The 2017 Census of Women in Corporate Leadership How Minnesota’s Top Public Companies Rank

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

Stuck in Neutral Minnesota’s progress on advancing women in corporate leadership has stalled.

By Joann Bangs, Ph.D., and Rebecca Hawthorne, Ph.D. St. Catherine University, Master of Arts in Organizational Leadership (MAOL) program

any companies in 2017 study conducted by The 2017 Minnesota Census About the Census the United States LeanIn.Org and McKinsey of Women in Corporate The report is have seen the ben- & Co. prioritized gender Leadership, which provides produced by St. M efits of fostering a critical diversity as a business a snapshot of women in Catherine University mass of women leaders at imperative. Yet half of those Minnesota’s largest public- and co-sponsored all company levels: bur- companies’ employees company boardrooms and by the Women's geoning revenue, stronger report a lack of company executive suites, reveals a Foundation engagement and a competi- commitment and action to changing corporate land- of Minnesota, tive advantage, among other improve gender diversity. scape, with a net decrease Financial Executives factors. In fact, 90 percent These conflicting realities in the number of women International Twin of companies surveyed in have resulted in stalled holding leadership roles. Cities and YWCA the Women in the Workplace progress for advancing Fewer public companies . women in corporate leader- listed Minnesota as their ship. The current statistics corporate headquarters in are startling: Across the 2017, resulting in a de- country, 28 million women creased sample of 72 com- hold managerial or profes- panies*. Fewer companies sional roles (ION, 2017), equate to fewer leadership but only 24 women lead opportunities for both Fortune 500 companies, women and men. With few and only 22 percent of the notable exceptions, the 10th nation’s largest 100 public annual Minnesota Census companies have female of Women in Corporate directors. Leadership underscores the Local data on gender par- challenges of maintaining ity in corporate leadership forward movement in diver- mirror the stalled progress sifying corporate leadership. Joann Bangs Rebecca Hawthorne seen at the national level.

Women in Leadership: 10-Year Trend 20.4%* 19.9%* 19.4% 19.3%* 19.0%* 15 18.6% 17.8% 17.4% 17.4% 16.3%

15.5% 15.5% *Note: The sample for this research tracks the and 15.2% 14.9% 14.9% 14.5% 14.3% 14.2% 14.2% 14.2% the Minneapolis/St. Paul Business Journal annual lists of the 10 largest public companies based in Minnesota. From 2008 to 2015, 100 companies were tracked. In 2016, 85 companies were tracked, as both the Star Tribune and Business Journal reduced 5 their data sets to reflect the decrease in Minnesota’s publicly traded companies. An increase in mergers and a reduction in IPOs resulted in fewer public companies in Minnesota. In 2017, the number of public companies tracked decreased further to 72. A 0 secondary analysis of the 71 companies that remained constant from the 2016 sample to the 2017 sample revealed the same pat- terns as the analysis of the total 72 companies tracked in 2017. 2011 2012 2014 2015 2013 2010 2016 2017 2008 2009

% Women Directors % Women Executive Officers

2 APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu This is the first year in a decade that the number of Stepping Up to the Plate women directors of color decreased and the number By ReBecca Koenig Roloff, president, St. Catherine University of companies with women directors of color declined. omen and diversity are top- diversity in leadership also is strongly cor- Women directors of color ics close to my heart, and the related with higher returns and profitabil- hold only 3.1 percent of the WMinnesota Census of Women in ity. In short, diverse groups simply perform total board seats at Min- Corporate Leadership is an important tool better. nesota Census companies. for measuring our progress in advancing Unfortunately, the 2017 Minnesota Cen- These women, especially women leaders. sus of Women in Corporate black women, face greater But I must admit, Leadership tells a story challenges and a rockier the findings of this of stalled progress. Over path to senior leader- year’s census are the last year, the number ship roles due to a lack of disheartening. I of women on corporate managerial support, limited would like to call boards or in executive of- access to senior leaders and on Minnesota com- ficer positions decreased. slower rates of promotion panies to step up And even though 37 new (LeanIn.Org and McKinsey their game when it independent directors & Co., 2017). More than comes to diversi- were appointed in 2017, three-fourths of Minnesota’s fying leadership only six were women, 72 largest publicly held teams. including only one woman companies do not have any At St. Kate’s, of color. women of color serving on our mission has ReBecca Koenig Roloff Every appointment is an their boards in 2017. always been one opportunity for us to opti- Minnesota Census of educating mize the mix of talent and companies also decreased women to lead and influence, propelling perspective in our organizations. There’s the number of women in them to break barriers and make history. I no potential for loss here, only potential senior executive leadership challenge all of Minnesota’s publicly held gains. Let’s not continue missing opportu- roles (Section 16b officers) companies to follow in our footsteps. nities to build diverse leadership teams. from 116 to 104. The slight The case for leadership diversity in busi- St. Catherine University is proud to sup- increase in the percentage ness is clear: Organizations with a reputa- port the work of our faculty researchers, of women executive officers tion for promoting a diverse workforce Joann Bangs and Rebecca Hawthorne. We from 19.9 percent to 20.4 can more easily recruit talent, and com- look forward to continuing the important percent reflects the decrease panies with inclusive cultures have lower work of advancing women in corporate in sample size. Women turnover, saving significant costs. Gender leadership. p did not make progress in attaining senior executive leadership roles in 2017. Instead, they experienced a net decrease of 12 positions. Fifty-two of the 72 com- panies (72 percent) have Setbacks and the smaller sample size and women across these com- women executive officers. stalled progress masks the net loss of 18 panies, a positive note amid In the C-suite, women A k ey reason women hold women directors. Minne- stalled progress. Overall, 36 CEOs run 8.3 percent of fewer directorships in Min- sota’s percentage of women of Minnesota’s 72 largest Minnesota Census compa- nesota is due to shrinking directors in 2017 is less than public companies (50 per- nies—a higher percentage opportunities. Among Min- the national average of 22 cent) have more than one than the 6 percent of Fortune nesota’s 72 largest public percent (LeanIn.Org and woman director, moving 500 companies nationwide companies with revenues McKinsey and Co., 2017). toward critical mass. run by women CEOs (Korn between $17.6 million and Sixty Minnesota Census Unfortunately, women Ferry, 2017). Still, women $185 billion, there were companies have women directors of color saw a seri- lost ground in 2017, with 605 available board seats in directors, reflecting fewer ous setback in 2017. Retire- one fewer woman CEO than 2017. Women held 117, or public companies and fewer ments and company depar- in 2016 and a decrease in 19.3 percent, of these posi- available seats than in previ- tures drove a net decrease women CFOs, from 16 to tions. Although 19.3 percent ous years. Still, multiple of five women directors of 10. However, Minnesota’s is an increase over the prior women directors (two or color. Only one new woman percentage of women CFOs year’s 19 percent, the in- more) remains the most director of color received a (13.9 percent) remains above creased percentage reflects common representation of board appointment in 2017. the national average of 12

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018 3 percent (Korn Ferry, 2016). female representation is the 72 Minnesota Census perceived and experienced Four of Minnesota’s reached in corporate leader- companies (65 percent) by men and women. women-led companies ship. This includes: have both women directors One reason for the lack (Buffalo Wild Wings, Elec- l Stronger financial and women executive of- of women’s progress is that tromed, Insignia Systems performance (LeanIn. ficers, the same percentage individuals and organiza- and Sleep Number Corp.) Org and McKinsey & Co., as 2016. tions face blind spots when received Honor Roll status 2017; Korn Ferry, 2016; deserves it comes to diversity. In fact, in the 2017 Minnesota The Peterson Institute for special note for achieving a men and women perceive Census because 20 percent International Econom- net increase in both women the status of women in the or more of their directors ics and Ernst & Young, directors and women execu- workplace and gender-diver- are women and 20 percent 2016; Credit Suisse, 2013; tive officers. The company sity efforts quite differently or more of their senior ex- Catalyst, 2011). joined the Minnesota Census (LeanIn.Org and McKinsey, ecutive officers are women. l Heightened engage- Honor Roll in 2017 for the 2017). Men perceive equi- This is key, because com- ment (Korn Ferry, 2016). first time, with 33.3 percent table workplaces, whereas panies with women CEOs l Improved decision- women directors and 28.6 women perceive workplaces and several women board making and group percent women executive of- skewed toward men and members provide increased performance (McKinsey ficers. also joined the that are less fair in terms of opportunities for other & Co., 2013; Woolley, Honor Roll for the first time opportunity allocation, pro- women executives (Ernst Chabris, et al 2010). in 2017, as did Insignia Sys- motion rates and prescribed & Young, 2013; Matsa and l Increased innovation tems, which received Special leadership styles. Men also Miller, 2011). (Dezso and Ross, 2012). Distinction Status. These are rate their companies’ efforts achievements to celebrate in toward diversity as effective, Aiming for In 2017, 13 Minne- a year of setbacks and stalled while women cite areas for critical mass sota Census companies progress. improvement. In 2016, a plurality of Min- had three or more women What’s more, men exhibit nesota companies moved directors, and 16 companies Moving forward less commitment to com- beyond the “one-woman had three or more women Progress toward parity at pany gender-diversity efforts show” (a single woman di- senior executive (Section Fortune 500 companies than their female coun- rector) toward two or more 16b) officers. has begun to recede na- terparts, with 15 percent women directors as the Sustained progress tionwide—an important expressing their belief that most common representa- toward gender parity development as these boards they will be disadvantaged tion of women on company in corporate leadership lead the way for other public by such efforts. Perhaps boards. This trend contin- requires diversifying both companies in Minnesota most telling is that many ued in 2017. the boardroom and senior and across the country. For employees (50 percent of Research documents the executive ranks, as senior the first time since 2009, the men and a smaller percent- positive impact of women women executive officers percentage of women direc- age of women) believe that leaders once a critical mass build the talent pool for tor appointments on Fortune women are well represented of three or more women qualified women corporate 500 boards halted in 2016, in their companies when or more than 30 percent directors. Forty-seven of declining two percentage they see only one in 10 cor- points, according to Heidrick porate leadership positions & Struggles (2017). Given held by women. Minnesota Women in Leadership Number of companies with women corporate directors the drop in growth rate, they One challenge going for- and executive officers. predict gender parity on ward will be to align men’s Fortune 500 boards will not and women’s perceptions arrive until 2032. about gender parity efforts Three or No women While company commit- and realities more closely. more women directors ment to diversity remains at Motivation from men and directors (12) (13) an all-time high nationally women is required to build (LeanIn.Org and McKin- a robust pipeline and accel- sey & Co., 2017), women erate women into director One woman Two women Three or remain underrepresented and senior executive roles. director directors more women No women at every level in corporate Corporate leaders at all (24) (23) executive executive officers America, especially in levels must be motivated officers (16) (20) senior leadership positions. to address blind spots and And even though gender increase gender diversity Two women in the workplace has been across companies. Inclusive executive One woman officers front and center in the workplaces that lift up all executive (13) public discourse in 2017, employees—of all genders— officer (23) this awareness has revealed provide Minnesota with a strikingly different realities competitive edge.

4 APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu HONOR ROLL AND SPECIAL DISTINCTION COMPANIES

impact of adding or sub- team despite director and tracting one or two women executive officer turnover. Leading the Way leaders reveals the tenuous Research documents the Minnesota companies strive to attain a critical mass nature of the ongoing prog- positive impact of at least of women executive officers and directors. ress Minnesota companies three or more women on continue to make toward the board or on the execu- gender parity. tive leadership team (Tor- onor Roll and Special by revenue category and chia et al., 2011). In 2017, HDistinction companies by CEO—those in the best Notable Honor Roll six Minnesota companies serve as models of inclusive position to serve as catalysts longevity attained this critical mass of workplaces, attracting and for change. Only Deluxe Corp. and 30 percent or more on both retaining highly qualified The total number of Target Corp. have retained their boards and in their women leaders. They pro- Honor Roll companies Honor Roll status over the executive offices, to receive vide the structural support remained at 19 in 2017. Five past decade, maintaining a the designation of Special and workplace culture companies lost Honor Roll diverse corporate leadership Distinction. necessary to successfully status in 2017 by losing one advance all employees in or two women executive their careers. officers or women directors, Honor Roll and Special Distinction Companies Minnesota Census com- or by adding a position and (*Special Distinction Company) panies had boards ranging appointing a man: H.B. Full- from four to 15 seats in er, MTS Systems, Clearfield, Fortune 500 2017 and listed from two HMN Financial, and Chris- to 18 Section 16b executive topher & Banks. A sixth Ameriprise Financial Inc. | CEO James M. Cracchiolo officers. Therefore, Honor Honor Roll company (G&K Roll criteria focus on per- Services) departed the Min- Co. Inc.* | CEO Hubert Joly centages of women corpo- nesota Census sample. Six General Mills Inc. | CEO Jeffrey L. Harmening rate directors and women companies joined the Honor executive officers. Roll in 2017, five of which Hormel Foods Corp. | CEO James P. Snee Companies with both 20 added one or two women Patterson Cos. Inc.* | CEO James W. Wiltz percent or more women executive officers to their corporate directors and 20 ranks (SuperValu, General SuperValu Inc. | CEO Mark Gross percent or more women Mills, Ameriprise Financial, Target Corp.* | CEO Brian C. Cornell executive officers receive Hormel, Allete) and one that Honor Roll distinction. Spe- added two women direc- U.S. Bancorp | CEO Andrew Cecere cial Distinction is awarded tors (Insignia Systems). The UnitedHealth Group Inc. | CEO Stephen J. Hemsley to companies with both 30 percent or more women Companies with Three or More Other Companies directors and 30 percent or Women Executive Officers Women Exec. more women executive of- Company Name Allete Inc. | CEO Alan R. Hodnik Officers ficers. Companies are listed Target Corp. Apogee Enterprises Inc. | CEO Joseph F. Puishys Best Buy Co. Inc. Buffalo Wild Wings Inc. | CEO Sally J. Smith General Mills Inc. Companies with Three or More Hormel Foods Corp. Deluxe Corp. | CEO Lee L. Schram Women Directors Sleep Number Corp. Company Name Women Electromed Inc.* | CEO Kathleen Skarvan Directors U.S. Bancorp General Mills Inc. Co. Insignia Systems Inc.* | CEO Kristine A. Glancy Sleep Number Corp. Ameriprise Financial Medtronic Plc. | CEO Omar Ishrak Best Buy Co. Inc. Inc. Inc. Christopher & Banks New Ulm Telecom Inc. | CEO Bill D. Otis Corp. Target Corp. U.S. Bancorp Deluxe Corp. Sleep Number Corp.* | CEO Shelly R. Ibach Entellus Medical Inc. Allete Inc. Tennant Co. | CEO H. Chris Killingstad Ameriprise Financial Inc. H.B. Fuller Co. Hormel Foods Corp. Pentair Plc. Medtronic Plc. SuperValu Inc. Ten Years on the Honor Roll Otter Tail Corp. Tactile Systems Deluxe Corp. | Target Corp. Patterson Cos. Inc. Technology Inc. Inc. Co.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018 5 BOARDS OF DIRECTORS

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

Directors by seats Directors by company Number of Women Corporate Directors: 10-Year Trend

(Based on SEC filings as of l Women serve on the 135 June 30, 2017) boards of 60 of Minne- l Women hold 19.3 per- sota’s 72 largest pub- 130 135* cent, or 117, of the 605 licly held companies, a available board seats at decrease of 11 companies 125 Minnesota’s 72 largest since 2016. This reflects publicly held companies. a decrease in the number 120 This percentage increased of public companies in 121 119 0.3 percentage points, Minnesota in 2017, along 115 119 117 117*

from 19 percent, in 2016 with a decrease in the 116 116 115 115 due to the reduction in number of available seats. 110 such companies from l Two or more women 85 to 72. Women did not directors continues to be 105 make progress gaining the most common repre- 2011 2015 2013 access to board appoint- sentation of women on 2012 2010 2014 2009 2008 2017 2016 ments in 2017. Minnesota boards, as op- Q l Women directors experi- posed to the “one-woman Amongst 85 companies in 2016, 72 companies in 2017 enced a net decrease of 18 show” of a single woman and 100 companies all other years positions in 2017, from director. Thirty-six of the 135 to 117 seats, due to top 72 companies have fewer companies sampled multiple women corpo- the U.S. Census Bureau, l Fifty-five of the 72 Min- and, therefore, fewer op- rate directors; 24 have include women identified nesota Census companies portunities. one; 12 have none. as Hispanic or Latino, black (76 percent) do not have l Forty-five new directors or African-American, native any women of color serv- were appointed to Minne- Directors of color Hawaiian or other Pacific ing on their boards. sota boards in 2017 com- It was a sobering year for Islander, Asian, American pared to 81 new directors appointments of women of Indian or Alaska native, or Companies where in 2016. Only eight, or color to Minnesota public two or more races. women directors 17.8 percent, of the 45 company boards. For the Five fewer companies in made gains new directors are women, first time in 10 years, the 2017 had women directors In 2017, 29 Minnesota a significant decrease number of women direc- of color. Seventeen of Min- Census companies added from the 29.6 percent tors of color decreased in nesota’s 72 largest pub- new directors, with only new women directors in 2017, as did the number licly held companies had seven of them adding new 2016. Of 37 new inde- of companies with women women directors of color women directors (24 per- pendent directors, six are directors of color. Women in 2017. Of these 17, two cent). One company added women (16.2 percent). of color, as classified by companies each have two two new women directors women of color serving on (Insignia Systems), and six their boards. The 15 other companies added one new companies each have one woman director (Buffalo woman director of color. Wild Wings, Cardiovasular New Directors Appointed l Women of color now hold Systems, Deluxe Corp., to Minnesota Boards in 2017 3.1 percent of the 605 General Mills, MTS Systems total available board seats Corp. and SurModics). Only in Minnesota’s 72 largest three companies reported Men: 37 publicly held companies, a net increase in women (82.2%) a decrease of 0.3 percent- corporate directors in 2017; age points from 2016. Insignia Systems had a net Women: 8 l Women of color hold 16.2 increase of two women (17.8%) Women of Color: 1 (2.2%) percent of the 117 board directors, and General Mills White Women: 7 (15.6%) seats held by women, a and SurModics had a net decrease of 1.6 percent- increase of one woman age points from 2016. director.

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

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

riteria for the inclusion Companies where The top executive Zero-Zero companies Cin the executive officer women executive positions: C-Suite category vary by company. officers made gains Company CCEO To be consistent, the Minne- Selected Number of Net Increase Positions Women ANI Pharmaceuti- Arthur S. sota Census identifies only in Women cals Inc. Przybyl Company those individuals formally Executive Chief Executive 6 ATRM Officers Officer Daniel M. Koch designated as Section 16b Holdings Inc. executive officers in SEC General Mills 2 Inc. President 6 Famous Dave's of Michael W. filings as of June 30, 2017. America Inc. Lister In 2017, the total number of Chief Operating Allete Inc. 1 1 executive officer positions Officer GWG Holdings Inc. Jon R. Sabes across Minnesota’s 72 larg- Ameriprise Chief Financial 1 10 est publicly held companies Financial Inc. Officer IntriCon Corp. Mark S. Gorder decreased from 582 to 509, Cardiovascular Chief Technology 1 0 Tile Shop Hold- Chris R. a loss of 73 positions, due Systems Inc. Officer ings Inc. Homeister primarily to the decrease in Entellus Medical 1 WSI the number of companies in Inc. Michael J. Pudil Industries Inc. this sample. Hormel Foods The 2017 Minnesota Census 1 l Women hold 20.4 per- Corp. identifies women in top

cent of the available ex- MGC Diagnos- executive officer positions The number of Minnesota 1 ecutive officer positions tics Corp. holding the following titles: companies that include no in Minnesota’s 72 largest CEO, president, COO, CFO, women corporate direc- publicly held companies Pentair Plc. 1 and CTO. tors or women executive in 2017, an increase of Seventeen women hold officers (Section 16b) on 0.5 percentage points SuperValu 1 these executive officer their corporate leadership from 2016. The increase positions across the Min- teams (zero-zero) remained was caused by a smaller nesota Census companies, at seven in 2017, despite the number of companies Nine companies reported a seven fewer than in 2016. decrease in sample size to sampled. Again, women net increase in the number The ranks of women CEOs 72 companies. Only one of did not make progress. of women executive officers decreased by one, to six, the 14 companies dropped l Women executive of- in 2017. Eight companies in 2017. The number of from the Minnesota Census ficers experienced a net had a net increase of one women CFOs decreased sample in 2017 was a zero- decrease of 12 positions woman executive officer, significantly, from 16 to 10. zero company. One new in 2017, from 116 to 104. and one company had a net company joined the zero- l Fifty-two of the top 72 increase of two. Women CEOs 2017 zero list: Tile Shop Holdings, public companies have which dropped one woman women executive officers, Company CEO executive from its ranks. Buffalo Wild 10 fewer than 2016. Twen- Sally J. Smith The shift in the Minnesota ty-nine companies list two Wings Inc. Census sample over the past or more women executive Women executive Cheryl two years significantly al- Clearfield Inc. officers; 23 companies officers experienced Beranek tered the zero-zero list, with list one woman executive Kathleen S. many smaller companies a net decrease of 12 Electromed Inc. officer; and 20 companies Skarvan removed from the list. Cur- have none. positions in 2017, Insignia Kristine A. rently, 9.7 percent of Min- from 116 to 104. Systems Inc. Glancy nesota’s 72 largest publicly Victoria M. held companies do not have Proto Labs Inc. Holt any women in corporate Sleep Number Shelly R. leadership roles. In 2017, 47 Corp. Ibach of the 72 public companies had both women directors and women executive of- ficers (65.3 percent).

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018 7 COVER STORY Paving the Way to Parity Minnesota companies share their strategies for advancing women in corporate leadership.

By Suzy Frisch

When Beth- bers of its corporate board, decade to embed the tenets der parity efforts involves any Owen including its lead director, of gender parity in its opera- retaining women. That joined Allete are women. Currently, four tions, says James Momon, means making sure the in 2002, she was perfectly of the company’s 12 direc- senior director of global company has policies and content to focus on legal tors and 25 percent of its diversity and inclusion. “We practices that help women issues for the Duluth-based top executives are women. believe that having a diverse stay in the workforce, parent company of Minne- (Note: The stats included workforce helps us get at the including modified work sota Power. She quickly be- in this story are company- best ideas that allow us to schedules and job sharing. came engaged in her work reported and company- drive the business,” he says. A 16-year veteran of Gen- as a senior attorney, work- defined.) The board and Diversity efforts begin eral Mills, Momon says the ing on complex commercial executives “are very aware early at General Mills. company has made positive transactions and strategic of the contributions and Through campus recruiting shifts toward gender parity. initiatives. But top execu- strategic advantages that and hiring junior employ- “There’s no simple answer, tives encouraged Owen to women bring to the conver- ees, the company seeks to and we still have work to do think bigger—much bigger. sation and to making Allete ensure that it has a robust at the most senior levels,” Allete CEO Alan Hodnik stronger,” says Owen. pipeline of women advanc- he says. “But we’ve made and other executives sug- Though the 2017 Min- ing into greater positions of tremendous progress across gested that she consider nesota Census of Women in leadership. Recently, cam- all functions and levels of leadership opportunities Corporate Leadership shows pus hires have been about the organization.” and opened doors for Owen stalled progress toward gen- 60 percent women. to develop her manage- der parity, many companies A key component of Gen- Veteran techniques ment and leadership skills continue to make headway. eral Mills’ hiring strategy Minneapolis-based Target in a variety of positions. is creating diverse slates has made the Minnesota Their support and encour- Culminating efforts of candidates and setting Census’ Honor Roll list every agement ultimately led For some companies, the right criteria for every year for the past decade. In Owen to become the first raising the bar on gender position. When the board fact, women now constitute woman president of Allete’s diversity has been a slow sought directors who were 33 percent of its board and subsidiary Superior Water, and steady process. General CEOs or former CEOs, its 36 percent of its leader- Light and Power. Today, Mills is a key example. The options for female candi- ship team. Overall, Target’s she is senior vice president, Golden Valley-based compa- dates were limited. By using employees skew female, chief legal and administra- ny earned Honor Roll status recruiters, tapping into with women making up 57 tive officer, and corporate in the 2017 Minnesota Cen- other networks and includ- percent of its workforce and secretary at Allete. sus for the first time since ing candidates outside the running nearly half of its “They encouraged me to the report’s first publication C-suite, General Mills found 1,800-plus stores. spread my wings and think in 2008. Honor Roll status directors who bring impor- differently about my career,” is achieved when at least 20 tant skills as well as gender says Owen. “I enjoyed being percent of the company’s and racial diversity to the “I enjoyed an attorney, but others re- corporate directors and ex- company, Momon notes. being an ally reached out to me and ecutive officers are women. The company’s efforts don’t attorney, said, ‘We think you have General Mills now exceeds stop there. After being hired, but others more to offer in terms of this standard, with women women participate in talent really leadership.’ I have had op- filling 38 percent of both management, an effort to pre- reached out to me and portunities that I wouldn’t board and officer positions. pare women for higher-level said, ‘We think you have have at other companies.” Recognizing that women roles through professional more to offer in terms This effort to encourage comprise the vast majority development, mentoring and of leadership.’ I have women—and all employ- of General Mills’ customers employee networks such as had opportunities that ees—to work to their fuels its mission to ad- the company’s Women in I wouldn't have at other highest capacity is deeply vance women leaders. The Leadership group. companies.” ingrained in Allete’s culture. company has been working Another important ele- Bethany Owen, The longest-serving mem- assiduously for more than a ment of General Mills’ gen- Senior Vice President, Allete Inc.

8 APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu In 2016, Target's Women’s Business Council hosted a discussion with CEO Brian Cornell and board member Roxanne Austin, where the two discussed the importance of taking risks and seizing opportunities.

This achievement stems achieving them. son for Minneapolis-based ated how Allete approaches from the company’s desire “When people think Ameriprise Financial. gender parity in hiring, to have a corporate board someone else’s job is diver- One way Ameriprise compensation, leadership and team that reflect the sity and inclusion, it’s going is building its pipeline and executive development people who shop in its stores to be challenging for people is through its leadership programs. nationwide. CEO Brian to feel accountable for it,” development program for The company’s executive Cornell champions that no- says Reck. “The diversity high-performing college management understands tion, making it a top priority and inclusion team works to graduates. The company the importance of a full to welcome women onto make sure everyone knows has attracted many women cohort of women leaders Target’s board and into its what their role is, how they through the program, who demonstrate a path executive ranks. can support the roles others which offers graduates the to higher positions, says Instilling accountability play, what we can do to- opportunity to hold three Owen. To that end, they for diversity and inclusion gether and what’s the most successive, full-time posi- provide many opportuni- throughout the organization successful for Target.” tions in interrelated parts ties for informal mentoring and treating the effort like a Target also works to of the business. Ameriprise and formal training, such as business unit is key to main- foster and support women also provides ongoing an executive development taining gender diversity at leaders through employee training for managers and program where 40 percent Target, spokesperson Jenna resource groups. Its leaders, emphasizing ways of participants are women. Reck says. It’s a two-part Women’s Business Council to foster an inclusive culture Allete also encourages effort. A small diversity is the largest group, offering and help people of all back- women to take advantage and inclusion team focuses women opportunities for grounds succeed. of opportunities as Owen on Target’s overarching career development, men- “Our diversity and inclu- did; she says her experi- strategy, goal setting, train- toring from top executives sion efforts have evolved to ence ascending the leader- ing and integrating efforts and networking with other become an important busi- ship ranks is not unique at across the company. The women leaders. ness initiative, and we review the company. Its leaders second part holds the entire our progress regularly with continually urge people to company accountable, from Maintaining diversity senior management,” John- express their opinions and CEO Brian Cornell down to The challenges many busi- son says. “We continue to en- seek advancement. the stores. It includes eight nesses experience with hance and evolve leadership “I was actively encour- focus areas for diversity and hiring and retaining women development and engage- aged by male leaders that inclusion, including employ- leaders reflects the difficulty ment programs for women, they wanted to hear my ee recruitment and reten- companies face in main- gender inclusion training for voice. It’s very empowering tion, and supplier diversity. taining 20 percent female all employees and ongoing to a person who is new to Each focus area has specific representation on corporate benchmarking with other the company or the indus- goals, such as reducing the boards and executive teams. firms in the industry.” try, or to a woman who difference in turnover rates For professions that tend to At Allete, engaging the might not think they have between white and non- be male-dominated, those board and entire company leadership aspirations,” white employees. Target is challenges prompt compa- in advancing women has Owen says. “We need that in the midst of a three-year nies to work harder to build been critical. The board’s diversity of thought. We’re effort to meet these goals, a deeper pipeline of women executive compensation absolutely stronger when then its leaders will evalu- in all business units, says committee's main education we’re collaborating and ate its success in setting and Paul Johnson, spokesper- initiative last year evalu- hearing more voices.”

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018 9 CORPORATE DIRECTORS (Based on SEC filings as of June 30, 2017) Company Corporate Director Title 3M Co. Patricia A. Woertz Retired Chairman of the Board and CEO, Archer-Daniels-Midland Co. 3M Co. Sondra L. Barbour Retired EVP, Information Systems and Global Solutions, Lockheed Martin Corp. Allete, Inc. Kathryn W. Dindo Retired VP and Chief Risk Officer, FirstEnergy Corp. Allete, Inc. Heidi E. Jimmerson Former EVP, Secretary and General Counsel, Florida East Coast Railway, LLC Allete, Inc. Madeleine W. Ludlow Former Principal, Market Capital Partners, LLC Ameriprise Financial, Inc. Dianne Neal Blixt Former EVP and CFO, Reynolds American, Inc Ameriprise Financial, Inc. Amy DiGeso Retired EVP, Global HR, Estee Lauder Cos., Inc. Ameriprise Financial, Inc. Siri S. Marshall Former SVP and General Counsel, General Mills, Inc. Apogee Enterprises, Inc. Sara L. Hays Managing Director and Co-Leader, North American Board Practice, Allegis Partners Apogee Enterprises, Inc. Patricia K. Wagner CEO, Southern California Gas Co. Best Buy Co., Inc. Lisa M. Caputo EVP and Chief Marketing and Communications Officer, Travelers Cos., Inc. Best Buy Co., Inc. Kathy J. Higgins Victor President and Founder, Centera Corp. Best Buy Co., Inc. Karen A. McLoughlin CFO, Cognizant Technology Solutions Corp. Best Buy Co., Inc. Claudia F. Munce Venture Advisor, New Enterprise Associates Bio-Techne Corp. Karen A. Holbrook, Ph.D. Interim President, Embry-Riddle Aeronautical University Buffalo Wild Wings, Inc. Cynthia L. Davis Former VP, Nike and Former President, Nike Golf Buffalo Wild Wings, Inc. Janice L. Fields Former President and COO, McDonald’s USA C.H. Robinson Worldwide, Inc. Mary J. Steele Guilfoile Chairman, MG Advisors, Inc. C.H. Robinson Worldwide, Inc. Jodee A. Kozlak Global SVP, HR, Alibaba Group Canterbury Park Holding Corp. Carin J. Offerman Principal, Puppy Good Start Head, Global Enterprise Partnerships, Facebook Messenger Platform and Community Management, Capella Education Co. Rita D. Brogley Facebook, Inc. Capella Education Co. Jody G. Miller CEO, Business Talent Group Cardiovascular Systems, Inc. Martha Goldberg Aronson Former EVP of Strategic Planning and EVP and President-Global Healthcare, Ecolab, Inc. Christopher & Banks Corp. Laura Weil Founder, Village Lane Advisory LLC Clearfield, Inc. Cheryl Beranek President and CEO, Clearfield, Inc. Director, Division of General Internal Medicine and Clinical Innovation and Associate Chair, Clinical Inno- Cogentix Medical, Inc. Dr. Cheryl Pegus vation, NYU Langone Medical Center and Clinical Professor, Medicine and Population Health, NYU School of Medicine CyberOptics Corp. Irene M. Qualters Director, Office of Advanced Cyberinfrastructure, National Science Foundation Cheryl E. Mayberry McKis- Deluxe Corp. sack CEO, Nia Enterprises, LLC Deluxe Corp. Victoria A. Treyger Chief Revenue Officer, Kabbage Inc. Donaldson Co., Inc. Trudy Rautio Retired President and CEO, Ecolab, Inc. Barbara J. Beck CEO, Learning Care Group, Inc. Ecolab, Inc. Tracy B. McKibben Founder and CEO, MAC Energy Advisors, LLC Ecolab, Inc. Victoria J. Reich Former SVP and CFO, Essendant, Inc. Ecolab, Inc. Suzanne M. Vautrinot President, Kilovolt Consulting, Inc. Electromed, Inc. Lee A. Jones President and CEO, Rebiotix, Inc. Electromed, Inc. Kathleen S. Skarvan President and CEO, Electromed, Inc. Evine Live, Inc. Lisa Letizio Independent Consultant, LivingHR, Inc. Co. Rita J. Heise Business Consultant and Retired Corporate VP and CIO, , Inc. Fastenal Co. Reyne K. Wisecup Senior EVP, HR, Fastenal Co. General Mills, Inc. Alicia Boler Davis EVP, Global Manufacturing, General Motors General Mills, Inc. Henrietta H. Fore Chairman of the Board and CEO, Holsman International General Mills, Inc. Maria G. Henry SVP and CFO, Kimberly-Clark Corp. General Mills, Inc. Heidi G. Miller Retired President, J.P. Morgan International, J.P. Morgan Chase & Co. General Mills, Inc. Dorothy A. Terrell Managing Partner, FirstCap Advisors GlassBridge Enterprises, Inc. Tracy McKibben Founder and CEO, MAC Energy Advisors LLC Graco, Inc. Jody H. Feragen Former EVP and CFO, Hormel Foods Corp. Graco, Inc. Martha A. Morfitt President and CEO, River Rock Partners, Inc. H.B. Fuller Co. Maria Teresa Hilado CFO, Allergan plc Hawkins, Inc. Mary J. Schumacher COO, Twin Cities Habitat for Humanity Chair, Rochester Education Department, Winona State University and Director, Graduate Induction Pro- HMN Financial, Inc. Wendy Shannon gram, Rochester Public Schools HMN Financial, Inc. Patricia S. Simmons Retired, Mayo Clinic Medical Staff Director, Norman Borlaug Institute for International Agriculture, Professor, Animal Science and President Hormel Foods Corp. Elsa A. Murano, Ph.D. Emerita, Texas A&M University Hormel Foods Corp. Susan K. Nestegard Former President, Global Healthcare Sector, Ecolab, Inc. Hormel Foods Corp. Sally J. Smith President and CEO, Buffalo Wild Wings, Inc. Ikonics Corp. Marianne Bohren Executive Director, Western Lake Superior Sanitary District Insignia Systems, Inc. Kristine A. Glancy President and CEO, Insignia Systems, Inc. Insignia Systems, Inc. Rachael B. Vegas Chief Merchant, Brandless, Inc. Medtronic Plc. Shirley Ann Jackson, Ph.D. President, Rensselaer Polytechnic Institute Medtronic Plc. Elizabeth G. Nabel, M.D. President, Brigham Health Medtronic Plc. Denise M. O’Leary Private Venture Capital Investor MGC Diagnostics Corp. Wendy D. Lynch, Ph.D. President, Lynch Consulting, Ltd Mosaic Co. Nancy E. Cooper Retired EVP and CFO, CA Inc.

10 APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu Company Corporate Director Title Mosaic Co. Denise C. Johnson Group President, Resources Industries Group, Caterpillar, Inc. MTS Systems Corp. Gail P. Steinel Owner, Executive Advisors MTS Systems Corp. Maximiliane C. Straub CFO, Bosch LLC and EVP Finance, Controlling and Administration, Bosch North America New Ulm Telecom, Inc. Colleen R. Skillings CFO and HR Director, Minnesota Valley Testing Laboratories, Inc. New Ulm Telecom, Inc. Suzanne M. Spellacy VP and General Counsel, Taylor Corp. Nortech Systems, Inc. Kathleen Iverson CEO, Black Hills IP Northern Oil and Gas, Inc. Lisa Bromiley CFO, P3 Petroleum, LLC Northern Technologies International Corp. Barbara D. Colwell Director, Publishers Clearing House, LLC NVE Corp. Patricia M. Hollister Retired Director, Finance, TEL FSI, Inc. OneBeacon Group Ltd. Lois W. Grady Independent Consultant, Retired EVP and Director, Information Systems and Services, Hartford Life Inc. Otter Tail Corp. Karen M. Bohn President, Galeo Group, LLC Otter Tail Corp. Kathryn O. Johnson Owner/Principal, Johnson Environmental Concepts Otter Tail Corp. Joyce Nelson Schuette Retired Managing Director and Investment Banker, Piper Jaffray & Co. Patterson Cos., Inc. Jody H. Feragen Former EVP and CFO, Hormel Foods Corp. Patterson Cos., Inc. Sarena S. Lin President, Cargill Feed and Nuitrition Patterson Cos., Inc. Ellen A. Rudnick Senior Advisor, Polsky Center for Entrepreneurship and Innovation, University of Chicago Pentair Plc. Glynis A. Bryan CFO, Insight Enterprises, Inc. Pentair Plc. Billie Ida Williamson Former Senior Assurance Partner, Ernst & Young LLP Piper Jaffray Cos. B. Kristine Johnson President, Affinity Capital Management Piper Jaffray Cos. Sherry M. Smith Former EVP and CFO, Supervalu, Inc. Polaris Industries, Inc. Annette K. Clayton CEO and President, Schneider Electric North America Polaris Industries, Inc. Gwenne A. Henricks Former VP, Product Development and Global Technology, and CTO, Caterpillar Inc. Proto Labs, Inc. Victoria M. Holt President and CEO, Proto Labs, Inc. Qumu Corp. Kimberly K. Nelson EVP and CFO, SPS Commerce, Inc. Regis Corp. M. Ann Rhoades President, People Ink Sleep Number Corp. Shelly R. Ibach President and CEO, Sleep Number Corp. Sleep Number Corp. Brenda J. Lauderback Former President, Retail and Wholesale Group, Nine West Group, Inc. Sleep Number Corp. Barbara R. Matas Former Managing Director and Chairman, Leveraged Finance, Citigroup Global Markets, Inc. Sleep Number Corp. Kathleen L. Nedorostek Former Global CEO, Nine West Group Sleep Number Corp. Vicki O’Meara CEO, Analytics Pros, Inc. SPS Commerce, Inc. Tami L. Reller EVP and CFO, Optum, UnitedHealth Group, Inc. SuperValu, Inc. Francesca Ruiz de Luzuriaga Independent Business Development Consultant SuperValu, Inc. Mary A. Winston Founder and President, WinsCo Enterprises, Inc. SurModics, Inc. Lisa Wipperman Heine COO, Mitralign Surmodics, Inc. Susan E. Knight Former SVP and CFO, MTS Systems Corp. Target Corp. Roxanne S. Austin President, Austin Investment Advisors Target Corp. Melanie L. Healey Former Group President, North America, The Proctor & Gamble Co. Target Corp. Monica C. Lozano Former Chairman, U.S. Hispanic Media, Inc. Target Corp. Mary E. Minnick Partner, Lion Capital LLP TCF Financial Corp. Karen L. Grandstrand Chair, Bank and Finance Group, Fredrikson & Bryon, P.A. TCF Financial Corp. Julie H. Sullivan President, University of St. Thomas Tennant Co. Azita Arvani Head, Innovation Partner and Venture Management, Nokia Networks Tennant Co. Carol S. Eicher CEO, Innocor, Inc. Toro Co. Janet K. Cooper Former SVP and Treasurer, Qwest Communications International, Inc. Toro Co. Katherine J. Harless Retired President and CEO, Idearc, Inc. U.S. Bancorp Kimberly J. Harris President and CEO, Puget Energy, Inc. and Puget Sound Energy, Inc. U.S. Bancorp Doreen Woo Ho Commissioner, San Francisco Port Commission U.S. Bancorp Olivia F. Kirtley Business Consultant U.S. Bancorp Karen S. Lynch President, Aetna, Inc. UnitedHealth Group, Inc. Michele J. Hooper President and CEO, The Directors’ Council UnitedHealth Group, Inc. Gail R. Wilensky, Ph.D. Senior Fellow, Project HOPE Winmark Corp. Jenele C. Grassle VP, Merchandising, Bluestem Brands, Inc. Xcel Energy, Inc. Gail K. Boudreaux CEO and Founder, GKB Global Health, LLC Xcel Energy, Inc. A. Patricia Sampson CEO, President and Owner, The Sampson Group, Inc. Xcel Energy, Inc. Kim Williams Retired Partner, Wellington Management Co. LLP

THE FOLLOWING 12 COMPANIES HAVE ONLY MEN ON THEIR BOARDS:

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

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018 11 EXECUTIVE OFFICERS (Based on SEC filings as of June 30, 2017) Company Executive Officer Title 3M Co. Julie Bushman EVP International Operations 3M Co. Marlene M. McGrath SVP, HR 3M Co. Kimberly F. Price SVP, Corporate Communications and Enterprise Services Allete, Inc. Deborah A. Amberg SVP, Chief Strategy Officer, Regulated Operations and President, SWL&P Allete, Inc. Bethany M. Owen SVP and Chief Legal and Administrative Officer Ameriprise Financial, Inc. Kelli A. Hunter EVP, HR Ameriprise Financial, Inc. Deirdre D. McGraw EVP, Marketing, Communications and Community Relations Ameriprise Financial, Inc. Karen Wilson Thissen EVP and General Counsel Apogee Enterprises, Inc. Patricia A. Beithon General Counsel and Secretary Appliance Recycling Centers of America, Inc. Rachel L. Holmes EVP, ARCA Recycling, Inc. Best Buy Co., Inc. Shari L. Ballard President, Multi-channel Retail and Operations Best Buy Co., Inc. Corie Barry CFO Best Buy Co., Inc. Kamy Scarlett Chief HR Officer Best Buy Co., Inc. Trish Walker President, Services Bio-Techne Corp. Brenda Furlow SVP, General Counsel and Secretary Buffalo Wild Wings, Inc. Emily Decker SVP, General Counsel, Secretary Buffalo Wild Wings, Inc. Sally J. Smith CEO and President C.H. Robinson Worldwide, Inc. Angela K. Freeman Chief HR Officer Capella Education Co. Renee L. Jackson SVP, General Counsel Cardiovascular Systems, Inc. Laura Gillund Chief Talent Officer Christopher & Banks Corp. Monica L. Dahl SVP, Chief Marketing Officer, Omni-Channel and Public Relations Christopher & Banks Corp. Michelle L. Rice SVP, Chief Stores Officer Christopher & Banks Corp. Cindy J. Stemper SVP, Chief HR Officer Clearfield, Inc. Cheryl Beranek President and CEO Communications Systems, Inc. Kristin A. Hlavka Corporate Controller Deluxe Corp. Amanda Brinkman VP, Chief Brand and Communications Officer Deluxe Corp. Tracey Engelhardt VP, Direct-to-Consumer Deluxe Corp. Julie Loosbrock SVP, HR Digi International, Inc. Tracy L. Roberts VP, Technology Services Donaldson Co., Inc. Amy C. Becker VP, General Counsel and Secretary Donaldson Co., Inc. Sheila G. Kramer VP, HR Ecolab, Inc. Laurie M. Marsh EVP, HR Ecolab, Inc. Jill S. Wyant EVP and President, Global Food & Beverage, Healthcare and Life Sciences Electromed, Inc. Kathleen S. Skarvan President and CEO Entellus Medical, Inc. Jonelle R. Burnham VP, General Counsel and Compliance Officer Entellus Medical, Inc. Martha J. Christian VP, Reimbursement Entellus Medical, Inc. Karen E. Peterson VP, Clinical, Regulatory and Quality Evine Live, Inc. Nicole Ostoya EVP and Chief Marketing Officer Fastenal Co. Sheryl A. Lisowski Controller, Chief Accounting Officer, and Treasurer Fastenal Co. Reyne K. Wisecup Senior EVP, HR and Director General Mills, Inc. Christina Law SVP and Group President, Asia & Latin America General Mills, Inc. Kimberly A. Nelson SVP, External Relations and President, General Mills Foundation General Mills, Inc. Bethany Quam Group President, Europe & Australia General Mills, Inc. Jacqueline Williams-Roll SVP, Chief HR Officer Graco, Inc. Caroline M. Chambers VP, Corporate Controller and Information Systems Graco, Inc. Karen Park Gallivan VP, General Counsel and Secretary H.B. Fuller Co. Heather A. Campe SVP, Americas Adhesives H.B. Fuller Co. Paula Cooney VP, HR H.B. Fuller Co. Traci L. Jensen SVP, Global Construction Products Hawkins, Inc. Theresa R. Moran VP, Quality and Support Hormel Foods Corp. Deanna T. Brady Group VP and President, Consumer Products Sales Hormel Foods Corp. Jana L. Haynes VP and Controller Hormel Foods Corp. Janet L. Hogan SVP, HR Hormel Foods Corp. Lori J. Marco SVP, External Affairs and General Counsel Insignia Systems, Inc. Kristine A. Glancy President and CEO Medtronic Plc. Karen L. Parkhill EVP and CFO Medtronic Plc. Carol A. Surface SVP and Chief HR Officer MGC Diagnostics Corp. Jill Burchill Interim CFO Mosaic Co. Corrine D. Ricard SVP, Commercial New Ulm Telecom, Inc. Barbara A.J. Bornhoft VP, COO and Corporate Secretary Nortech Systems, Inc. Paula Graff VP and CFO OneBeacon Insurance Group Ltd. Maureen A. Phillips SVP and General Counsel

12 APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu Company Executive Officer Title Patterson Cos., Inc. Kelly A. Baker Chief HR Officer Patterson Cos., Inc. Ann B. Gugino EVP, CFO and Treasurer Pentair Plc. Angela D. Jilek SVP, General Counsel and Secretary Pentair Plc. Karen L. Keegans SVP and Chief HR Officer Pentair Plc. Beth A. Wozniak President, Electrical Segment Piper Jaffray Cos. Christine N. Esckilsen Chief Human Capital Officer Piper Jaffray Cos. Debbra L. Schoneman Global Head of Equities and CFO Polaris Industries, Inc. Stacy L. Bogart SVP, General Counsel, Compliance Officer and Secretary Proto Labs, Inc. Victoria M. Holt President, CEO and Director Regis Corp. Annette Miller SVP and Chief Merchandising Officer Regis Corp. Carmen Thiede SVP, Chief HR Officer Sleep Number Corp. Melissa Barra SVP and Chief Strategy and Customer Relationship Officer Sleep Number Corp. Annie L. Bloomquist SVP and Chief Product Officer Sleep Number Corp. Patricia A. Dirks SVP and Chief Human Capital Officer Sleep Number Corp. Shelly R. Ibach President and CEO SPS Commerce, Inc. Kimberly K. Nelson EVP and CFO SuperValu, Inc. Anne M. Dament SVP, Retail, Merchandising and Marketing SuperValu, Inc. Susan S. Grafton SVP, Finance and Chief Accounting Officer SuperValu, Inc. Karla C. Robertson EVP, General Counsel and Corporate Secretary Tactile Systems Technology, Inc. Mary E. Anderson VP, Reimbursement Tactile Systems Technology, Inc. Lynn L. Blake CFO Tactile Systems Technology, Inc. Mary M. "Maggie" Thompson VP, Payer Relations and Government Affairs Target Corp. Stephanie A. Lundquist EVP and Chief HR Officer Target Corp. Janna A. Potts EVP and Chief Stores Officer Target Corp. Jacqueline Hourigan Rice EVP and Chief Risk and Compliance Officer Target Corp. Cathy R. Smith EVP and CFO Target Corp. Laysha L. Ward EVP and Chief External Engagement Officer TCF Financial Corp. Susan D. Bode SVP and Chief Accounting Officer TCF Financial Corp. Tamara K. Schuette SVP, TCF Financial, EVP, TCF Bank and Enterprise Operations Officer Tennant Co. Carol E. McKnight SVP, Global HR Tennant Co. Heidi M. Wilson SVP, General Counsel and Secretary Toro Co. Judy L. Altmaier VP, Exmark Toro Co. Amy E. Dahl VP, HR and Distributor Development Toro Co. Renee J. Peterson VP, Treasurer and CFO U.S. Bancorp Jennie P. Carlson EVP, HR U.S. Bancorp Leslie V. Godridge Vice Chairman, Wholesale Banking U.S. Bancorp Gunjan Kedia Vice Chairman, and Securities Services U.S. Bancorp Katherine B. Quinn Vice Chairman, Strategy and Corporate Affairs UnitedHealth Group, Inc. Marianne D. Short EVP and Chief Legal Officer UnitedHealth Group, Inc. D. Ellen Wilson EVP, Human Capital Winmark Corp. Leah A. Goff VP, HR Xcel Energy, Inc. Judy M. Poferl SVP, Corporate Secretary and Executive Services

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

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

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018 13 CORPORATE DIRECTORS AND EXECUTIVE OFFICERS (Based on SEC filings as of June 30, 2017) Corporate Directors Executive Officers Percent Total Percent Wom- Total Women Net Change Women Executive Net Change Company Name Women Executive en Executive Directors Directors from 2016 Officers from 2016 Directors Officers Officers 3M Co. 11 2 18.2% 0 15 3 20.0% 0 Allete, Inc. 10 3 30.0% 0 8 2 25.0% 1 Ameriprise Financial, Inc. 9 3 33.3% 0 12 3 25.0% 1 ANI Pharmaceuticals, Inc. 6 0 0.0% 0 4 0 0.0% 0 Apogee Enterprises, Inc. 10 2 20.0% 0 5 1 20.0% 0 Appliance Recycling Centers of America, Inc. 4 0 0.0% 0 5 1 20.0% 0 ATRM Holdings, Inc. 5 0 0.0% 0 2 0 0.0% 0 Best Buy Co., Inc. 10 4 40.0% 0 9 4 44.4% 0 Bio-Techne Corp. 9 1 11.1% 0 7 1 14.3% 0 Buffalo Wild Wings, Inc. 9 2 22.2% 0 7 2 28.6% -2 C.H. Robinson Worldwide, Inc. 8 2 25.0% 0 11 1 9.1% 0 Canterbury Park Holding Corp. 5 1 20.0% 0 3 0 0.0% 0 Capella Education Co. 9 2 22.2% 0 6 1 16.7% 0 Cardiovascular Systems, Inc. 7 1 14.3% 0 5 1 20.0% 1 Christopher & Banks Corp. 6 1 16.7% -2 7 3 42.9% -1 Clearfield, Inc. 6 1 16.7% 0 3 1 33.3% 0 Cogentix Medical, Inc. 8 1 12.5% 0 5 0 0.0% 0 Communications Systems, Inc. 6 0 0.0% -1 6 1 16.7% 0 CyberOptics Corp. 5 1 20.0% 0 2 0 0.0% 0 Deluxe Corp. 10 2 20.0% 0 11 3 27.3% 0 Digi International, Inc. 6 0 0.0% 0 7 1 14.3% 0 Donaldson Co., Inc. 10 1 10.0% 0 7 2 28.6% -1 Ecolab, Inc. 13 4 30.8% 0 14 2 14.3% 0 Electromed, Inc. 6 2 33.3% 0 2 1 50.0% 0 Entellus Medical, Inc. 7 0 0.0% 0 9 3 33.3% 1 Evine Live, Inc. 9 1 11.1% 0 6 1 16.7% -1 Famous Dave's of America, Inc. 7 0 0.0% 0 2 0 0.0% 0 Fastenal Co. 10 2 20.0% 0 13 2 15.4% 0 General Mills, Inc. 15 5 33.3% 1 14 4 28.6% 2 GlassBridge Enterprises, Inc. 6 1 16.7% 0 4 0 0.0% 0 Graco, Inc. 9 2 22.2% 0 14 2 14.3% 0 GWG Holdings, Inc. 7 0 0.0% 0 3 0 0.0% 0 H.B. Fuller Co. 8 1 12.5% -1 12 3 25.0% -1 Hawkins, Inc. 9 1 11.1% 0 8 1 12.5% -1 HMN Financial, Inc. 9 2 22.2% 0 3 0 0.0% -1 Hormel Foods Corp. 14 3 21.4% -1 18 4 22.2% 1 Ikonics Corp. 7 1 14.3% 0 5 0 0.0% 0 Insignia Systems, Inc. 5 2 40.0% 2 2 1 50.0% 0 IntriCon Corp. 5 0 0.0% 0 5 0 0.0% 0 Medtronic Plc. 12 3 25.0% -1 10 2 20.0% 0 MGC Diagnostics Corp. 6 1 16.7% 0 4 1 25.0% 1 Mosaic Co. 12 2 16.7% 0 7 1 14.3% 0 MTS Systems Corp. 8 2 25.0% 0 5 0 0.0% -1 New Ulm Telecom, Inc. 7 2 28.6% 0 4 1 25.0% 0 Nortech Systems, Inc. 8 1 12.5% 0 4 1 25.0% 0 Northern Oil and Gas, Inc. 7 1 14.3% 0 3 0 0.0% 0 Northern Technology International Corp. 7 1 14.3% 0 2 0 0.0% 0 NVE Corp. 5 1 20.0% 0 4 0 0.0% 0 OneBeacon Insurance Group Ltd. 9 1 11.1% 0 6 1 16.7% 0 Otter Tail Corp. 9 3 33.3% 0 5 0 0.0% 0 Patterson Cos., Inc. 9 3 33.3% 0 6 2 33.3% 0 Pentair Plc. 12 2 16.7% 0 8 3 37.5% 1 Piper Jaffray Cos. 9 2 22.2% 0 11 2 18.2% 0 Polaris Industries, Inc. 8 2 25.0% 0 9 1 11.1% 0 Proto Labs, Inc. 7 1 14.3% 0 6 1 16.7% 0

14 APRIL 2018 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu Corporate Directors Executive Officers Percent Total Percent Wom- Total Women Net Change Women Executive Net Change Company Name Women Executive en Executive Directors Directors from 2016 Officers from 2016 Directors Officers Officers Qumu Corp. 7 1 14.3% 0 2 0 0.0% 0 Regis Corp. 8 1 12.5% 0 7 2 28.6% 0 Sleep Number Corp. 10 5 50.0% 0 10 4 40.0% 0 SPS Commerce, Inc. 7 1 14.3% 0 3 1 33.3% 0 SuperValu, Inc. 10 2 20.0% 0 9 3 33.3% 1 SurModics, Inc. 7 2 28.6% 1 8 0 0.0% 0 Tactile Systems Technology, Inc. 6 0 0.0% NA 6 3 50.0% NA Target Corp. 12 4 33.3% -1 11 5 45.5% 0 TCF Financial Corp. 14 2 14.3% 0 11 2 18.2% -1 Tennant Co. 8 2 25.0% 0 7 2 28.6% 0 Tile Shop Holdings, Inc. 7 0 0.0% 0 3 0 0.0% -1 Toro Co. 11 2 18.2% 0 15 3 20.0% 0 U.S. Bancorp 15 4 26.7% 0 15 4 26.7% 0 UnitedHealth Group, Inc. 9 2 22.2% 0 7 2 28.6% 0 Winmark Corp. 8 1 12.5% 0 6 1 16.7% 0 WSI Industries, Inc. 4 0 0.0% 0 2 0 0.0% 0 Xcel Energy, Inc. 12 3 25.0% 0 12 1 8.3% 0

Joann Bangs, Ph.D. Methodology Associate Provost, College for Women; Dean, School of he 2017 Minnesota Census of annual reports (Form 10-K), and Business and Professional TWomen in Corporate Leader- current reports (Form 8-K). Ac- Studies; Professor of ship examines the percentage of cessed online through EDGAR, the Economics, St. Catherine women in leadership roles at the most recent SEC filings through University 72 largest publicly held companies June 30, 2017, were reviewed for headquartered in Minnesota as data collection. Data confirmation Rebecca Hawthorne, Ph.D. ranked by 2016 net revenue in the sheets were e-mailed or mailed to Professor Emerita, Minneapolis-based Star Tribune 50 each company, requesting verifi- Organizational Leadership, (May 2017) and the Minneapolis/ cation of the information and noti- St. Catherine University St. Paul Business Journal Top 75 fication of any changes occurring Public Companies list (April 2017). before the Census cutoff of June Thank You Excluded from the list are 30, 2017. The company response Valerie Krech, MAOL program closely held companies, coopera- rate was 51 percent. Changes that coordinator tives and fraternal benefits orga- occurred in board membership, nizations, and over-the-counter executive officer appointments, stocks. Of Minnesota’s Fortune company ownership or bankrupt- 500 companies, three are not rep- cy filings after the period covered resented in the Minnesota Census by the June 30, 2017, filings are data sample: Land O’Lakes, CHS not reflected in this analysis. Inc., and Financial for Criteria for inclusion in the Lutherans. Although the Security “executive officer” category vary and Exchange Commission (SEC) by company. To be consistent, the lists these as public companies Census uses only those individuals with more than 500 shareholders, formally designated as Section 16b they are not publicly traded on a executive officers in SEC filings. stock exchange. All reasonable steps have been Data for the 2017 Minnesota taken to verify the accuracy of Census were collected from com- the data. Any remaining errors or pany filings with the SEC, includ- omissions are the sole responsibil- ing proxy statements (DEF 14A), ity of the researchers.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2018 15 St. Catherine University would like to thank the following sponsors of the 2017 Minnesota Census of Women in Corporate Leadership:

REPORT PRODUCED BY:

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