2019 Minnesota Census on Women in Corporate Leadership

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.

2

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

APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

stkate.edu

(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

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020

3

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

4

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

APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

stkate.edu

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.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020

5

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.

6

APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

stkate.edu

New Directors Appointed to Minnesota Boards White Women

25 Men

52 Women of Color

4

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

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020

7

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,

8

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

APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP

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.”

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020

9

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

11

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