THE 2019 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP: HOW MINNESOTA’S TOP PUBLIC COMPANIES RANK
Four Stars in Gender Diversity These Minnesota honor roll companies share best practices for advancing women into the highest echelons
of corporate leadership .
EXECUTIVE SUMMARY
Moving the Needle By ReBecca Koenig Roloff President, St. Catherine University
T
his is the 12th year of the Minnesota Census of Women in Corporate Leadership. This report is important because it holds us all accountable for how we are moving the needle to improve equity for women. But accountability is not enough. We need action. We need to aim higher than achieving incremental progress. We need to make leaps. Giant leaps. To truly have systems and organizations that are diverse, inclusive, and equitable, we need to move
beyond conversations and plans. Increasing the number of women, especially women of color, in leadership roles and supporting them is key to this work. In 2019, women were expected to achieve parity in the college-educated labor force, according to the Pew Research Center. This presents a deep and talented pool of women poised for corporate leadership and board positions. It also means there is no excuse not to actively prepare, engage, and recruit women for
these leadership roles. At St. Catherine University, we have been doing this work for more than a century and have proven results. Our board of trustees is 86 percent women. The senior leadership team is 86 percent women and 50 percent persons of color. Annually, more than 1,000 women graduate ready to lead in a multitude of industries. And they are successful: We have the highest rate of economic mobility among all of the Minnesota private colleges.
ReBecca Koenig Roloff
We know St. Kate’s mission to educate women to lead and influence is critical to maintaining the pipeline of women in leadership. But we can’t do this work alone. Our collective future depends on all of us taking action now.
Strides toward Gender Parity Women are on the rise in corporate leadership roles in Minnesota public companies. About the Census The report is produced by St. Catherine University and sponsored by the YWCA Minneapolis.
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Rebecca Hawthorne, Ph.D. St. Catherine University, Master of Arts in Organizational Leadership (MAOL) program
G
ender diversity has become a clear priority for corporate America. In 2019, U.S. corporations heeded the call from stakeholders to accelerate boardroom gender diversity. A record number of women directors joined public company boards, securing 26 percent of all S&P 500 company director positions and reaching a milestone: For the first time, every S&P 500 company board has at least one woman director
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(Spencer Stuart, 2019). More significantly, more than 90 percent of S&P 500 company boards had two or more women directors in 2019.
Notable successes in Minnesota Mirroring these national trends, Minnesota companies jumped on board to advance more women in corporate leadership. The annual Minnesota Census of Women in Corporate
Rebecca Hawthorne
Leadership, a snapshot of women leaders in the state’s largest public companies, reveals striking progress toward parity in 2019. Among the 76 Minnesota Census public companies with revenue of $200,000 to more than $226 billion,
22.7%*
22.9%*
21.1%*
20.4%*
20.2%*
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%
10
14.2%
15
16.3%
Women in Leadership: 12-Year Trend
*85 Companies in 2016, 72 in 2017, 74 in 2018, 76 in 2019, 100 companies all other years.
5
% Women Directors
2019
2018
2017
% Women Executive Officers
corporate directors and 30 percent or more women executive officers. Advancement, however, has not been evenly distributed. The surge in women director appointments in Four Minnesota 2019 primarily benefited public companies white women. Women of achieved or exceeded color secured only four of gender parity on the 29 new women director their boards in 2019 positions, for a total of 3.6 —an outstanding percent of board positions achievement. in Minnesota companies. The vast majority of MinneALLETE, Inc.; Best Buy sota public companies (76.3 Co., Inc.; Insignia Systems, percent) have no women Inc.; and Sleep Number directors of color. Corp. demonstrate balanced Women executive officers corporate governance (those formally designated across Minnesota comas Section 16b executive panies of varying sizes, officers in SEC filings) increased Companies with gender 1.6 percentage parity on their boards points to 22.7 Company CEOs percent, the ALLETE, Inc. Alan Hodnick highest percentage over the Best Buy Co., Inc. Corie Barry past decade. The Insignia Systems, Inc. Kristine Glancy total number of Sleep Number Corp. Shelly Ibach executive officer positions across Minnesota’s largest public industries, and locations. companies increased by 11 There were other significant in 2019, from 487 to 498. strides toward gender parWomen executive officers ity in Minnesota in 2019, secured a net increase of 10 including a doubling of the positions in 2019. Minnesota Census Special Distinction companies. Tempering factors These companies have 30 percent or more women It’s true that women are on women held 22.9 percent of the available board positions—the largest increase (2.7 percentage points) of women corporate directors in the past decade.
2016
2015
2014
2013
2012
2011
2010
2009
2008
0
the rise in corporate leadership roles in Minnesota and across the nation. Yet, gender parity on boards and senior executive teams remains the exception rather than the rule, thanks to the glacial rate of change over the past decade. The small number of open positions available each year slows the pace at which women secure board positions. Low turnover persists with director tenure averaging 12.3 years (Spencer Stuart, 2019). Eightyone positions opened up on Minnesota Census company boards in 2019; women filled 29 of those positions (36 percent). According to Spencer Stuart’s 2019 U.S. Board Index, only about 15 percent of current board members will retire within the next three years. This limits opportunity for accelerated change, unless boards expand or proactively replace directors. Simultaneously, corporate pipeline constraints temper the pace at which women rise to senior executive positions. Women—and particularly women of color—are persistently underrepresented at every level of the corporate pipeline, despite an influx of women
into a handful of highprofile C-suite positions in recent years, documents McKinsey & Co. (2019). Opportunities for advancement diminish significantly after the first step up to manager and narrow further at each subsequent level. The numbers of women executives at various levels of the corporations are important, but so are their specific roles. Credit Suisse (2019) identifies heavy clustering of women executives in shared services (information technology, human resources, etc.), and less so in the ranks of finance, strategy, and business management. Not all executive roles are equal in terms of opportunities for advancement to corporate leadership.
The interplay between boards and senior executive teams Advancing women into positions of corporate leadership doesn’t just benefit the individual. Women leaders, both nationally and in Minnesota, create opportunities for other women leaders. The gender spillover effect (Gould et al., 2018; Ernst & Young, 2013; Matsa and Miller, 2011) reveals that women directors affect gender composition of senior leadership. Greater diversity in the boardroom leads to better gender balance in executive
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EXECUTIVE SUMMARY
roles. Credit Suisse (2019) identified that gender parity on boards correlates with nearly 30 percent women in senior executive roles. Each of the Minnesota Census companies that achieved board parity reported that more than 30 percent of their senior executive officers are women. Research on corporate gender diversity identifies consistent and strong correlations between diverse gender representation on boards and senior executive teams with strong business performance and results. Increased innovation (Lorenzo et al., 2017), improved decision-making and group performance (Reynolds and
executive ranks, not just one or the other. Several women directors, most often two or more, was the norm on Minnesota public company boards in 2019; multiple women executive officers (Section 16b) remain in shorter supply. Three or more women leaders, or 30 percent or more, represent the critical mass at which gender diversity normalizes, enhancing corporate governance and performance (Wiley and Monllor-Tormos, 2018; Strydom et al., 2016; Kramer, et. al., 2006). Minnesota public companies made significant strides in 2019 by increasing the number of qualified women on their boards and execu-
Gender Parity in Directors and Executive Officers Company
Percentage of Women Directors
Percentage of Women Executive Officers
ALLETE, Inc.
50%
42.9%
Best Buy Co., Inc.
53.8%
33.3%
Insignia Systems, Inc.
60%
50%
Sleep Number Corp.
50%
44.4%
Lewis, 2017; McKinsey & Co., 2013), talent retention (Ali et al., 2015), effective risk management (Chen et al., 2016), strengthened corporate social responsibility (Harjoto et al., 2015), and stronger financial performance (Catalyst, 2018) are all correlated with genderdiverse boards and executive teams. In 2019, 52 of Minnesota’s 76 largest public companies had both women directors and women executive officers (68.4 percent). Progress toward gender parity in corporate leadership involves diversifying both boardroom and senior
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tive leadership teams, moving toward critical mass. Four Minnesota companies achieved gender parity in their boardrooms and are approaching parity on their executive teams—a noteworthy achievement.
Honor Roll and Special Distinction companies Honor 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 help
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Minnesota Women in Leadership: Number of companies with women corporate directors and executive officers.
Directors
Three or More Women Directors
No Women Directors
23 Two Women Directors
13
Executive Officers
One Woman Director
19
Three or More Women Directors
21
No Women Directors
20
15 Two Women Directors
17
One Woman Director
24
all employees successfully advance in their careers. Minnesota Census companies had boards ranging from four to 17 seats in 2019 and listed from one to 15 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 30 percent or more women directors and 30 percent or more women executive officers. Companies are listed by revenue category and by CEO—those best positioned to serve as catalysts for change. (Special Distinction companies are noted with an asterisk.) Designations are based on SEC filings as of June 30, 2019.
The total number of Honor Roll companies jumped from 25 to 32 in 2019. Three companies lost Honor Roll status in 2019: Apogee Enterprises, Inc.; Medtronic PLC; and Patterson Cos., Inc. Ten companies joined the 2019 Honor Roll: Ceridian HCM Holding, Inc.; Ecolab, Inc.; Graco Inc.; Investors Real Estate Trust; Mosaic Co.; SPS Commerce, Inc.; Stratasys Ltd.; TCF Financial Corp.; Toro Co.; and Xcel Energy, Inc. The impact of subtracting or adding 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 maintained Honor Roll status all 12 years of the Minnesota Census study. Both compa-
HONOR ROLL AND SPECIAL DISTINCTION COMPANIES
Honor Roll and Special Distinction Companies (32)
Deluxe Corp. & Target Corp.
Fortune 500 (10) Ameriprise Financial, Inc.
CEO James M. Cracchiolo
Best Buy Co., Inc.*
CEO Corie Barry
Ecolab, Inc.
CEO Doug M. Baker, Jr.
General Mills, Inc.*
CEO Jeffrey L. Harmening
Hormel Foods Corp.
CEO James P. Snee
Mosaic Co.
CEO James C. O'Rourke
Target Corp.*
CEO Brian C. Cornell
U.S. Bancorp*
CEO Andrew Cecere
UnitedHealth Group, Inc.
CEO David S. Wichmann
Xcel Energy, Inc.
CEO Ben Fowke
nies have retained a diverse corporate leadership team despite director and executive officer turnover. Research shows the positive impact of at least three or more women, or 30 percent, on the board or the executive leadership team
(Wiley and Monller-Tormos, 2018; Torchia et al., 2011). In 2019, 11 Minnesota companies reached this critical mass of 30 percent or more on both boards and in executive offices to receive Special Distinction status, an increase of five
Other Companies (22) ALLETE, Inc.*
CEO Alan R. Hodnik
Ceridian HCM Holding, Inc.
CEO David D. Ossip
Christopher & Banks Corp.*
CEO Keri Jones
Deluxe Corp.
CEO Barry C. McCarthy
Donaldson Co., Inc.
CEO Tod E. Carpenter
Electromed, Inc.*
CEO Kathleen Skarvan
U.S. Bancorp
Company Name
Graco Inc.
CEO Patrick J. McHale
ALLETE, Inc.
General Mills, Inc.
H.B. Fuller Co.
CEO James J. Owens
Ecolab, Inc.
Insignia Systems, Inc.*
CEO Kristine A. Glancy
3M Co.
U.S. Bancorp
Investors Real Estate Trust*
CEO Mark O. Decker, Jr.
Medtronic PLC
Nortech Systems
CEO Jay D. Miller
Target Corp.
Christopher & Banks Corp.
Nuvera Communications, Inc.
CEO Bill D. Otis
nVent Electric PLC
CEO Beth A. Wozniak
Otter Tail Corp.
CEO Charles S. MacFarlane
Insignia Systems, Inc.
Pentair PLC
CEO John L. Stauch
Investors Real Estate Trust
Regis Corp.
CEO Hugh E. Sawyer
SPS Commerce Inc.
CEO Archie C. Black
Piper Jaffray Cos.
Stratasys Ltd.
CEO Elchanan Jaglom
Polaris Industries, Inc.
Sleep Number Corp.*
CEO Shelly R. Ibach
TCF Financial Corp.
CEO Craig R. Dahl
Tennant Co.*
CEO H. Chris Killingstad
UnitedHealth Group, Inc.
Toro Co.
CEO Richard M. Olson
Xcel Energy, Inc.
*SPECIAL DISTINCTION COMPANIES
Companies with Three or More Women Directors Company Name
Best Buy Co., Inc. General Mills, Inc.
Sleep Number Corp.
C.H. Robinson Worldwide, Inc.
Women Directors
Companies with Three or More Women Executive Officers
Target Corp.
Ecolab, Inc.
Graco Inc.
Hormel Foods Corp.
Hormel Foods Corp.
Sleep Number Corp. ALLETE, Inc.
Mosaic Co.
Ameriprise Financial, Inc.
MTS Systems Corp.
Deluxe Corp. Graco Inc.
TCF Financial Corp.
H.B. Fuller Co.
Tennant Co.
nVent Electric PLC
Toro Co.
Women Directors
Regis Corp. Xcel Energy, Inc.
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BOARDS OF DIRECTORS
Significant Strides Forward
n Two or more women directors continue to be the most common number of womenWhite on Minnesota boards, conWomen trasting with the “one-woman show” of a lone female direc25 tor. Forty-three of the 76 companies have multiple women corporate directors, 20 have one, and 13 have none.
Women directors gained 29 new appointments in Minnesota’s top 76 public companies in 2019.
Directors of color Number of Women Corporate Directors: 12-Year Trend 150 148*
145 140
135*
135 130 125
121
n Women of color now hold 3.55 percent of the 647 total available board seats in Minnesota’s 76 largest publicly held companies, an increase of 0.15 percentage points from 2018.
117*
116
115
110
115
116
119
119 117
115
123*
120
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
105 2008
There was little progress in 2019 in appointments of women of color to Minnesota public company boards. Women of color, as classified by 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. Seventeen companies in 2019 had women directors of color, the same number as 2018. However, one company now has three women of color—the largest constellation of women directors of color to date on Minnesota Census company boards. Four companies have two women directors of color on their boards. The 13 other companies each have one woman director of color.
*85 companies in 2016, 72 companies in 2017, 74 in 2018, 76 in 2019, and 100 companies all other years.
Directors by seats
n Women of color hold 15.5 percent of the 147 board seats held by women, a decrease of 1.6 percentage points from 2018. This reflects the significant boost in 2019 of appointments of white women to boards, as well as the retirement of one woman director of color. n 58 of the 76 Minnesota Census companies (76.3 percent) do not have any women of color serving on their boards.
(Based on SEC filings as of June 30, 2019) n Women hold 22.9 percent, or 148, of the 647 available board seats in Minnesota’s 76 largest publicly held companies. Since 2018, this percentage rose 2.7 percentage points, from 20.2 percent—a significant increase.
n Only four of the 29 new women directors in 2019 are women of color.
n Women directors experienced a net increase of 25 positions in 2019, from 123 to 148 seats. This is the largest net increase in the twelve years of the study. n Eighty-one new directors were appointed to Minnesota Census public company boards in 2019 compared with 79 new directors in 2018. Twenty-nine of the 81 new directors (35.8 percent) are women—a significant increase from the 24.1 percent women who received new board appointments in 2018. Of 69 new independent directors, 25 are women (36.2 percent).
Directors by company n Women serve on the boards of 63 of Minnesota’s 76 largest publicly held companies, an increase of three companies from 2018. Seventeen companies had a net increase in women directors in 2019. Two Minnesota Census companies had a net decrease in women directors in 2019.
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New Directors Appointed to Minnesota Boards White Women
25 Men
52 Women of Color
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EXECUTIVE OFFICERS
Slow but steady progress continues
Top Executive Positions: C-Suite
Women hold more than one-fifth of executive leadership positions at Minnesota’s top 76 public companies. Criteria for 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, 2019. In 2019, the total number of executive officer positions across Minnesota’s 76 largest publicly held companies increased from 487 to 498. n Women hold 22.7 percent of the available executive officer positions across the 76 Minnesota Census companies in 2019, an increase of 1.6 percentage points from 2018. n Women executive officers experienced a net increase of 10 positions in 2019, from 103 to 113. n Fifty-six of the largest 76 public companies have women executive officers (73.6 percent), an increase of four companies from 2018. Thirty-two companies list two or more women executive officers; 24 companies list one woman executive officer; and 20 companies have none.
Companies where women directors made gains In 2019, 42 Minnesota Census companies added new directors, with 22 of them adding new women directors (52 percent). One company (General Mills, Inc.) added three new women directors. Five companies added two new women directors, while 16 companies added one new woman director. Seventeen companies reported a net increase in women corporate directors in 2019.
Selected Positions
Number of Women
Chief Executive Officer
8
President
9
The 2019 Minnesota Census identifies women Chief Technology Officer 1 in top executive Women CEOs officer positions Company CEO holding the following titles: Best Buy Co., Inc. Corie Barry CEO, president, Christopher & Banks Corp. Keri Jones COO, CFO, and Clearfield, Inc. Cheryl Beranek CTO. Electromed, Inc. Kathleen S. Skarvan Twenty-six Insignia Systems, Inc. Kristine A. Glancy women hold these nVent Electric PLC Beth A. Wozniak executive officer positions across Proto Labs, Inc. Victoria M. Holt the Minnesota Sleep Number Corp. Shelly R. Ibach Census companies, four more than in 2018. The ranks of women CEOs increased by one, for a total of eight, in 2019. The number of women CFOs decreased by two for a total of 10. Chief Operating Officer
4
Chief Financial Officer
10
Zero-zero companies
Companies where women executive officers made gains Company
New women directors
General Mills, Inc.
3
3M Co.
2
Best Buy Co., Inc.
2
Ceridian HCM Holding. Inc.
2
GWG Holdings, Inc.
2
MTS Systems Corp.
2
ALLETE, Inc.
1
C.H. Robinson Worldwide, Inc. 1 Calyxt, Inc.
1
Christopher & Banks Corp.
1
Ecolab, Inc.
1
Medtronic PLC
1
Mosaic Co.
1
Piper Jaffray Cos.
1
Polaris Industries, Inc.
1
Stratasys Ltd.
1
TCF Financial Corp.
1
Tennant Co.
1
Toro Co.
1
U.S. Bancorp
1
Winnebago Industries, Inc. Xcel Energy, Inc.
The top executive positions: C-Suite
Thirteen companies reported a net increase in the number of women executive officers in 2019, seven more companies than in 2018. Eleven companies had a net increase of one woman executive officer, and two companies had a net increase of two. Company
Net increase in women executive officers
Ecolab, inc.
2
Xcel Energy, Inc.
2
ALLETE, Inc.
1
Calyxt, Inc.
1
General Mills, Inc. 1 Graco Inc.
1
Hawkins, Inc.
1
Regis Corp.
1
The number of Minnesota companies that include no women corporate directors or women executive officers (Section 16b) on their corporate leadership teams decreased by two from 2018, to a total of nine. These are called zero-zero companies. Currently, 11.8 percent of Minnesota Census companies have no women in corporate leadership roles. In contrast, 52 of the 76 publicly held companies in the Minnesota Census have both women directors and women executive officers (68.4 percent). These companies reflect the gender spillover effect of women’s corporate leadership from boards to executive roles. In turn, this expands the pool of qualified women board members. Companies with no women in corporate leadership Company
CEO
ANI Pharmaceuticals, Inc.
Arthur S. Przybyl
Appliance Recycling Centers of America, Inc.
Tony Isaac
ATRM Holdings, Inc.
Daniel M. Koch
Electro-Sensors, Inc.
David L. Klenk Jeffery Crivello
Surmodics, Inc.
1
Famous Dave's of America, Inc.
Target Corp.
1
Image Sensing Systems, Inc.
Chad A. Stelzig
Tennant Co.
1
IntriCon Corp.
Mark S. Gorder
1
U.S. Bancorp
1
Tile Shop Holdings, Inc.
Cabell H. Lolmaugh
1
Winmark Corp.
1
Qumu Corp.
Vern Hanzlik
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FEATURE
Four Stars in Gender Diversity These Minnesota public companies on the Honor Roll share their best practices for advancing women into the highest echelons of corporate leadership. By Suzy Frisch
U.S. BANK The American banking industry started facing criticism about lack of diversity in its top leadership about five years ago. U.S. Bank took the opportunity to evaluate itself and concluded that it, too, was falling short. So, top leaders embarked on efforts to add more women and people of color to its board and executive ranks, while shaking up its overall approach to inclusion. The work paid off. Today, 35 percent of the U.S. Bank board and 36 percent of its executive team are women. Its results stem from a deliberative, measured process, notes Kate Quinn, chief administrative officer and a management committee member. The Minneapolis-based bank started by studying other companies, learning what worked and what didn’t. “It really is a journey,” Quinn says. “It’s not as easy as ‘We do this one thing, and this will happen.’ It is complex, and it’s a culture change.” Other critical steps involved developing champions at the top of the company and establishing accountability goals for U.S. Bank to achieve, Quinn says. U.S. Bank’s success is largely due to the fact that it didn’t just address issues of diversity and inclusion at the top; it made changes companywide that bore fruit and continue to do so,
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Quinn says. For one, it put more emphasis on its business resource groups, like networks for LGBTQ, women, or Asian American employees, giving people a place to engage with coworkers and top leaders also in the groups. The company also analyzed its pipeline of women and minority employees qualified for senior roles. While its contingent of women was strong, they weren’t necessarily moving into senior leadership. Plus, U.S. Bank needed to improve recruiting and retention of people of color, Quinn says. Making these two elements high priority, U.S. Bank then expanded its efforts to recruit more people of color and retain, mentor, and promote women and minorities to senior positions. As the board sought new directors, it insisted that its search firm develop diverse candidate slates, and that women and people of color from U.S. Bank leadership be part of interview panels. It also empowered its search firm to think beyond the typical CEO candidate, considering people like influential community leaders or people who run a company’s key business. To advance women and people of color into leadership, U.S. Bank highlights the importance of assessing data that aligns with an objective, being transparent about its status and goals, and not trying too much at once. “When I think back to five years ago, it’s been like
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Kate Quinn
wildfire how much the good spreads across the organization,” Quinn says.
DELUXE CORP. Deluxe Corp. has consistently elevated women to positions of corporate leadership. In the 12 years since researchers started tracking Minnesota public companies, Deluxe has been honored annually for its board and executive leadership each being at least 20 percent female. And it’s not a run that the company plans to stop. Shoreview-based Deluxe has an even longer-standing commitment to fostering a culture of inclusivity, diverse perspectives, and varying backgrounds. It’s these foundational aspects of Deluxe that attracted Cheryl Mayberry McKissack to join the board 20 years ago; last year, she became the board's first African American chair. “There is respect for the individual and respect for all kinds of diversity at all levels,” McKissack says. “It’s not something we do because it’s in vogue. We make
mncensus.stkate.edu
Cheryl Mayberry McKissack
decisions on behalf of our shareholders and customers because they are the right things to do.” Deluxe starts by asking its search firm to develop slates filled with candidates diverse in gender, race, industry, and expertise. McKissack stresses that to attract strong candidates, it’s vital to demonstrate the existing diversity in the company’s board and executive leadership. “My appointment is one example, but we also have several executive women who are on the leadership team,” McKissack says. “I can point to that and say that not only do we endorse diversity, but we do what we say we’re going to do.” Tracey Engelhardt, senior vice president and general manager of the checks division, agrees. “[Employees] don’t feel like they are going to hit a glass ceiling because they can see women at high levels of the company,” says Engelhardt, who rose to the executive leadership team during 30 years at Deluxe. In recent years, Deluxe has evolved into a provider
of technology solutions and partner to small businesses. Engelhardt thinks the company’s 105-year history and recent success restructuring its offerings derive from its long-established enthusiasm
Tracey Engelhardt
for gathering input from all areas of the company and hiring leaders with varied backgrounds. “If everyone around the table has the same background and looks the same, you tend to have like thinking and don’t always come up with the best outcome,” Engelhardt says. “When you get a diverse group of people together—whether it’s people from the manufacturing floor and management or men and women— you’ll get a better outcome.”
TENNANT CO. When Mary Talbott joined Tennant Co. a year ago as senior vice president, general counsel, and corporate secretary, she immediately saw that the corporation didn’t just pay lip service to advancing women into its corporate ranks. Its leaders stress that the Golden Valley-based manufacturer of cleaning products benefits from a diversity of perspectives. “It doesn’t feel artificial and contrived," Talbott says. “[Top executives and leaders] understand that by hav-
ing different perspectives and by bringing women in, you’ll attract even more women.” Today, women make up 33 percent of its nine-member board and 33 percent of its
Mary Talbott
six-member executive team. However, hiring and promoting women and people of color isn’t just about public relations kudos or encouraging diversity as a pro forma exercise, Talbott says. While working at another company, she once was encouraged to hire someone based on personal background, even though the person’s experience was not a great fit. Talbott wasn’t surprised when it didn’t work out for either party. “You don’t do diversity just to do diversity,” Talbott says. “You should do it because you truly believe it is best to do so, and because it gives you different perspectives, approaches, styles, and ways of thinking.” Instead, Tennant succeeds by detailing the skills and experience it seeks, making diversity only one component. When two candidates fulfill those specifications and one also brings gender or racial diversity, that element often tips the scale, Talbott says. That's what happened last year, when Tennant appointed Maria Green,
former general counsel of Ingersoll Rand, to its board. She has deep experience in corporate governance, risk management, and acquisitions—expertise that Tennant sought. The fact that
Kathy Higgins Victor
she’s an African American woman adds to the value she will bring, Talbott notes. Companies effectively elevate women when they maintain a continuous focus on diversity, especially in a male-dominated industry like Tennant’s, Talbott adds. She also advises women to “lift each other up and be supportive” instead of competitive, partnering with and mentoring other women. “Don’t think of it like a small pie and we all get a slice," Talbott says. "It’s about how we can share the pie so that we all get more of it.”
BEST BUY Best Buy’s achievements promoting women to the highest ranks of corporate leadership begins with a foundational belief in diversity. Kathy Higgins Victor, chair of the board’s nominating committee, recalls talking with then-CEO Hubert Joly after he read McKinsey & Co. research documenting companies’ superior performance when
they have a strong pool of women and people of color in executive leadership. “He said, ‘We need more women and people of color on the board. I’m all in,’” Victor recalls. With a commitment from Joly and Victor—people who could be held accountable—Best Buy embarked with a strategy to recruit more diverse leaders. The Richfield-based electronics and technology services retailer went from 22 percent women directors in 2013 to 54 percent today. People of color now comprise 31 percent of its board, compared to 20 percent in 2013, and more than 30 percent of its executive team are women. One key was the company's redefining of its qualifications for directors. Best Buy goes beyond the C-suite, looking for proven leaders in other companies and seeking people with specific skills or industry experience. Best Buy also hired a search firm that pledges to find diverse candidates, and it’s willing to consider contenders without corporate board experience. “We found some really fantastic candidates,” Victor says. Victor, who was the only woman when she joined the board in 1999, believes that Best Buy’s more diverse composition has contributed greatly to its improved performance. “As we diversified the board, we also changed the culture and dynamic and rigor of the debate,” she adds. “People contribute as much as they listen, and it’s a tremendous asset to have that level of dialogue with multifaceted perspectives. It just creates better outcomes.”
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EXECUTIVE SUMMARY CORPORATE DIRECTORS (Based on SEC Filings as of June 30, 2019) Company Corporate Director 3M Co. Pamela J. Craig 3M Co. Amy E. Hood 3M Co. Dambisa F. Moyo 3M Co. Patricia A. Woertz ALLETE, Inc. Kathryn W. Dindo ALLETE, Inc. Heidi E. Jimmerson ALLETE, Inc. Madeleine W. Ludlow ALLETE, Inc. Susan K. Nestegard ALLETE, Inc. Bethany M. Owen Ameriprise Financial, Inc. Dianne Neal Blixt Ameriprise Financial, Inc. Amy DiGeso Apogee Enterprises, Inc. Sara L. Hays Apogee Enterprises, Inc. Patricia K. Wagner Best Buy Co., Inc. Corie S. Barry Best Buy Co., Inc. Lisa M. Caputo Best Buy Co., Inc. Kathy J. Higgins Victor Best Buy Co., Inc. Cindy R. Kent Best Buy Co., Inc. Karen A. McLoughlin Best Buy Co., Inc. Claudia F. Munce Best Buy Co., Inc. Richelle P. Parham Bio-Techne Corp. Alpna Seth, Ph.D. C.H. Robinson Worldwide, Inc. Mary J. Steele Guilfoile C.H. Robinson Worldwide, Inc. Jodee A. Kozlak C.H. Robinson Worldwide, Inc. Paula C. Tolliver Calyxt, Inc. Anna Ewa Kozicz-Stankiewicz Calyxt, Inc. Kimberly K. Nelson Canterbury Park Holding Corp. Carin J. Offerman Cardiovascular Systems, Inc. Martha Goldberg Aronson Ceridian HCM Holding, Inc. Deborah A. Farrington Ceridian HCM Holding, Inc. Andrea S. Rosen Christopher & Banks Corp. Keri L. Jones Christopher & Banks Corp.
Allison M. Wing
Clearfield, Inc. CyberOptics Corp. Deluxe Corp. Deluxe Corp. Digi International, Inc. Donaldson Co., Inc. Donaldson Co., Inc. Ecolab, Inc. Ecolab, Inc. Ecolab, Inc. Ecolab, Inc. Ecolab, Inc. Electromed, Inc. Electromed, Inc. Evine Live, Inc. Fastenal Co. Fastenal Co. General Mills, Inc. General Mills, Inc. General Mills, Inc. General Mills, Inc. General Mills, Inc. General Mills, Inc. Graco Inc. Graco Inc. Graco Inc. Granite Falls Energy, LLC GWG Holdings, Inc. GWG Holdings, Inc. H.B. Fuller Co. H.B. Fuller Co. Hawkins, Inc.
Cheryl Beranek Irene M. Qualters Cheryl E. Mayberry McKissack Victoria A. Treyger Sally J. Smith Pilar Cruz Trudy Rautio Shari L. Ballard Barbara J. Beck Tracy B. McKibben Victoria J. Reich Suzanne M. Vautrinot Lee A. Jones Kathleen S. Skarvan Lisa Letizio Rita J. Heise Reyne K. Wisecup Alicia Boler Davis Maria G. Henry Elizabeth C. Lempres Heidi G. Miller Diane L. Neal Maria A. Sastre Jody H. Feragen Martha A. Morfitt Emily C. White Sherry Jean Larson Michelle Caruso-Cabrera Kathleen Mason Maria Teresa Hilado Ruth Kimmelshue Mary J. Schumacher
HMN Financial, Inc.
Wendy Shannon
Hormel Foods Corp.
Elsa A. Murano, Ph.D.
Hormel Foods Corp. Hormel Foods Corp. Ikonics Corp. Insignia Systems, Inc. Insignia Systems, Inc. Insignia Systems, Inc. Inspire Medical Systems Inspire Medical Systems Investors Real Estate Trust Investors Real Estate Trust Investors Real Estate Trust Medtronic Plc. Medtronic Plc.
Susan K. Nestegard Sally J. Smith Marianne Bohren Suzanne L. Clarridge Kristine A. Glancy Rachael B. Vegas Joyce Erony Marilyn Carlson Nelson Emily Nagle Green Linda J. Hall Mary J. Twinem Andrea Goldsmith, Ph.D. Elizabeth G. Nabel, M.D.
10
Title Retired CFO, Accenture plc EVP and CFO, Microsoft Corp. Founder and CEO, Mildstorm, LLC Retired Chairman of the Board and CEO, Archer-Daniels-Midland Co. Retired VP and Chief Risk Officer, FirstEnergy Corp. Former EVP, Secretary and General Counsel, Florida East Coast Railway, LLC Former Principal, Market Capital Partners, LLC Former President, Global Healthcare, Ecolab, Inc. President and Director, ALLETE, Inc. Former EVP and CFO, Reynolds American, Inc. Former EVP, Global HR, The Estee Lauder Cos., Inc. Principal and Founder, SLH Advisors Group President, U.S. Utilities, Sempra Energy CEO, Best Buy Co., Inc. EVP and Chief Marketing and Communications Officer, Travelers Cos., Inc. President and Founder, Centera Corp. Former President and General Manager, Infection Prevention Division, 3M Co. CFO, Cognizant Technology Solutions Corp. Venture Advisor, New Enterprise Associates General Partner, Camden Partners Holdings, LLC COO, Vir Biotechnology, Inc. Chairman, MG Advisors, Inc. Founder and CEO, Kozlak Capital Partners, LLC Corporate VP and Chief Information Officer, Intel Corp. Founder, Anthelion Capital EVP and CFO, SPS Commerce Private Investor; Former President and CEO, Offerman & Co. Former EVP of Strategic Planning, Ecolab, Inc. Founder and President, Star Vest Management, Inc. Former Vice Chair, TD Bank Financial Group; President, TD Canada Trust President and CEO, Christopher & Banks Corp. Chief Marketing/Digital Officer, Bright Health; former Chief Marketing Officer and EVP, Digital Channels for Maurices, Inc. President and CEO, Clearfield, Inc. Associate Laboratory Director, Simulation and Computation, Los Alamos National Laboratory CEO, Nia Enterprises, LLC Managing Director, Felicis Ventures Former President and CEO, Buffalo Wild Wings, Inc. President, Cargill Feed and Nutrition Retired President and CEO, Carlson Former SVP and President, Multi-Channel Retail, Best Buy, Co. CEO, Learning Care Group, Inc. Founder and CEO, MAC Energy Advisors, LLC Former SVP and CFO, Essendant, Inc. President, Kilovolt Consulting, Inc. President and CEO, Rebiotix, Inc. President and CEO, Electromed, Inc. Strategic Advisor, LivingHR, Inc., and Independent Consultant, Allison James Estate & Homes, Inc. Business Consultant and Retired Corporate VP and CIO, Cargill, Inc. Senior EVP, HR, Fastenal Co. EVP, Global Manufacturing, General Motors SVP and CFO, Kimberly-Clark Corp. Retired Senior Partner, McKinsey & Company Retired President, J.P. Morgan International, J.P. Morgan Chase & Co. Retired CEO, Sur La Table, Inc. Retired President and COO, Signature Flight Support Corp. Former EVP and CFO, Hormel Foods Corp. President and CEO, River Rock Partners, Inc. President, Anthos Capital LP VP, Financial Analysis and Budget, Independent Community Bankers of America CEO, MCC Productions Consultant, Third Bridge Former CFO, Allergan plc Corporate SVP, Business Operations and Supply Chain, Cargill, Inc. Retired COO, Twin Cities Habitat for Humanity Former Chair, Rochester Education Department, Winona State University and Director, Graduate Induction Program, Rochester Public Schools Director, Norman Borlaug Institute for International Agriculture, Professor, Animal Science and President Emerita, Texas A&M University Advisor, True Wealth Ventures Retired President and CEO, Buffalo Wild Wings, Inc. Executive Director, Western Lake Superior Sanitary District Founder, President and CEO, My Brands Inc. President and CEO, Insignia Systems, Inc. Chief Merchant, Brandless, Inc. Managing Partner, Amzak Health Investors, LLC Co-Chair of the board of directors and Co-CEO, Carlson Holdings, Inc. Former CEO, Smart Lunches, Inc. Entrepreneur-in-residence, Carlson School of Management, University of Minnesota Former EVP and CFO, Buffalo Wild Wings, Inc. Professor of Engineering, Stanford University; Co-founder of Plume Wifi and Quantenna Communications, Inc. President, Brigham Healthcare
APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
mncensus.stkate.edu
Company Medtronic Plc. Mosaic Co. Mosaic Co. Mosaic Co. MTS Systems Corp. MTS Systems Corp. MTS Systems Corp. Nuvera Communications, Inc. Nuvera Communications, Inc. Nortech Systems, Inc. Northern Oil and Gas, Inc. Northern Technologies International Corp. NVE Corp. nVent Electric PLC nVent Electric PLC Otter Tail Corp. Otter Tail Corp. Patterson Cos., Inc. Patterson Cos., Inc. Pentair PLC Pentair PLC Piper Jaffray Cos. Piper Jaffray Cos. Piper Jaffray Cos. Polaris Industries, Inc. Polaris Industries, Inc. Polaris Industries, Inc. Proto Labs, Inc. Regis Corp. Regis Corp. Sleep Number Corp. Sleep Number Corp. Sleep Number Corp. Sleep Number Corp. Sleep Number Corp. SPS Commerce, Inc. SPS Commerce, Inc. Stratasys Ltd. Stratasys Ltd. Surmodics, Inc. Surmodics, Inc. Tactile Systems Techology, Inc. Target Corp. Target Corp. Target Corp. Target Corp. TCF Financial Corp. TCF Financial Corp. TCF Financial Corp. Tennant Co. Tennant Co. Tennant Co. Toro Co. Toro Co. Toro Co. U.S. Bancorp U.S. Bancorp U.S. Bancorp U.S. Bancorp U.S. Bancorp U.S. Bancorp UnitedHealth Group, Inc. UnitedHealth Group, Inc. UnitedHealth Group, Inc. Winmark Corp. Winnebago Industries, Inc. Xcel Energy, Inc. Xcel Energy, Inc. Xcel Energy, Inc.
Corporate Director Denise M. O’Leary Cheryl K. Beebe Nancy E. Cooper Denise C. Johnson Nancy Altobello Gail P. Steinel Linda Zukauckas Colleen R. Skillings Suzanne M. Spellacy Kathleen P. Iverson Lisa Bromiley
Title Private Venture Capital Investor Retired EVP and CFO, Ingredion, Inc. Retired EVP and CFO, CA Inc. Group President, Resources Industries, Caterpillar, Inc. Retired Managing Partner, Audit & Advisory Services, Ernst & Young LLP Owner, Executive Advisors EVP, Business CFO and Deputy CFO, American Express CFO and HR Director, Minnesota Valley Testing Laboratories, Inc. General Counsel, Link Snack, Inc. CEO Consulting (Retired), Black Hills IP CFO, BioUrja Group
Barbara D. Colwell
Director, Publishers Clearing House, LLC and Other Companies and Organizations
Patricia M. Hollister Susan M. Cameron Beth A. Wozniak Karen M. Bohn Kathryn O. Johnson Jody H. Feragen Ellen A. Rudnick Glynis A. Bryan Billie Ida Williamson B. Kristine Johnson Debbra L. Schoneman Sherry M. Smith Annette K. Clayton Gwenne A. Henricks Gwynne E. Shotwell Victoria M. Holt Virginia Gambale M. Ann Rhoades Shelly R. Ibach Deborah L. Kilpatrick, Ph.D. Brenda J. Lauderback Barbara R. Matas Kathleen L. Nedorostek Marty M. Reaume Tami L. Reller Ziva Patir Adina Shorr Lisa Wipperman Heine Susan E. Knight Cheryl Pegus Roxanne S. Austin Melanie L. Healey Monica C. Lozano Mary E. Minnick Karen L. Grandstrand Julie H. Sullivan Therese M.H. Wise Azita Arvani Carol S. Eicher Maria C. Green Janet K. Cooper Katherine J. Harless Joyce A. Mullen Dorothy J. Bridges Elizabeth L. Buse Kimberly J. Harris Doreen Woo Ho Olivia F. Kirtley Karen S. Lynch Michele J. Hooper Valerie C. Montgomery Rice, M.D. Gail R. Wilensky, Ph.D. Jenele C. Grassle Maria F. Blase Lynn Casey A. Patricia Sampson Kim Williams
Retired Director, Finance, TEL FSI, Inc. Former Executive Chairman, Reynolds American, Inc. CEO, nVent Electric PLC CEO and President, Galeo Group, LLC Owner/Principal, Johnson Environmental Concepts Former EVP and CFO, Hormel Foods Corp. Senior Advisor, Entrepreneurship, University of Chicago Booth School of Business CFO, Insight Enterprises, Inc. Former Senior Assurance Partner, Ernst & Young LLP President, Affinity Capital Management President, Piper Jaffray Cos. Former EVP and CFO, Supervalu, Inc. CEO and President, Schneider Electric North America Former VP, Product Development and Global Technology, and CTO, Caterpillar, Inc. President and COO, Space Exploration Technologies Corp (SpaceX) President and CEO, Proto Labs, Inc. Founder and Managing Partner, Azimuth Partners LLC President, People Ink, Inc. President and CEO, Sleep Number Corp. CEO, Evidation Health, Inc. Former President, Retail and Wholesale Group, Nine West Group, Inc. Former Managing Director and Chairman, Leveraged Finance, Citigroup Global Markets, Inc. Former Global CEO, Nine West Group, Inc. Chief People Officer, Twilio,Inc. EVP and Chief Marketing and Experience Officer, UnitedHealthcare Former VP Standards, Policy and Sustainability, Better Place Retired CEO and President, Objet Ltd. President and CEO, PreCardia, Inc. Former SVP and CFO, MTS Systems Corp. SVP, Health Care Services and Chief Medical Officer, Cambia Health Solutions President, Austin Investment Advisors Former Group President, North America, The Proctor & Gamble Co. President and CEO, The College Futures Foundation Partner, Lion Capital LLP Shareholder, Fredrikson & Bryon, P.A. President, University of St. Thomas CEO and Principal, Utaza, LLC Head, Innovation Partner and Venture Management, Nokia Networks Non-executive Chairman, and Former CEO, Innocor, Inc. SVP and General Counsel, Ingersoll Rand plc Retired SVP and Treasurer, Qwest Communications International, Inc. Retired President and CEO, Idearc, Inc. President, Global Channel, OEM and loT, Dell Technologies Former SVP, Public Affairs, Outreach and Community Development, Federal Reserve Bank of Minneapolis Former CEO, Monitise PLC President and CEO, Puget Energy, Inc. and Puget Sound Energy, Inc. Commissioner, San Francisco Port Commission Business Consultant EVP, CVS Health Corporation; President, Aetna, Inc. President and CEO, The Directors’ Council President and Dean, Morehouse School of Medicine Senior Fellow, Project HOPE Associate Director, Alumni Career Services, St. Olaf College; Former VP, Merchandising, Bluestem Brands, Inc. President, Fluid Management, Material Handling and Power Tools businesses, Ingersoll Rand Chair, Padilla CEO, President and Owner, The Sampson Group, Inc. Retired Partner, Wellington Management Co. LLP
THE FOLLOWING 13 COMPANIES HAVE ONLY MEN ON THEIR BOARDS:
• • • • ATRM Holdings, Inc. • Bridgewater Bancshares, Inc. • CHF Solutions, Inc. • Communications Systems, Inc. • Electro-Sensors, Inc. • Famous Dave's of America, Inc. • Image Sensing Systems, Inc. • IntriCon Corp. • Qumu Corp. • Tile Shop Holdings, Inc. ANI Pharmaceuticals, Inc.
Appliance Recycling Centers of America, Inc.
ASV Holdings, Inc.
stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020
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EXECUTIVE SUMMARY EXECUTIVE OFFICERS (Based on SEC Filings as of June 30, 2019) Company
Executive Officer
Title
3M Co.
Julie L. Bushman
EVP, International Operations
3M Co.
Kristen M. Ludgate
SVP, Human Resources
ALLETE, Inc.
Nicole Johnson
VP, Chief Administrative Officer
ALLETE, Inc.
Bethany M. Owen
President and Director
ALLETE, Inc.
Margaret A. Thickens
VP, Chief Legal Officer and Corporate Secretary
Ameriprise Financial, Inc.
Kelli A. Hunter
EVP, HR
Ameriprise Financial, Inc.
Deirdre D. McGraw
EVP, Marketing, Corporate Communications and Community Relations
Ameriprise Financial, Inc.
Karen Wilson Thissen
EVP and General Counsel
Apogee Enterprises, Inc.
Patricia A. Beithon
General Counsel and Secretary
ASV Holdings, Inc.
Melissa How
CFO
Best Buy Co., Inc.
Corie S. Barry
CEO
Best Buy Co., Inc.
Kamy Scarlett
Chief Human Resources Officer and President, U.S. Retail Stores
Bio-Techne Corp.
Brenda Furlow
SVP, General Counsel and Secretary
Bridgewater Bancshares, Inc.
Mary Jayne Crocker
EVP and COO
Bridgewater Bancshares, Inc.
Lisa M. Salazar
SVP, Deposit Services and Emerging Products
C.H. Robinson Worldwide, Inc.
Angela K. Freeman
Chief Human Resources Officer
Calyxt, Inc.
Debra H. Frimerman
General Counsel
Cardiovascular Systems, Inc.
Rhonda Robb
COO
Cardiovascular Systems, Inc.
Sandra Sedo
Chief Compliance Officer
Ceridian HCM Holding, Inc.
Lisa M. Sterling
EVP, Chief People and Culture Officer
Ceridian HCM Holding, Inc.
Leagh E. Turner
President
CHF Solutions, Inc.
Claudia Drayton
CFO and Secretary
Christopher & Banks Corp.
Rachel Endrizzi
SVP, Chief Marketing Officer
Christopher & Banks Corp.
Keri L. Jones
President and CEO
Christopher & Banks Corp.
Andrea Kellick
SVP, Chief Merchandising Officer
Christopher & Banks Corp.
Carmen Wamre
SVP, Chief Stores 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
SVP, Direct-to-Consumer
Deluxe Corp.
Amanda Parrilli
VP, Strategy
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, Human Resources
Ecolab, Inc.
Angela M. Busch
SVP, Corporate and Business Development
Ecolab, Inc.
Laurie M. Marsh
EVP, HR
Ecolab, Inc.
Elizabeth A. Simermeyer
EVP, Global Marketing and Communications and Life Sciences
Ecolab, Inc.
Jill S. Wyant
EVP and President, Global Regions and Global Healthcare
Electromed, Inc.
Kathleen S. Skarvan
President and CEO
Fastenal Co.
Sheryl A. Lisowski
Controller, Chief Accounting Officer, and Treasurer
Fastenal Co.
Reyne K. Wisecup
Senior EVP, HR and Director
General Mills, Inc.
Jodi Benson
Chief Innovation, Technology and Quality Officer
General Mills, Inc.
Christina Law
SVP and Group President, Asia and Latin America
General Mills, Inc.
Kimberly A. Nelson
SVP, External Relations and President, General Mills Foundation
General Mills, Inc.
Bethany Quam
Group President, Europe and Australia
General Mills, Inc.
Jacqueline Williams-Roll
Chief Human Resources Officer
Graco Inc.
Caroline M. Chambers
EVP, Corporate Controller and Information Systems
Graco Inc.
Karen Park Gallivan
EVP, General Counsel and Corporate Secretary
Graco Inc.
Angela F. Wordell
EVP, Operations
Granite Falls Energy, LLC
Stacie Schuler
CFO
H.B. Fuller Co.
Heather A. Campe
SVP, Americas Adhesives
H.B. Fuller Co.
Paula M. Cooney
VP, HR
H.B. Fuller Co.
Traci L. Jensen
SVP, Global Construction Adhesives
Hawkins, Inc.
Theresa R. Moran
VP, Purchasing, Logistics and Sales Support
Hawkins, Inc.
Shirley Rozeboom
VP, Health and Nutrition
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
Director, President, CEO and Secretary
Investors Real Estate Trust
Anne M. Olson
EVP, COO, General Counsel and Corporate Secretary
Medtronic Plc.
Karen L. Parkhill
EVP and CFO
Medtronic Plc.
Carol A. Surface
SVP and Chief HR Officer
12
APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
mncensus.stkate.edu
Company
Executive Officer
Title
Mosaic Co.
Corrine D. Ricard
SVP, Commercial
Mosaic Co.
Karen A. Swager
SVP, Potash
Nuvera Communications, Inc.
Barbara A. J. Bornhoft
VP, COO and Corporate Secretary
Nortech Systems, Inc.
Connie Beck
VP and CFO
nVent Electric PLC
Lynnette R. Heath
EVP and Chief HR Officer
nVent Electric PLC
Stacy P. McMahan
EVP and CFO
nVent Electric PLC
Beth A. Wozniak
CEO
Otter Tail Corp.
Jennifer O. Smestad
VP, General Counsel and Corporate Secretary
Patterson Cos., Inc.
Andrea Frohning
Chief HR Officer
Pentair PLC
Kelly A. Baker
EVP and Chief HR Officer
Pentair PLC
Karla C. Robertson
EVP, General Counsel and Secretary
Piper Jaffray Cos.
Debbra L. Schoneman
President
Polaris Industries, Inc.
Lucy Clark Dougherty
SVP, General Counsel, Secretary and Compliance Officer
Proto Labs, Inc.
Victoria M. Holt
President, CEO and Director
Regis Corp.
Laura Alexander
SVP, Mechandise
Regis Corp.
Shawn Moren
SVP, Chief Human Resources Officer
Regis Corp.
Amanda Rusin
SVP, General Counsel and Secretary
Sleep Number Corp.
Melissa Barra
SVP, Chief Sales, Services and Strategy Officer
Sleep Number Corp.
Annie L. Bloomquist
SVP and Chief Product Officer
Sleep Number Corp.
Patricia A. Dirks
SVP and Chief Human Resources Officer
Sleep Number Corp.
Shelly R. Ibach
President and CEO
SPS Commerce, Inc.
Kimberly K. Nelson
EVP and CFO
Stratasys Ltd.
Lilach Payorski
CFO
Stratasys Ltd.
Shuli Sharabani Ishai
EVP, Gobal Human Resources
Surmodics, Inc.
Teryl L.W. Sides
SVP, Chief Marketing Officer
Tactile Systems Technology, Inc.
Mary M. "Maggie" Thompson
SVP, Reimbursement and Payer Relations
Target Corp.
Melissa K. Kremer
EVP and Chief Human Resources Officer
Target Corp.
Stephanie A. Lundquist
EVP and President, Food & Beverage
Target Corp.
Janna A. Potts
EVP and Chief Stores 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.
Patricia L. Jones
EVP, Chief Human Capital Officer and Chief Administrative Officer
Tennant Co.
Carol E. McKnight
SVP and CAO
Tennant Co.
Mary E. Talbott
SVP, General Counsel and Secretary
Toro Co.
Amy E. Dahl
VP, Human Resources and Distributor Development
Toro Co.
Renee J. Peterson
VP, Treasurer and CFO
U.S. Bancorp
Ismat Aziz
EVP, Chief Human Resources Officer
U.S. Bancorp
Leslie V. Godridge
Vice Chairman, Corporate and Commercial Banking
U.S. Bancorp
Gunjan Kedia
Vice Chairman, Wealth Management and Investment Services
U.S. Bancorp
Katherine B. Quinn
Vice Chairman and CAO
U.S. Bancorp
Jodi Richard
Vice Chairman and Chief Risk Officer
UnitedHealth Group, Inc.
Marianne D. Short
EVP and Chief Legal Officer
UnitedHealth Group, Inc.
D. Ellen Wilson
EVP, Chief Human Resources Officer
Winmark Corp.
Renae M. Gaudette
VP, Franchising
Winmark Corp.
Leah A. Goff
VP, HR
Winnebago Industries, Inc.
Stacy L. Bogart
VP, General Counsel and Secretary
Xcel Energy, Inc.
Darla Figoli
SVP, Human Resources and Employee Services, Chief HR Officer
Xcel Energy, Inc.
Alice Jackson
President and Director, PSCo
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. • Appliance Recycling Centers of America, Inc. • ATRM Holdings, Inc. • Canterbury Park Holding Corp. • CyberOptics Corp. • Electro-Sensors, Inc. • Evine Live, Inc. • Famous Dave's of America, Inc. • GWG Holdings, Inc. • HMN Financial, Inc. • Ikonics Corp. • Image Sensing Systems, Inc. • Inspire Medical Systems, Inc. • IntriCon Corp. • MTS Systems Corp. • Northern Oil and Gas, Inc. • Northern Technologies International Corp. • NVE Corp. • Qumu Corp. • Tile Shop Holdings, Inc. stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020
13
EXECUTIVE SUMMARY Corporate Directors and Executive Officers (Based on SEC Filings as of June 30, 2019) Corporate Directors
Executive Officers Percent Women Directors
Net Change from 2018
Total Executive Officers
Women Executive Officers
Percent Women Executive Officers
Net Change from 2018
4
33.3%
1
14
5
50.0%
1
7
2
14.3%
-1
3
42.9%
9
2
22.2%
0
1
15
3
20.0%
-1
ANI Pharmaceuticals, Inc.
6
0
0.0%
Apogee Enterprises, Inc.
10
2
20.0%
0
4
0
0.0%
0
0
6
1
16.7%
Appliance Recycling Centers of America, Inc.
5
0
0
0.0%
0
2
0
0.0%
0
ASV Holdings, Inc.
5
ATRM Holdings, Inc.
4
0
0.0%
0
2
1
50.0%
0
0
0.0%
0
1
0
0.0%
Best Buy Co., Inc.
13
0
7
53.8%
2
6
2
33.3%
-2
Bio-Techne Corp. Bridgewater Bancshares, Inc.
8
1
12.5%
0
6
1
16.7%
0
8
0
0.0%
NA
6
2
33.3%
NA 0
Total Directors
Women Directors
3M Co.
12
ALLETE, Inc.
10
Ameriprise Financial, Inc.
Company Name
C.H. Robinson Worldwide, Inc.
10
3
30.0%
1
11
1
9.1%
Calyxt, Inc.
7
2
28.6%
1
6
1
16.7%
1
Canterbury Park Holding Corp.
5
1
20.0%
0
2
0
0.0%
0
Cardiovascular Systems, Inc.
7
1
14.3%
0
5
2
40.0%
-1
Ceridian HCM Holding, Inc.
9
2
22.2%
NA
9
2
22.2%
NA
CHF Solutions, Inc.
6
0
0.0%
0
2
1
50.0%
0
Christopher & Banks Corp.
6
2
33.3%
0
6
4
66.7%
-1
Clearfield, Inc.
6
1
16.7%
0
3
1
33.3%
0
Communications Systems, Inc.
5
0
0.0%
0
5
1
20.0%
0
CyberOptics Corp.
5
1
20.0%
0
2
0
0.0%
0
Deluxe Corp.
10
2
20.0%
0
8
3
37.5%
0
Digi International, Inc.
6
1
16.7%
0
7
1
14.3%
0
Donaldson Co., Inc.
10
2
20.0%
0
8
2
25.0%
0
Ecolab, Inc.
13
5
38.5%
1
15
4
26.7%
2
Electro-Sensors, Inc.
5
0
0.0%
0
1
0
0.0%
0
Electromed, Inc.
6
2
33.3%
0
2
1
50.0%
0
Evine Live, Inc.
8
1
12.5%
0
3
0
0.0%
-3
Famous Dave's of America, Inc.
8
0
0.0%
0
3
0
0.0%
0
Fastenal Co.
10
2
20.0%
0
12
2
16.7%
0
General Mills, Inc.
13
6
46.2%
2
15
5
33.3%
1
Graco Inc.
10
3
30.0%
0
15
3
20.0%
1
Granite Falls Energy
10
1
10.0%
0
2
1
50.0%
0
GWG Holdings, Inc.
14
2
14.3%
2
2
0
0.0%
0
H.B. Fuller Co.
10
2
20.0%
0
12
3
25.0%
0
Hawkins, Inc.
8
1
12.5%
0
8
2
25.0%
1
HMN Financial, Inc.
9
1
11.1%
0
3
0
0.0%
0
Hormel Foods Corp.
14
3
21.4%
0
15
4
26.7%
0
Ikonics Corp.
7
1
14.3%
0
4
0
0.0%
0
Image Sensing Systems, Inc.
5
0
0.0%
0
2
0
0.0%
0
Insignia Systems, Inc.
5
3
60.0%
0
2
1
50.0%
0
Inspire Medical Systems, Inc.
9
2
22.2%
NA
4
0
0.0%
NA
IntriCon Corp.
5
0
0.0%
0
5
0
0.0%
0
Investors Real Estate Trust
8
3
37.5%
NA
3
1
33.3%
NA
Medtronic PLC
11
3
27.2%
0
11
2
18.2%
0
Mosaic Co.
12
3
25.0%
1
9
2
22.2%
0
MTS Systems Corp.
9
3
33.3%
1
6
0
0.0%
0
Nortech Systems, Inc.
5
1
20.0%
0
4
1
25.0%
0
Northern Oil and Gas, Inc.
8
1
12.5%
0
6
0
0.0%
0
Northern Technologies International Corp.
7
1
14.3%
0
2
0
0.0%
0
Nuvera Communications
7
2
28.6%
0
3
1
33.3%
0
NVE Corp.
5
1
20.0%
0
3
0
0.0%
0
nVent Electric PLC
10
2
20.0%
0
9
3
33.3%
0
Otter Tail Corp.
9
2
22.2%
0
5
1
20.0%
0
Patterson Cos., Inc.
10
2
20.0%
0
6
1
16.7%
0
Pentair PLC
8
2
25.0%
0
7
2
28.6%
0
Piper Jaffray Cos.
9
3
33.3%
1
6
1
16.7%
0
Polaris Industries, Inc.
10
3
30.0%
1
9
1
11.1%
0
Proto Labs, Inc.
7
1
14.3%
0
5
1
20.0%
0
Qumu Corp.
5
0
0.0%
-1
2
0
0.0%
0
Regis Corp.
8
2
25.0%
0
8
3
37.5%
1
Sleep Number Corp.
10
5
50.0%
-1
9
4
44.4%
0
14
APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
mncensus.stkate.edu
Corporate Directors
Executive Officers
Total Directors
Company Name
Women Directors
Percent Women Directors 28.6%
Net Change from 2018 1
Total Executive Officers 3
Women Executive Officers 1
Percent Women Executive Officers 33.3%
Net Change from 2018
SPS Commerce, Inc.
7
2
Stratasys Ltd.
9
2
22.2%
NA
9
Surmodics, Inc.
7
2
28.6%
0
8
1
12.5%
1
Tactile Systems Tech., Inc.
7
1
14.3%
0
5
1
20.0%
-1
Target Corp.
13
4
30.8%
0
12
5
41.7%
1
TCF Financial Corp.
12
3
25.0%
1
10
2
20.0%
0
Tennant Co.
9
3
33.3%
1
6
2
33.3%
1
Tile Shop Holdings, Inc.
7
0
0.0%
0
2
0
0.0%
0 -1
2
22.2%
0 NA
Toro Co.
11
3
27.3%
1
10
2
20.0%
U.S. Bancorp
17
6
35.3%
1
14
5
35.7%
1
UnitedHealth Group, Inc.
11
3
27.3%
0
8
2
25.0%
0
Winmark Corp.
7
1
14.3%
0
6
2
33.3%
1
Winnebago Industries, Inc.
8
1
12.5%
NA
10
1
10.0%
NA
Xcel Energy, Inc.
13
3
23.1%
1
14
3
21.4%
2
T
Methodology
he 2019 Minnesota Census of Women in Corporate Leadership examines the percentage of women in leadership roles at the 76 largest publicly held companies headquartered in Minnesota, as ranked by 2018 net revenue and tracked in the Minneapolis-based Star Tribune 50 (June 2019) and the Minneapolis/ St. Paul Business Journal Top 75 Public Companies list (April 2019). Excluded from the list are closely held companies, cooperatives, mutual and fraternal benefits organizations, and over-the-counter stocks. Of Minnesota’s Fortune 500 companies, four companies are not represented in the Minnesota Census data sample: CHS, Inc., Land O’Lakes, Thrivent Financial, and Securian Financial. Although the Securities 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 2019 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, 2019, were reviewed for data collection. Data confirmation sheets were emailed or mailed to each company, requesting verification of the information and notification of any changes occurring before the Census cutoff of June 30, 2019. The company response rate was 47 percent. Changes that occurred in board membership, executive officer appointments, company ownership, or bankruptcy filings after the period covered by the June 30, 2019, 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 researcher.
Rebecca Hawthorne, Ph.D. Professor Emerita, Organizational Leadership, St. Catherine University rkhawthorne@stkate.edu
St. Catherine University (St. Kate's) is a dynamic university educating women to lead and influence. As the nation's largest private women's university, we prepare students to be effective leaders in their professions, communities, and the world. The university is home to nearly 5,000 students in associate, bachelor's, master's, doctorate, and certificate programs that emphasize academic rigor and social justice. stkate.edu.
*Editorial corrections were made to the online version of the 2019 Minnesota Census of Women in Corporate Leadership in April 2020 to accurately reflect the inclusion of SPS Commerce, Inc. on the 2019 Honor Roll.
stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020
15