Forces Pushing for Progress in the Boardroom and C-Suite

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The Forum of Executive Women | Philadelphia, PA Women on Boards 2016 A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems

Forces pushing for progress in the boardroom and C-suite About The Forum of Executive Women Founded in 1977, The Forum of Executive Women is a membership organization of more than 450 women of significant influence across the Greater Philadelphia region. The Forum’s membership consists of individuals holding the senior-most positions in the corporations, nonprofit organizations and The Forum of Executive Women 2016-2017 Board of Directors public sector entities that drive our regional economy and community. Officers The Forum’s members are executive women working together to increase the Suzanne S. Mayes, Esq. number of women in leadership roles, expand their impact and influence, and President position them to drive positive change in the region. We have served as the Margaret A. McCausland, Esq. linchpin for a multitude of initiatives that have sparked critical conversations Vice President in executive suites, boardrooms and public policy arenas. Gloria V. Rabinowitz Secretary Forum programs and initiatives include symposiums, CEO Roundtables, Penny Stoker a Public Sector Leadership Conversation Series, publication of research reports, Treasurer and outreach promoting the value of gender diversity on boards and in exec- At-Large Directors utive suites. A robust mentoring program with diverse initiatives enhances and Committee Chairs Denise McGregor Ambrister The Forum’s commitment to building the pipeline of our next generation Yelena M. Barychev, Esq. of women leaders in the tri-state Greater Philadelphia region. Shannon Breuer Lisa Detwiler, Esq. The Forum is also a founding member of the InterOrganization Network (ION), Nancy O’Mara Ezold, Esq. a nationwide consortium of 12 like-minded women’s leadership groups working Melissa Weiler Gerber collaboratively to advocate for the advancement of women to positions of power Katherine Hatton, Esq. in the business world, including boards of directors and executive suites of Tricia Buck Horter, Esq. Katayun J. Jaffari, Esq. public companies. Debra A. Loggia Theresa E. Loscalzo, Esq. Gina M. Merritt-Epps, Esq. Beatrice O’Donnell, Esq. Toni Pergolin, CPA Nancy R. Peterson Colleen Vallen Immediate Past President Nila G. Betof, Ph.D. Executive Director Sharon S. Hardy Associate Director Julie A. Kaeli Forces pushing for progress in the boardroom and C-suite Women on Boards 2016, which is a joint initiative of The Forum of Executive Women and PwC, provides the latest tally on the presence of women leaders at the Philadelphia region’s largest public companies, universities and healthcare systems. This year’s numbers indicate that the forces pushing for progress are beginning to make a difference. More companies have women on their boards of directors compared to previous years, though progress toward gender parity in the boardroom and C-suite is far from complete. Women are better represented on the boards of universities and hospitals, but, again, their share of top decision-making positions is well short of equitable. Readers of this report can see how the organizations they work for, do business with or invest in are performing on the measure of women leaders. Readers will also meet four individuals who are forces pushing for progress in their organizations, setting an example that even more companies should follow.

What’s inside

Giving women executives a voice: PwC’s perspective...... 2

Put talk into action: A message from The Forum President...... 3

Forces pushing for progress: Executive summary...... 4

Q&A: Eric J. Foss, CEO, Aramark...... 7

Individual forces pushing for progress:

William M. Diefenderfer III, Chairman, Navient Corp...... 8

Judith M. von Seldeneck, Founder and Chairman, Diversified Search...... 10

Colleen M. Hanycz, Ph.D., President, La Salle University...... 12

Public companies

Women directors and executive officers...... 14

Board seats, executives and top earners...... 18

Four-year colleges and universities...... 21

Healthcare systems...... 22

Project methodology...... 23

Acknowledgments...... 24

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 1 Giving women executives a voice: PwC’s perspective

Last year when we released this report we couldn’t help but wonder: “What will it take for change?” We were confident that positive things were occurring in the region, but the data weren’t fully reflecting that. This year, we looked at the numbers a little differently and what we found was encouraging. It validated our hunch that, while we aren’t seeing significant movement in the overall percentages of women in top leadership positions, there are positive trends that we hope continue. Year over year there’s been a slow, but steady, increase in the number of women board members at the Philadelphia region’s top 100 public companies. In reviewing the 2015 data, a more promising display of data shows that once a board seat became open — either due to turnover or adding a new seat — one of every three openings went to a woman. This figure demonstrates that we continue to move in the right direction and more companies now understand that gender balance is important to foster diversity of thought. In addition, the report findings demonstrate that more companies understand the benefits that come with having a diverse leadership team. This is shown by the decline in the number of companies with no female board members. We also looked at the age of Directors (average age of 62) and believe that in the next five to seven years we will see more companies with openings on their board due to retirement. We hope to see many of those seats go to women. I am thankful to work in an organization that attracts talented women and develops them for leadership roles. On average, 50 percent of PwC hires and over 30 percent of the partners admitted in 2016 were women. Clients look to us for broad thinking and perspectives. For that, we need people of different cultures, backgrounds and experiences — as well as the ability to work across those differences. At PwC, we explore the role unconscious bias can play in the advancement of women and minorities and implement practical strategies for interrupting those biases. Through our continued collaboration with the United Nations HeForShe initiative, we are accelerating global momentum toward gender equity in the workplace. The more men and women play an active role in each other’s success, the more we can all realize our full potential. And when everyone is at their full potential, we all benefit, both as individuals and as an organization. Where can you start? Look at your own company’s executive leadership team and question if diversity does not seem to be a top priority. Look at the businesses you frequent, the politicians you support and demand more. We still have work to do and we need to work together to push for progress.

Deanna Byrne PwC Partner

2 | Forces pushing for progress in the boardroom and C-suite Put talk into action: A message from The Forum President

As the President of The Forum of Executive Women, it is my privilege to lead the charge on behalf of our more than 450 members in rallying for change in our region on the issue of increasing the number of women in corporate, nonprofit and government leadership. At The Forum, we are deeply committed to this mission and have been since our founding almost 40 years ago. We believe unquestioningly in the unique strengths and competencies women bring to the table. Our strong belief is buttressed by the success of numerous Forum members who sit in C-suites and on corporate boards both in our region and around the country. Our conviction is further supported by Forum members who have founded companies or have been recognized for their substantive industry expertise, civic engagement or leadership acumen with high-profile commendations. The pace of change, while quickening, remains too slow. No one person or organization acting alone can turn the tide. But look around. Newspapers now cover the topic of the need for more women in leadership with regularity. Important research like this annual Women on Boards report has become common. Nonprofits like the Thirty Percent Coalition and Vision 2020 continue to lend credibility and unparalleled commitment to the effort, and political bodies are more regularly considering and adopting legislation outlining best practices. Many search firms make it a priority to present diverse pools of candidates for top jobs and board seats. And CEOs have begun to recognize the strength of a leadership team that reflects an organization’s client base or marketplace. Many of you who will read this report are not Forum members. Yet for many reasons, you, too, should care about diversity in corporate leadership. It has been well documented that entities led by diverse teams produce better bottom lines and therefore, a more vibrant economy. In addition, you may be a father of young, talented daughters who wants desperately for them to have the chance to make their mark on the world; a junior female professional who is well educated and working diligently to create opportunities for yourself in your current company; or a male CEO leading a company striving to excel in an increasingly competitive business climate. Each of you can be a force for progress if you so choose. We all have a role to play in this effort in our workplaces and in our homes. I implore you and the organizations in which you work to join us as forces for progress. Talk about the importance of women in leadership at the board table and at the dinner table. Then put the talk into action whenever and wherever you can, in ways big and small. If we all do that, then this report will become unnecessary. And that will be something worth celebrating. Sincerely,

Suzanne S. Mayes, Esq. President

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 3 Forces pushing for progress

Executive Summary

Board seats: Long-term trends More companies in the Philadelphia region are capitalizing on the expertise and experience of 2009 2015 women leaders by selecting them for their boards of Total board seats 844 844 directors, according to the annual Women on Boards Seats held by women 90 120 analysis of the area’s 100 largest public companies. Percentage 11% 14%

One of every three board openings in 2015 went to a woman — a sign Those numbers, while encouraging, that women are making significant inroads into an elite rank of were not enough to alter the over- business leaders that historically has been dominated mostly by men. all picture of gender imbalance. In 2015, women held just 14 percent of It still will take many more corporate board appointments for women all board seats — up slightly from 13 to achieve parity with men at the board table, but the latest numbers percent the year before. indicate that companies increasingly are recognizing the benefits that come with having a diverse leadership team. To bring about sizable change will require that companies commit even Consider the progress in one year alone, from 2014-2015, at the 100 more to advancing diversity as open- companies included in the analysis: ings arise on their boards. The analysis found that 45 percent of board members were age 65 or older last year, which means that many board • Of 60 board openings 20 went to seats will be turning over in the next women — a 33-percent share few years as directors retire or move on to other assignments. Those openings will provide tre- • Companies with no women on their mendous opportunities for the many boards decreased from 35 in 2014 women prepared to lead at the high- to 27 in 2015 — a 23-percent est levels and for companies that change for the better want to gain a competitive edge. The boardroom is where key decisions are made that fuel the economy and influ- • Companies with at least 25 percent ence lives and fortunes. of their boards made up of women The Forum of Executive Women, increased from 14 to 19 — a which annually produces Women on Boards in collaboration with 36-percent improvement PwC, chose the theme Forces pushing for progress for this year’s report because experience is showing that it takes multiple strategies — multiple forces — to get more women into the ranks of leadership. Business leaders — both women and men — advocacy organizations, shareholders, investors, employees and customers all can be powerful forces for chal- lenging the status quo.

4 | Forces pushing for progress in the boardroom and C-suite Executive Summary

Regional companies with female CEOs

AgroFresh Solutions Nance K. Dicciani Share of top-earning jobs held American Water Works Co. Inc. Susan N. Story by women: Long-term trends Artesian Resources Corp. Dian C. Taylor 2009 2015 Campbell Soup Co. Denise M. Morrison Top earners 496 477

Top women earners 43 53 JetPay Corp. Diane (Vogt) Faro

Percentage of top women earners 9% 11% NutriSystem Inc. Dawn M. Zier

“We need to celebrate that momentum Public companies with 25% or more women on boards is growing for advancing women to top % Women leadership positions, but we need to Company Name on Boards CEO stay true to this effort because there is still a lot of work to do,” said Suzanne Navient Corp. 54% John F Remondi (Jack) Mayes, Esq., Chair of Public and Project American Water Works Co. Inc. 50% Susan N. Story Finance at the law firm of Cozen O’Connor and President of The Forum, Artesian Resources Corp. 40% Dian C. Taylor a membership group that advocates for Ametek Inc. 33% Frank S. Hermance the advancement of women in leadership. She said that the pace of change is quick- SEI Investments Co. 33% Alfred P. West, Jr ening as more companies realize that Unisys Corp. 33% Peter A. Altabef “this is not a gender issue, rather a strategic issue important to the health of their Campbell Soup Co. 31% Denise M. Morrison organization.” AmerisourceBergen Corp. 30% Steven H. Collis “There is a benefit to a company from having fresh eyes and fresh perspectives,” Knoll Inc. 30% Andrew B. Cogan said Mayes. South Jersey Industries Inc. 30% Michael J. Renna

Companies that place women on their Aqua America Inc. 25% Christopher H. Franklin boards demonstrate an understanding of the demographics of their customers The Chemours Co. 25% Mark P. Vergnano and shareholders and a willingness to CubeSmart 25% Christopher P. Marr think more broadly in an increasingly competitive global business environment, DNB Financial Corp. 25% William J. Hieb said Deanna Byrne, PwC Partner. Five Below Inc. 25% Joel D. Anderson She said there is research from Credit Nutrisystem Inc. 25% Dawn M. Zier Suisse and elsewhere that suggests that public companies with women Recro Pharma Inc. 25% Gerri A. Henwood on their boards perform better finan- cially on a number of measures. Credit SLM Corporation 25% Raymond J. Quinlan Suisse also found a financial advantage Urban Outfitters Inc. 25% Richard A. Hayne when companies have women in their executive ranks. The numbers in the executive summary section come from data compiled from SEC filings for the fiscal year-end that fell within the calendar year ending December 31, 2015, or prior, for the top 100 “Having a more diversified leadership (by 2015 revenue) public companies as listed in the Philadelphia Business Journal 2016 rankings. team can help drive business and improve the bottom line,” Byrne said.

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 5 Executive Summary

Status of C-Suite positions Status of Nonprofit Eds/Meds Putting more women into C-suite positions not only benefits Women on Boards also offers a look at the gen- companies directly, but it helps more broadly by growing the der composition of the boards and top leaders pool of women who have the credentials to serve on boards. at 20 nonprofit colleges and universities and 18 healthcare systems in the Philadelphia region. Women on Boards analyzed the gender composition of the executive teams at the 100 Philadelphia-area public companies The so-called “Eds and Meds” account for a and found that for 2015: huge chunk of the regional economy, providing 37 percent of jobs in the city of Philadelphia Women held 14 percent of alone. They also serve as magnets to attract talented students and workers from around the executive seats, (the same share globe and are centers of innovation. University 14% as at the board level), up a and hospital boards make decisions that affect notch from 13 percent in 2014 some of the most pressing financial issues facing today’s families, such as the cost of college tui- tion and healthcare. The number of companies In 2014, the last year for which public records are available, women held: with no women executives declined from 49 to 46, a 6 46 29 percent percent improvement of university board seats from 2014 35 percent of university presidencies

Only 6 companies 6 28 percent had a female chief of top-earner spots executive officer at four-year colleges

24 percent of hospital board seats 33 percent of CEO positions at healthcare systems

Executive positions held by 21 percent women: Long-term trends of top-earner spots 2009 2015 at hospitals

Total executives 645 605

Women executives 71 84

Percentage 11% 14%

These numbers come from Form 990 filings for 20 four-year nonprofit colleges and universities and 18 healthcare systems. See the Methodology section for further information.

6 | Forces pushing for progress in the boardroom and C-suite Executive Summary

The pages ahead provide Progress at work: many more organiza- Q&A with Eric J. Foss, CEO of Aramark tion-specific details on how the Philadelphia region’s Aramark is among eight companies that moved since public companies, universi- last year from the “no to yes” column in the tally of ties and healthcare systems Philadelphia-area companies with or without women board are performing when it members. The Forum asked Foss, Chairman, President & comes to women leaders. CEO of Aramark, to share a few thoughts on the value of The report also includes diverse leadership. interviews with some of the Aramark recently went from having no women board forces making a difference members to having two.^ Did you make a conscious decision to add women? in the Philadelphia region: The growth of our board reflects the transformation Aramark has undergone William M. Diefenderfer, moving from a private to public company. Diversity is core to our mission and III, Chairman of Navient we value a broad spectrum of perspectives and opinions at all levels of our Corp., a Wilmington, organization. Delaware company, shares How do you anticipate that a more diverse board will pay off? what it took to assemble a board that is more than half Naturally, the more diverse backgrounds you bring to a discussion, the more women. varied, informed and productive the dialogue. Ultimately, our goal is to bring together a variety of experiences, expertise and opinions that will lead to the best Judith M. von Seldeneck, decisions possible for our shareholders, clients and consumers, employees and Founder and Chairman communities. of Diversified Search and Is expanding women’s Co-Founder of The Forum Regional Companies that went leadership part of your of Executive Women, has from No to Yes* been working for decades personal strategy to advance women into as Chair and CEO? 2015 Company name Women added to boards leadership. She tells The value of diversity is why she’s impatient, but a lesson that I learned Aramark 1^ optimistic. early in my career and Axalta Coating Systems Ltd. 1 have followed ever Colleen M. Hanycz, Ph.D., Brandywine Realty Trust 1 President of La Salle since. I am committed University, has begun to embracing differ- Five Below Inc. 2 a process of transformation ences and ensuring that Institutional Financial Markets Inc. 1 at the school, bringing more every level of Aramark’s Sun Bancorp Inc. 1 women into leadership workforce of 270,000 positions while establish- mirrors the diverse Triumph Group Inc. 1 client and consumer ing ways to better prepare Vishay Precision Group Inc. 1 tomorrow’s leaders. base we are fortunate to serve around the world. * These companies did not have women on their boards in last The Forum hopes that read- The only way we can do year’s report and have been recognized for adding women to their boards for 2015. ers of this report will find our job successfully is inspiration on ways they, by making sure all cor- too, can be forces pushing ners of our workforce look, think and act like the varied marketplace that asks for for progress. our help and counts on us. Helping to attract, train and grow the widest representation of talent within our company is key to that commitment, including develop- ing and expanding the role of women leaders. Insisting on diverse representation on all candidate slates and identifying and promoting diverse talent into critical leadership roles is how we will continue accelerating the growth of Aramark.

^ The numbers in this chart come from data compiled from SEC filings for the fiscal year-end that fell within the calendar year ending December 31, 2015, or prior, for the top 100 (by 2015 revenue) public companies as listed by the Philadelphia Business Journal 2016 rankings. As of 2016, Aramark added a second woman to its board.

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 7 Individuals who are forces for progress

William M. Diefenderfer III Chairman, Navient Corp. He refused to settle for the predictable board candidates.

When William Diefenderfer was given Diefenderfer tells the story to illus- a binder of prospective candidates for trate what often happens when cor- the board positions he needed to fill, porate board seats get filled — search he handed it back to the search firm committees gravitate toward familiar and said to look some more. or easy choices using an “I know so and so” approach. He pushed back When the search firm came back with and in doing so was able to enhance a list that was barely changed from Navient’s board with directors who the first time around, Diefenderfer brought not only specific qualifica- dismissed the search firm. tions, such as experience in mergers Diefenderfer, Chairman of Navient, and acquisitions and cyber security, which separated from Sallie Mae in but also a wide range of perspectives. 2014, said he had made it clear to the “It wasn’t like we were settling for search firm what sort of candidates he less,” said Diefenderfer, ticking off needed for the newly forming board. the names and backgrounds of some Navient, headquartered in Wilmington, “We said, ‘Here are the skill sets we of the company’s women directors. Del., is a loan management, servicing want and we want diversity. We want “They have amazing credentials.” and asset recovery company. you to bring us candidates across Today, six of Navient’s 11 directors the spectrum, including women,’” – The Fortune 500 company employs are women. That composition is lead- Diefenderfer recalled. ing among the companies listed on approximately 7,000 people. Diefenderfer hired a second search the Standard & Poor’s 500 Index. It – Six of its 11 board members are firm, which listened and put together is also the strongest showing of any women. an impressive lineup of candidates, of the 100 Philadelphia-area compa- including five women with the nies included in this year’s Women expertise Navient was looking for. on Boards report. He would have liked to pick all five Navient, which services more than women, but only had room on the $300 billion in student loans, is board for four. gathering accolades for its commitment to placing women leaders on its board. It has won recognition from 2020 Women on Boards, a national

8 | Forces pushing for progress in the boardroom and C-suite “There is a sense that we will be fair at the management levels because we are fair at the board level.”

campaign pushing for change in the board of another Philadelphia- searches. Once, when seeing a photo the boardroom, and won the “Best area company, CubeSmart, which has of his grandfather holding two gigan- Board Diversity Initiative” award 25 percent women on its board. tic fish, Diefenderfer asked his grand- from the New York Stock Exchange mother why his grandfather drove all He traces the beginnings of his Governance Services. the way to Canada to fish. commitment to diversity back to his Diefenderfer is happy with the rec- upbringing in Western Pennsylvania, He recalls being told, “See how big ognition, but said the real payoff is where he watched his mom get a bad those fish are? Nobody fishes in that happening within Navient. At the deal after she stepped in to do the lake and there are really big fish in it.” board level, the added expertise on work of her male boss, who had died. “I think that story applies to finding mergers and acquisitions helped as She didn’t get a penny extra for the board members,” Diefenderfer said. the company expanded into the assets added responsibility and didn’t get “We went fishing in a lake where recovery business and the added the job. other people weren’t fishing.” cyber expertise was useful for a major Diefenderfer offers up another child- cyber security review that the com- As he sees it, Navient ended up hood lesson as a metaphor for why pany conducted. He believes having a making some very big catches. he thinks it’s smart for companies board with a strong female presence to conduct broad, diversity-minded is also a recruiting tool because it sig- nals to job seekers that the company is current and aware of the diversity of the customers and shareholders it serves. He said the diverse board creates a “trickle-down effect,” signaling throughout the company “that this is a place that values diversity,” which means there is opportunity for all. “There is a sense that we will be fair at the management levels because we are fair at the board level,” Diefenderfer said. “No matter what sex you are, what ethnicity you are, you are valued and will become increasingly valuable.” Diefenderfer, a partner in the Pittsburgh law firm Diefenderfer, Hoover, McKenna & Wood, also chairs William Diefenderfer, seated second from right, with the Navient Board of Directors.

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 9 Judith M. von Seldeneck Founder and Chairman, Diversified Search “One or two is not good enough.”

Judith M. von Seldeneck knows that She didn’t expect to still be talking the word quota makes people uneasy. about a paucity of women in corporate leadership nearly 40 years But after more than 40 years of push- since she co-founded The Forum of ing for women to be better repre- Executive Women. She had come sented in the upper ranks of corporate to Philadelphia after 10 years as America, von Seldeneck said she’s a personal secretary to Senator become realistic on what it might take (later Vice President) Walter Mondale to get a fair share of women on the and started a business to place boards of U.S. companies. women in jobs outside the fields that “When you look at countries in were then considered acceptable for Europe, such as Norway and women — teaching, nursing, sec- Germany, they have made tremen- retarial work. In 1974, she began dous progress through the implemen- Diversified Search, a full-service tation of legislation,” requiring a set global executive search firm. percentage of women on corporate Von Seldeneck has served on 10 Diversified Search is one of the top 10 boards, said von Seldeneck, Founder public boards — some going back and Chairman of Diversified Search. retained search firms in the country. to a time when she said she was a Norway, for instance, requires public Headquartered in Philadelphia, the “token.” She’s also been on boards companies to have 40-percent repre- for nonprofit organizations and advo- company has: sentation of women on public-com- cacy groups, including the Thirty pany boards. – Offices in nine cities Percent Coalition, a national group “Nobody likes the word quotas, so we pushing for 30-percent representa- – A global partnership spanning need to find another word. But I think tion of women on corporate boards. 33 countries with 60 offices the message is there — that time and Her work has earned her impressive history have proven that this isn’t just awards, including the prestigious going to happen as an evolution. To William Penn Award and Paradigm bring about change is going to require Award. some sort of regulatory interven- Von Seldeneck said that getting tion in the U.S.,” von Seldeneck said. more women onto boards is essential “Nobody wants to hear that, but, because “that is where the power is that’s what it took in Europe and you in corporate America.” see the results.”

10 | Forces pushing for progress in the boardroom and C-suite “Women make up more than 50 percent of the wealth in this country, and over 50 percent of consumers. Women need a voice where the decisions that affect them are being made.”

“Board members participate in con- leadership ranks, but instead they the issue of board term limits. Lack versations and decisions that affect a keep doing what they have always of turnover on boards, due in some lot of people,” she said. “Women make done — tapping into the mostly cases to the absence of rules on term up more than 50 percent of the wealth all-male network of executives and or age limits, means fewer opportuni- in this country, and over 50 percent directors. ties for women. of consumers. Women need a voice “Most companies have diversity on Von Seldeneck senses that the timing where the decisions that affect them their list,” she said “But where it is couldn’t be better for women leaders. are being made.” on their list varies.” “Every segment of the economy Von Seldeneck believes that compa- She believes that women’s advocacy is undergoing transformational nies need to look beyond just having groups and shareholder activists need change,” she said, and it only makes one or two women on their boards. to harness the force of social media, sense that companies would benefit “That was good 10 years ago, but one and the media in general, to get the from diverse leaders to help accom- or two is not good enough anymore,” word out on the gender disparity that plish that change. she said, “How about half?” exists in corporate America and how Von Seldeneck said it’s finally time to companies are doing in that regard. As an executive search expert at put to rest the notion that there aren’t Diversified Search, she said it’s a “No one wants to be embarrassed, enough qualified women to fill execu- given that she will present a slate of and everyone wants to do the right tive and board positions. candidates that includes women, but thing,” she said. “Companies respond “That is just not a valid argument,” she recognizes that the ultimate hir- to shareholders, and they like positive she said, adding, “We will find them ing decision rests with the company publicity.” for you.” she is advising. She doesn’t believe Another strategy, she said, is for con- that companies are intentionally stituency groups to draw attention to failing to put more diversity into their

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 11 Colleen M. Hanycz, Ph.D. President, La Salle University “Don’t come back without diversity.”

When Colleen M. Hanycz, Ph.D., a motion for a legal injunction needed became president of La Salle to be prepared, and she didn’t want to University in 2015, she was tell her boss that she had something surprised at the media’s reaction. else important to do. (She isn’t proud of that story.) “When I think of what prepares a person to lead a university, I think When she became Principal at Brescia of background and accomplishments,” in 2008, Hanycz was quietly dubious Hanycz said. “It didn’t occur to me about the need for single-sex higher that what would be of the greatest education in the 21st century. But interest was that I was a woman.” by the time she left, she was fully convinced that a lot more needs Now more than a year into the job, to be done to prepare young women Hanycz understands why her gender to lead and to get organizations to generated such interest. recognize that women leaders are “We are thirsting for this conversation vital to their success. about women and leadership and net- La Salle University, located in “Universities have been graduating working and how women succeed,” women in huge numbers for decades Philadelphia, is a private, Catholic she said. and we haven’t seen those same university with 3,617 undergraduate Hanycz came to La Salle from numbers of women rising to leader- and 1,538 graduate students. Ontario, Canada, to become not only ship roles,” said Hanycz, who said the first woman president in La Salle’s she senses a greater urgency around The university employs 707 people 152-year history, but also the first lay the issue in Canada than she does in and in 2015 elected its first woman president since the school was the U.S. In Canada, she participated founded by the Christian Brothers. in a federal government initiative president. to develop a strategy for increasing Hanycz’s resume includes work as the number of women on corporate an attorney, law school professor and boards. The council that she served assistant dean, vice chair of a large on, in a 2014 report, set a non-manda- healthcare system and, most recently, tory goal of 30-percent female repre- Principal (president) of Canada’s only sentation on boards by 2019. women’s college, Brescia University College, which is also Catholic. Hanycz’s determination to bring more focus on women and leadership is Her career began at a time when quite practical. women were led to believe that out- working everyone was the way to suc- “I believe that leadership is a choice. ceed. As a securities and employment It is not a skill you are born with litigator at a prestigious Toronto law or the result of a sudden situation firm, she logged long hours and even needing a response,” she said. “What missed her own bridal shower when it means to choose leadership is as

12 | Forces pushing for progress in the boardroom and C-suite “Universities have been graduating women in huge numbers for decades and we haven’t seen those same How to be a force for progress numbers of women rising to As an individual: leadership roles.” • Do business with companies and organizations that demonstrate a commitment to women leaders. Check company websites for information on the executive simple as looking around, seeing something that is team. broken that needs to be fixed, and responding with passion.” • If you patronize, invest in, or work for a company that lacks women leaders, ask why. At La Salle, she must tackle some of the same struggles facing many small colleges and universities across the • Spread the word about forward-thinking companies country — tight finances, declining enrollment and a to friends, family and professional peers. need to deliver a high-quality education at a competitive price. Coming from Canada, she’s especially struck • Mentor or sponsor women within or outside your by the often unaffordable price of a college education in organization who show potential for leadership. the U.S. • Be your own best promoter. Ask for assignments and Hanycz moved quickly to establish a team to work with promotions and make strategic career decisions that her on what she deems a process of “transformation.” broaden your work portfolio. She formed a new cabinet, made key hires, including three new female vice presidents, trimmed staff and As an organization: created or reinstituted three key advisory councils. She also is working closely with leadership of the Board of • Review your policies and programs on recruitment Trustees and plans to add a greater range of diversity to and talent development to determine if they foster the board. Hanycz has made it clear to those conducting opportunities for women to advance. searches: “Don’t come back to me without diversity.” • Demand that women be part of the slate of candidates She said that while La Salle will “continue its commit- for every job search, whether it entails a supervisory ment to hiring for merit, candidate pools should always role or an executive position. include diversity in order to achieve merit hires.” Hanycz also makes a point to connect with upcom- • Implement or enforce term and age limits for board ing leaders. She mentors two women faculty mem- members. That will increase board turnover and allow bers and a female graduate who was an accomplished for more women to be selected as directors. student-athlete. • Look beyond the usual candidates for board seats. “I have spent a lot of time involved in the incubation of young female entrepreneurs and that work con- • Ask professional organizations such as The Forum firms for me that young women are far less likely to go of Executive Women for help in identifying talented out on a limb with an idea,” she said. “The idea may women candidates. be — and is often — brilliant, but often women discount • Don’t settle for a “one and done” approach to themselves.” appointing women to your board or C-suite. One is While Hanycz thinks in terms of transformation as good, more is even better. she goes about her work on campus, she also keeps the importance of tradition in mind. • If your organization is already reaping the benefits of a diverse leadership team, tell other companies about “The challenge is to bring change without disturbing your success. Be proud that you are a force for progress. the bedrock,” she said. “There are no plans to disturb the bedrock at La Salle because it is so good.”

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 13 Public companies Women directors and executive officers

2015 rank by revenue Company name Directors Executive officers

1 AmerisourceBergen Corp. Jane E. Henney, M.D. ∆ June Barry Kathleen W. Hyle ▲ Gina K. Clark Ornella Barra Peyton R. Howell

2 Comcast Corp. Dr. Judith Rodin ▼ Madeline S. Bell 3 E. I. du Pont de Nemours & Co. Marillyn A. Hewson Stacy L. Fox Lois D. Juliber ▼ 4 Aramark Irene M. Esteves Lynn B. McKee $ Lisa G. Bisaccia Christine T. Morrisson

5 Lincoln National Corp. M. Leanne Lachman ▲ Lisa M. Buckingham $ Ellen Cooper 6 Sunoco Logistics Partners L.P. Kathleen Shea-Ballay $ 7 Universal Health Services Inc. Eileen C. McDonnell Debra K. Osteen $

8 Crown Holdings Inc. Jenne K. Britell ▲ 9 Campbell Soup Co. Denise M. Morrison n $ Denise M. Morrison n $ Mary Alice D. Malone Sara Mathew ▲ Tracey T. Travis 10 UGI Corp. Anne Pol Monica M. Gaudiosi $ M. Shawn Bort 11 The Chemours Co. Mary B. Cranston Beth Albright $ Dawn L. Farrell 12 Genesis Healthcare Inc. JoAnne Reifsnyder, Ph.D. $ 13 Burlington Stores Inc. Tricia Patrick Joyce Manning Magrini Mary Ann Tocio Jennifer Vecchio $ Janet Dhillon 14 VWR Corp. Pamela Forbes Lieberman 15 Toll Brothers Inc. Christine N. Garvey 16 Axalta Coating Systems Ltd. Lori J. Ryerkerk 17 Ametek Inc. Elizabeth R. Varet Ruby B. Chandy Gretchen W. McClain 18 Trinseo Sa Marilyn N. Horner $ Catherine C. Maxey 19 Triumph Group Inc. Dawne S. Hickton 20 Urban Outfitters Inc. Margaret A. Hayne Margaret A. Hayne Elizabeth Ann Lambert Trish Donnelly $ 21 FMC Corp. K’Lynne Johnson Andrea E. Utecht $

l Chairs Board of Directors ∆ Chairs Governance/Nominating Committee ▼ Chairs Compensation Committee $ Top Earners ▲ Chairs Audit Committee ► Chairs Finance and Investment Committee n Chief Executive Officer Bold Forum member

The chart includes information on the top 100 public companies by 2015 revenues as listed in the Philadelphia Business Journal.

14 | Forces pushing for progress in the boardroom and C-suite 2015 rank by revenue Company name Directors Executive officers

22 American Water Works Co. Inc. Susan N. Story n $ Susan N. Story n $ Martha Clark Goss ► Sharon Cameron Julie A. Dobson ▲ Deborah Degillio Julia L. Johnson ∆ Linda G. Sullivan $ Veronica M. Hagen Brenda J. Holdnak 23 Unisys Corp. Alison Davis Janet B. Haugen $ Denise K. Fletcher ∆ Leslie F. Kenne

24 AmeriGas Partners LP Anne Pol ∆ Kathy L. Prigmore Monica M. Gaudiosi $

25 Navient Corp. Ann Torre Bates ▲ Anna Escobedo Cabral Diane Suitt Gilleland Katherine A. Lehman Linda A. Mills ▼ Jane J. Thompson Laura S. Unger 26 Vishay Intertechnology Inc. Ruta Zandman Lori Lipcaman $

27 Teleflex Inc. Patricia C. Barron ∆ Karen T. Boylan Candace H. Duncan 28 Chemtura Corp. Anna Catalano Billie Flaherty $ 29 Healthcare Services Group Inc. Diane S. Casey, RN 30 West Pharmaceutical Services Inc. Paula A. Johnson, M.D., MPH Karen A. Flynn $ Myla Lai-Goldman, M.D. Annette F. Favorite 31 SEI Investments Co. Kathryn M. McCarthy Kathy C. Heilig Sarah W. Blumenstein

32 Radian Group Inc. Lisa W. Hess ► Teresa Bryce Bazemore $ Catherine M. Jackson 33 Knoll Inc. Kathleen G. Bradley Pamela J. Ahrens $ Sarah E. Nash Roxanne B. Klein Stephanie Stahl

34 CDI Corp. Anna Seal ∆ Jill M. Albrinck 35 PHH Corp. Jane D. Carlin ► Kathryn Ruggieri $ Deborah M. Reif ▼ 36 J&J Snack Foods Corp. 37 South Jersey Industries Inc. Sarah M. Barpoulis Gina M. Merritt-Epps $ Sheila Hartnett-Devlin ▲ Kathleen A. McEndy $ Sunita Holzer 38 EPAM Systems Inc. Ginger Mosier $ Elaina Shekhter $ 39 Aqua America Inc. Ellen Ruff Carolyn J. Burke 40 Liberty Property Trust M. Leanne Lachman Katherine E. Dietze 41 Dorman Products Inc.

The chart includes information on the top 100 public companies by 2015 revenues as listed in the Philadelphia Business Journal.

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 15 Women directors and executive officers continued

2015 rank by revenue Company name Directors Executive officers 42 SLM Corp. Carter Warren Franke Marianne M. Keler Vivian Schneck-Last 43 Incyte Corp. Wendy L. Dixon, Ph.D. Paula J. Swain 44 Quaker Chemical Corp. Patricia C. Barron Mary Dean Hall $ Fay West 45 Five Below Inc. Catherine E. Buggeln Kathleen S. Barclay

46 Hill International Inc. Camille S. Andrews ∆ Catherine H. Emma 47 Qlik Technologies Inc. Deborah Hopkins Diane Adams Deborah Lofton 48 Brandywine Realty Trust Carol G. Carroll

49 Globus Medical Inc. Ann D. Rhoads ▲ 50 Destination Maternity Corp. Melissa Payner-Gregor ∆ 51 Hersha Hospitality Trust Dianna F. Morgan 52 NutriSystem Inc. Dawn M. Zier n $ Dawn M. Zier n $ Andrea M. Weiss Keira Krausz $ 53 Chesapeake Utilities Corp. Dianna F. Morgan Beth W. Cooper $ Elaine B. Bittner $ 54 CubeSmart Marianne M. Keler Deborah Ratner Salzberg 55 InterDigital Inc. Jean F. Rankin Jannie K. Lau Marie H. MacNichol

56 Pennsylvania Real Estate Investment Trust Rosemarie Greco ∆ 57 Entercom Communications Corp. Louise C. Kramer $ 58 Lannett Co. Inc.

59 CSS Industries Inc. Rebecca C. Matthias ∆ 60 StoneMor Partners L.P. 61 Penn Virginia Corp. Marsha R. Perelman Nancy M. Snyder $

62 WSFS Financial Corp. Anat Bird ▲ Peggy H. Eddens Jennifer W. Davis ▼ 63 Vishay Precision Group Inc. Janet Morrison Clark 64 RAIT Financial Trust S. Kristin Kim 65 The Bancorp Inc. Mei-Mei Tuan Gail S. Ball 66 SL Industries Inc. 67 RCM Technologies Inc. 68 Dover Downs Gaming & Entertainment Inc. 69 BioTelemetry Inc. Rebecca W. Rimel Heather C. Getz $ 70 AgroFresh Solutions Nance K. Dicciani n Margaret M. Loebl $ Nance K. Dicciani n

The chart includes information on the top 100 public companies by 2015 revenues as listed in the Philadelphia Business Journal.

16 | Forces pushing for progress in the boardroom and C-suite 2015 rank by revenue Company name Directors Executive officers 71 Niska Gas Storage LLC Olivia C. Wassenaar 72 Beneficial Bancorp Inc. Karen Dougherty Buchholz Pamela M. Cyr $ Elizabeth H. Gemmill ∆ Joanne R. Ryder $ 73 Bryn Mawr Bank Corp. Andrea F. Gilbert Alison E. Gers $ Lynn B. McKee 74 Univest Corporation of Pennsylvania Margaret K. Zook 75 Actua Corp. 76 Resource America Inc. 77 Sun Bancorp Inc. Grace Torres Michele B. Estep $ Patricia M. Schaubeck 78 OmegaFlex Inc. 79 Artesian Resources Corp. Dian C. Taylor l n $ Jennifer L. Finch, CPA Nicholle R. Taylor $ Dian C. Taylor l n $ Nicholle R. Taylor $ 80 PhotoMedex Inc. 81 Marlin Business Services Corp. 82 The J.G. Wentworth Co. 83 Universal Health Realty Income Trust Cheryl K. Ramagano $ 84 USA Technologies Inc. Maeve McKenna Duska $ 85 MeetMe Inc. Jean Clifton 86 Recro Pharma Inc. Gerri Henwood Gerri Henwood n $ Karen Flynn Diane Meyers Donna Nichols 87 Republic First Bancorp Inc. Rhonda Costello $ 88 Dover Motorsports Inc. 89 Teligent Inc. Jennifer Collins $ 90 JetPay Corp. Diane (Vogt) Faro n Diane (Vogt) Faro n 91 Institutional Financial Markets Inc. Diana Louise Liberto 92 Inovio Pharmaceuticals, Inc. Nancy Wyenski 93 inTEST Corp. 94 Fox Chase Bancorp Inc. 95 Parke Bancorp Inc. Elizabeth Milavsky $

96 Ocean Shore Holding Co. Dorothy F. McCrosson, Esq. ∆ Kim M. Davidson $ Janet M. Bossi $ 97 Royal Bancshares of Pennsylvania Inc. Linda Tabas Stempel 98 DNB Financial Corp. Mildred C. Joyner Mary D. Latoff 99 Egalet Corp 100 Spark Therapeutics Katherine A. High, M.D. $ Katherine A. High, M.D. $ Lota Zoth, CPA

The chart includes information on the top 100 public companies by 2015 revenues as listed in the Philadelphia Business Journal.

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 17 Public companies Board seats, executives and top earners

Board of Directors Executives Top Earners

% % Total Female Female Female Female Board Board Board Total Female % Female Top Top Top Company Seats Seats Seats Executives Executives Executives Earners Earners Earners

AmerisourceBergen Corp. 10 3 30% 12 3 25% 5 0 0%

Comcast Corp 12 2 17% 7 0 0% 6 0 0%

E. I. du Pont de Nemours and Company 12 2 17% 7 1 14% 6 1 17%

Aramark 13 1 8% 7 2 29% 6 1 17%

Lincoln National Corp 10 1 10% 8 2 25% 5 1 20%

Sunoco Logistics Partners LP 7 0 0% 7 1 14% 5 1 20%

Universal Health Services Inc. 7 1 14% 5 1 20% 5 1 20%

Crown Holdings Inc. 12 1 8% 6 0 0% 5 0 0%

Campbell Soup Co. 13 4 31% 11 1 9% 5 1 20%

UGI Corp. 10 2 20% 5 1 20% 5 1 20%

The Chemours Co. 8 2 25% 8 1 13% 5 1 20%

Genesis Healthcare, Inc. 11 0 0% 6 1 17% 7 1 14%

Burlington Stores Inc. 9 2 22% 9 3 33% 5 1 20%

VWR Corporation 11 1 9% 10 0 0% 5 0 0%

Toll Brothers Inc. 10 1 10% 4 0 0% 4 0 0%

Axalta Coating Systems Ltd 9 1 11% 6 0 0% 6 0 0%

Ametek Inc. 9 3 33% 6 0 0% 5 0 0%

Trinseo SA 9 0 0% 9 2 22% 5 1 20%

Triumph Group, Inc. 11 1 9% 4 0 0% 5 0 0%

Urban Outfitters Inc. 8 2 25% 7 2 29% 5 1 20%

FMC Corporation 10 1 10% 5 1 20% 5 1 20%

American Water Works Co. Inc. 10 5 50% 10 5 50% 6 2 33%

Unisys Corp. 9 3 33% 11 1 9% 6 1 17%

AmeriGas Partners LP 9 1 11% 10 2 20% 5 1 20%

Navient Corp. 13 7 54% 6 0 0% 5 0 0%

Vishay Intertechnology Inc. 9 1 11% 6 1 17% 6 1 17%

Teleflex Inc. 9 2 22% 7 1 14% 5 0 0%

Chemtura Corp. 8 1 13% 8 1 13% 5 1 20%

Healthcare Services Group Inc. 10 1 10% 5 0 0% 6 0 0%

West Pharmaceutical Services Inc. 10 2 20% 11 2 18% 6 1 17%

SEI Investments Co. 6 2 33% 10 1 10% 5 0 0%

The chart includes information on the top 100 public companies ranked by 2015 revenue as listed in the Philadelphia Business Journal.

18 | Forces pushing for progress in the boardroom and C-suite Board of Directors Executives Top Earners

% % Total Female Female Female Female Board Board Board Total Female % Female Top Top Top Company Seats Seats Seats Executives Executives Executives Earners Earners Earners

Radian Group Inc. 10 1 10% 8 2 25% 5 1 20%

Knoll Inc. 10 3 30% 9 2 22% 5 1 20%

CDI Corp. 9 1 11% 6 1 17% 5 0 0%

PHH Corp. 9 2 22% 5 1 20% 5 1 20%

J&J Snack Foods Corp. 5 0 0% 6 0 0% 5 0 0%

South Jersey Industries Inc. 10 3 30% 8 2 25% 6 2 33%

EPAM Systems Inc. 6 0 0% 5 2 40% 5 2 40%

Aqua America Inc. 8 2 25% 7 0 0% 8 0 0%

Liberty Property Trust 9 2 22% 4 0 0% 4 0 0%

Dorman Products Inc. 6 0 0% 5 0 0% 5 0 0%

SLM Corporation 12 3 25% 6 0 0% 5 0 0%

Incyte 7 1 14% 8 1 13% 5 0 0%

Quaker Chemical Corp. 9 1 11% 11 1 9% 6 2 33%

Five Below Inc. 8 2 25% 5 0 0% 5 0 0%

Hill International Inc. 8 1 13% 9 1 11% 5 0 0%

QlikTechnologies Inc. 7 1 14% 9 2 22% 5 0 0%

Brandywine Realty Trust 8 1 13% 6 0 0% 6 0 0%

Globus Medical Inc. 8 1 13% 5 0 0% 6 0 0%

Destination Maternity Corp. 8 1 13% 3 0 0% 4 0 0%

Hersha Hospitality Trust 7 1 14% 6 0 0% 5 0 0%

Nutrisystem Inc. 8 2 25% 3 2 67% 3 2 67%

Chesapeake Utilities Corp. 13 1 8% 5 2 40% 5 2 40%

CubeSmart 8 2 25% 3 0 0% 3 0 0%

InterDigital Inc. 8 1 13% 8 2 25% 6 0 0%

Pennsylvania Real Estate Investment Trust 9 1 11% 6 0 0% 5 0 0%

Entercom Communications Corp. 6 0 0% 6 1 17% 5 1 20%

Lannett Co. Inc. 6 0 0% 8 0 0% 5 0 0%

CSS Industries Inc. 7 1 14% 5 0 0% 5 0 0%

StoneMor Partners 9 0 0% 4 0 0% 3 0 0%

Penn Virginia Corp. 5 1 20% 4 1 25% 5 1 20%

WSFS Financial Corp. 10 2 20% 8 1 13% 6 0 0%

Vishay Precision Group, Inc. 7 1 14% 3 0 0% 4 0 0%

RAIT Financial Trust 9 1 11% 4 0 0% 4 0 0%

The Bancorp Inc. 8 1 13% 7 1 14% 7 0 0%

SL Industries Inc. 5 0 0% 2 0 0% 2 0 0%

The chart includes information on the top 100 public companies ranked by 2015 revenue as listed in the Philadelphia Business Journal.

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 19 Board seats, executives and top earners continued

Board of Directors Executives Top Earners

% % Total Female Female Female Female Board Board Board Total Female % Female Top Top Top Company Seats Seats Seats Executives Executives Executives Earners Earners Earners

RCM Technologies Inc. 6 0 0% 5 0 0% 4 0 0%

Dover Downs Gaming & Entertainment Inc. 7 0 0% 4 0 0% 4 0 0%

BioTelemetry Inc. 6 1 17% 8 1 13% 5 1 20%

AgroFresh Solutions 7 1 14% 5 2 40% 3 1 33%

Niska Gas Storage LLC 8 1 13% 6 0 0% 6 0 0%

Beneficial Mutual Bancorp Inc. 9 2 22% 6 2 33% 5 2 40%

Bryn Mawr Bank Corp. 11 2 18% 6 1 17% 7 1 14%

Univest Corporation of Pennsylvania 13 1 8% 5 0 0% 5 0 0%

Actua Corp. 9 0 0% 3 0 0% 3 0 0%

Resource America Inc. 8 0 0% 7 0 0% 5 0 0%

Sun Bancorp Inc. 11 1 9% 8 2 20% 5 1 20%

Omega Flex Inc. 7 0 0% 5 0 0% 3 0 0%

Artesian Resources Corp. 5 2 40% 8 3 38% 5 2 40%

PhotoMedex Inc. 6 0 0% 2 0 0% 2 0 0%

JGWPT Holdings Inc. 8 0 0% 6 0 0% 5 0 0%

Marlin Business Services Corp. 6 0 0% 3 0 0% 5 1 20%

Universal Health Realty Income Trust 6 0 0% 4 1 25% 4 1 25%

USA Technologies Inc. 7 0 0% 4 1 25% 4 1 25%

MeetMe Inc. 6 1 17% 5 0 0% 5 0 0%

Recro Pharma, INC 8 2 25% 6 3 50% 3 1 33%

Republic First Bancorp Inc. 6 0 0% 5 1 20% 5 1 20%

Dover Motorsports Inc. 7 0 0% 4 0 0% 4 0 0%

Teligent Inc. 6 0 0% 3 1 33% 3 1 33%

JetPay Corp. 7 1 14% 3 1 33% 3 0 0%

Institutional Financial Markets Inc. 8 1 13% 3 0 0% 3 0 0%

Inovio Pharmaceuticals, Inc. 7 1 14% 4 0 0% 4 0 0%

inTEST Corp. 5 0 0% 4 0 0% 3 0 0%

Fox Chase Bancorp Inc. 8 0 0% 6 0 0% 5 0 0%

Parke Bancorp Inc. 10 0 0% 7 1 14% 3 1 33%

Ocean Shore Holding Co. 7 1 14% 5 2 40% 5 2 40%

Royal Bancshares of Pennsylvania Inc. 10 1 10% 4 0 0% 4 0 0%

DNB Financial Corp. 8 2 25% 4 0 0% 3 0 0%

Egalet Corporation 6 0 0% 5 0 0% 3 0 0%

Spark Therapeutics 9 2 22% 4 1 25% 3 1 33%

Total 844 120 14% 605 84 14% 477 53 11%

* Prior year filing used for data points The chart includes information on the top 100 public companies ranked by 2015 revenue as listed in the Philadelphia Business Journal.

20 | Forces pushing for progress in the boardroom and C-suite Four-year colleges and universities Board seats, executives and top earners

2014

Board of Trustees/ Directors Executives Top Earners*

Total Female % Female Of the Top 5 Board Board Board Female President/ compensated % Female Top Seats Seats Seats CEO people, # of women Earners

Arcadia University 35 19 54% YES 4 80%

Cabrini College 28 13 46% NO 2 40%

Drexel University 54 10 19% NO 1 20%

Eastern University 31 6 19% NO 1 20%

Gwynedd Mercy University 20 11 55% YES 2 40%

Holy Family University 25 12 48% YES 1 20%

Immaculata University 30 22 73% YES 2 40%

La Salle University* 39 6 15% NO* 0 0%

Neumann University 27 10 37% YES 1 20%

Peirce College 28 11 39% NO 2 40%

Philadelphia College of Osteopathic Medicine 18 2 11% NO 0 0%

Philadelphia University 28 4 14% NO 1 20%

Saint Joseph’s University 33 5 15% NO 1 20%

Temple University 36 3 8% NO 0 0%

Thomas Jefferson University 67 12 18% NO 0 0%

University of Pennsylvania ^^ 63 19 30% YES 1 20%

University of the Sciences 24 6 25% YES 3 60%

Villanova University 39 9 23% NO 0 0%

Widener University 31 10 32% NO 2 40%

Wilmington University 14 2 14% NO 4 80%

Total 670 192 29% 7 28 28%

Data are from the 2014 Form 990s as described in the methodology section. Compensation includes compensation paid by the filing organization as well as compensation paid by a related organziation as reported on the filing entity’s Form 990. ^^ Information reported from the 990 for the Trustees of the University of Pennsylvania. The Trustees of the University of Pennsylvania control the University of Pennsylvania and the Hospital of the University of Pennsylvania. *Colleen M. Hanycz, Ph.D., who is profiled in this report, was named President of La Salle University in July 2015.

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 21 Healthcare systems Board seats, executives and top earners

2014

Board of Trustees/ Directors Executives Top Earners*

Total Female % Female Of the Top 5 Board Board Board Female President/ compensated % Female Top Seats Seats Seats CEO people, # of women Earners

Abington Memorial Hospital 28 6 21% YES 1 20%

Albert Einstein Healthcare Network Group* 36 4 11% NO 1 20%

Aria Health 17 2 12% YES 2 40%

Christiana Care Health Services Inc. 26 8 31% YES 1 20%

Crozer-Chester Medical Center* 18 6 33% NO 1 20%

Holy Redeemer Health System* 18 3 17% NO 1 20%

Inspira Medical Center Woodbury, Inc. 20 6 30% YES 1 20%

Main Line Hospitals Inc. 25 7 28% NO 2 40%

Our Lady of Lourdes Medical Center 21 9 43% NO 1 20%

Pennsylvania Hospital of the University 16 5 31% NO 1 20% of Pennsylvania Health System

Presbyterian Medical Center of the University 13 4 31% NO 1 20% of Pennsylvania Health System

St. Mary Medical Center 17 3 18% NO 1 20%

Temple University Hospital Inc. 17 3 18% NO 2 40%

The Children's Hospital of Philadelphia 35 9 26% NO 1 20%

The Cooper Health System 22 3 14% YES 1 20%

Thomas Jefferson University Hospitals Inc. 40 8 20% NO 0 0%

Trustees of the University of Pennsylvania^ 63 19 30% YES 1 20%

Virtua - West Jersey Health System Inc. 12 2 17% NO 0 0

Total 444 107 24% 6 19 21%

Data are from the 2013 and 2014 Form 990s as described in the methodology section. Compensation includes compensation paid by the filing organization as well as compensation paid by a related organziation as reported on the filing entity’s Form 990. * In cases where the 2014 Form 990 was not available, the data in the 2013 Form 990 were used. ^ Information reported off the 990 for the Trustees of the University of Pennsylvania. The Trustees of the University of Pennsylvania controls the University of Pennsylvania and the Hospital of the University of Pennsylvania.

22 | Forces pushing for progress in the boardroom and C-suite Project methodology

Public companies determination of this statistic. If a director’s age was not This project was conducted using a consistent included, but they were determined to be a current board methodology based on available SEC filings. member (e.g., in cases where a director was not up for reelection at the annual meeting), data were obtained The scope of the research was comprised of the top 100 from the prior year proxy. (by 2015 revenue) public companies as listed in the Philadelphia Business Journal (Vol. 35, No. 19) 2015 Nonprofit healthcare systems and four-year rankings. For each of the public companies, data were colleges and universities compiled from the company’s SEC filings for the fiscal All information was obtained from the 2013 and 2014 year-end that fell within the calendar year ending Form 990, Return of Organization Exempt From Income December 31, 2015. If filings for the company’s fiscal year- Tax. The forms were obtained from Guidestar.org, the end falling within the 2015 calendar year were missing or organization’s website, or were directly provided by the unavailable, the latest available filings prior to December organization upon request. The geographic reporting 31, 2015 were used and have been identified as such. area focused on top hospitals and universities located in Chester, Delaware, Montgomery, Philadelphia and Bucks For the trend and velocity analyses, data were used from counties, Pennsylvania; Southen New Jersey; and the prior years’ research efforts from the SEC sources. Note Wilmington, Delaware, area. that the top 100 companies do change from year to year based on merger activity and changes in revenue, so the The largest nonprofit colleges and universities in the trends must be interpreted accordingly. area were determined by the total student population as reported on collegestats.net. The largest nonprofit Directors and executive officers who held their positions hospitals were determined by the total of number of beds as of the date of the SEC filing were included in the in each hospital. This information was obtained through statistics presented. Data for executive officers were public data available through the Hospital Association compiled using each respective company’s Form 10-K filed of Pennsylvania, The New Jersey Hospital Association, for the fiscal year-end falling within the 2015 calendar and Delaware Healthcare Association. As most of these year. Data for directors and top earners were compiled hospitals are part of a larger enterprise, the 18 hospital using the proxy statements immediately succeeding the systems covered in this report control the largest 20 Form 10-K filed for the fiscal year-end falling within the nonprofit hospitals. Certain organizations, of the 18 2015 calendar year. Directors whose term expired as of systems reported, manage other hospitals in and outside the date of the annual meeting were included within the of the reporting area. statistics presented; however, nominees that were up for election at the annual meeting were not included. For purposes of determining the number of board seats, any person reported as a director or trustee on the Form Top earners were identified as those who were disclosed 990, Part VII was counted as a member of the board for in the executive summary compensation table, or purposes of this report. If the organization reported equivalent, within each company’s proxy statement a President as well as a CEO, the person who held the immediately succeeding the Form 10-K filed for the fiscal position with the most influence during the reporting year year-end falling within the 2015 calendar year. Top was designated the CEO/President. earners may include former executive officers who no longer hold an executive position as of the date of the SEC To determine the top five highest compensated employees, filing. Former executive officers were not included in the all individuals reported on the Form 990, Part VII were charts as executive officers; however, they were included included in the population. This includes current and as top earners where appropriate. former officers, directors/trustees, key employees and top five highest paid employees. Compensation paid by related The average age of board members was determined from organizations was taken into account. data obtained from the proxy statements immediately succeeding the Form 10-K filed for the fiscal year- All attempts were made to collect accurate information, end falling within the 2015 calendar year. Only data and any errors in the data are unintentional. for current board members were included in the

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 23 Acknowledgments

The Forum of Executive Women would like to thank all of the individuals who gave of their time to be profiled in this report. And we extend our appreciation to the following contributors, for without them this report would not have been possible: PwC The Forum is pleased to include PwC as our Women Upfront sponsor and thanks them for serving as the strategic sponsor of the Women on Boards report. • Ed Lovelidge, PwC Philadelphia Metro Managing Partner • Deanna Byrne, PwC Partner and Forum member • Kelly Thornton, PwC Partner • The PwC team members including: Amy Frazier (Forum member), Erica McReynolds, Lauren E. Bennett, Leah Coston, Alison Grant, Megan Heater, Elizabeth Bramowski, Keslie DeGarmo, Lauren West, Ancy Thomas, Peng Chen, Kate Gallagher, Emily Apathy, Thi Lee, James Millefolie, Jyll Presley

Writer Susan FitzGerald, Philadelphia-based writer and editor Editorial/Project Manager Julie A. Kaeli, Associate Director, The Forum of Executive Women The Forum of Executive Women: Women on Boards Subcommittee • Yelena Barychev • Autumn Bayles • Nila Betof, Immediate Past President, The Forum of Executive Women • Jane H. Firth • Sharon S. Hardy, Executive Director, The Forum of Executive Women • Vicki Kramer • Suzanne Mayes, President, The Forum of Executive Women

Printing Harriet Weiss CEO, CRW Graphics

For additional reading Here is research referenced in the Women on Boards 2016 report: • Center City District and Central Philadelphia Development Corporation, 2016 State of Center City Philadelphia, www.centercityphila.org/docs/SOCC2016.pdf, viewed September 20, 2016 • Credit Suisse Research Institute,.The CS Gender 3000: Women in Senior Management, September 2014, https://www.calpers.ca.gov/docs/diversity-forum-credit-suisse-report-2015.pdf, viewed September 20, 2016

24 | Forces pushing for progress in the boardroom and C-suite The Forum of Executive Women 1231 Highland Avenue Fort Washington, PA 19034 Phone: (215) 628 9944 Fax: (215) 628 9839 Email: [email protected] Web: www.foew.com

Sharon S. Hardy Executive Director

Julie A. Kaeli Associate Director

To view this report electronically, please scan the code below or visit http://foew.com/initiatives/women-on-boards-report/

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