Select Comfort Corporation CEO and Director Shelly Ibach represents the critically important group of women leaders at Minnesota's largest public companies.

Women Leaders in the Workplace The 2012 Minnesota Census of Women in Corporate Leadership: How Minnesota’s Top 100 Public Companies Rank

› Minnesota leads the nation in the percent of Fortune 500 company board seats held by women. Highlights: › Minnesota ranks first in the percentage of women executives. › The overall percentage of seats held by women corporate directors has not noticeably changed over the past five years. Minnesota Census of Women in Corporate Leadership

About the Census The 2012 Minnesota Census of Women in Corporate Leader- ship examines the percentage of women in leadership roles at the 100 largest publicly held companies headquartered in Minnesota as ranked by 2012 net revenue in the Star Tribune 100: 21st Annual Report (May 2012) and the / St. Paul Business Journal top 100 list (March 2012). The report is produced by St. Catherine University and is co-sponsored by the Min- nesota Women’s Economic Roundtable. MWER is the Minnesota representative to ION (InterOrganization Net- work), a national organization that advocates for women’s Table of participation on corporate Contents boards and in top leadership 2 Executive Summary roles in business. 4 Women on Corporate Boards: Slow Progress ROSTERS: 6 Women Executive Officers: Role Models 12 Women Corporate 8 Why Women Matter: Top Executives Directors Offer Their Views 14 Women Executive 10 2012 Minnesota Census Honor Roll Officers ON THE COVER: ›Special Distinction: MTS Systems, 16 Corporate Directors Shelly Ibach, CEO and director, Select Comfort Corporation — Target, CyberOptics, Christopher & Banks and Executive one of the Minnesota Census' and Select Comfort Officers by 2012 “Special Distinction” 18 Do the Math: The Rise of Women CFOs Company companies. Three of its nine company directors are women, 20 Call to Action and Research References and five of the company's eight executive officers are women. Photo by Sara Rubinstein

Methodology Data for the 2012 Minnesota Census were notification of any changes occurring consistent, the Census uses only those CHS, Inc. and Financial for collected from company filings with the before the Census cutoff of June 30, individuals formally designated as Section Lutherans. Although the Securities and SEC, including proxy statements (DEF 2012. The company response rate was 16b executive officers in SEC filings. Exchange Commission (SEC) lists these 14A), annual reports (Form 10-K) and 62 percent. Changes that occurred in excluded from the list of Minnesota as public companies with more than 500 current reports (Form 8-K). Accessed board membership, executive officer Census companies are closely held shareholders, they are not publicly traded online through EDGAR, the most recent appointments, company ownership companies, cooperatives and fraternal on a stock exchange. SEC filings through June 30, 2012, or bankruptcy filings after the period benefits organizations, and companies all reasonable steps have been taken were reviewed for data collection. Data covered by the June 30, 2012, filings are traded over the counter. Of Minnesota’s to verify the accuracy of the data. Any confirmation sheets were e-mailed or not reflected in this analysis. Fortune 500 companies, three companies remaining errors or omissions are the mailed to each company, requesting Criteria for inclusion in the “executive are not represented in the Minnesota sole responsibility of the researchers at verification of the information and officer” category vary by company. To be Census data sample: Land O’Lakes, St. Catherine University.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 1 EXECUTIVE SUMMARY

Pathways to Progress As women and minorities gain more education, political influence and economic clout, U.S. companies have a ready talent pipeline.

By Joann Bangs, Ph.D. and Rebecca Hawthorne, Ph.D. St. Catherine University Rebecca Hawthorne, Ph.D. Joann Bangs, Ph.D.

he face of public ›Professional reduced insolvency risk words of A.G. Lafley, former leadership in Experience and better average growth. chairman, president and CEO T Minnesota and Women hold 51.4 percent of According to a recent study of Proctor & Gamble: “A diverse throughout the nation shifted managerial and professional jobs, of 2,360 companies globally organization will out-think, in 2012, reflecting the reality according to the Bureau of Labor over the past six years, “it out-innovate and out-perform of demographic changes — a Statistics. Yet women hold only would on average have been a homogeneous organization shrinking of the white male 14.5 percent of the corporate better to have invested in every time” (Branson, 2010, majority and a growing board seats and 17.4 percent of corporations with women on pg. 127). number of women and the executive officer positions in their management boards than minorities. Minnesota companies. in those without” (Credit Suisse Women on Boards: in contrast, the face of Research Institute, 2012, p. 3). Opportunities to corporate leadership remained ›Economic Clout Diversify overwhelmingly male and white. Women control 73 percent ›PUBLIC LEADERSHIP Publicly held Minnesota Women outnumber men of U.S. household spending For the first time in history, companies appointed 56 new in higher education. They’ve decisions (Rosen, 2012). women have stepped into 20 independent directors to ascended in the workforce. Corporate boards and executive percent of the seats in the U.S. corporate boards in 2012. Each They have more economic leadership teams with women Senate. And white men no appointment represented an clout, and their presence in top members gain valuable insight longer are the majority in the opportunity to diversify the leadership positively affects into consumer preferences. U.S. House of Representatives. face of the corporate leadership a company’s bottom line. What is at stake for Min- team by opening ranks to a Still, the state’s top 100 public ›Corporate nesota companies? Progress highly qualified woman. companies have not increased Governance Impact and economic growth. When in 2012, 11 of the 56 their representation of women Women’s presence in the assessing a country’s economic (or 20 percent) of the new on their boards or in their boardroom has been connected future and potential, economists independent directors executive suites, according to to stronger corporate and identify ambivalence over appointed were women, an the 2012 Minnesota Census of social governance metrics, women’s roles as a critical increase of 10 percentage points Women in Corporate Leadership. higher returns on equity, factor blocking progress. In the over the previous year. Despite this increase, Consider the following: the net increase across all ›Qualifications companies was negligible Women earn 60 percent of all due to company relocation master’s degrees, 50 percent CONSIDER THIS: and changes in the corporate of all medical and law degrees Women earn 60% of all landscape in Minnesota. Shifts and 44 percent of all business in the companies represented degrees in the United States Master's degrees, 50% of all in the Census reveal that larger (Rosen, 2012). Companies that medical and law degrees and companies often leave and seek gender diversity tap into 44% of all business degrees in smaller ones (which tend to the largest talent pool. have fewer opportunities for the United States. women) come on.

2 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Percent of Board Seats Held by Women

Minnesota 21.9% MINNESOTA (16/100) 14.5% COMPANIES WITH WOMEN AT New York Metro 19.3% THE TABLE (62/100) 19.0% 39% Ohio 19.1% No Women 31% Directors (26/53) 16.4%

One Woman Massachusetts 18.9% Director 30% (9/100) 12.7%

Two or More Alabama 18.8% Women (1/27) Directors 9.0%

Wisconsin 17.1% (7/50) 14.4%

California 17.0% (51/85) 16.0% Women held 14.5 percent of it beneficial that at least one the board seats of Minnesota’s person on the board knows the Georgia 17.0% (14/130) 10.4% 100 largest publicly held potential candidate.” companies in 2012. This Pennsylvania 16.1% reflects the highest percentage Women Executive (7/100) 11.0% of seats held by women since Officers: Good News Michigan 15.9% the study began in 2008, but an in a Challenging (19) 15.9% increase of only 0.3 percentage Economy 15.2% points over 2011. Women executive officers Maryland (5/80) 10.7% in hard numbers, women retained 17.4 percent of the 14.2% stepped into 12 of the 66 available executive officer Florida (15/100) 9.1% available directorships at (Section 16b) positions in Minnesota companies in 2012. The number of company Texas 12.9% (49/97) 2012. Overall, these numbers positions decreased from 708 10.7% reflect a drop in the number positions in 2011 to 665 posi- Tennessee 11.1% of board seats, not a change tions in 2012, with women re- (8/62) 9.6% in the number of women ad- taining the same percentage of Kansas City 4.0% vanced to corporate boards. positions despite the decrease. (3/34) 8.2%

Most boards rely on tradi- Nine companies reported a net Fortune 500 tional nominating practices increase in women executive (497) 16.6% and tend to replicate them- officers in 2012 compared with S&P 1500 14.0% selves when selecting new eight companies in 2011. (1,485) directors. In the words of one Russell 3000 11.7% nominating chair: “We find (2,865)

0% 5% 10% 15% 20% 25%

fortune 500 all companies companies in pool

The numbers in parentheses refer to the number of companies in the Fortune 500, followed by the total number of companies tracked by the respective ION Sixty-four of the top 100 public companies in Minnesota have women member organization. executive officers (Section 16b). However, 33 of those companies have only one woman — which can be perceived as token status.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 3 WOMEN corporate directors

Minnesota Paves the Way, but Road MTS Systems and Target have both earned "Special Ahead Is Long Distinction" status on the Honor Roll for all five years of the Minnesota Census, meaning they have at least 30 percent A look at the state’s top 100 public companies women executive officers and 30 percent women directors.

innesota is a leader Back then, 14.2 percent of held companies in 2012. Twelve Women Corporate nationally in its directors were women. Five of those seats went to women, Directors by Mpercentage of years later, women directors representing 18 percent of the Company women directors at Fortune have gained barely one-third available seats. In 2011, women ›Women serve on the boards 500 public companies. A less of a percentage point, with the were appointed to 10 percent of of 69 of Minnesota’s 100 larg- satisfying statistic, however, is greatest number of women the available board seats. est publicly held companies. the lack of growth in the state’s directors serving on the boards Three fewer companies had percentage of women directors of Minnesota’s largest ›Of the 66 new board women directors in 2012 than from 2011 to 2012 — just a 0.3 companies. appointees in 2012, 56 were in 2011. percentage point rise. new independent directors — Last year presented growth ›Women hold 14.5 percent presenting companies with 56 ›Of the 16 Minnesota Fortune areas, however. An upsurge (115) of the 795 available board opportunities to diversify their 500 companies, six have three in openings for independent seats in Minnesota’s 100 largest board by gender. Only 11 of the or more women corporate di- directors (meaning directors publicly held companies, a net 56 new independent directors rectors, seven have two women who aren’t employed by the increase of 0.3 percent from the appointed in 2012 were women. directors, two have one woman company on whose board they 2011 Minnesota Census. corporate director and one serve) created opportunities ›Across Minnesota’s top 100 (Nash Finch) has none. for women. ›The percentage of seats held public companies, 16.3 percent Women filled twice as many by women corporate directors of all independent directors ›Of the 84 other Minnesota of those openings in 2012 as tends to increase with company are women. In Fortune 500 companies in the top 100, five they did in 2011. Today 16.3 size. In Fortune 500 companies, companies, 23.8 percent of in- have three or more women cor- percent of independent direc- 21.9 percent of board seats are dependent directors are women; porate directors, 12 have two tors are women. held by women; the remaining in the remaining 84 Minnesota women corporate directors, 37 even so, the needle has 84 Minnesota companies have companies, 14.1 percent of in- have one and 30 have none. hardly moved in overall per- 12.5 percent of their board dependent directors are women. centage of women directors seats held by women. since 2008, when St. Catherine The overall percentage of seats held University professors first ›A total of 66 board seats began analyzing Minnesota became available across Min- by women corporate directors has not Census data. nesota’s 100 largest publicly noticeably changed over the past five years.

A Holding Pattern In 2012 Among Minnesota’s top 100 public companies: ›9 had a net increase of one new woman director ›7 had a net decrease of one woman director ›79 had no change in total corporate directors Note: Net increases and decreases can be tracked only for the 95 companies that have remained constant in the Census sample between 2011 and 2012.

4 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Women Doing Well No Women in Top Leadership Twelve Minnesota Census companies added women directors in (Based on SEC filings as of June 30, 2012) 2012. Nine of those (*) had a net increase: Eighteen Minnesota companies include no women corporate Angeion* Piper Jaffray* directors or women executive officers (Section 16b) on their Capella Education Rimage* corporate leadership teams. Christopher & Banks* Select Comfort* Company CEO * Two Harbors Investment Mosaic* U.S. Bancorp* Aetrium, Inc. Joseph C. Levesque New Ulm Telecom * Broadview Institute, Inc. Jeffrey D. Myhre Electromed, Inc James J. Cassidy* Electro-Sensors, Inc. Bradley D. Slye Eleven Minnesota Census companies had three or more women FICO William J. Lansing directors, achieving the critical mass that research suggests is es- sential to impact corporate governance. Five of these companies Image Sensing Systems, Inc. Kenneth R. Aubrey** (*) increased the number of women serving on their boards to Insignia Systems, Inc. Scott F. Drill three or more in 2012: IntriCon Corporation Mark S. Gorder Allete (4) Piper Jaffray (4) Juhl Wind, Inc. Daniel J. Juhl (Principle EO) Christopher & Banks (3)* Select Comfort (3)* Ecolab (3)* Target (4) Lakes Entertainment, Inc. Lyle Berman (4) U.S. Bancorp (3)* Mocon, Inc. Robert L. Demorest Foods (4) Xcel Energy (3)* Multiband Corporation James L. Mandel MTS Systems (3) Northern Technologies International G. Patrick Lynch Corporation Rochester Medical Corporation Anthony J. Conway Fewer Women Directors , Inc. S. Scott Crump Seven Minnesota Census companies had a net decrease in women Winland Electronics, Inc. Brian D. Lawrence (CFO)*** directors in 2012: Wireless Ronin Technologies, Inc. Scott W. Koller Appliance Recycling Centers of MTS Systems WSI Industries, Inc. Benjamin T. Rashleger America New Ulm Telecom FICO Regis *Interim CEO MakeMusic TCF Financial **Interim CEO Kris B. Tufto, effective August 10, 2012 ***CEO David Gagne, effective December 3, 2012

Women of Color Scarce on Corporate Boards For the third year, the Minnesota Census examined directors’ seats percent of the total board seats held by women directors in held by women of color. No progress was made in 2012. Women Minnesota’s 100 largest publicly held companies. of color — as classified and named by the U.S. Census Bureau — include women identified as Black, Hispanic, Asian, Native Hawaiian ›Of the 16 Minnesota Fortune 500 companies, seven companies and other Pacific Islander, and American Indian or Alaskan Native. have one or two women of color on the board; nine companies fourteen of Minnesota’s 100 largest publicly held companies have none. had women directors of color in 2012, the same number as in 2011. Two of the 14 companies have two women of color serving on their ›Of the new 66 directors added to Minnesota’s largest publicly held boards. The 12 other companies each have one woman director companies in 2012, only one was a woman of color. of color. The 86 Minnesota companies with no women directors of color have ample room for improvement. Comparisons with National Data Women of color are scarce on corporate boards. Nationwide, ›Women of color hold 2 percent of the available board seats in women of color hold between 0.4 percent and 3.5 percent of the Minnesota’s 100 largest publicly held companies. available board seats at companies in the 15 regional samples. Minnesota, with 2 percent women directors of color, is in the › Sixteen women of color hold board seats. This represents 13.9 middle of the range.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 5 women corporate directors and executive officers

Hormel Foods has long been a champion of creating an environment that fosters female leaders. The Austin- based company has four women in top management. Pictured above: Chairman, President and CEO Jeffrey M. Ettinger and Vice Presidents Julie H. Craven, Lori J. Marco, Deanna T. Brady and Jody H. Feragen. Building a Pipeline Minnesota is a leader when it comes to women in corporate leadership, but significant work remains to achieve gender equity. Numbers Tell the Story Fifty-one of Minnesota’s 100 ›Three companies had a net Board positions reflect its Special Distinction status largest publicly held companies decrease in both women direc- current leadership roles in in the Minnesota Census — have both women corporate tors and women executive corporate governance. Execu- meaning women represent 30 directors and women executive officers in 2012 (FICO, MTS tive officer positions offer a percent of both its board and officers. On the face of it, that Systems and MakeMusic). pipeline for future leadership its executive suite. appears to be good news. roles in corporate governance. How is that possible? With a ›And the number of Min- A strategy for achieving a critical mass of women in place, But consider: nesota companies with both sustainable, critical mass of the loss of one woman director women corporate directors women leaders in public com- or one woman executive officer ›Eighteen of Minnesota’s 100 and women executive officers panies requires both. does not eradicate gender di- largest publicly held companies decreased by eight companies Here’s how it works: De- versity in corporate leadership. have no women directors or from 2011 to 2012. spite net decreases in both A diverse leadership team is executive officers. women corporate directors sustainable when women have and women executive officers achieved critical mass. in 2012, MTS Systems retained

Just the Facts Minnesota companies reporting larger revenues are more likely than smaller companies to have ✛ women represented in both the boardroom and the executive suite. That reflects national trends.

6 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Leading the Charge Minnesota companies boast highest percentage of female executive officers, but some experienced a net decrease in 2012. Women Executive Officers Nationwide

Minnesota continues to lead ›Twelve of the top 100 public the nation in the percentage companies have three or more 17.4% of executive officers who are women executive officers. Minnesota (100) 36.0% women. Women hold between 5.7 ›Nineteen have two women New York Metro 16.9% percent and 16.9 percent of executive officers. (100) 26.0% all executive officer positions Ohio 12.1% across the 14 regions other ›Thirty-three have just one (53) 30.2% than Minnesota represented woman executive officer; and Florida 11.5% in the national ION study. 36 have none. (100) 58.0% Minnesota, with 17.4 percent, Maryland 11.3% leads the regions. ›Among the state’s 16 Fortune (80) 56.3% even though that percent- 500 companies, C.H. Robinson Wisconsin 11.2% age remained constant from Worldwide and Ecolab have no 50) 40.0% last year’s report, it is still female executive officers. 11.0% something to celebrate. Philadelphia (100) 58.0% Between 26 percent and 73.2 10.9% MORE Women percent of companies in- Alabama (27) 66.7% Executives cluded in ION’s sample have Nine Minnesota Census com- no women in their executive Tennessee 10.1% panies had a net increase in offices. Thirty-six percent of (62) 54.8% women executive officers in Minnesota companies have no California 10.1% 2012: women executive officers. (85) 53.3% Communications Systems Georgia 9.9% Digi International Fewer Women (130) 60.0% H.B. Fuller Executives 9.9% Navarre Fourteen Minnesota Census Massachusetts (100) 49.0% Nortech Systems companies had a net decrease Select Comfort in women executive officers in Michigan 8.9% (19) 2012: 31.5% Capella Education Texas 6.1% (97) ValueVision Media Christopher & Banks 73.2%

Ecolab Kansas City 5.7% Section 16b officers FICO (34) 67.6% Executive officers of compa- Hawkins nies nationwide offer an ac- Hormel Foods 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75% complished pool for potential MakeMusic corporate board appointees. Medtox Scientific Criteria for inclusion in the Mosaic

“executive officer” category MTS Systems Percentage of Percentage of vary by company. To be con- Otter Tail Executive Officers Companies with No Who Are Women Women Executive sistent, the Minnesota Census St. Jude Medical Officers identifies only those indi- Supervalu viduals formally designated as SurModics The numbers in parentheses indicate the number Section 16b executive officers of companies in each region's sample. in SEC filings.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 7 MINNESOTA VOICES AND VIEWS

Why Women Matter Research shows that one woman has less influence than multiple female views.

ne woman on a board is a token. agreement among CEOs, Two are a presence, and three are corporate secretaries and Oa set of diverse views. women directors from That’s what anecdotal evidence tells us. Fortune 1000 companies that Based on extensive research nationally and women directors bring a internationally, however, the presence of style of leadership that ben- women on boards does benefit corpora- efits boardroom dynamics. tions — both financially and in decision- The report is credited making style. with showing why a in 2012, the Credit Suisse Research minimum of three women Institute tested the performance of 2,360 on a board substantially changes the in companies with women CEOs and companies globally over the past six years. dynamics and interactions. Women multiple women board members. Companies with one or more women directors are credited with surfacing This trend is reflected in the 2012 directors outperformed those with no tough issues and fostering collaboration Minnesota Census Honor Roll, which women on the board. A substantial report to solve them. welcomed Christopher & Banks and Select published in 2006 by the Wellesley Centers Women directors also open channels for Comfort to “Special Distinction” status for Women — “Critical Mass on Corpo- women in upper management. According (30 percent women on its board and in its rate Boards: Why Three or More Women to Matsa and Miller (2011), the number of executive suite). Both companies currently Enhance Governance” — found wide women executive officers tends to increase are led by women CEOs.

Lessons From Local Leaders Minnesota executives tout the importance of having gender diversity on corporate boards.

Women’s point of view: Diversity and decision- “To say we need the ‘woman’s making: voice’ at the table suggests that “By the nature of having people of women hold a single point of different backgrounds on a board, view. If you have more than one you are going to have a better conver- woman her voice is recognized for sation. If I can get men and women of what she says, rather than as ‘the different cultures and races focusing woman’s perspective.’” on a common issue, I would bet on —Deborah Amberg, senior vice president, general counsel that team giving me a better solution.” and secretary, Allete, Inc.; president, board of trustees, —Becky Roloff, president and CEO, YWCA of Minneapo- Marshall School, Duluth; director, One Roof Community lis; director, Allina Health and C.H. Robinson Worldwide Housing

8 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Women as a strategic imperative: “One of the best ways to build diverse management ranks is to have a diverse board. In consumer goods, women make or influence at least 80 percent of the purchasing decisions. From our business perspective at Land O’Lakes, women understand women and bring a great insight.” —Chris Policinski, president and CEO, Land O’Lakes; director, Xcel Energy, Hormel Where to find Foods and U.S. Global Leadership Campaign female directors: “I was visible and effective in the not-for-profit sector, which led to me being invited to be a director of North American Life Insurance Company back in 1976. Nominating women directors: There are many places to look “It is incumbent upon boards’ nominating — including academia and committees to cast a wide net. Sometimes boards use the not-for-profit sector — their own network or sphere of influence. Sometimes without limiting the search they engage search firms. But to suggest that there to a CEO or COO of aren’t experienced, highly competent women misses a corporation.” the mark.” —Luella Goldberg, former director, Hormel — Mark Cohn, chairman and CEO, Third Season, LLC; founder, Second Act and Foods, ReliaStar Financial and TCF Financial Damark International; director, Christopher & Banks

Minnesota’s Good Fortune State’s largest corporations are national leaders in gender diversity

Three’s Minnesota leads the nation in the percent of Fortune 500 company board seats held by women directors the Charm (21.9 percent). When factoring in all 100 of the largest Minnesota public companies, Minnesota’s data The following Minnesota on women directors are comparable to the national trends. Census companies have The 14.5 percent of board seats held by women directors across the Minnesota Census companies three or more women falls in the upper-middle range of the national data reported by ION, a national nonprofit organization directors: dedicated to advancing women in corporate leadership. Three Women Directors › Christopher & Banks In the 15 regions reported in the national ION data, women hold between 8.2 percent and 19 percent Ecolab of the available board seats in all companies included in the research. Minnesota weighs in with 14.5 MTS Systems percent. Select Comfort U.S. Bancorp ›In Fortune 500 companies nationwide, women hold 16.6 percent of the available board seats. Minne- Xcel Energy sota’s 16 Fortune 500 companies have women directors in 21.9 percent of the available board seats. Four Women Directors Allete A recent study by GMI Ratings (July 2012) examining gender diversity on 2,770 corporate boards General Mills revealed that the Midwest leads the United States in corporate boardroom gender diversity, followed Hormel Foods by New England and the Mid-Atlantic regions. The West and South follow, with the Mountain region Piper Jaffray lagging behind. Target Minnesota, Ohio and the New York metro area lead the pack nationally due to their strength in consumer products and financial services companies — which, according to GMI Ratings, tend to have multiple women directors and fewer companies with all-male boards.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 9 honor roll and special distinction companies

Moving the Needle Honor Roll companies make Minnesota a diverse place to do business.

innesota consistently ranks at sions, and listening to women’s voices is ›Adding women directors will naturally or near the top in women’s cor- important to their success. So is attracting result from identifying a board’s strategic Mporate leadership among the 15 and retaining women executive officers. needs and seeking the best-qualified candi- regions studied by the InterOrganization Top executives at many leading Minne- dates to fill those gaps. Network (ION), a nonprofit organization sota companies share these common beliefs that seeks to advance women’s corporate cited by executives in national ION research: ›Plenty of talented women with experi- leadership. ence in the business and nonprofit sectors in fiscal year 2012, Minnesota was first ›Gender diversity at the boardroom and are qualified to serve on corporate boards in the percentage of women executives and executive levels is a strategic business im- across all industries and sectors. fifth in the percentage of women directors. perative, not just a feel-good or politically Consumer products companies such as correct initiative. › A diverse board often results in bet- Target, and Select Comfort under- ter corporate governance and financial stand the need to make gender diversity a ›The boardroom and executive suite must performance. priority. They recognize that women make reflect the environment in which the com- a majority of household spending deci- pany operates and competes. ✛ Learn more at ionwomen.org.

“We strive to build high-performance teams that celebrate the power of individuality and collaboration.” —Shelly Ibach, president and CEO, Select Comfort

About the Honor Roll 2012 HONOR ROLL Departures: Minnesota companies in the 2012 Minnesota ›Alliant Techsystems relocated its headquarters. Census have boards ranging from four to ›New Ulm Telecom lost one woman director. 15 seats and list from one to 18 Section 16b ›Otter Tail lost one woman executive officer. executive officers. Therefore, Honor Roll ›Piper Jaffray added five executive officers, all of them men. criteria focus on the percentage, rather than ›St. Jude Medical lost one woman executive officer and added an executive the number, of women corporate directors officer position filled by a man. and women executive officers. Six Minnesota companies have retained 2012 HONOR ROLL Additions: Honor Roll status over the past five years: ›Best Buy decreased the size of its board of directors. No additional women joined the Christopher & Banks, CyberOptics, Deluxe, HMN Financial, MTS Systems and Target. board, but the percentage of women increased. These companies maintain a diverse ›UnitedHealth Group reduced the number of executive officer positions. No women corporate leadership team despite director were added, but the percentage of women increased. and executive officer turnover.

10 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP The 2012 Honor Roll Companies with 30 percent women executive officers and 30 percent women directors are granted “Special Distinction” status in the Minnesota Census of Women in Corporate Leadership Honor Roll. This is the first time since the initial analysis in 2008 that the Minnesota Census has featured more than three Special Distinction companies. MTS and Target have been Special Distinction companies for all five years of the Census. CyberOptics has retained that distinction since 2009, and Christopher & Banks and Select Comfort made the Special Distinction ranks for the first time this year.

Special Distinction Companies Companies with both 20 percent or more women corporate di- rectors and 20 percent or more women executive officers receive the surface mount electronics Honor Roll distinction in the Minnesota Census of Women in industry. Two of its six directors Corporate Leadership. are women and one in three executive officers is a woman. MTS Systems Corporation One of two companies to earn Special Distinction status for Christopher & Banks FORTUNE 500: each of the past five years, MTS Corporation Best Buy Company, Inc. Systems provides testing and Christopher & Banks joins the (2012 addition) sensing solutions to measure Special Distinction companies CEO George L. Mikan III* accuracy, durability and on the Honor Roll for the first reliability in sectors that range time. “The company has made a CEO Gregg W. Steinhafel from energy to aerospace and concerted effort to expand the UnitedHealth Group, Inc. civil engineering. In 2012, three experience, background, skills (2012 addition) of eight directors were women and viewpoints, as well as the and two of six executive officers overall make-up, of the board,” CEO Stephen J. Hemsley were women. says Paul Snyder, chairman of the board. Three of eight directors are women and two of five executive OTHER officers are women. In November COMPANIES: 2012, the company hired a female Analysts International president and CEO. Corporation “As a women’s specialty CEO Brittany B. McKinney retailer, we believe that Christopher & Banks Target Corporation having women on the Corporation Target has received Special board and in the CEO Joel N. Waller** C-suite helps us more Distinction status for all five CyberOptics Corporation years of the Census. Four of 11 fully understand our CEO Kathleen P. Iverson directors are women and five of customer base.” 12 executive officers are women. —Paul Snyder, chairman of the board, “We believe diversity is vital in Christopher & Banks CEO Lee L. Schram understanding and serving our HickoryTech Corporation guests and in making Target a CEO John W. Finke great place to work,” says Gregg Steinhafel, Target chairman, HMN Financial, Inc. president and CEO. Select Comfort President Bradley C. Krehbiel Corporation MTS Systems Corporation Having moved up the Honor CEO Jeffrey A. Graves Roll to Special Distinction status, Select Comfort Corporation Select Comfort — maker of CEO Shelly R. Ibach CyberOptics Corporation Sleep Number beds — regards “A diverse culture is a rewarding individualism as part of its DNA. The Valspar Corporation culture in which to work,” Half of the senior leadership CEO Gary E. Hendrickson says Board Chair, CEO and team is female, including President Kitty Iverson. “So President and CEO Shelly Ibach, *Hubert Joly announced we have very little turnover at who was promoted from vice August 20, 2012, as new CEO CyberOptics — and that clearly president in June 2012. Three of **LuAnn Via announced helps the bottom line.” A Special nine directors at the company November 26, 2012, as new CEO Distinction company since are women and five of eight 2009, CyberOptics is a leader in executive officers are women.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 11 ROSTER OF WOMEN CORPORATE DIRECTORS (as listed in SEC filings as of June 30, 2012 )

Company Name CORPORATE Title DIRECTORS Company Linda G. Alvarado President and CEO, Alvarado Construction, Inc. Aulana L. Peters Retired Partner, Gibson, Dunn & Crutcher, LLP Allete, Inc. Kathleen A. Brekken Retired President and CEO, Midwest of Cannon Falls, Inc. Kathryn W. Dindo Retired VP and Chief Risk Officer, FirstEnergy Corporation Heidi J. Eddins Former EVP, Secretary and General Counsel, Florida East Coast Railway, LLC Madeleine W. Ludlow Former Principal, Market Capital Partners, LLC , Inc. Siri S. Marshall Former SVP, General Counsel and Secretary, and Chief Governance and Compliance Officer, General Mills, Inc. Analysts International Corporation Brigid A. Bonner VP of Digital Marketing, Home Service Division, The Schwan Food Company Brittany B. McKinney Director, President and CEO, Analysts International Corporation Angeion Corporation Wendy D. Lynch, Ph.D. Co-Director, Center for Consumer Choice in Health Care, Altarum Institute Apogee Enterprises, Inc. Sara L. Hays Principal, SLH Advisors Arctic Cat, Inc. Susan E. Lester Private investor; CFO, Homeside Lending, Inc. Best Buy Company, Inc. Lisa M. Caputo EVP, Marketing and Communications, Travelers Companies, Inc. Kathy J. Higgins Victor President and Founder, Centera Corporation Buffalo Wild Wings, Inc. Sally J. Smith CEO and President, Buffalo Wild Wings, Inc. C.H. Robinson Worldwide, Inc. Rebecca Koenig Roloff CEO, Minneapolis YWCA Canterbury Park Holding Corporation Carin J. Offerman Private investor; Principal, Puppy Good Start Capella Education Company Jody G. Miller CEO and President, Business Talent Group Hilary C. Pennington Former Director, U.S. Education – Postsecondary Success and Special Initiatives, Bill and Melinda Gates Foundation Cardiovascular Systems, Inc. Leslie L. Trigg EVP, Marketing and Commercial Strategy, Lutonix Caribou Coffee Company, Inc. Sarah Palisi Chapin CEO, Hail Merry Snacks; Co-founder, The Chain Gang Christopher & Banks Corporation Anne L. Jones CEO, Jones Consulting Group, Inc. Patricia A. Stensrud President, A&H Manufacturing Lisa W. Wardell EVP and COO, The RLJ Companies Clearfield, Inc. Cheryl P. Beranek President and CEO, Clearfield, Inc. Communications Systems, Inc. Luella G. Goldberg Member, Board of Overseers, University of Minnesota School of Management CyberOptics Corporation Kathleen P. Iverson Chairman of the Board of Directors, President and CEO, CyberOptics Corporation Irene M. Qualters Lead Director, CyberOptics Corporation; Program Director – Office of Cyberinfrastructure, National Science Foundation Datalink Corporation Margaret A. Loftus Independent Consultant Deluxe Corporation Cheryl E. Mayberry McKissack President and CEO, Nia Enterprises, LLC Mary Ann O’Dwyer SVP, Finance and Operations, and CFO, Wheels, Inc. Digital River, Inc. Cheryl F. Rosner Consultant and advisor to various companies The Dolan Company Lauren Rich Fine Executive Search Consultant, Howard & O’Brien Associates , Inc. Janet M. Dolan President, Act 3 Enterprises Ecolab, Inc. Barbara J. Beck CEO, Learning Care Group, Inc. Victoria J. Reich Former SVP and CFO, United Stationers, Inc. Mary M. VanDeWeghe CEO and President, Forte Consulting, Inc. Famous Dave's of America, Inc. Lisa A. Kro Founding Partner, CFO and Managing Director, Mill City Capital, L.P. Company Reyne K. Wisecup EVP, Human Resources, Fastenal Company G&K Services, Inc. Lynn Crump-Caine Founder and CEO, Outsidein Consulting; Retired EVP, Worldwide Operations and Restaurant Systems, McDonald's Corporation Alice M. Richter Retired CPA, KPMG, LLP General Mills, Inc. Judith Richards Hope Distinguished Visitor from Practice and Professor of Law, Georgetown University Heidi G. Miller Retired President, JPMorgan International, a Division of JPMorgan Chase & Company Hilda Ochoa-Brillembourg Founder, President and CEO, Strategic Investment Group; Director, Emerging Markets Investment Corporation Dorothy A. Terrell Managing Partner, FirstCap Advisors Graco, Inc. Martha (Marti) A. Morfitt CEO, Airborne, Inc. H.B. Fuller Company Juliana L. Chugg SVP and President, Meals Division, General Mills, Inc. HickoryTech Corporation Myrita P. Craig President, Blackbook Experience Management Group Diane L. Dewbrey CEO and Director, Foundation Bank HMN Financial, Inc. Karen L. Himle Director, Minnesota Orchestral Association; Director, University of Nebraska Foundation; Director, Himle Rapp and Company, Inc. Susan K. Kolling SVP, HMN Financial, Inc. Hormel Foods Corporation Jody H. Feragen EVP and CFO, Hormel Foods Corporation Susan I. Marvin President, Marvin Windows and Doors Elsa A. Murano, Ph.D. Professor, Nutrition and Food Science, and President Emerita, Texas A&M University Susan K. Nestegard Former President, Global Healthcare Sector, Ecolab, Inc. Hutchinson Technology, Inc. Martha Goldberg Aronson EVP, Strategic Planning, Ecolab, Inc. Ikonics Corporation Rondi C. Erickson Co-owner, Nokomis Restaurant & Bar Imation Corporation Trudy A. Rautio CEO, Carlson , Inc. Martha (Marti) A. Morfitt CEO, Airborne, Inc.

12 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Company Name CORPORATE Title DIRECTORS Medtronic, Inc. Shirley Ann Jackson, Ph.D. President, Rensselaer Polytechnic Institute Denise M. O’Leary Private venture capital investor MTS Systems Corporation Emily M. Liggett President and CEO, Novatorque, Inc. Barb J. Samardzich VP, Product Development, Ford of Europe, Ford Motor Company Gail P. Steinel Owner, Executive Advisors The Mosaic Company Phyllis E. Cochran President, Parts Group, Navistar, Inc. Nancy E. Cooper EVP and CFO, CA Technologies Navarre Corporation Kathleen P. Iverson President and CEO, CyberOptics Corporation New Ulm Telecom, Inc. Suzanne M. Spellacy VP and General Counsel, Northern Oil and Gas, Inc. Lisa Meier Executive Financial and Accounting Consulting Services, SolomonEdwards Group, LLC NVE Corporation Patricia M. Hollister CFO, FSI International, Inc. Otter Tail Corporation Karen M. Bohn President, Galeo Group, LLC Joyce Nelson Schuette Retired Managing Director and Investment Banker, Piper Jaffray Companies , Inc. Ellen A. Rudnick Executive Director and Clinical Professor, University of Chicago Booth School of Business Pentair, Inc. Leslie Abi-Karam EVP and President, Mailing Solutions Management, Pitney Bowes, Inc. Glynis A. Bryan CFO, Insight Enterprises, Inc. Piper Jaffray Companies B. Kristine Johnson President, Affinity Capital Management Lisa K. Polsky EVP and Chief Risk Officer, CIT Group, Inc. Jean M. Taylor President, Life is Now, Inc. Hope B. Woodhouse COO, Bridgewater Associates, LP Polaris Industries, Inc. Annette K. Clayton EVP, Global Supply Chain, Schneider Electric Proto Labs, Inc. Margaret A. Loftus Director, Datalink Corporation Rimage Corporation Kimberly K. Nelson EVP and CFO, SPS Commerce, Inc. Select Comfort Corporation Shelly R. Ibach President and CEO, Select Comfort Corporation Brenda J. Lauderback Former President, Retail and Wholesale Group, Nine West Group, Inc. Kathy Nedorostek President, U.S. Wholesale Division, Coach, Inc. Supervalu, Inc. Susan E. Engel CEO and President, PorteroLuxury, Inc. Kathi P. Seifert Retired EVP, Kimberly-Clark Corporation SurModics, Inc. Mary K. Brainerd President and CEO, HealthPartners, Inc. Susan E. Knight VP and CFO, MTS Systems Corporation Target Corporation Roxanne S. Austin President, Austin Investment Advisors Mary N. Dillon President, CEO and Director, United States Cellular Corporation Mary E. Minnick Partner, Lion Capital Anne M. Mulcahy Chairman of the Board of Trustees, Save the Children Federation, Inc. TCF Financial Corporation Karen L. Grandstrand Shareholder, Fredrikson & Byron, P.A. Techne Corporation Karen A. Holbrook, Ph.D. VP, Research and Innovation, University of South Florida Tennant Company Carol S. Eicher Business Group VP, Building and Construction, The Dow Chemical Company The Toro Company Janet K. Cooper Former SVP and Treasurer, Qwest Communications International, Inc. Katherine J. Harless Former President and CEO, Idearc, Inc. Two Harbors Investment Corporation Hope B. Woodhouse Former COO, Bridgewater Associates, Inc. U.S. Bancorp Victoria Buyniski Gluckman Retired Chairman and CEO, United Medical Resources, Inc. Doreen Woo Ho President, San Francisco Port Commission Olivia F. Kirtley CPA; business consultant UnitedHealth Group, Inc. Michele J. Hooper President and CEO, The Directors’ Council Gail R. Wilensky, Ph.D. Senior Fellow, Project HOPE Uroplasty, Inc. Lee A. Jones President and CEO, MikrobEX, Inc. The Valspar Corporation Janel S. Haugarth EVP, Merchandising and Logistics, Supervalu, Inc. Mae C. Jemison, M.D. President, The Jemison Group, Inc. ValueVision Media, Inc. Catherine Dunleavy EVP and CFO, NBC Universal Cable Entertainment and Cable Studios Winmark Corporation Jenele C. Grassle VP, Bluestem Brands, Inc. Xata Corporation Karen T. Van Lith Former CEO, MakeMusic, Inc. Xcel Energy, Inc. Gail Koziara Boudreaux CEO, UnitedHealthcare, and EVP, UnitedHealth Group A. Patricia Sampson CEO and President, The Sampson Group, Inc. Kim Williams Retired Partner, Wellington Management Company, LLP No Women The following 31 companies have only men on their boards:

Aetrium, Inc.; Appliance Recycling Centers of America; Broadview Institute, Inc.; Digi International, Inc.; Electromed, Inc.; Electro-Sensors, Inc.; FICO; FSI International, Inc.; Granite City Food & Brewery, Ltd.; Hawkins, Inc.; Image Sensing Systems, Inc.; Insignia Systems, Inc.; IntriCon Corporation; Juhl Wind, Inc.; Lakes Entertainment, Inc.; MakeMusic, Inc.; Medtox Scientific, Inc.; Mocon, Inc.; Multiband Corporation; ; Nortech Systems, Inc.; Northern Technologies International Corporation; ; Rochester Medical Corporation; SPS Commerce, Inc.; Stratasys, Inc.; Urologix, Inc.; Vascular Solutions, Inc.; Winland Electronics, Inc.; Wireless Ronin Technologies, Inc.; WSI Industries, Inc.

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 13 Roster of Women Executive Officers (Section 16b, as listed in SEC filings as of June 30, 2012 )

Company Name Executive Officers Title 3M Company Julie Bushman EVP, Safety, Security and Protection Services Business Marlene M. McGrath SVP, Human Resources Allete, Inc. Deborah A. Amberg SVP, General Counsel and Secretary Ameriprise Financial, Inc. Kelli A. Hunter EVP, Human Resources Deirdre Davey McGraw EVP, Corporate Communications and Community Relations Kim M. Sharan President, Financial Planning and Wealth Strategies, and Chief Marketing Officer Analysts International Corporation Brittany B. McKinney President and CEO Apogee Enterprises, Inc. Patricia A. Beithon General Counsel and Corporate Secretary Appliance Recycling Centers of America, Rachel L. Holmes VP, Business Development, and Chief of Staff Inc. Arctic Cat, Inc. Mary Ellen Walker VP and General Manager, Parts, Garments and Accessories Best Buy Company, Inc. Shari L. Ballard EVP and President, International Susan S. Grafton SVP, Controller and Chief Accounting Officer Carol A. Surface EVP, Chief Human Resources Officer Buffalo Wild Wings, Inc. Kathleen M. Benning EVP, Global Brand and Business Development Emily Decker VP, General Counsel and Secretary Judith A. Shoulak EVP, North American Operations Sally J. Smith CEO, President and Director Mary J. Twinem EVP, CFO and Treasurer Capella Education Company Sally B. Chial SVP, Human Resources Caribou Coffee Company, Inc. Karen E. McBride-Raffel SVP, Human Resources Christopher & Banks Corporation Monica L. Dahl SVP, Multi- Channel Marketing, Investor Relations and Business Strategy Michelle L. Rice SVP, Store Operations Clearfield, Inc. Cheryl P. Beranek President and CEO Communications Systems, Inc. Karen Nesburg Bleick VP, Human Resources Kristin A. Hlavka Corporate Controller CyberOptics Corporation Kathleen P. Iverson Chairman of the Board of Directors, President and CEO Deluxe Corporation Lynn Koldenhoven SVP, Sales and Marketing Direct-to-Consumer Julie Loosbrock SVP, Human Resources Laura Radewald VP, Enterprise Brand, Customer Experience and Media Relations Digi International, Inc. Tracy L. Roberts VP, Human Resources and Information Technology The Dolan Company Vicki J. Duncomb VP, CFO and Corporate Secretary Renee L. Jackson VP and General Counsel Donaldson Company, Inc. Sandra N. Joppa VP, Human Resources Mary Lynne Perushek VP and Chief Information Officer Debra L. Wilfong VP and CTO Famous Dave's of America, Inc. Diana G. Purcel CFO and Secretary Fastenal Company Reyne K. Wisecup EVP, Human Resources and Director FSI International, Inc. Patricia M. Hollister CFO and Assistant Secretary General Mills, Inc. Kimberly A. Nelson SVP, External Relations, and President, General Mills Foundation Graco, Inc. Caroline M. Chambers VP and Controller Karen Park Gallivan VP, General Counsel and Secretary Granite City Food & Brewery, Ltd. Monica A. Underwood VP, Finance and Corporate Secretary H.B. Fuller Company Traci L. Jensen VP, Americas Adhesives Ann B. Parriott VP, Human Resources Joan A. Schuller VP, Asia Pacific Hawkins, Inc. Theresa R. Moran VP, Quality and Support Kathleen P. Pepski VP, CFO and Treasurer HickoryTech Corporation Mary T. Jacobs VP and VP, Human Resources Carol Wirsbinski VP and COO HMN Financial, Inc. Susan K. Kolling SVP, HMN Financial and Home Federal Savings Bank Hormel Foods Corporation Jody H. Feragen EVP and CFO Lori J. Marco VP, External Affairs and General Counsel Hutchinson Technology, Inc. Connie L. Pautz VP, Human Resources and Corporate Communications MakeMusic, Inc. Karen L. VanDerBosch COO, Treasurer, CFO and Interim CEO Medtox Scientific, Inc. Angela M. Lacis Corporate Controller and Principal Accounting Officer Susan E. Puskas VP, Quality Assurance and Regulatory Affairs, and COO, Clinical Laboratory Operations Medtronic, Inc. Caroline Stockdale SVP and Chief Human Resources Officer The Mosaic Company Cindy C. Redding VP, Human Resources MTS Systems Corporation Susan E. Knight SVP and CFO Kristin Trecker SVP and Chief Human Resources Officer Nash Finch Company Kathleen M. Mahoney EVP, General Counsel and Secretary Navarre Corporation Joyce Fleck President, Business and Logistics Services Diane D. Lapp CFO

14 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Company Name Executive Officers Title New Ulm Telecom, Inc. Barbara A.J. Bornhoft VP, COO and Corporate Secretary Nortech Systems, Inc. Jill D. Hesselroth VP, Global Supply Chain Management and Electronic and Medical Products Christine Meidinger Managing Director, Wire and Cable Operations Shari J. Yantes VP, Human Resources Patterson Companies, Inc. Ranell Hamm Chief Information Officer Pentair, Inc. Angela D. Lageson SVP, General Counsel and Secretary Piper Jaffray Companies Debbra L. Schoneman CFO Polaris Industries, Inc. Stacy L. Bogart VP, General Counsel, Compliance Officer and Secretary Proto Labs, Inc. Jacqueline D. Schneider VP, Sales and Customer Service Regis Corporation Norma Knudsen EVP, Merchandising Select Comfort Corporation Annie Bloomquist SVP and Chief Marketing Officer Shelly R. Ibach President and CEO Karen R. Richard SVP and Chief Human Capital Officer Kathryn V. Roedel EVP and Chief Services and Fulfillment Officer Wendy L. Schoppert EVP and CFO SPS Commerce, Inc. Kimberly K. Nelson EVP and CFO Supervalu, Inc. Janel S. Haugarth EVP, Merchandising and Logistics Sherry M. Smith EVP and CFO Target Corporation Beth Jacob EVP, Target Technology Services, and Chief Information Officer Jodeen A. Kozlak EVP, Human Resources Tina M. Schiel EVP, Stores Kathryn A. Tesija EVP, Merchandising Laysha L. Ward President, Community Relations and Target Foundation TCF Financial Corporation Barbara E. Shaw SVP, Director, Corporate Human Resources, TCF Financial Corporation, and EVP, Corporate Human Resources, TCF Bank Tennant Company Heidi M. Wilson VP, General Counsel and Secretary The Toro Company Judy L. Altmaier VP, Operations and Quality Management Renee J. Peterson VP, Finance and CFO Two Harbors Investment Corporation Rebecca B. Sandberg Secretary and Deputy General Counsel U.S. Bancorp Jennie P. Carlson EVP, Human Resources Pamela A. Joseph Vice Chairman, Payment Services UnitedHealth Group, Inc. Gail K. Boudreaux EVP, UnitedHealth Group, and CEO, UnitedHealthcare Lori K. Sweere EVP, Human Capital Urologix, Inc. Lisa Ackermann EVP, Sales and Marketing Uroplasty, Inc. Susan Hartjes Holman COO and Secretary Nancy A. Kolb VP, Global Marketing The Valspar Corporation Cynthia A. Arnold SVP and CTO Lori A. Walker SVP and CFO ValueVision Media, Inc. Teresa Dery SVP and General Counsel Nancy Kunkle SVP, Customer Experience and Business Process Engineering Beth McCartan VP, Financial Planning and Analysis Annette Repasch Chief Merchandising Officer and SVP Carol Steinberg EVP, Internet, Marketing and Human Resources Kelly Thorp SVP, Human Resources Vascular Solutions, Inc. Susan Christian VP, Sales Operations Carrie Powers VP, Marketing Charmaine Sutton SVP, Operations Winmark Corporation Leah A. Goff VP, Human Resources Merry Beth Hovey VP, Marketing Xcel Energy, Inc. Cathy J. Hart VP and Corporate Secretary Teresa S. Madden SVP and CFO Judy M. Poferl President, Director and CEO, NSP-Minnesota No Women The following 36 companies have only men as executive officers (Section 16b):

Aetrium, Inc.; Angeion Corporation; Broadview Institute, Inc.; C.H. Robinson Worldwide, Inc.; Canterbury Park Holding Corporation; Cardiovascular Systems, Inc.; Datalink Corporation; Digital River, Inc.; Ecolab, Inc.; Electromed, Inc.; Electro-Sensors, Inc.; FICO; G&K Services, Inc.; Ikonics Corporation; Image Sensing Systems, Inc.; Imation Corporation; Insignia Systems, Inc.; IntriCon Corporation; Juhl Wind, Inc.; Lakes Entertainment, Inc.; Life Time Fitness, Inc.; Mocon, Inc.; Multiband Corporation; Northern Oil and Gas, Inc.; Northern Technologies International Corporation; NVE Corporation; Otter Tail Corporation; Rimage Corporation; Rochester Medical Corporation; Stratasys, Inc.; SurModics, Inc.; Techne Corporation; Winland Electronics, Inc.; Wireless Ronin Technologies, Inc.; WSI Industries, Inc.; Xata Corporation

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 15 WOMEN CORPORATE DIRECTORS AND EXECUTIVE OFFICERS (as listed in SEC filings as of June 30, 2012)/(Section 16b)

Ranked by 2011 Revenue

Corporate Directors Executive Officers 2012 Company Name Total Women Percent Women Net Change Total Women Percent Women Net Change Rank Directors Directors Directors from 2011 Officers Officers Officers from 2011 1 UnitedHealth Group, Inc. 10 2 20.0% 0 7 2 28.6% 0 2 Target Corporation 11 4 36.4% 0 12 5 41.7% 0 3 Best Buy Company, Inc. 8 2 25.0% 0 10 3 30.0% 0 4 Supervalu, Inc. 11 2 18.2% 0 10 2 20.0% -1 5 3M Company 10 2 20.0% 0 15 2 13.3% 0 6 U.S. Bancorp 14 3 21.4% 1 13 2 15.4% 0 7 Medtronic, Inc. 12 2 16.7% 0 8 1 12.5% 0 8 General Mills, Inc. 13 4 30.8% 0 12 1 8.3% 0 9 The Mosaic Company 11 2 18.2% 1 8 1 12.5% -1 10 Xcel Energy, Inc. 11 3 27.3% 1 16 3 18.8% 0 11 C.H. Robinson Worldwide, Inc. 9 1 11.1% 0 7 0 0.0% 0 12 Ameriprise Financial, Inc. 9 1 11.1% 0 13 3 23.1% 0 13 Hormel Foods Corporation 11 4 36.4% 0 17 2 11.8% -3 14 Ecolab, Inc. 14 3 21.4% 1 14 0 0.0% -1 15 St. Jude Medical, Inc. 8 2 25.0% 0 14 2 14.3% -1 16 Nash Finch Company 7 0 0.0% 0 7 1 14.3% 0 17 The Valspar Corporation 9 2 22.2% 0 5 2 40.0% 1 18 Patterson Companies, Inc. 10 1 10.0% 0 8 1 12.5% 0 19 Pentair, Inc. 10 2 20.0% 0 7 1 14.3% 0 20 Fastenal Company 9 1 11.1% 0 9 1 11.1% 0 21 Polaris Industries, Inc. 9 1 11.1% 0 14 1 7.1% 0 22 Donaldson Company, Inc. 11 1 9.1% 0 11 3 27.3% 0 23 Regis Corporation 6 0 0.0% -1 3 1 33.3% 0 24 The Toro Company 9 2 22.2% 0 12 2 16.7% 1 25 H.B. Fuller Company 8 1 12.5% 0 10 3 30.0% 2 26 Deluxe Corporation 9 2 22.2% 0 9 3 33.3% 0 27 TCF Financial Corporation 15 1 6.7% -1 18 1 5.6% 0 28 Imation Corporation 8 1 12.5% 0 5 0 0.0% 0 29 Otter Tail Corporation 9 2 22.2% 0 5 0 0.0% -1 30 Life Time Fitness, Inc. 8 1 12.5% 0 4 0 0.0% 0 31 Allete, Inc. 11 4 36.4% 0 7 1 14.3% 0 32 Graco, Inc. 9 1 11.1% 0 13 2 15.4% 0 33 G&K Services, Inc. 9 2 22.2% 0 5 0 0.0% 0 34 Buffalo Wild Wings, Inc. 8 1 12.5% 0 9 5 55.6% 0 35 Tennant Company 10 1 10.0% 0 8 1 12.5% 0 36 Select Comfort Corporation 9 3 33.3% 1 8 5 62.5% 1 37 Apogee Enterprises, Inc. 9 1 11.1% 0 5 1 20.0% 0 38 FICO 7 0 0.0% -1 6 0 0.0% -1 39 Arctic Cat, Inc. 7 1 14.3% 0 9 1 11.1% 0 40 ValueVision Media, Inc. 8 1 12.5% 0 13 6 46.2% 2 41 MTS Systems Corporation 8 3 37.5% -1 6 2 33.3% -1 42 Piper Jaffray Companies 9 4 44.4% 1 10 1 10.0% 0 43 Navarre Corporation 8 1 12.5% 0 6 2 33.3% 1 44 Christopher & Banks Corporation 8 3 37.5% 1 5 2 40.0% -1 45 Capella Education Company 11 2 18.2% 0 5 1 20.0% -1 46 Digital River, Inc. 7 1 14.3% 0 4 0 0.0% 0 47 Datalink Corporation 7 1 14.3% 0 3 0 0.0% 0 48 Hawkins, Inc. 7 0 0.0% 0 7 2 28.6% -1 49 Caribou Coffee Company, Inc. 7 1 14.3% 0 6 1 16.7% 0 50 Techne Corporation 9 1 11.1% 0 3 0 0.0% 0 51 Multiband Corporation 7 0 0.0% 0 6 0 0.0% 0

16 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Corporate Directors Executive Officers 2012 Company Name Total Women Percent Women Net Change Total Women Percent Women Net Change Rank Directors Directors Directors from 2011 Officers Officers Officers from 2011 52 The Dolan Company 8 1 12.5% 0 6 2 33.3% 0 53 Hutchinson Technology, Inc. 8 1 12.5% 0 6 1 16.7% 0 54 Digi International, Inc. 6 0 0.0% 0 7 1 14.3% 1 55 Two Harbors Investment Corporation 8 1 12.5% NA 6 1 16.7% NA 56 HickoryTech Corporation 9 2 22.2% 0 6 2 33.3% 0 57 Northern Oil and Gas, Inc. 7 1 14.3% 0 4 0 0.0% 0 58 Stratasys, Inc. 6 0 0.0% 0 3 0 0.0% 0 59 Famous Dave's of America, Inc. 6 1 16.7% 0 2 1 50.0% 0 60 Communications Systems, Inc. 8 1 12.5% 0 8 2 25.0% 1 61 Appliance Recycling Centers 5 0 0.0% -1 7 1 14.3% 0 of America, Inc. 62 Nortech Systems, Inc. 5 0 0.0% 0 7 3 42.9% 3 63 Analysts International Corporation 7 2 28.6% 0 1 1 100.0% 0 64 Medtox Scientific, Inc. 5 0 0.0% 0 6 2 33.3% -1 65 FSI International, Inc. 5 0 0.0% 0 4 1 25.0% 0 66 Proto Labs, Inc. 9 1 11.1% NA 11 1 9.1% NA 67 Granite City Food & Brewery, Ltd. 8 0 0.0% 0 5 1 20.0% 0 68 Vascular Solutions, Inc. 7 0 0.0% 0 9 3 33.3% 0 69 Rimage Corporation 7 1 14.3% 1 4 0 0.0% 0 70 Cardiovascular Systems, Inc. 8 1 12.5% 0 6 0 0.0% 0 71 SurModics, Inc. 10 2 20.0% 0 5 0 0.0% -1 72 Xata Corporation 9 1 11.1% 0 3 0 0.0% 0 73 CyberOptics Corporation 6 2 33.3% 0 3 1 33.3% 0 74 SPS Commerce, Inc. 6 0 0.0% 0 5 1 20.0% 0 75 IntriCon Corporation 5 0 0.0% 0 6 0 0.0% 0 76 Rochester Medical Corporation 5 0 0.0% 0 6 0 0.0% 0 77 Winmark Corporation 8 1 12.5% 0 7 2 28.6% 0 78 HMN Financial, Inc. 9 2 22.2% 0 5 1 20.0% 0 79 Canterbury Park Holding Corporation 6 1 16.7% 0 4 0 0.0% 0 80 Mocon, Inc. 6 0 0.0% 0 5 0 0.0% 0 81 Clearfield, Inc. 6 1 16.7% 0 3 1 33.3% 0 82 Lakes Entertainment, Inc. 6 0 0.0% 0 2 0 0.0% 0 83 New Ulm Telecom, Inc. 7 1 14.3% -1 3 1 33.3% 0 84 Image Sensing Systems, Inc. 7 0 0.0% 0 3 0 0.0% 0 85 NVE Corporation 5 1 20.0% 0 2 0 0.0% 0 86 Angeion Corporation 6 1 16.7% 1 3 0 0.0% 0 87 WSI Industries, Inc. 5 0 0.0% 0 2 0 0.0% 0 88 Electromed, Inc. 6 0 0.0% 0 2 0 0.0% 0 89 Northern Technologies International 7 0 0.0% 0 2 0 0.0% 0 Corporation 90 Uroplasty, Inc. 7 1 14.3% 0 7 2 28.6% 0 91 Broadview Institute, Inc. 5 0 0.0% 0 2 0 0.0% 0 92 Insignia Systems, Inc. 6 0 0.0% 0 5 0 0.0% 0 93 MakeMusic, Inc. 5 0 0.0% -1 2 1 50.0% -1 94 Ikonics Corporation 9 1 11.1% 0 5 0 0.0% 0 95 Juhl Wind, Inc. 5 0 0.0% NA 3 0 0.0% NA 96 Urologix, Inc. 5 0 0.0% 0 4 1 25.0% 0 97 Wireless Ronin Technologies, Inc. 7 0 0.0% NA 2 0 0.0% NA 98 Aetrium, Inc. 6 0 0.0% 0 6 0 0.0% 0 99 Electro-Sensors, Inc. 5 0 0.0% NA 2 0 0.0% NA 100 Winland Electronics, Inc. 4 0 0.0% 0 1 0 0.0% 0

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 17 WOMEN CHIEF FINANCIAL OFFICERS

“The ability to influence people to drive change, Do the Math the courage to do CFOs are unequaled among women in the C-suite. something unfamiliar

emember when girls women CFOs, compared with and the determination were saddled with the six female CEOs and only two to persevere are qualities R stereotype that they women CTOs. were bad at math? Today, 60 The role of CFO is gaining that . . . helped me percent of accountants and au- currency as a strategic position. achieve this role.” ditors are women, positions on “The ability to influence people —Diane Lapp, CFO, Navarre the career path to chief finan- to drive change, the courage to cial officer (CFO). And among do something unfamiliar and the relatively few women who the determination to persevere Being a CFO is “extremely center may be disappointed. have made it to the C-suite are qualities that I believe helped satisfying, but it is demand- CFOs have held the lead — whether as chief executive me achieve this role,” says Diane ing,” says Tevera Consulting’s among women in the C-suite officer, chief operating officer, Lapp, CFO of Navarre. Kay O’Leary, former CFO of in Minnesota’s top 100 public chief technology officer, chief Similarly Kim Nelson, CFO Caribou Coffee and Buca. companies since St. Catherine financial officer or president — of SPS Commerce, says, “I She says numbers-oriented University researchers began most are CFOs. enjoy how data and strategy women who believe they’ll find tracking the data last year. Sixteen of Minnesota’s top come together to create a plan more life balance as a CFO than 100 public companies have for growth.” as head of a profit-and-loss

In Minnesota, 18.8% of the state’s Fortune 500 companies have women CFOs compared with 8.7% of Fortune 500 companies nationwide.

Percentage Women at the Helm EXECUTIVE Minnesota For the second year, the Minnesota Census identified Positions Women women in top executive officer positions who hold the following titles: CEO, President, COO, CFO or CTO. Chief Executive Officer 6% Twenty-six women hold these executive officer posi- President 5% tions across the Minnesota Census companies, up from 25 Chief Operating Officer 4% in 2011. The distribution of top women executives reveals more than twice the number of CFOs to CEOs across Chief Financial Officer 16% Minnesota’s 100 largest publicly held companies. Chief Technology 2% Four additional women joined the CFO ranks in 2012. Officer

18 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Women CFOs in Minnesota’s Top Companies

1. Buffalo Wild Wings, Inc. 2. Famous Dave’s of America, Inc. 3. FSI International, Inc. 4. Hawkins, Inc. Mary J. Twinem, executive vice Diana G. Purcel, chief financial officer Patricia M. Hollister, chief financial Kathleen P. Pepski, vice president, president, chief financial officer and and secretary officer and assistant secretary chief financial officer and treasurer treasurer

5. Hormel Foods Corporation 6. MakeMusic, Inc. 7. MTS Systems Corporation 8. Navarre Corporation Jody H. Feragen, executive vice Karen L. VanDerBosch, chief operating Susan E. Knight, senior vice president Diane D. Lapp, chief financial officer president and chief financial officer officer, treasurer, chief financial officer and chief financial officer and interim chief executive officer

9. Piper Jaffray Companies 10. Select Comfort Corporation 11. Supervalu, Inc. 12. SPS Commerce, Inc. Debbra L. Schoneman, chief Wendy L. Schoppert, executive vice Sherry M. Smith, executive vice Kimberly K. Nelson, executive vice financial officer president and chief financial officer president and chief financial officer president and chief financial officer

13. The Dolan Company 14. The Toro Company 15. The Valspar Corporation 16. Xcel Energy, Inc. Vicki J. Duncomb, vice president, Renee J. Peterson, vice president, Lori A. Walker, senior vice president Teresa S. Madden, senior vice chief financial officer and corporate finance, and chief financial officer and chief financial officer president and chief financial officer secretary

MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 19 call to action

U.S. Businesses Lag in Gender Diversity Resources for Information By Joann Bangs, Ph.D. and Rebecca Hawthorne, Ph.D. Branson, D. (2012). “The Last Male Bastion: Gender and the CEO Suite in America’s Public Companies.” Routledge: New York, New York. The holding pattern of predominantly white, male leadership in most Minnesota public companies places our state’s economic growth at Catalyst (2007). “The Bottom Line: Corporate Performance risk. Diversifying the face of corporate leadership in Minnesota is a and Women’s Representation on Boards.” catalyst.org competitive imperative. Curtis, M., Schmid, C. & Struber, M. (2012). “Gender The rest of the world — from Australia and Malaysia to Norway and Diversity and Corporate Performance,” ZURICH, the — continues to set the pace for a more balanced Switzerland: Credit Suisse Research Institute. credit-suisse.com gender composition of corporate leadership, in response to efforts led by stock exchanges, governments and the business communities them- Deloitte (2010). “Diversifying the American Board: Thought selves. Action is required. Leaders Collaborate on Current Challenges and Practical Solutions.” deloitte.com (Board Diversity Report, a PDF) ›Shareholders: Encourage CEOs and board members to develop Ernst and Young (2009). “Groundbreakers: Using the a goal for board and executive suite diversity, including moving toward Strength of Women to Rebuild the World Economy.” the optimum number of three or more women on the board and in ey.com/groundbreakers executive leadership positions. Kramer, V.W., Konrad, A.M. & Erkut, S. (2006). “Critical Mass on Corporate Boards: Why Three or More Women Enhance ›CEOs and Board Chairs: Engage current board members and Governance.” Wellesley Centers for Women, Report No. executive officers in identifying and removing barriers to the advance- WCW 11. wcwonline.org/pubs/title.php?id=487 ment of qualified women into corporate leadership roles within your Matsa, D. and Miller, A. (2011). “Chipping Away at the Glass companies. Conduct an annual skills assessment of all sitting board Ceiling: Gender Spillovers in Corporate Leadership,” The members. Request a nominating slate inclusive of male and female American Economic Review, 101 (3), 635-639. candidates for each board vacancy as well as each executive position. Rosen, H. (2012). “The End of Men and the Rise of Women.” Penguin Group: New York, New York. ›Nominating Chairs: Engage all sitting board members in identi- Torchia, M., Calabro, A. and Huse, M. (2011). “Women fying prospective women directors who have the potential to add value Directors on Corporate Boards: From Tokenism to Critical to the board. Mass.” Journal of Business Ethics 102:299-317. Contact executive search firms, such as SpencerStuart, with a proven track record of identifying highly qualified women executives and placing women on corporate boards. other sources of qualified candidates include the Diverse Director Datasource (gmi3d.com), ION, Catalyst, Women Corporate Directors Credits and the National Association of Corporate Directors (NACD). The Minnesota Census of Women in Corporate Leadership is Commit to interview both male and female candidates for each va- produced by St. Catherine University. cancy. Consider expanding the board size to add an exemplary female Researchers: Joann Bangs, Ph.D., interim dean, School of director when she is identified and becomes available as opposed to Business and Professional Studies, associate professor of waiting for a board vacancy. economics and department chair; and Rebecca Hawthorne, Ph.D., associate professor and program director, Master of ›Executive Recruiters: Expand your network of qualified Arts in Organizational Leadership women candidates. Advocate for gender diversity when helping clients Research Assistants: Lisa Dahle and Laura Randgaard identify board candidates and executive officers. Commit to supplying EditorS: Elizabeth Child and Amy Gage slates that include both male and female candidates. EDITORIAL Coordinator: Laura Reidell

Digital Extra: View the current edition and the past four editions of the Minnesota Census of Corporate Leadership ✛ online: mncensus.stkate.edu. Learn more about ION, a national organization that advocates for women on corporate boards, at ionwomen.org.

20 APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP “What’s good for women is good for business, current and future employees, communities, and the world.”

—Catalyst (catalyst.org)

St. Catherine University is proud to acknowledge these sponsors of the 2012 Minnesota Census of Women in Corporate Leadership:

Report produced by:

St. Catherine University A dynamic university educating students to lead and influence, St. Catherine prepares students to make a difference in their professions, their communities and the world. At the University's heart is the largest, most innovative college for women in the nation. St. Kate’s also offers a range of graduate and associate programs for women and men.

Minnesota Women’s Economic Roundtable Founded in 1979, the Minnesota Women’s Economic Roundtable (MWER) is a forum for high-profile women leaders to become more knowledgeable about cutting-edge economic issues, to discuss the implications of the economy on professional and personal lives, and to contribute to the formation of economic policies.