The 2014 Census of Women in Corporate Leadership: How Minnesota’s Top 100 Public Companies Rank

THE Gender Dividend Three Minnesota CEOs—all men—speak out about the importance of women in leadership roles.

Doug Baker, , CEO LETTER FROM THE PRESIDENT

Roll Up Your Sleeves This year's census shows there is work to be done. by Lyndel King President, Minnesota Women’s Economic Roundtable

t. Catherine University and the Minnesota Table of Contents Women’s Economic Roundtable (MWER) have collaborated to produce the Minnesota Census 1 Letter from the President of Women in Corporate Leadership since 2008. In that time, our state’s top 100 public companies 2 Census Highlights made some progress in diversifying their boards of directors S 3 Executive Summary and increasing the percentage of women executive officers, but this year the report shows that progress has slowed. 5 2014 Minnesota Census In 2008, when the first Minnesota Census was published, Honor Roll and Special women held 117 corporate board seats, and only four were Distinction Companies CEOs in the state’s top companies. By 2013, there were 119 women board members and seven CEOs. In 2014, the 7 Holding Steady: Women on percentage of women corporate board members remained flat, at 18.6 percent, but this still Boards of Directors represents the highest percentage of women corporate directors recorded to date. In 2014, the percentage of women executive officers decreased slightly, from 20.8 percent to 19.8 percent. 11 Leading the Way: Minnesota It is clear that we still have work to do to increase the percentage of women in both corporate companies leverage the executive leadership and on boards of directors. The good news is that there was, in 2014, a gender dividend. slight increase in directors who are women of color. 13 To Lead and Influence: St. A Time magazine article in June 2014 noted that nationally, growth in the percentage of Kate's students on corporate female executives also has remained stagnant. The article pointed out that although women leadership comprise nearly half of the workforce, only 14.3 percent hold top executive office positions at Fortune 500 companies and only 20 percent are in senior management roles. How Minnesota Companies Rank I hope that those Minnesota companies listed on the honor roll in this report—those with at least 20 percent women corporate directors and at least 20 percent women executive 15 Women Corporate Directors officers—will take pride in their achievements and lead the way in encouraging their peers to include women in leadership roles in their executive suites and on their boards. We all know 17 Women Executive Officers that it is not an issue of whether there are qualified women to fill these roles—there defi- nitely are. What likely will be required to provide more opportunities for women to lead in 19 Women Directors and Executive Officers by America’s corporations—to finally shatter those glass ceilings—are mentoring programs for Company women, stronger family support policies and equal pay structures. While government can play a role, particularly in the area of equal pay, it is really up to today’s corporate leaders to initi- 20 Methodology ate policies that allow women to realize their potential as leaders in America’s corporations. American business will definitely benefit from having more women involved in the decision- 21 Leading Ladies: Minnesota making that will guide America into the future. small business leaders offer For 40 years MWER has provided a forum to discuss, encourage and support the proof that women belong in advancement of women leaders in our community. We are happy to support the research to the boardroom. document women’s leadership roles in American business, and look forward to the future. u 21 Information Resources

Photos: By Rebecca Zenefski, Rebecca Studios (pages 12, 13- 14, 21-22)

ON THE COVER: Doug Baker, CEO of Ecolab, has made it a high priority to develop better gender balance and diversity on Ecolab's board. The company joined the Minnesota Census Honor Roll this year.

Photography by Travis Anderson

1 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Census Highlights Women corporate directors and executive officers

he 2014 Minnesota Census of Women in Corporate Leadership examines the percentage of women in Tleadership roles at the 100 largest publicly held companies headquartered in Minnesota as ranked by 2013 net revenue. Board positions reflect current leadership roles in corporate governance, while executive officer posi- tions provide a path to future leadership roles in corporate governance. Recent research indicates that companies appointing women leaders to corporate director and senior executive roles reap a “gender dividend,” a significant return on investment in diverse leadership with financial, market, governance and talent implications. About Data from this year’s Minnesota census suggests that fewer Minnesota companies are reaping the gen- the Census der dividend of diverse leadership: This report is produced u Minnesota’s largest 100 public companies reported a net decrease in both women corporate directors and women executive officers in 2014—a drop of three and seven, respectively. This net decrease repre- by St. Catherine University sents a reversal from 2013’s significant progress. and is co-sponsored by the Minnesota Women’s u Forty-eight of Minnesota’s 100 largest publicly held companies had both women corporate directors Economic Roundtable and women executive officers in 2014, four fewer than 2013. (MWER). Financial support u Twenty of Minnesota’s 100 largest publicly held companies have no women directors or executive of- provided by ficers in 2014, two more than 2013. Minnesota’s “zero-zero companies” are on the rise. C.H. Robinson, YWCA u Minnesota companies reporting higher revenue are more likely than smaller companies to have women and the in both the boardroom and the executive suite, a reflection of national trends. Women's Foundation of Minnesota. u Two companies had a net increase in both women directors and women executive officers in 2014: H.B. Fuller and . u Three companies had a net decrease in both women directors and executive officers in 2014: Capella Education, CyberOptics and Famous Dave’s of America.

St. Catherine University is proud to acknowledge these sponsors of the 2014 Minnesota Census of Women in Corporate Leadership:

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 2 EXECUTIVE SUMMARY

Dancing in Place Women leaders in Minnesota companies find fewer prospects. By Joann Bangs, Ph.D., and Rebecca Hawthorne, Ph.D., St. Catherine University

ance steps: One 51 percent of management and step forward, professional jobs, yet they remain two steps back; outnumbered at all levels of cor- two steps for- porations (McKinsey & Company, ward, one step 2013). The “leaky pipeline” mani- Dback. Women continue to move fests disparate odds of advance- forward and back joining the ment for men and women: ranks of America’s corporate lead- u Men are three times ers. Progress has stalled. Women more likely to advance are dancing in place. from entry-level jobs to Catalyst, a nonprofit organiza- middle management than tion dedicated to women’s ad- women are. vancement in business, reports that u Men are two times more Joann Bangs Rebecca Hawthorne 2013 was the eighth consecutive likely to advance from year that Fortune 500 companies middle management to did not record significant growth senior management and tracting, retaining and promot- Two steps back in the percentage of women vice president. ing highly qualified women The seventh annual Minnesota corporate directors and the fourth u Men are two times more to senior leadership roles. Census of Women in Corporate consecutive year there was no sig- likely to advance to seats on Corporate culture is twice as im- Leadership reveals no prog- nificant growth in the percentage the executive committee. portant as is individual mindset ress in diversifying Minnesota of women executive officers. u Men are five times more in supporting women’s belief in boardrooms and senior executive Women hold 17 percent of likely to advance to CEO. their ability to succeed. “Leaning suites. In fact, Minnesota’s largest Fortune 500 board positions, Women, despite “leaning in” requires structural support as 100 public companies (revenues 15 percent of C-suite executive in” to career opportunities as well as shifts in both individual ranged from less than $.5 mil- positions and 5 percent of CEO Facebook COO Sheryl Sandberg and corporate mindsets. lion to $112 billion) reported positions (Catalyst, 2013). The (2013) suggests, frequently find The Minnesota Census of a net decrease in both women increasing scarcity of women themselves treading water. Women in Corporate Leadership corporate directors and women rising in corporate ranks reflects Extensive research docu- identifies those public compa- executive officers, reversing last a substantial loss of talent and ments the importance of “place” nies within our state that have year’s significant progress. a well-documented negative in determining drivers of gender provided both the structural Women continue to hold impact on the bottom line diversity (McKinsey, 2013; Bain support and corporate mindset 14.9 percent of the board seats of (McKinsey & Company, 2013). & Company, 2014). Corporate necessary for women and men Minnesota’s 100 largest publicly Women comprise 47 percent culture and the ecosystem it to succeed in senior leadership held companies in 2014. This of the U.S. workforce and hold shapes play major roles in at- roles. The business case for reflects no change in the percent- diversifying corporate leadership age of board seats held from 2013 is strong: improved financial to 2014. The total number of Minnesota Companies with performance, talent leverage, available board seats decreased by Women at the Table enhanced reputation, market 23 in 2014, with a net decrease of reflection, increased innovation three women directors. In hard No Women and stronger governance perfor- numbers, women filled only 14 Executive Officers 13% mance. In order to harness the of the 87 board seats that became One Woman Executive Officer 40% full potential of the Minnesota available at Minnesota companies 17% economy, talented women as in 2014. The lack of progress in Two Women Executive Officers well as men must attain and ex- women’s board representation is

Three or More Women 30% cel in corporate leadership roles. discouraging. Executive Officers Minnesota’s public companies Women executive officers stepped backward in 2014 in lost representation in senior diversifying corporate leadership. leadership roles (Section 16(b) positions), dropping to 17.8 per-

3 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu cent in 2014, down 0.8 percent- Finding the Fortune 500 companies in the dropped from seven to these age points from 2013 levels. The silver lining top 25 percent when it comes to six companies: Buffalo Wild number of open executive officer Progress in moving toward women’s representation on their Wings, Select Comfort, Christo- positions decreased by 11 across critical mass represents the silver boards outperform those in the pher & Banks, Electromed, Minnesota’s 100 largest publicly lining in the 2014 Minnesota lowest 25 percent by at least 53 Proto Labs and Clearfield. held companies, from 641 in Census findings. Five companies percent on return on equity.” These companies continue to 2013 to 630 in 2014, reflecting an moved from the pervasive “one- A growing body of research provide strong role models for ongoing trend across the state’s woman show” on their boards or also illustrates the positive im- women leaders. In addition, public companies over the past senior executive teams to two or pact women leaders make once two of these companies, Select several years. Women moved three women. Ameriprise moved that critical mass is reached, Comfort and Christopher & backward in attaining executive from one to three women on including: Banks, hold Special Distinction leadership roles in 2014. its board. NU Telecom gained u Higher organizational and status this year, with 30 percent Two Minnesota compa- a second woman on its board. financial performance or more women directors and nies stand out—bucking the Ecolab increased from one to (McKinsey, 2013) 30 percent or more women trend and adding both women three women executive officers. u Increased return on equity executive officers. Another, directors and women executive and Proto Labs each when boards were made Electromed, holds Honor Roll officers to senior leadership to moved from one to two women up of about 30 percent status, with 20 percent or more achieve a net increase in both in executive officers. women (Galbreath, 2011) women corporate directors and 2014. H.B. Fuller had no women The strong commitment of u Increased innovation executive officers. directors in 2013 and added two the CEO—whether male or fe- (Dezso and Ross, 2012) These companies reveal women directors to its board in male—and top leadership to gen- u Improved group perfor- the “trickle-down effect” that 2014. The company also added der diversity is critical in reshaping mance (Woolley, Chabris, occurs in companies with one woman executive officer to corporate culture and challenging et al, 2010). women CEOs and several gain Honor Roll status in the mindsets. “The message that women board members. Such Minnesota Census of Women in gender parity is important needs However, one woman direc- companies tend to have more Corporate Leadership. Patterson to start with the CEO and cascade tor and/or one woman executive women executives. An analysis Companies added two executive down through top leaders” (Bain officer remains the most com- commissioned by the Wall officer positions, one of which is & Company, 2014). mon practice across Minnesota’s Street Journal reported that held by a woman. The company Catalyst researchers made 100 largest publicly held compa- 54 percent of Standard & decreased its board size by one the business case in 2007: “The nies with women leaders. Poor’s 1500 Index companies seat and appointed a woman link between gender diver- with women CEOs have at director. These changes moved sity and business outcomes is Defining least three women corporate Patterson onto the Minnesota evidenced in the performance the CEO field directors. Only 15.5 percent of Census Honor Roll and Special of companies with a more In 2014, the number of female index firms led by men had at Distinction status. Noteworthy robust mix of women and men CEOs across Minnesota’s 100 least three women corporate progress in 2014! in senior management. Today, largest publicly held companies directors. u

Women at the Table: Seven-Year Trend Number of Women in Leadership 25% Number of Companies Women Executive Officers

20.8 40 No women executive officers 20% 19.8 19.0 19.2 18.7 18.5 17.9 18.3 30 One woman executive officer 17.4 17.5 17.7 16.8 16.7 16.9 15% 17 Two women executive officers Three or more women 13 executive officers 10% Number of Companies Women Directors

5% 32 No women directors 38 One woman director 15 Two women directors 2008 2009 2010 2011 2012 2013 2014 15 Three or more women directors % Women Directors % Women Executive Officers

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 4 2014 HONOR ROLL AND SPECIAL DISTINCTION COMPANIES

A Delicate Balance Small changes slow momentum, but the outlook remains bright.

FORTUNE® 500

Ecolab Inc. CEO Douglas Baker, Jr.

Target Corp.* John J. Mulligan, interim CEO as of survey close date

Other Companies Christopher & Banks Corp. * CEO LuAnn Via

Deluxe Corp. CEO Lee L. Schram

Electromed Inc. onor Roll and Special Distinction companies CEO Kathleen Skarvan provide successful models for attracting and retaining highly qualified women leaders. Enventis Corp. They provide the support necessary to en- CEO John W. Finke courage both women and men to “lean in” to their careers. Women leaders themselves, their male colleagues H.B. Fuller Co. H CEO James J. Owens and the companies within which they work hold joint respon- sibility for addressing the barriers that hold women back from HMN Financial Inc. attaining a critical mass of top corporate leadership positions— CEO Bradley C. Krehbiel both internal barriers and the external, structural and cultural barriers identified by research. Structural and cultural change MTS Systems Corp. requires full stakeholder participation to succeed. The stakes are CEO Jeffrey A. Graves high for Minnesota's economy. To successfully compete globally, corporate leaders must engage the full array of talented Min- NU Telecom Inc. nesota women and men. CEO Bill D. Otis Minnesota Census companies had boards ranging from two to 15 seats in 2014 and listed from one to 17 Section 16(b) Patterson Cos. Inc. * executive officers. Therefore, Honor Roll criteria focus on the CEO Scott P. Anderson percentage of women corporate directors and executive officers. Select Comfort Corp. Companies with 20 percent or more women corporate * CEO Shelly R. Ibach directors and executive officers receive Honor Roll distinction. Special Distinction is awarded to companies with 30 percent The Corp. or more women directors and executive officers. Companies CEO Gary E. Hendrickson are listed by revenue category and CEO, the people in the best position to serve as catalysts for change. Special Distinction * Special Distinction companies have 30 percent or more women companies are noted. u directors and 30 percent or more women executive officers. In 2014, four Minnesota companies attained this status.

5 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Minnesota ...... wwwww Minnesota Buffalo Wild Wings...... wwwww Companies Christopher & Banks...... wwww Companies Christopher & Banks...... wwwww With Three or With Three or Allete...... www ValueVision Media...... wwwww More Women More Women wwww Directors ...... www Executive Select Comfort...... C.H. Robinson Worldwide...... www Officers Supervalu ...... wwww Ecolab...... www Target...... wwww Foods...... www Deluxe ...... www Medtronic...... www Ecolab...... www MTS Systems...... www H.B. Fuller ...... www Otter Tail...... www Hormel Foods...... www Patterson Cos...... www Patterson Cos...... www Select Comfort...... www St. Jude Medical...... www Target...... www Vascular Solutions ...... www U.S. Bancorp...... www ...... www

Departures and Additions Christopher & Banks Deluxe The total number of Honor Roll companies decreased from 14 to 13 in 2014. Five companies joined in 2014; six departed. In some cases, Honor Roll companies left HMN Financial Minnesota due to relocation or acquisition. In many cases, the movement of one MTS Systems woman on or off the board or into or out of the executive suite drove Honor Roll membership, revealing the tenuous nature of the progress Minnesota companies Target continue to make toward changing the face of their corporate leadership teams.

2014 Departures: 2014 Additions: u departed the Honor Roll u Ecolab gained Honor Roll status after increasing the size of the board by adding two executive officer by two new seats and appointing positions filled by women. Its men to fill both. board remained constant. u St. Jude Medical lost Honor Roll u H.B. Fuller joined the Honor Roll status by adding two executive of- by replacing one male executive ficer positions held by men. officer with a woman. H.B. Fuller Notable Honor Roll Longevity u Capella left the Honor Roll after also added one board seat and two Five Minnesota companies have retained Honor losing one executive officer posi- women directors. The company Roll status over the past seven years: Christopher tion, the only one held by a woman. did not have any women directors & Banks, Deluxe, HMN Financial, MTS Systems It also lost a woman director when in 2013. and Target. MTS Systems held Special Distinction the board was reduced by two seats. u NU Telecom returned to the status for six years, but lost the distinction this u CyberOptics left the Honor Roll Honor Roll by replacing one male year after adding an executive officer position upon the retirement of CEO Kitty director with a woman. held by a man. These consistent Honor Roll com- Iverson, decreasing the company’s u Electromed joined the Honor panies maintain a diverse corporate leadership reservoir of female executive of- Roll for the first time by adding a team despite director and executive officer turn- ficers and corporate directors. woman to the board. over. Research documents the positive impact of u Analysts International departed u Patterson Cos. added two execu- at least three or more women on the board or the Honor Roll due to its merger tive officer positions, one held by on the executive leadership team (Torchia et al., with American CyberSystems, a woman. The company decreased 2011). In 2014, four Minnesota companies at- based in Georgia. its board size, but appointed an tained this critical mass of 30 percent women on u Xcel Energy lost Honor Roll status additional woman director to fill both their boards and executive offices, receiving due to the loss of an executive of- one of its remaining board seats. the Special Distinction. ficer position held by a woman.

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 6 BOARDS OF DIRECTORS

Holding Steady Minnesota's top 100 public companies show no growth in number of women on their boards.

Women Corporate Women Corporate Directors by Seats Directors by Company (Based on SEC filings as of June 30, 2014) u Women serve on the boards of 68 of Minnesota’s 100 largest pub- u Women hold 14.9 percent (116) of the 777 available board seats in licly held companies. This number has decreased by one since 2013. Minnesota’s 100 largest publicly held companies. This percent- age remained flat from 2013, stalling after two previous years of u Fifteen of the top 100 companies have three or more women progress. corporate directors, 15 companies have two, 38 have one and 32 have none. The “one-woman show” (one woman director among u A total of 87 board seats became available across Minnesota’s 100 otherwise all-male board ) remains the most common representa- largest publicly held companies in 2014. Fourteen of those seats tion of women on Minnesota boards. went to women, or 16.1 percent of the available seats. u Minnesota companies reporting higher revenue tend to have a u A total of 46 companies appointed new directors in 2014. Sixteen greater number and percentage of women corporate directors appointed two new directors to their boards. Eight added three or than smaller companies. more new directors. Despite multiple new appointments across these 46 companies, only 14 women received board appointments across 12 companies. 87 New Directors u Of the 87 new board appointees in 2014, 77 were new indepen- Women 16.1% dent directors, presenting companies with 77 opportunities to diversify their board by gender. Only 12 of the 77 new indepen- dent directors appointed in 2014—15.6 percent—were women.

u Across all 100 Minnesota companies, 16.9 percent of all indepen- dent directors are women. Men 83.9%

7 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Companies Where Women Made Gains

Twelve Minnesota Census companies added women directors in 2014. Eight of those (*) had a net increase:

u Ameriprise Financial 2* u BioAmber 1 u Ecolab 1 u Electromed 1* u General Mills 1* u H.B. Fuller 2* u Image Sensing Systems 1* u Mosaic 1 u NU Telecom 1* u Northern Technologies 1* u Patterson Cos. 1* u Proto Labs 1

Fifteen Minnesota Census companies had three or more women directors, achieving the critical mass that research suggests is essential to impact corporate governance. Two of these companies (*) increased the number of women serving on their boards to three or more in 2014:

Women of Color Directors u Allete (3) u Ameriprise Financial (3)* For the sixth year, the Minnesota Census examined directors’ seats held u Christopher & Banks (4) by women of color. Progress was made in 2014 with the appointment of u C.H. Robinson (3) two additional women of color to director positions. Women of color u Ecolab (3) as classified by the U.S. Census Bureau include women identified as u General Mills (5) black, Hispanic, Asian, native Hawaiian and other Pacific islander, and u Hormel Foods (3) American Indian or Alaskan native. u Medtronic (3) u MTS Systems (3) u Sixteen of Minnesota’s 100 largest publicly held companies had u Otter Tail (3) women of color as directors in 2014, a net increase of one from u Patterson Cos. (3)* 2013. Two of the 16 companies had two women of color serving u Select Comfort (3) on their boards. The 14 other companies each have one woman of u Target (3) color as director. u U.S. Bancorp (3) u Xcel Energy (3) u Women of color hold 2.3 percent of the available board seats in Minnesota’s 100 largest publicly held companies, an increase of 0.2 percentage points from 2013. Fewer Women Directors

u Eighteen women of color hold board seats. This represents 15.5 Eight Minnesota Census companies had a net decrease of percent of the total board seats held by women directors in Min- one woman director in 2014. Two of these companies (*) nesota’s 100 largest publicly held companies. now have no women directors: u u 84 Minnesota companies do not have any women of color serving u Capella on their boards. u CyberOptics u Famous Dave’s of America* u Of the 15 Minnesota Fortune 500 companies, seven have one or u Hormel Foods two women of color on the board; eight have none. u Piper Jaffray u SurModics u Of the new 87 directors added to Minnesota’s largest publicly held u ValueVision Media* companies in 2014, only three were women of color.

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 8 EXECUTIVE OFFICERS

Losing Ground Minnesota's top 100 public companies slide in number of women in executive officer positions.

riteria for inclusion in the u Women hold 17.8 percent of u Thirteen of the top 100 public u Minnesota companies report- C “executive officer” category the available executive officer companies have three or more ing higher revenue tend to have vary by company. To be consistent, positions in Minnesota’s 100 women executive officers; 17 a greater number and percent- the Minnesota Census identifies largest publicly held companies. have two women executive of- age of women executive officers only those individuals formally This is a drop of 0.8 percentage ficers; 30 have just one; and 40 than do smaller companies. designated as Section 16(b) execu- points from 2013 to 2014. have none (an increase of five tive officers in SEC filings. companies from 2013).

Fewer Women Executives Women Doing Well Twelve Minnesota Census companies had a net decrease Ten Minnesota Census companies had a net increase in women in women executive officers in 2014, four more executive officers in 2014, down from 13 in 2013. companies than 2013. Five of these companies (*) now Only Ecolab added more than one woman executive officer have no women executive officers: to its senior ranks: u Ameriprise Financial (1) u Christopher & Banks (1) u Best Buy (2) u Datalink (1) u Capella (1)* u Deluxe (1) u Communications Systems (1)* u Ecolab (2) u CyberOptics (1)* u Fastenal (1) u Donaldson (1) u H.B. Fuller (1) u Famous Dave’s of America (1)* u G & K Services (1) u Regis (1) u Hormel Foods (1) u Select Comfort (1) u Patterson (1) u Target (1) u Proto Labs (1) u Uroplasty (2)* u Xcel Energy (1)

9 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu The Top Executive Positions Still a Man’s World (Section 16(b) officers) The number of Minnesota companies that include no women The 2014 Minnesota Census identified women in top execu- corporate directors or women executive officers (Section 16(b) ) on tive officer positions who hold the following titles: CEO, their corporate leadership teams experienced a net increase from president, COO, CFO and CTO. 18 to 20 in 2014. Two companies added one woman director each to depart the “zero-zero list” in 2014: Image Sensing Systems and Twenty-five women hold these executive officer positions Northern Technologies International. across Census companies in 2014, one fewer than in 2013. The ranks of women CEOs dropped by one, to six, in 2014.

All but the CFO position saw declines in 2014. The percent- age of women CFOs grew from 13 percent to 15 percent.

Selected Positions Percentage of Women Chief Executive Officer 6% President 5% Chief Operating Officer 3% Chief Financial Officer 15% Company CEO Chief Technology Officer 1% Aetrium Daniel M. Koch American Church Mortgage Philip J. Myers Women CEOs in 2014: Black Ridge Oil and Gas Kenneth DeCubellis Company CEO Broadview Institute Jeffrey D. Myhre Buffalo Wild Wings Sally J. Smith Dakota Plains Holding Craig M. McKenzie Christopher & Banks LuAnn Via Electro-Sensors David L. Klenk Famous Dave’s of America Edward H. Rensi, Interim Clearfield Cheryl P. Beranek Highwater Ethanol Brian Kletscher Electromed Kathleen Skarvan Insignia Systems Glen P. Dall Proto Labs Victoria M. Holt IntriCon Mark S. Gorder Select Comfort Shelly R. Ibach Juhl Energy Daniel J. Juhl (Principal EO) Kips Bay Medical Manny Villafana Lakes Entertainment Lyle Berman Percentage of Women Directors Mocon Robert L. Demorest 22.9 Norcraft Mark Buller Table Trac Glenn Goulet Tile Shop Holdings Robert A. Rucker Titan Energy Worldwide Jeffrey W. Flannery 14.9 Wireless Ronin Technologies Scott W. Koller 12.8 WSI Industries Benjamin T. Rashleger

Based on SEC filings as of June 30, 2014.

All 100 Fortune 500 Other 85 Six companies joined this list in 2014: American Church Mortgage, Companies Companies Companies Dakota Plains Holding, Famous Dave’s of America, Highwater Ethanol, Kips Bay Medical and Norcraft.

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 10 ADVANCING WOMEN LEADERS

Leading the Way

Three companies leverage the gender dividend. By Suzy Frisch

Though the results reflect a step back, the 2014Minnesota Census of Women in Corporate Leadership is not all doom and gloom. It named 13 businesses to its Honor Roll for having 20 percent or more women, both as corporate directors and executive officers. Four fared especially well in one category, earning Special Distinction status for having 30 percent or more women serving on boards and in the C-suite. How did they do it? Three specific businesses have successfully recruited and retained strong contingents of female directors and corporate leaders. These companies are getting it right—building critical masses of women in top posi- tions—with a strong commitment to diverse leadership.

Ecolab pany focused only on entry-level positions. So Baker and others re- he census selected Ecolab cruited talented mid-level employ- T for its Honor Roll for having ees with the capacity to step into three women on its 14-member senior leadership. This approach board and six of 23 top executives. eventually resulted in Ecolab In 2014, Ecolab added two women promoting two women to six of its to its executive ranks and one to operating presidency roles, as well its board, Suzanne Vautrinot, a as leadership roles in marketing, recently retired U.S. Air Force major human resources, and mergers and general. It was the only census acquisitions. company to do so. In addition, Ecolab puts prom- Doug Baker has been CEO of ising women (and men) in posi- St. Paul-based Ecolab for the past Doug Baker tions where they can develop the decade. When he took the helm, Anderson Travis necessary skills and be challenged Ecolab had one female director. He by stretch assignments to prepare and other directors made it a high priority to develop better gender bal- them for the upper echelons. Baker also enlists the help of the women’s ance and diversity. “When I took over the company I had been here 25 leadership group at Ecolab, encouraging members to assist with recruit- years, so I certainly had ownership in what occurred before,” Baker says. ing, mentoring, and developing other women. “It was a reflection on our company, and we did not like our gender These strategies have been effective and will help drive Ecolab’s diversity. It would be a weakness if we didn’t address it.” success, Baker says: “Business is a talent game, and the company that can Though setting a gender diversity goal might seem obvious, it’s a attract the best talent ups its odds significantly. It’s hard to imagine that key first step to landing top female talent on boards and in manage- you will win the talent game when you exclude half the talent. It’s just ment. Ecolab’s top executives also spread the word among headhunters not the smart thing.” that the company wanted to find excellent women leaders. “We said that we’re open to talking with people who have different NU Telecom experiences, as long as they are hugely talented,” Baker notes. “If you’ve proven it’s a priority, people will seek you out if they have an opportu- U Telecom has a strong record of appointing women directors, nity. It turns into a virtuous cycle.” N dating back to the 1990s when it named Mary Ellen Domeier and Ecolab, with 45,000 employees, took another important step: Rosemary Dittrich to its seven-seat board. When they stepped down acknowledging that reaching its goals could take decades if the com- in 2013, the company struggled to find female candidates whose com-

11 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu panies would allow them to serve 22, notices a stark difference when he looks at historical on a public company board, says company photos dating back to its start in 1877. Until president and CEO Bill Otis. roughly a decade ago they all show a heavily white, male- New Ulm-based NU Telecom dominated leadership team. replaced them with one man and “We’ve grown as a company in the last 13 years. I one woman, Suzanne M. Spellacy, knew that one of the key things we had to do well was vice president and general counsel grow the company in terms of diversity and leadership of Taylor Corp. This year, it added opportunities, from the highest point in the boardroom a second female director, Col- Bill Otis down, to reflect the face of our customer,” says Anderson, leen Skillings, CFO and human who also is presi- resources director of Minnesota Valley Testing dent and chairman Laboratories. of Patterson, a In addition, 140-employee NU Telecom Mendota Heights enjoys significant representation of women in top company with leadership roles. Until recently, two (now one) of 7,000 employees. its three C-suite positions were held by women. In 2014, Pat- Barb Bornhoft has served as COO since 1998, terson joined the rising from administrative assistant to assistant Honor Roll for general manager, then a top executive during her naming a woman 23 years at NU Telecom. She also is corporate sec- to one of two new retary and vice president. Three of the company’s executive officer five top managers and its controller are women. positions. It also When seeking outside directors or manag- shrunk its board ers, NU Telecom strives for diversity, Otis says, and appointed and gender is one aspect. “I believe that having Scott Anderson an additional people coming from different experiences—as female director. well as male and female—gives you a different Now three of nine perspective. The more diversification you have, the better you can hit all directors are women, as are three of nine top executives. the different pieces that might be looked at slightly differently.” To bring more women on board, Patterson both developed talent There isn’t a huge pool of female business owners or executives in from within—such as new CFO Ann Gugino, who joined the company New Ulm, so the company often casts its net wider. It keeps an ongoing 15 years ago—and recruited from outside. list of potential directors and employees that it vets as needed. It also “It’s creating an environment where there is a lot of opportunity offers mentoring and tuition reimbursement for all employees to help regardless of gender,” Anderson adds. “It’s also making sure that talented them develop the right skills to make progress in their careers. people at the company have a lot of upside opportunity” so that they “We typically look for people in leadership roles at companies or don’t need to leave to continue their professional trajectory. organizations, and it’s no big secret that there are fewer females in those For companies looking to bolster their female management ranks, roles. But it’s getting easier,” says Otis, who has been CEO for three de- Anderson suggests starting with a commitment to cultivating leaders cades. “There are good, quality candidates whether it’s a board position who reflect the customer base and broader community. “Find talented or in operations or finance, so I’m a bit lost trying to second-guess why people and give them the opportunity to grow,” he says. “That requires other companies don’t have more female leaders.” you to identify some key people who you know can do the job and grow into leadership—who can be great examples for people to want Patterson Companies to be like those folks.” Showing women that they have rich opportunities and won’t be s Patterson Companies expanded its offerings supplying the alone at the top are strong incentives to join a company. As Deloitte A dental sector into veterinary medicine and rehabilitation, it also Consulting notes, “Women may well be the dominant source of honed a mission to increase its ranks of women in leadership. Scott economic growth in the near future,” making a strong business case for Anderson, who has been CEO for five years and with the company for nurturing female leaders. u

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 12 EMERGING WOMEN LEADERS

To Lead and Influence Four St. Kate’s students pave the way toward corporate leadership. by Mary Turck

Emily Phuong Le, who explains. “I was No. 5 or 6, and is majoring in accounting, now there are 50 employees. describes herself as having a pas- [I’m] the salesperson with the sion for leadership, for helping most tenure. And I’m 22 years people connect and succeed, old!” She likes the absence of which she sees as the ultimate red tape and bureaucracy, which purpose of a leader. she sees in larger corporations. Like Lindow, Le sees differ- She wants to be a leader in her ences in the ways that women startup world, and she’s already and men tend to approach lead- on the way. ership. She says that when a man succeeds in business, “he can say, Marissa Glynn has worked ‘Oh, it’s because I’m awesome, full time while going to school, I’m so smart.’ ” A woman, she completing hands-on projects says, is less likely to focus on her- such as market research for Mis- self, explaining away her success sissippi Market and a business by saying something like, “It’s plan for a health care project in because I’m lucky, I worked so Uganda. When she thinks about hard, I nurtured relationships.” corporate leadership, she focuses on social responsibility. “That puts Sasha DeMarre exchanged you down the nonprofit path,” her pre-med major for business she admits, but she’s looking for a after she fainted during a biology balance between being passionate Melissa Lindow lab that showed open-heart sur- about a cause and making money. gery. “I couldn’t imagine another “I don’t know what I’m willing to Melissa Lindow commutes lives of people.” She thinks that 10 years of . . . seeing blood and compromise right now,” she says, 200 miles to study health care women typically look first at guts,” she says. looking toward “being a young management at St. Catherine’s how they can serve rather than DeMarre, who graduated in adult, being independent, being evening/weekend/online college. at how they can advance their December, plans to be a leader able to afford a car note.” After 14 years of direct service own careers. in business, but she doesn’t see “For the next five or 10 years,” work in health care, she wants Referencing low numbers herself in a Fortune 500 board- she says, “I may have to work a to move up. Passionate about of women in top corporate room. “I work for a startup,” she little more mainstream corporate.” providing patient-centered positions, Lindow She hopes to work for a health care in an affordable way, describes the Japa- company that’s commit- she sees a need for strong leaders nese government’s ted to corporate social to manage changes in the health challenge to achieve responsibility. care system. Lindow is one of a level of 30 percent many business students at St. women on executive Catherine University who be- boards. The Japanese Women face lieves her talent and skill will take challenge comes “not challenges her to a position of leadership in necessarily because Tomorrow’s corporate the corporate world. they thought it was leaders at St. Catherine When Lindow talks about right, but because University agree that leadership, she emphasizes they needed the women face distinctive teamwork. Her leadership people,” she says. challenges. They see style is “all about how can I “An aging workforce women having to fight best serve my organization, means that they need harder to be taken seri- how can my skills be used to more women to be ously in business and in make the greatest impact in successful.” Emily Phuong Le public life.

13 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Lindow notes that her in- Her own experience mirrors dustry, health care, is dominated this reality, as she juggles full- by men. Although 74 percent of time work, a 16-credit course middle management positions load, a family that includes four are held by women, only 4 per- children and community activi- cent of health care organizations ties. She describes a busy morn- have female CEOs. “There’s a ing of trying to take a family huge disconnect there,” she says, Christmas card picture, finishing a work email, getting kids on the school bus and rushing out the door for a 200-mile commute to a meeting on campus. Not all the chal- lenges come from outside. Le says that being assertive can feel scary. “You would come off as unattractive. . . Marissa Glynn . It’s kind of scary to be successful, especially be- ing more successful than Men can be feminists, too. says. Many people “look at what your partner.” Le believes that women and you’re wearing, are you crossing Still, she says she’s minorities face similar issues. your legs, who are you dating.” inspired by Facebook’s “You need to be it to believe When women speak up, they are Sheryl Sandberg, and it,” she says. “It’s the matter of put down. “Instead of a woman believes that it’s “OK to who’s going to be the first one. being strong, she’s assertive or Sasha DeMarre sit at the table, to make If you see my boss is a black she’s bossy.” an impact, to be aggres- female, then I would say, ‘Wow, Glynn and DeMarre agree sive about what you are she’s in a position of power and that their experience at St. “some form of glass ceiling that really passionate about.” I can be there too.’ If I can see it, Catherine University serves as a restricts women from moving “There’s nothing wrong with I can be it.” counter to the societal barriers from middle management to being assertive,” Glynn insists. Women need power, they that they experience as women. upper-level management.” “I want to get things done.” affirm. People of color need In the university’s all-women That glass ceiling exists partly DeMarre agrees. For her, being power. Everybody should have setting, they feel free to be because of the way that social assertive means being the boss, an equal opportunity to earn assertive without fear of being relationships are still structured. and that’s a good thing. and use power. These young called bossy, to stand up and Despite the rhetoric of equality, women are what feminism give presentations and to be family responsibilities still fall Feminism: looks like. judged on their ideas, not the more heavily on women. Not a “scary word” “Our generation is going to way they look. “If I’m sitting next to John any longer have a really good time bring- They talk about wanting Smith,” says Lindow, “his wife Feminism, a “scary word” in el- ing up these conversations and to make changes and being is taking care of the kid who is ementary and high school, now stirring the pot,” DeMarre says. proud of being women mak- sick or the aging parent. . . . It’s seems normal to the students. ing changes. They have seen the way society is set up. Those “You can’t put it in a box,” says Support the “boys’ club,” but haven’t social, gender and family roles Glynn. “If you want to fight at St. Kate’s yet bumped up against the really do influence a woman’s for some kind of equality for “Women haven’t been taken se- glass ceiling. When they do, advancement.” women, you are a feminist.” riously in what they say,” Glynn they’ll deal with it. u

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 14 CORPORATE DIRECTORS (Based on SEC Filings as of June 30, 2014)

Company Name Names of Women Directors Titles 3M Co. Linda G. Alvarado President and CEO, Alvarado Construction, Inc. Allete, Inc. Kathryn W. Dindo Retired VP and Chief Risk Officer, FirstEnergy Corp. Allete, Inc. Heidi E. Jimmerson Former EVP, Secretary and General Counsel, Florida East Coast Railway, LLC Allete, Inc. Madeleine W. Ludlow Former Principal, Market Capital Partners, LLC Ameriprise Financial, Inc. Dianne Neal Blixt Director, Lorillard, Inc. Ameriprise Financial, Inc. Amy DiGeso Retired EVP, Global HR, The Estee Lauder Cos., Inc. Ameriprise Financial, Inc. Siri S. Marshall Retired SVP, General Counsel, Secretary and Chief Governance and Compliance Officer, General Mills, Inc. Apogee Enterprises, Inc. Sara L. Hays Principal, SLH Advisors Arctic Cat, Inc. Susan E. Lester Private Investor, Former CFO, Homeside Lending, Inc. Avalon Oil & Gas, Inc. Jill Allison Manager, Consulting Practice Best Buy Co., Inc. Lisa M. Caputo EVP and Chief Marketing and Communications Officer, Travelers Cos., Inc. Best Buy Co., Inc. Kathy J. Higgins Victor President and Founder, Centera Corp. BioAmber, Inc. Ellen B. Richstone Former CFO, Rohr Aerospace Buffalo Wild Wings, Inc. Sally J. Smith CEO and President, Buffalo Wild Wings, Inc. C.H. Robinson Worldwide, Inc. Mary J. Steele Guilfoile Chairman, MG Advisors, Inc. C.H. Robinson Worldwide, Inc. Jodee A. Kozlak EVP, Target Corp. C.H. Robinson Worldwide, Inc. ReBecca Koenig Roloff CEO, Minneapolis YWCA Canterbury Park Holding Corp. Carin J. Offerman Private Investor and Principal, Puppy Good Start Capella Education Co. Jody G. Miller CEO, Business Talent Group Cardiovascular Systems, Inc. Leslie L. Trigg Executive in Residence, Warburg Pincus Christopher & Banks Corp. Anne L. Jones CEO, Jones Consulting Group, Inc. Christopher & Banks Corp. Patricia A. Stensrud President, A&H Manufacturing Christopher & Banks Corp. LuAnn Via President and CEO, Christopher & Banks Corp. Christopher & Banks Corp. Lisa W. Wardell EVP and COO, The RLJ Cos. 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 Corp. Irene M. Qualters Division Director, Office for Advanced Cyberinfrastructure, National Science Foundation Datalink Corp. Margaret A. Loftus Independent Consultant Deluxe Corp. Cheryl E. Mayberry McKissack COO, Johnson Publishing Co., and President, JPC Digital Deluxe Corp. Mary Ann O’Dwyer SVP, Wheels, Inc. Digital River, Inc. Cheryl F. Rosner Founder and CEO, Stayful, Inc. Donaldson Co., Inc. Janet M. Dolan President, Act 3 Enterprises Ecolab, Inc. Barbara J. Beck CEO, Learning Care Group, Inc. Ecolab, Inc. Victoria J. Reich Former SVP and CFO United Stationers, Inc. Ecolab, Inc. Suzanne M. Vautrinot Retired Major General, U.S. Air Force Electromed, Inc. Kathleen S. Skarvan CEO, Electromed, Inc. Enventis Corp. Myrita P. Craig Vice Chair, Enventis Corp. and COO, YMCA, Greater Cincinnati Enventis Corp. Diane L. Dewbrey Board Chair, Enventis Corp. and CEO and Director, Foundation Bank Fastenal Co. Rita J. Heise Retired Corporate VP and CIO, , Inc. Fastenal Co. Reyne K. Wisecup EVP, HR, Fastenal Co. G&K Services, Inc. Lynn Crump-Caine Founder and CEO, Outsidein Consulting G&K Services, Inc. Alice M. Richter Retired CPA, KPMG LLP General Mills, Inc. Henrietta Holsman Fore Chairman of the Board and CEO, Holsman International General Mills, Inc. Judith Richards Hope Retired Distinguished Visitor from Practice and Professor of Law, Georgetown University General Mills, Inc. Heidi G. Miller Retired President, JPMorgan International, JPMorgan Chase & Co. General Mills, Inc. Hilda Ochoa-Brillembourg Founder, CEO and Chairman of the Board, Strategic Investment Group General Mills, Inc. Dorothy A. Terrell Managing Partner, FirstCap Advisors Graco, Inc. Martha A. Morfitt President and CEO, River Rock Partners, Inc. H.B. Fuller Co. Maria Teresa Hilado SVP, Finance and Treasurer, PepsiCo, Inc. H.B. Fuller Co. Ann W. H. Simonds SVP and President, Baking Products, General Mills, Inc. Hawkins, Inc. Mary J. Schumacher COO, Twin Cities Habitat for Humanity HMN Financial, Inc. Karen L. Himle EVP, DHR International and Adjunct Professor, University of St. Thomas School of Law HMN Financial, Inc. Dr. Wendy Shannon Assistant Professor, Winona State University Hormel Foods Corp. Jody H. Feragen EVP and CFO, Hormel Foods Corp. Hormel Foods Corp. Elsa A. Murano, Ph.D. Professor, Nutrition & Food Science and President Emerita, Texas A&M University Hormel Foods Corp. Susan K. Nestegard Former President, Global Healthcare Sector, Ecolab, Inc. Hutchinson Technology, Inc. Martha Goldberg Aronson EVP and President, Global Healthcare, Ecolab, Inc. Ikonics Corp. Rondi C. Erickson Retired Founder and Co-owner, Nokomis Restaurant & Bar Image Sensing Systems, Inc. Melissa Fisher VP, Corporate Development, Treasury and Investor Relations, Digital River, Inc. Imation Corp. Trudy A. Rautio President and CEO, Carlson Cos., Inc. , Inc. Martha A. Morfitt President and CEO, River Rock Partners, Inc. Medtronic, Inc. Shirley Ann Jackson, Ph.D. President, Rensselaer Polytechnic Institute Medtronic, Inc. Denise M. O’Leary Private Venture Capital Investor Medtronic, Inc. Preetha Reddy Managing Director, Apollo Hospitals Enterprise Ltd. Co-Director, Center for Consumer Choice in Health Care, Altarum Institute and Adjunct Associate Professor, MGC Diagnostics Corp. Wendy D. Lynch, Ph.D. School of Nursing, Indiana University/Purdue University

15 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Company Name Names of Women Directors Titles Mosaic Co. Nancy E. Cooper Retired EVP and CFO, CA, Inc. Mosaic Co. Denise C. Johnson VP and Officer, Integrated Manufacturing Operation Division, Caterpillar, Inc. MTS Systems Corp. Emily M. Liggett President and CEO, NovaTorque, Inc. MTS Systems Corp. Barb J. Samardzich COO, Ford of Europe, Ford Motor Co. MTS Systems Corp. Gail P. Steinel Owner, Executive Advisors NU Telecom, Inc. Colleen R. Skillings CFO and HR Director, Minnesota Valley Testing Laboratories, Inc. NU Telecom, Inc. Suzanne M. Spellacy VP and General Counsel, Taylor Corp. Northern Oil and Gas, Inc. Lisa Bromiley Executive Consultant, SolomonEdwardsGroup, LLC Northern Technologies Barbara D. Colwell Board Member, Publishers Clearing House, LLC International Corp. NVE Corp. Patricia M. Hollister Director, Finance, TEL FSI, Inc. OneBeacon Insurance Group Ltd. Lois W. Grady Independent Consultant, Retired EVP and Director, Information Systems and Services, Hartford Life Inc. Otter Tail Corp. Karen M. Bohn President, Galeo Group, LLC Otter Tail Corp. Kathryn O. Johnson Owner/Principal, Johnson Environmental Concepts Otter Tail Corp. Joyce Nelson Schuette Retired Managing Director and Investment Banker, Piper Jaffray & Co. Patterson Cos., Inc. Jody H. Feragen EVP and CFO, Hormel Foods Corp. Patterson Cos., Inc. Sarena S. Lin Corporate VP, Strategy and Business Development Cargill, Inc. Patterson Cos., Inc. Ellen A. Rudnick Executive Director and Clinical Professor, University of Chicago Booth School of Business Piper Jaffray Cos. B. Kristine Johnson President, Affinity Capital Management. Piper Jaffray Cos. Lisa K. Polsky EVP, Chief Risk Officer, CIT Group, Inc. Polaris Industries, Inc. Annette K. Clayton Chief Supply Chain Officer, Schneider Electric Proto Labs, Inc. Victoria M. Holt President and CEO, Proto Labs, Inc. Qumu Corp. Kimberly K. Nelson EVP and CFO, SPS Commerce, Inc. Select Comfort Corp. Shelly R. Ibach President and CEO, Select Comfort Corp. Select Comfort Corp. Brenda J. Lauderback Former President, Retail and Wholesale Group, Nine West Group, Inc. Select Comfort Corp. Kathleen L. Nedorostek Group President, Global Footwear and Accessories, Jones Group, Inc. Silver Bay Realty Trust Corp. Tanuja M. Dehne SVP and Chief of Staff, NRG Energy, Inc. St. Jude Medical, Inc. Barbara B. Hill Operating Partner, Moelis Capital Partners St. Jude Medical, Inc. Wendy L. Yarno Independent Consultant, Life Sciences Industry SurModics, Inc. Susan E. Knight SVP and CFO, MTS Systems Corp. Target Corp. Roxanne S. Austin President, Austin Investment Advisors and Interim Chair of the Board, Target Corp. Target Corp. Mary E. Minnick Partner, Lion Capital Target Corp. Anne M. Mulcahy Chairman, Board of Trustees, Save The Children Federation, Inc. TCF Financial Corp. Karen L. Grandstrand Chair, Finance Group, Fredrikson & Byron, P.A. Techne Corp. Karen A. Holbrook, Ph.D. Senior Advisor to the President, University of South Florida Tennant Co. Azita Arvani Head, Partnering and Alliances, Nokia Solutions and Networks Tennant Co. Carol S. Eicher President and CEO, Sleep Innovations/Advanced Comfort Products Co. Janet K. Cooper Retired SVP and Treasurer, Qwest Communications International, Inc. Toro Co. Katherine J. Harless Retired President and CEO, Idearc, Inc. U.S. Bancorp Victoria Buyniski Gluckman Retired Chairman and CEO, United Medical Resources, Inc. U.S. Bancorp Olivia F. Kirtley Business Consultant U.S. Bancorp Doreen Woo Ho Commissioner, San Francisco Port Commission UnitedHealth Group, Inc. Michele J. Hooper President and CEO, The Directors’ Council UnitedHealth Group, Inc. Gail R. Wilensky, Ph.D. Senior Fellow, Project HOPE Uroplasty, Inc. Lee A. Jones President and CEO, Rebiotix, Inc. Valspar Corp. Janel S. Haugarth EVP and President, Independent Business and Business Supply Chain Services, Supervalu, Inc. Valspar Corp. Mae C. Jemison, M.D. President, The Jemison Group, Inc. Winmark Corp. Jenele C. Grassle VP of Merchandising, Bluestem Brands, Inc. Xcel Energy, Inc. Gail Koziara Boudreaux CEO, UnitedHealthcare and EVP, UnitedHealth Group Xcel Energy, Inc. A. Patricia Sampson CEO, President and Owner, The Sampson Group, Inc. Xcel Energy, Inc. Kim Williams Retired Partner, Wellington Management Co. LLP XRS Corp. Karen T. Van Lith Consultant and Former CEO, Make Music, Inc.

The following 32 companies have only men on their boards: • Aetrium, Inc • American Church Mortgage Co. • ANI Pharmaceuticals, Inc. • Appliance Recycling Centers of America • Black Ridge Oil & Gas, Inc. • Broadview Institute, Inc. • Dakota Plains Holdings, Inc. • Digi International, Inc. • Electro-Sensors, Inc. • Famous Dave's of America, Inc. • Granite Falls Energy LLC • Highwater Ethanol LLC • Insignia Systems, Inc. • International Barrier Technology, Inc. • IntriCon Corp. • Juhl Energy, Inc. • Kips Bay Medical, Inc. • Lakes Entertainment, Inc. • Mocon, Inc. • Norcraft Cos., Inc. • Nortech Systems, Inc. • Regis Corp. • SPS Commerce, Inc. • Supervalu, Inc. • Table Trac, Inc. • Tile Shop Holdings, Inc. • Titan Energy Worldwide, Inc. • Urologix, Inc. • ValueVision Media, Inc. • Vascular Solutions, Inc. • Wireless Ronin Technologies, Inc. • WSI Industries, Inc.

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 16 EXECUTIVE OFFICERS (Based on SEC Filings as of June 30, 2014)

Company Names of Women Exec. Officers Titles 3M Co. Julie Bushman SVP, Business Transformation and Information Technology 3M Co. Marlene M. McGrath SVP, HR Allete, Inc. Deborah A. Amberg SVP, General Counsel and Secretary Ameriprise Financial, Inc. Kelli A. Hunter EVP, HR Ameriprise Financial, Inc. Deirdre Davey McGraw EVP, Marketing, Communications and Community Relations ANI Pharmaceuticals, Inc. Charlotte C. Arnold VP and CFO Apogee Enterprises, Inc. Patricia A. Beithon General Counsel and Secretary Appliance Recycling Centers of Rachel L. Holmes VP, Business Development and Chief of Staff America Best Buy Co., Inc. Shari L. Ballard President, International and Chief HR Officer Best Buy Co., Inc. Sharon L. McCollam CAO and CFO BioAmber, Inc. Babette Pettersen Chief Commercial Officer Buffalo Wild Wings, Inc. Kathleen M. Benning EVP, Chief Strategy Officer and Business Development Buffalo Wild Wings, Inc. Emily Decker SVP, General Counsel, Secretary Buffalo Wild Wings, Inc. Judith A. Shoulak EVP, President, North America Buffalo Wild Wings Buffalo Wild Wings, Inc. Sally J. Smith CEO, President and Director Buffalo Wild Wings, Inc. Mary J. Twinem EVP, CFO and Treasurer C.H. Robinson Worldwide, Inc. Angela K. Freeman VP, HR Christopher & Banks Corp. Monica L. Dahl SVP, Marketing Christopher & Banks Corp. Belinda D. Meier VP and Controller Christopher & Banks Corp. Michelle L. Rice SVP, Store Operations Christopher & Banks Corp. Cindy J. Stemper SVP, HR Christopher & Banks Corp. LuAnn Via President and CEO Clearfield, Inc. Cheryl P. Beranek President and CEO Communications Systems, Inc. Kristin A. Hlavka Corporate Controller Datalink Corp. Denise M. Westenfield VP, Controller, Chief Accounting Officer and Assistant Secretary Deluxe Corp. Amanda Brinkman VP, Chief Brand and Communications Officer Deluxe Corp. Tracey Engelhardt VP, Direct-to-Consumer Deluxe Corp. Julie Loosbrock SVP, HR Digi International, Inc. Tracy L. Roberts VP, HR and Information Technology Donaldson Co., Inc. Sandra N. Joppa VP, HR Donaldson Co., Inc. Mary Lynne Perushek VP and CIO Ecolab, Inc. Martha G. Aronson EVP and President, Global Healthcare Ecolab, Inc. Laurie M. Marsh EVP, HR Ecolab, Inc. Jill S. Wyant EVP and President, Global Food & Beverage Electromed, Inc. Kathleen S. Skarvan CEO Enventis Corp. Mary T. Jacobs VP, HR Enventis Corp. Carol Wirsbinski VP and COO Fastenal Co. Sheryl A. Lisowski Controller and Chief Accounting Officer Fastenal Co. Reyne K. Wisecup EVP, HR and Director G&K Services, Inc. Tracy C. Jokinen CFO General Mills, Inc. Kimberly A. Nelson SVP, External Relations and President, General Mills Foundation Graco, Inc. Caroline M. Chambers VP, Corporate Controller and Information Systems Graco, Inc. Karen Park Gallivan VP, General Counsel and Secretary Granite Falls Energy LLC Stacie Schuler CFO and Controller H.B. Fuller Co. Elin Gabriel VP, Global Operations H.B. Fuller Co. Traci L. Jensen SVP, Americas Adhesives H.B. Fuller Co. Ann B. Parriott VP, HR Hawkins, Inc. Theresa R. Moran VP, Quality and Support Hawkins, Inc. Kathleen P. Pepski VP, CFO, and Treasurer HMN Financial, Inc. Susan K. Kolling SVP, HMN Financial, Inc. and Home Federal Savings Bank Hormel Foods Corp. Deanna T. Brady Group VP, Foodservice Hormel Foods Corp. Jody H. Feragen EVP and CFO Hormel Foods Corp. Lori J. Marco VP, External Affairs and General Counsel Hutchinson Technology, Inc. Connie L. Pautz VP, HR and Corporate Communications International Barrier Technology, Inc. Melissa McElwee CFO International Barrier Technology, Inc. Lindsay B. Nauen Corporate Secretary Life Time Fitness, Inc. Tami A. Kozikowski EVP, Real Estate and Development Medtronic, Inc. Carol A. Surface SVP and Chief HR Officer Mosaic Co. Corrine D. Ricard SVP, HR MTS Systems Corp. Susan E. Knight SVP and CFO MTS Systems Corp. Kristin Trecker SVP and Chief HR Officer NU Telecom, Inc. Barbara A.J. Bornhoft VP, COO and Corporate Secretary Nortech Systems, Inc. Paula Graff VP and CFO Nortech Systems, Inc. Jill D. Hesselroth VP, Global Supply Chain Management and Electronic and Medical Products OneBeacon Insurance Group Ltd. Maureen A. Phillips SVP and General Counsel Patterson Cos., Inc. Jonelle R. Burnham VP, General Counsel and Secretary

17 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Company Names of Women Exec. Officers Titles Patterson Cos., Inc. Ann B. Gugino VP, Strategy and Planning Patterson Cos., Inc. Ranell Hamm CIO Piper Jaffray Cos. Debbra L. Schoneman CFO Polaris Industries, Inc. Stacy L. Bogart VP, General Counsel, Compliance Officer and Secretary Proto Labs, Inc. Victoria M. Holt President, CEO and Director Proto Labs, Inc. Jacqueline D. Schneider VP, Sales and Customer Service Regis Corp. Heather L. Passe SVP and Chief Marketing Officer Select Comfort Corp. Andrea Bloomquist SVP and Chief Product Officer Select Comfort Corp. Patricia Dirks SVP and Chief Human Capital Officer Select Comfort Corp. Shelly R. Ibach President and CEO Select Comfort Corp. Kathryn V. Roedel EVP, Chief Services and Fulfillment Officer Silver Bay Realty Trust Corp. Christine Battist CFO and Treasurer SPS Commerce, Inc. Kimberly K. Nelson EVP and CFO St. Jude Medical, Inc. Lisa M. Andrade VP, Chief Marketing Officer St. Jude Medical, Inc. Angela D. Craig VP, Global HR St. Jude Medical, Inc. Rachel H. Ellingson VP, Corporate Relations Supervalu, Inc. Susan S. Grafton SVP, Finance and Chief Accounting Officer Supervalu, Inc. Janel S. Haugarth EVP and President, Independent Business and Supply Chain Services Supervalu, Inc. Michele Murphy EVP, HR and Communications Supervalu, Inc. Karla C. Robertson EVP, General Counsel and Corporate Secretary Target Corp. Jodeen A. Kozlak EVP and Chief HR Officer Target Corp. Tina M. Schiel EVP and Chief Stores Officer Target Corp. Kathryn A. Tesija EVP, Chief Merchandising and Supply Chain Officer Target Corp. Laysha L. Ward President, Community Relations and Target Foundation TCF Financial Corp. Susan D. Bode SVP and Chief Accounting Officer, TCF Financial Corp., EVP and Chief Accounting Officer, TCF Bank TCF Financial Corp. Barbara E. Shaw SVP, Director, Corporate HR, TCF Financial Corp. and EVP, Corporate HR, TCF Bank Tennant Co. Heidi M. Wilson SVP, General Counsel and Secretary Toro Co. Judy L. Altmaier VP, Exmark Toro Co. Renee J. Peterson VP, Treasurer and CFO U.S. Bancorp Jennie P. Carlson EVP, HR U.S. Bancorp Pamela A. Joseph Vice Chairman, Payment Services UnitedHealth Group, Inc. Gail K. Boudreaux EVP, UnitedHealth Group and CEO, UnitedHealthcare UnitedHealth Group, Inc. Marianne D. Short EVP and Chief Legal Officer Urologix, Inc. Lisa Ackermann EVP, Sales and Marketing Valspar Corp. Cynthia A. Arnold SVP and Chief Technology Officer Value Vision Media, Inc. Teresa Dery SVP, General Counsel and Corporate Secretary Value Vision Media, Inc. Nancy Kunkle SVP, On-Air Execution and Customer Experience Value Vision Media, Inc. Beth McCartan VP, Financial Planning and Analysis Value Vision Media, Inc. Annette Repasch Chief Merchandising Officer Value Vision Media, Inc. Carol Steinberg COO Vascular Solutions, Inc. Susan Christian VP, Sales Operations Vascular Solutions, Inc. Carrie Powers VP, Marketing Vascular Solutions, Inc. Charmaine Sutton SVP, Operations Winmark Corp. Leah A. Goff VP, HR Xcel Energy, Inc. Teresa S. Madden SVP and CFO Xcel Energy, Inc. Judy M. Poferl VP, Corporate Secretary

The following 40 companies have only men as executive officers (Section 16(b)): • Aetrium, Inc. • American Church Mortgage Co. • Arctic Cat, Inc. • Avalon Oil & Gas, Inc. • Black Ridge Oil & Gas, Inc. • Broadview Institute, Inc. • Canterbury Park Holding Corp. • Capella Education Co. • Cardiovascular Systems, Inc. • CyberOptics Corp. • Dakota Plains Holdings, Inc. • Digital River, Inc. • Electro-Sensors, Inc. • Famous Dave's of America, Inc. • Highwater Ethanol LLC • Ikonics Corp. • Image Sensing Systems, Inc. • Imation Corp. • Insignia Systems, Inc • IntriCon Corp. • Juhl Energy, Inc • Kips Bay Medical, Inc. • Lakes Entertainment, Inc. • MGC Diagnostics Corp. • Mocon, Inc. • Norcraft Cos., Inc. • Northern Oil and Gas, Inc. • Northern Technologies • NVE Corp. • Otter Tail Corp. • Qumu Corp. • SurModics, Inc. • Table Trac, Inc. • Techne Corp. • Tile Shop Holdings, Inc. • Titan Energy Worldwide, Inc. • Uroplasty, Inc. • Wireless Ronin Technologies, Inc. • WSI Industries, Inc. • XRS Corp.

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 18 CORPORATE DIRECTORS AND EXECUTIVE OFFICERS (Ranked in order of 2013 net revenue as reported in the Star Tribune 100: 19th Annual Report published April 2014.Data based on SEC Filings as of June 30, 2014. )

Corporate Directors Executive Officers % % 2014 Total Women Net Change Total Women Women Net Change Company Name Women Rank Directors Directors from 2013 Officers Officers Exec. from 2013 Directors Officers 1 UnitedHealth Group, Inc. 11 2 18.2% 0 6 2 33.3% 0 2 Target Corp. 10 3 30.0% -1 8 4 50.0% -4 3 Best Buy Co., Inc. 11 2 18.2% 2 5 2 40.0% -2 4 3M Co. 9 1 11.1% -2 17 2 11.8% 3 5 U.S. Bancorp 14 3 21.4% 0 13 2 15.4% -2 6 General Mills, Inc. 14 5 35.7% 1 12 1 8.3% 0 7 Supervalu, Inc. 11 0 0.0% 1 10 4 40.0% -2 8 Medtronic, Inc. 10 3 30.0% -1 10 1 10.0% 1 9 Ecolab, Inc. 14 3 21.4% 1 15 3 20.0% 2 10 C.H. Robinson Worldwide, Inc. 10 3 30.0% 0 11 1 9.1% 0 11 Ameriprise Financial, Inc. 10 3 30.0% 1 13 2 15.4% 0 12 Xcel Energy, Inc. 11 3 27.3% -1 14 2 14.3% -1 13 Mosaic Co. 12 2 16.7% 0 10 1 10.0% 1 14 Hormel Foods Corp. 11 3 27.3% -1 17 3 17.6% 1 15 St. Jude Medical, Inc. 8 2 25.0% 1 16 3 18.8% 2 16 Valspar Corp. 10 2 20.0% 0 5 1 20.0% 0 17 Patterson Cos., Inc. 10 3 30.0% -1 10 3 30.0% 2 18 Polaris Industries, Inc. 9 1 11.1% 1 12 1 8.3% -1 19 Fastenal Co. 9 2 22.2% -2 11 2 18.2% 0 20 Donaldson Co., Inc. 12 1 8.3% 2 10 2 20.0% -1 21 H.B. Fuller Co. 9 2 22.2% 1 9 3 33.3% 0 22 Toro Co. 9 2 22.2% 0 14 2 14.3% 1 23 Regis Corp. 8 0 0.0% 0 6 1 16.7% 0 24 Deluxe Corp. 10 2 20.0% 1 11 3 27.3% 1 25 TCF Financial Corp. 14 1 7.1% -1 13 2 15.4% 3 26 Buffalo Wild Wings, Inc. 7 1 14.3% 0 8 5 62.5% 0 27 OneBeacon Insurance Group Ltd. 11 1 9.1% 1 7 1 14.3% 0 28 Life Time Fitness, Inc. 8 1 12.5% 0 5 1 20.0% 0 29 Graco, Inc. 9 1 11.1% 0 15 2 13.3% 0 30 Allete, Inc. 10 3 30.0% -1 7 1 14.3% 0 31 Select Comfort Corp. 9 3 33.3% 0 8 4 50.0% 1 32 Otter Tail Corp. 9 3 33.3% 1 4 0 0.0% -1 33 G&K Services, Inc. 8 2 25.0% -1 6 1 16.7% 1 34 Imation Corp. 6 1 16.7% -1 6 0 0.0% 0 35 Tennant Co. 10 2 20.0% 0 8 1 12.5% 0 36 Apogee Enterprises, Inc. 9 1 11.1% -1 5 1 20.0% 0 37 Arctic Cat, Inc. 7 1 14.3% -1 7 0 0.0% 1 38 Value Vision Media, Inc. 8 0 0.0% 1 12 5 41.7% 0 39 Datalink Corp. 7 1 14.3% 0 4 1 25.0% 0 40 MTS Systems Corp. 10 3 30.0% 0 7 2 28.6% 1 41 Piper Jaffray Cos. 8 2 25.0% 0 9 1 11.1% 0 42 Christopher & Banks Corp. 8 4 50.0% 0 7 5 71.4% 1 43 Capella Education Co. 8 1 12.5% -2 4 0 0.0% -1 44 Hawkins, Inc. 8 1 12.5% 0 7 2 28.6% 1 45 Digital River, Inc. 9 1 11.1% 2 5 0 0.0% 2 46 Norcraft Cos., Inc. 5 0 0.0% NA 5 0 0.0% NA 47 Northern Oil and Gas, Inc. 6 1 16.7% -1 4 0 0.0% 0 48 Techne Corp. 10 1 10.0% 1 5 0 0.0% 2 49 Hutchinson Technology, Inc. 7 1 14.3% 0 5 1 20.0% 0 50 Granite Falls Energy LLC 9 0 0.0% NA 2 1 50.0% NA 51 Tile Shop Holdings, Inc. 6 0 0.0% 0 6 0 0.0% 1 52 Digi International, Inc. 7 0 0.0% 0 8 1 12.5% 0 53 Enventis Corp. 8 2 25.0% 0 5 2 40.0% 0 54 Highwater Ethanol LLC 9 0 0.0% NA 2 0 0.0% NA 55 Proto Labs, Inc. 8 1 12.5% -1 6 2 33.3% -3 56 Famous Dave's of America, Inc. 5 0 0.0% -1 3 0 0.0% 0 57 Communications Systems, Inc. 6 1 16.7% -2 7 1 14.3% 0 58 Appliance Recycling Centers of America 5 0 0.0% 0 6 1 16.7% 1 59 Cardiovascular Systems, Inc. 8 1 12.5% 0 6 0 0.0% 0 60 Nortech Systems, Inc. 7 0 0.0% 2 5 2 40.0% 0 61 Vascular Solutions, Inc. 7 0 0.0% 0 10 3 30.0% 1 62 SPS Commerce, Inc. 7 0 0.0% 0 3 1 33.3% 0

19 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Corporate Directors Executive Officers % % 2014 Total Women Net Change Total Women Women Net Change Company Name Women Rank Directors Directors from 2013 Officers Officers Exec. from 2013 Directors Officers 63 Qumu Corp. 9 1 11.1% 1 3 0 0.0% 1 64 Clearfield, Inc. 6 1 16.7% 0 3 1 33.3% 0 65 Mocon, Inc. 8 0 0.0% 0 4 0 0.0% -2 66 SurModics, Inc. 9 1 11.1% 0 6 0 0.0% 0 67 Winmark Corp. 7 1 14.3% -1 6 1 16.7% 0 68 XRS Corp. 7 1 14.3% 0 4 0 0.0% -2 69 IntriCon Corp. 5 0 0.0% 0 5 0 0.0% -1 70 Silver Bay Realty Trust Corp. 9 1 11.1% NA 4 1 25.0% NA 71 Canterbury Park Holding Corp. 6 1 16.7% -1 5 0 0.0% 1 72 Lakes Entertainment, Inc. 5 0 0.0% 0 2 0 0.0% 0 73 New Ulm Telecom, Inc. 7 2 28.6% 0 3 1 33.3% 0 74 WSI Industries, Inc. 5 0 0.0% 0 2 0 0.0% 0 75 CyberOptics Corp. 5 1 20.0% -1 3 0 0.0% 0 76 MGC Diagnostics Corp. 5 1 20.0% -1 3 0 0.0% 1 77 HMN Financial, Inc. 9 2 22.2% 0 4 1 25.0% -1 78 ANI Pharmaceuticals, Inc. 7 0 0.0% NA 5 1 20.0% NA 79 Insignia Systems, Inc. 6 0 0.0% 0 2 0 0.0% -1 80 NVE Corp. 5 1 20.0% 0 2 0 0.0% 0 81 Image Sensing Systems, Inc. 6 1 16.7% 1 2 0 0.0% 0 82 Uroplasty, Inc. 7 1 14.3% 1 6 0 0.0% 1 83 Northern Technologies International Corp. 7 1 14.3% 0 2 0 0.0% 0 84 Titan Energy Worldwide, Inc. 2 0 0.0% 0 1 0 0.0% -1 85 Ikonics Corp. 8 1 12.5% -1 6 0 0.0% 0 86 Urologix, Inc. 5 0 0.0% 0 3 1 33.3% 0 87 Juhl Energy, Inc. 6 0 0.0% 1 3 0 0.0% 0 88 Electromed, Inc. 5 1 20.0% -1 2 1 50.0% 0 89 Broadview Institute, Inc. 4 0 0.0% 0 2 0 0.0% 0 90 Black Ridge Oil & Gas, Inc. 3 0 0.0% 0 3 0 0.0% 1 91 International Barrier Technology, Inc. 3 0 0.0% NA 3 2 66.7% NA 92 Wireless Ronin Technologies, Inc. 4 0 0.0% -1 2 0 0.0% 0 93 Electro-Sensors, Inc. 5 0 0.0% 0 1 0 0.0% 0 94 Table Trac, Inc. 5 0 0.0% 0 4 0 0.0% 0 95 American Church Mortgage Co. 4 0 0.0% NA 2 0 0.0% NA 96 BioAmber, Inc. 8 1 12.5% NA 6 1 16.7% NA 97 Aetrium, Inc. 6 0 0.0% 0 2 0 0.0% -4 98 Dakota Plains Holdings, Inc. 6 0 0.0% NA 3 0 0.0% NA 99 Avalon Oil & Gas, Inc. 4 1 25.0% NA 1 0 0.0% NA 100 Kips Bay Medical, Inc. 4 0 0.0% NA 3 0 0.0% NA

Methodology The 2014 Minnesota Census of fraternal benefit organizations, and pany filings with the SEC, including Changes that occurred in board Women in Corporate Leadership ex- over-the-counter stocks. Of Minne- proxy statements (DEF 14A), annual membership, executive officer amines the percentage of women in sota’s Fortune 500 companies, three reports (Form 10-K) and current appointments, company owner- leadership roles at the 100 largest are not represented in the Minnesota reports (Form 8-K). The most ship or bankruptcy filings after the publicly held companies headquar- Census data sample: Land O’Lakes, recent SEC filings through June period covered by the June 30, tered in Minnesota as ranked by CHS and Financial for 30, 2014, were reviewed for data 2014, filings are not reflected in this 2013 net revenue in the Minneap- Lutherans. Although the Securities collection. Data confirmation sheets analysis. olis-based Star Tribune 100: 19th and Exchange Commission (SEC) lists were emailed or mailed to each Criteria for inclusion in the Annual Report (April 2014) and the these as public companies with more company, requesting verification “executive officer” category vary Minneapolis/St. Paul Business Journal than 500 shareholders, they are not of the information and notification by company. To be consistent, the top 100 list (April 2014). publicly traded on a stock exchange. of any changes occurring before census uses only those individuals Excluded from the list are closely Data for the 2014 Minnesota the census cutoff of June 30, 2014. formally designated as Section 16(b) held companies, cooperatives and Census were collected from com- The response rate was 38 percent. executive officers in SEC filings. u

Joann Bangs, Ph.D. Rebecca Hawthorne, Ph.D. St. Catherine University acknowledgements: Dean and associate professor of Associate professor Jessica Solberg and Tasha Rose Terry, research assistants economics, School of Business and program director, Julie Michener, strategic communications manager and Professional Studies (SBPS), Master of Arts in Kristin Cummings, director of marketing and communications St. Catherine University Organizational Leadership, Valerie Krech, MAOL program coordinator St. Catherine University Laura McGlauchlen, administrative assistant, SBPS

mncensus.stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2015 20 LEADING WOMEN

Leading Ladies Minnesota small business leaders offer proof that women belong in the boardroom. by Mary Turck

iversity in the boardroom is trending in the court of Chris Farris public opinion and shareholder voting. In a recent PricewaterhouseCoopers survey of corporate directors, 57 percent report that their boards are considering or discussing recruiting more diverse directors. A key ob- Dstacle business leaders identify is awareness of qualified candidates—where do they find candidates with industry experience and expertise in finance, operations and risk management? In Minnesota, companies would do well to look no further than their own backyards, particularly for women who are already run- ning their own businesses. They have savvy and experience, as well as a different perspective that may prove particularly valuable.

Chris Farris launched Eldernest in 2014, offering home management services to seniors. More than half the businesses in the health care and social assistance sector are women-owned, the highest percentage of women-owned businesses in any sector, according to the Small Business Administration. Farris has decades of experience in the health care field as an administrator, nurse and teacher. She sees a market niche for home assistance, which she describes as “doing the chores that the son or daughter would do: groceries, meals, making appointments, bill paying.” In business terms, that translates to the work of a personal assistant, in contrast to the more medical role played by personal care attendants. Farris said she has been preparing to run her own business throughout her life. Growing up with four brothers, she learned to be assertive and was a tomboy who could “throw like a boy and was never Like the majority of women-owned businesses, Eldernest is small. the last pick on the team.” She worked her way through the College of The SBA reports that 88 percent of the nation’s 7.8 million women- St. Catherine (now St. Catherine University), and served in the Navy as owned businesses are small. About 75 percent of all U.S. businesses have an officer. Other leadership positions followed: director of critical care annual revenue below $100,000, while only 9 percent of companies nursing in a San Diego-area hospital, assistant professor of nursing and and 4 percent of women-owned enterprises have revenue of more than then assistant director of nursing at the University of Florida. Eventu- $500,000. ally, family ties brought her back to Minnesota and to jobs at Dakota While they may start small, these companies are launched and County Technical College and Fairview Hospitals. “All of those experi- growing in large numbers. Women created businesses at almost double ences,” Farris says, “helped prepare me to run my business.” the rate of men from 1997 to 2007, says the SBA.

Information Resources

u Bain & Company (2014), “Everyday u Catalyst (2013), “Why Diversity Mat- u Dezso, C.L. and Ross, D.G. (2012), Sustainability? A Study of Women on Moments of Truth: Frontline Managers ters”: www.catalyst.org “Does Female Representation in Top Boards of Directors,” Journal of Manage- are Key to Women’s Career Aspirations”: u Deloitte Global Center for Corpo- Management Improve Firm Performance? ment & Organization, vol. 17, no 1: pp. www.bain.com rate Governance (2013), “The Gender A Panel Data Investigation,” Strategic 17-38 u Catalyst (2011), “The Bottom Line: Dividend: Making the Business Case Management Journal, vol. 33, no.9 u ION (2014), “Annual Census of Wom- Corporate Performance and Women’s Rep- for Investing in Women”: www.global. u Galbreath, J. (2011), “Are There en Directors and Executive Officers in the resentation on Boards”: www.catalyst.org corpgov.deloitte.com Gender-Related Influences on Corporate Russell 3000”: www.ionwomen.org

21 APRIL 2015 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu REPORT PRODUCED BY:

ST. CATHERINE UNIVERSITY MINNESOTA WOMEN’S ECONOMIC ROUNDTABLE A dynamic university educating students to lead and influence, Founded in 1979, the Minnesota Women’s Economic Round- St. Catherine University prepares students to make a difference table (MWER) is a forum for high-profile women leaders to in their profession, their communities and the world. St. Kate’s become more knowledgeable about cutting-edge economic encompasses the largest, most innovative college for women in issues, to discuss the implications of the economy on profes- the nation and a range of graduate and associate programs for sional and personal lives and to contribute to the formation of women and men. economic policies.

Learn more at ionwomen.org. l View all seven years of the Minnesota Census at mncensus.stkate.edu. happy to be “writing my own ticket.” Ochs-Raleigh says that other women in business still face discrimination: “In bigger corporations, women face a different set of problems. They continue to fight gender pay gaps. They continue to deal with harassment. They are constantly faced with the glass ceiling.” Ochs-Raleigh has served on corporate and advisory boards, and mentors “a ton of people.” She has volunteered with nonprofits such as Alexandra House shelter for women, the Girl Scouts and the Twin Cities North Chamber of Commerce. Ochs-Raleigh says she would be very interested in serving on a large corporate board—but only after she completes her current term as president of the Minnesota chapter of the National Association of Women Business Owners (NAWBO). Marnie Ochs-Raleigh Ochs-Raleigh says studies show that diverse corporate boards are more effective. “From a business perspective,” she explains, “it’s Marnie Ochs-Raleigh’s company operates at the high end of the understanding some of the details that make differences in people’s spectrum, with more than $1 million in annual revenue. Ochs-Raleigh lives.” Most big corporations do business with big, small and medi- is CEO of Evolve Systems, which works with companies seeking exper- um-sized enterprises, so they need to understand their customers, tise in website development or online marketing. The firm develops which may include companies of varying size, as well as nonprofit websites and creates customized software, and also provides merchant and government entities. card processing. Clients include the Colorado Supreme Court, Asics Both Ochs-Raleigh and Farris believe that bringing a women’s Corp., and Nystrom Building Products. perspective to the corporate boardroom will benefit corporations. Women-owned businesses had an average of 8.3 employees in 2007, Farris says women are “especially good about resource-sharing.” If according to the U.S. Department of Commerce. Evolve has more than she were to serve on a board, it would probably be in the health care sec- 30 workers. Ochs-Raleigh says her company is still growing, but that she tor, where she has worked, Farris says. “I have a knowledge base. I may never wanted to work for a Fortune 500-size firm. She’s a sixth-genera- not know all the answers, but I know what questions to ask.” tion entrepreneur who began by working for her father’s construction Ochs-Raleigh says women tend to read people and groups well, and business. She recalls being “harassed and teased and threatened” when to be peacemakers, which would help dealing with conflicts that arise she donned a hardhat and steel-toe boots to go into the field and inspect within boards and cause decision-making to “stall out.” commercial building projects. As engaged, thoughtful business owners, Farris and Ochs-Raleigh When Ochs-Raleigh and her husband started Evolve, she had expe- exemplify the “gender dividend” identified in a recent Deloitte report rience in selling and relationships, and finding solutions for clients, and that details “the positive and often double-digit difference in productiv- he had expertise in websites. “Business is really about doing what you ity between those organizations with more women as leaders compared say you’re going to do. It’s part of your DNA,” Ochs-Raleigh notes. “Our to those with less.” business has grown by referrals. We have clients who have been with us As the 2014 Minnesota Census of Women in Corporate Leader- since day one.” ship concludes: “The stakes are high. To compete globally, we must As the CEO of her own company, she says she no longer faces the engage the full array of talented Minnesota women and men as our harassment that she dealt with at the beginning of her career, and is corporate leaders.” u

u Kay, K. and Shipman, C. (2014), “The 635-639 u Sandberg, Sheryl (2013), Lean In: Difficult Problems, Science Daily (October Confidence Gap,” The Atlantic Monthly (May u McKinsey & Company (2013), Women, Work and the Will to Lead (Knopf): 2, 2010). 2014), pp. 56-66 “Women Matter: Gender Diversity in Top www.leanin.org u Torchia, M., Calabro, A. and Huse, M. u Matsa, D. and Miller, A. (2011), “Chip- Management – Moving Corporate Culture, u Woolley, A.W.; Chabris, C.F.; Pentland, (2011), “Women Directors on Corporate ping Away at the Glass Ceiling: Gender Moving Boundaries”: www.mckinsey.com A.; Hashmi, N. and Malone, T. W. (2010), Boards: From Tokenism to Critical Mass,” Spillovers in Corporate Leadership,” The u MSCI Inc. (2014), “2014 Survey of “Collective Intelligence: Number of Women Journal of Business Ethics 102:299-317 American Economic Review, 101 (3), Women on Boards”: www.msci.com in Group Linked to Effectiveness in Solving

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