VP, General Counsel and Secretary

H.B. Fuller Co.

Heather A. Campe

SVP, Americas Adhesives

H.B. Fuller Co.

Paula Cooney

VP, HR

H.B. Fuller Co.

Traci L. Jensen

SVP, Global Construction Products

Hawkins, Inc.

Theresa R. Moran

VP, Quality and Support

Hormel Foods Corp.

Deanna T. Brady

Group VP and President, Consumer Products Sales

Hormel Foods Corp.

Jana L. Haynes

VP and Controller

Hormel Foods Corp.

Janet L. Hogan

SVP, HR

Hormel Foods Corp.

Lori J. Marco

SVP, External Affairs and General Counsel

Insignia Systems, Inc.

Kristine A. Glancy

President and CEO

Medtronic Plc.

Karen L. Parkhill

EVP and CFO

Medtronic Plc.

Carol A. Surface

SVP and Chief HR Officer

MGC Diagnostics Corp.

Jill Burchill

Interim CFO

Mosaic Co.

Corrine D. Ricard

SVP, Commercial

New Ulm Telecom, Inc.

Barbara A.J. Bornhoft

VP, COO and Corporate Secretary

Nortech Systems, Inc.

Paula Graff

VP and CFO

OneBeacon Insurance Group Ltd.

Maureen A. Phillips

SVP and General Counsel

APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

stkate.edu

Company

Executive Officer

Title

Patterson Cos., Inc.

Kelly A. Baker

Chief HR Officer

Patterson Cos., Inc.

Ann B. Gugino

EVP, CFO and Treasurer

Pentair Plc.

Angela D. Jilek

SVP, General Counsel and Secretary

Pentair Plc.

Karen L. Keegans

SVP and Chief HR Officer

Pentair Plc.

Beth A. Wozniak

President, Electrical Segment

Piper Jaffray Cos.

Christine N. Esckilsen

Chief Human Capital Officer

Piper Jaffray Cos.

Debbra L. Schoneman

Global Head of Equities and CFO

Polaris Industries, Inc.

Stacy L. Bogart

SVP, General Counsel, Compliance Officer and Secretary

Proto Labs, Inc.

Victoria M. Holt

President, CEO and Director

Regis Corp.

Annette Miller

SVP and Chief Merchandising Officer

Regis Corp.

Carmen Thiede

SVP, Chief HR Officer

Sleep Number Corp.

Melissa Barra

SVP and Chief Strategy and Customer Relationship Officer

Sleep Number Corp.

Annie L. Bloomquist

SVP and Chief Product Officer

Sleep Number Corp.

Patricia A. Dirks

SVP and Chief Human Capital Officer

Sleep Number Corp.

Shelly R. Ibach

President and CEO

SPS Commerce, Inc.

Kimberly K. Nelson

EVP and CFO

SuperValu, Inc.

Anne M. Dament

SVP, Retail, Merchandising and Marketing

SuperValu, Inc.

Susan S. Grafton

SVP, Finance and Chief Accounting Officer

SuperValu, Inc.

Karla C. Robertson

EVP, General Counsel and Corporate Secretary

Tactile Systems Technology, Inc.

Mary E. Anderson

VP, Reimbursement

Tactile Systems Technology, Inc.

Lynn L. Blake

CFO

Tactile Systems Technology, Inc.

Mary M. "Maggie" Thompson

VP, Payer Relations and Government Affairs

Target Corp.

Stephanie A. Lundquist

EVP and Chief HR Officer

Target Corp.

Janna A. Potts

EVP and Chief Stores Officer

Target Corp.

Jacqueline Hourigan Rice

EVP and Chief Risk and Compliance Officer

Target Corp.

Cathy R. Smith

EVP and CFO

Target Corp.

Laysha L. Ward

EVP and Chief External Engagement Officer

TCF Financial Corp.

Susan D. Bode

SVP and Chief Accounting Officer

TCF Financial Corp.

Tamara K. Schuette

SVP, TCF Financial, EVP, TCF Bank and Enterprise Operations Officer

Tennant Co.

Carol E. McKnight

SVP, Global HR

Tennant Co.

Heidi M. Wilson

SVP, General Counsel and Secretary

Toro Co.

Judy L. Altmaier

VP, Exmark

Toro Co.

Amy E. Dahl

VP, HR and Distributor Development

Toro Co.

Renee J. Peterson

VP, Treasurer and CFO

U.S. Bancorp

Jennie P. Carlson

EVP, HR

U.S. Bancorp

Leslie V. Godridge

Vice Chairman, Wholesale Banking

U.S. Bancorp

Gunjan Kedia

Vice Chairman, Wealth Management and Securities Services

U.S. Bancorp

Katherine B. Quinn

Vice Chairman, Strategy and Corporate Affairs

UnitedHealth Group, Inc.

Marianne D. Short

EVP and Chief Legal Officer

UnitedHealth Group, Inc.

D. Ellen Wilson

EVP, Human Capital

Winmark Corp.

Leah A. Goff

VP, HR

Xcel Energy, Inc.

Judy M. Poferl

SVP, Corporate Secretary and Executive Services

THE FOLLOWING 20 COMPANIES HAVE ONLY MEN AS EXECUTIVE OFFICERS (SECTION 16(B))

• ANI Pharmaceuticals Inc. • ATRM Holdings Inc. • Canterbury Park Holding Corp. • Cogentix Medical Inc. • CyberOptics Corp. • Famous Dave's of America Inc. • GlassBridge Enterprises Inc. • GWG Holdings Inc. • HMN Financial Inc. • Ikonics Corp. • IntriCon Corp. • MTS Systems Corp. • Northern Oil and Gas Inc. • Northern Technologies International Corp. • NVE Corp. • Otter Tail Corp. • Qumu Corp. • SurModics Inc. • Tile Shop Holdings Inc. • WSI Industries Inc.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018

CORPORATE DIRECTORS AND EXECUTIVE OFFICERS (Based on SEC filings as of June 30, 2017) Corporate Directors

Executive Officers Percent Women Directors

Net Change from 2016

Total Executive Officers

Women Executive Officers

Percent Women Executive Officers

Net Change from 2016

18.2%

20.0%

30.0%

25.0%

33.3%

25.0%

ANI Pharmaceuticals, Inc.

0.0%

Apogee Enterprises, Inc.

20.0%

Appliance Recycling Centers of America, Inc.

0.0%

20.0%

ATRM Holdings, Inc.

0.0%

Best Buy Co., Inc.

40.0%

44.4%

Bio-Techne Corp.

11.1%

14.3%

Buffalo Wild Wings, Inc.

22.2%

28.6%

-2

C.H. Robinson Worldwide, Inc.

25.0%

9.1%

Canterbury Park Holding Corp.

20.0%

0.0%

Capella Education Co.

22.2%

16.7%

Cardiovascular Systems, Inc.

14.3%

20.0%

Christopher & Banks Corp.

16.7%

-2

42.9%

-1

Clearfield, Inc.

16.7%

33.3%

Cogentix Medical, Inc.

12.5%

0.0%

Communications Systems, Inc.

0.0%

-1

16.7%

CyberOptics Corp.

20.0%

0.0%

Deluxe Corp.

20.0%

27.3%

Digi International, Inc.

0.0%

14.3%

Donaldson Co., Inc.

10.0%

28.6%

-1

Ecolab, Inc.

30.8%

14.3%

Electromed, Inc.

33.3%

50.0%

Entellus Medical, Inc.

0.0%

33.3%

Evine Live, Inc.

11.1%

16.7%

-1 0

Total Directors

Women Directors

3M Co.

Allete, Inc.

Ameriprise Financial, Inc.

Company Name

Famous Dave's of America, Inc.

0.0%

Fastenal Co.

20.0%

15.4%

General Mills, Inc.

33.3%

28.6%

GlassBridge Enterprises, Inc.

16.7%

0.0%

Graco, Inc.

22.2%

14.3%

GWG Holdings, Inc.

0.0%

H.B. Fuller Co.

12.5%

-1

25.0%

-1

Hawkins, Inc.

11.1%

12.5%

-1

HMN Financial, Inc.

22.2%

0.0%

-1

Hormel Foods Corp.

21.4%

-1

22.2%

Ikonics Corp.

14.3%

0.0%

Insignia Systems, Inc.

40.0%

50.0%

IntriCon Corp.

0.0%

Medtronic Plc.

25.0%

-1

20.0%

MGC Diagnostics Corp.

16.7%

25.0%

Mosaic Co.

16.7%

14.3%

MTS Systems Corp.

25.0%

0.0%

-1

New Ulm Telecom, Inc.

28.6%

25.0%

Nortech Systems, Inc.

12.5%

25.0%

Northern Oil and Gas, Inc.

14.3%

0.0%

Northern Technology International Corp.

14.3%

0.0%

NVE Corp.

20.0%

0.0%

OneBeacon Insurance Group Ltd.

11.1%

16.7%

Otter Tail Corp.

33.3%

0.0%

Patterson Cos., Inc.

33.3%

Pentair Plc.

16.7%

37.5%

Piper Jaffray Cos.

22.2%

18.2%

Polaris Industries, Inc.

25.0%

11.1%

Proto Labs, Inc.

14.3%

16.7%

APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

stkate.edu

St. Catherine University would like to thank the following sponsors of the 2017 Minnesota Census of Women in Corporate Leadership:

REPORT PRODUCED BY:

ST. CATHERINE UNIVERSITY A dynamic university educating women to lead and influence, St. Catherine University prepares students to make a difference in their profession, their communities, and the world. At the Universityâ&#x20AC;&#x2122;s heart is the innovative college for women. St. Kateâ&#x20AC;&#x2122;s also offers a range of graduate and associate programs for women and men, including a Master of Arts in Organizational Leadership. stkate.edu

Corporate Directors

Executive Officers Total Women Executive Executive Officers Officers

Total Directors

Women Directors

Percent Women Directors

Net Change from 2016

Qumu Corp.

14.3%

Regis Corp.

12.5%

Sleep Number Corp.

50.0%

SPS Commerce, Inc.

14.3%

SuperValu, Inc.

20.0%

SurModics, Inc.

Company Name

Percent Women Executive Officers

Net Change from 2016

0.0%

28.6%

40.0%

33.3%

28.6%

0.0%

0 NA

Tactile Systems Technology, Inc.

0.0%

50.0%

Target Corp.

33.3%

-1

45.5%

TCF Financial Corp.

14.3%

18.2%

-1

Tennant Co.

25.0%

28.6%

Tile Shop Holdings, Inc.

0.0%

-1

Toro Co.

18.2%

20.0%

U.S. Bancorp

26.7%

UnitedHealth Group, Inc.

22.2%

28.6%

Winmark Corp.

12.5%

16.7%

WSI Industries, Inc.

0.0%

Xcel Energy, Inc.

25.0%

8.3%

Methodology

he 2017 Minnesota Census of Women in Corporate Leadership examines the percentage of women in leadership roles at the 72 largest publicly held companies headquartered in Minnesota as ranked by 2016 net revenue in the Minneapolis-based Star Tribune 50 (May 2017) and the Minneapolis/ St. Paul Business Journal Top 75 Public Companies list (April 2017). Excluded from the list are closely held companies, cooperatives and fraternal benefits organizations, and over-the-counter stocks. Of Minnesota’s Fortune 500 companies, three are not represented in the Minnesota Census data sample: Land O’Lakes, CHS Inc., and Thrivent Financial for Lutherans. Although the Security and Exchange Commission (SEC) lists these as public companies with more than 500 shareholders, they are not publicly traded on a stock exchange. Data for the 2017 Minnesota Census were collected from company filings with the SEC, including proxy statements (DEF 14A),

annual reports (Form 10-K), and current reports (Form 8-K). Accessed online through EDGAR, the most recent SEC filings through June 30, 2017, were reviewed for data collection. Data confirmation sheets were e-mailed or mailed to each company, requesting verification of the information and notification of any changes occurring before the Census cutoff of June 30, 2017. The company response rate was 51 percent. Changes that occurred in board membership, executive officer appointments, company ownership or bankruptcy filings after the period covered by the June 30, 2017, filings are not reflected in this analysis. Criteria for inclusion in the “executive officer” category vary by company. To be consistent, the Census uses only those individuals formally designated as Section 16b executive officers in SEC filings. All reasonable steps have been taken to verify the accuracy of the data. Any remaining errors or omissions are the sole responsibility of the researchers.

Joann Bangs, Ph.D. Associate Provost, College for Women; Dean, School of Business and Professional Studies; Professor of Economics, St. Catherine University Rebecca Hawthorne, Ph.D. Professor Emerita, Organizational Leadership, St. Catherine University Thank You Valerie Krech, MAOL program coordinator

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018