The 2020 Minnesota Census of Women In

THE 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP Color Overall, women are making slow but steady progress into corporate leadership positions, but BIPOC women are being COVER ART BY NATALIE HAMILTON Blocked left behind.

STKates2021.indd 1 3/22/21 3:07 PM ST. KATE’S | EXECUTIVE SUMMARY

With a New Year Comes New Hope

BY REBECCA KOENIG ROLOFF, President, St. Catherine University

s we face forward board seats across public zational culture promote A from a challenge-lad- companies, the percent- inclusive approaches for en year, this year’s Min- age of women corporate women and BIPOC em- nesota Census of Women directors increased to the ployees? in Corporate Leadership highest percentage record- At St. Catherine Univer- report delivers a message ed in 13 years. sity, we are doubling down to inspire—which is what Nationally, we have bro- on our mission to educate we need to upshift our ken a barrier held for far women to lead and infl u- momentum. too long and installed our ence through key initia- There is hope in fi ndings fi rst woman and woman tives that integrate career like how, despite a global of color as vice president. development and leader- pandemic and signifi cant Additionally, this year’s ship training throughout loss in total available Congress has the highest the student experience, percentage of women rep- no matter where in their resentatives ever.1 higher education journey We are also seeing more students come to us. In women taking the helm partnership with the Man- in corporations. Fortune itou Fund, we are launch- magazine reported a record ing the Katie Leadership high number of women impact program to provide CEOs on the 2020 Fortune undergraduate students 500 list, including Wal- with an integrated array greens tapping Starbucks of leadership coursework, COO Roz Brewer, a woman applied learning, and pro- of color, as its new CEO. fessional activities to pre- The tides are shifting, pare them for leadership and we must take action positions. And to hold to create a tidal wave of us all accountable, change that makes a per- we are committing to manent transition to wom- expanding the Census en equitably holding to incorporate BIPOC leadership positions. women in leadership Not tomorrow, or as part of our research next year. Now. at a deeper level. How will you Our collective work, take action? Are as leaders, is to widen you sponsoring the path, strengthen the and encourag- bridges we have crossed ing women? Is ourselves so that the future your compa- not only follows, but it im- ny actively proves. This report shows building a how far we have come; we pipeline for know how far we have women to to go. • move into leadership positions? Does your 1 Pew Research Center (January 15, 2021). A record number of women are organi- serving in the 117th Congress.

STKates2021.indd 2 3/22/21 3:08 PM Editor’s Note

Throughout the 2020 Minnesota Census of Women in Corporate Leadership, we use the terms Women of Color Left Behind “ women of color” and “ B IPOC” ( B lack, Indigenous, and People of Women corporate leaders of color are lagging at Minnesota public companies. Color) interchangeably. BY REBECCA HAWTHORNE, PH.D., St. Catherine University, School of B usiness

he global pandemic Ferry, 2020; McKinsey & pandemic. Securities and directors at Minnesota T pushed four times Co., 2020). Losing even one Exchange Commission public companies in- more women than men woman leader, whether a (SEC) fi lings revealed creased to 24.8 percent in out of the U.S. workforce company director or senior that Covid-19 impacted 2020, the highest percent- in 2020. Women most executive offi cer, shifts the the majority of Minne- age over the past decade severely impacted include gender balance of compa- sota public companies, and exceeding the national mothers, senior-level wom- ny leadership. though not uniformly. average of 22.6 percent en, and especially women How individual companies (2020WOB, 2020). Most of color, the group that IMPACT ON fared depended on factors striking, this increase in also has been historically MINNESOTA such as market sector women directors occurred left behind (McKinsey & Women have borne the and fi nancial profi le. In in the face of a signifi cant Co., 2020). The staggering brunt of the pandemic some cases, opportunities loss of available board exodus of women at all nationally and in Minne- arose that accelerated seats. Company depar- management levels dis- sota, though some more business transformation tures from Minnesota rupts women’s progress in than others. The annual and growth. Leadership (e.g., Mosaic Co. and TCF the workplace and threat- Minnesota Census of Wom- changes resulted. Financial Corp.) as well ens future advancements en in Corporate Leadership as board contractions fol- into corporate leadership. provides a snapshot of the BOARD GENDER lowing director retirement Experts fear the loss of status of women leaders in DIVERSITY or resignation resulted in these women will also re- the state’s largest 77 public INCREASES 29 fewer board seats (4.5 sult in the loss of decades companies as of June 30, Despite the pandemic, percent). Thirteen of the of gender progress (Korn 2020, six months into the the percentage of women largest 25 Minnesota public companies shrank their board size in 2020. In spite of fewer board seats on Women in Leadership: 1 3 - Y ear Trend smaller boards, Minnesota companies demonstrated 25% their commitment to gender diversity by appointing women to 46.5 percent of new director positions. 20% WOMEN OF COLOR LEFT BEHIND

15% Advancement of women, however, remained un- balanced. As in 2019, the surge of women director 10% appointments in 2020 beneﬁ ted primarily white women. Women of color secured only four of the 5% 23 new women director positions, holding a total of 3.9 percent of board posi- 0% tions in Minnesota public 2008 2009 2010 2011 2012 2013 2014 2015 2016*2017*2018*2019*2020* companies. The majority of Minnesota Census com-

% of Women Directors % of Women Executive Ofﬁ cers *85 companies in 2016, 72 in 2017, panies (76.6 percent) do 74 in 2018, 76 in 2019, 77 in 2020, not have women of color 100 companies in all other years on their boards.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 3

STKates2021.indd 3 3/22/21 3:09 PM ST. K ATE’S | EXECUTIV E SUMMARY

New Directors Appointed to Minnesota Public Company Minnesota Public Company Minnesota B oards in 2 0 2 0 Directors 2 0 2 0 Executive Ofﬁcers 2 0 2 0

Men of Color Men of Color

8 .1 % White Women 5 % White Women 2 0 .9 % 2 0 .4 % Men White Women Women of Color 5 3 % 3 8 .8 % Women of Color 3 .9 % 1 .6 % White Men White Men

Women of Color 6 7 .1 % 7 3 % 8 .2 %

Women of color lag officers in SEC filings) in promotion to manager with new skill sets are behind men of color, white Minnesota Census com- has historically served as coming from activist inves- women, and white men in panies fell to 22 percent. an inflection point, with tors, institutional inves- accessing board positions. Despite a modest increase women of color promoted tors, and state legislators Research documents the in the number of executive at significantly lower rates (Spencer Stuart, 2020). greater challenges faced by officer positions from 497 (12 percent) than men of Nasdaq filed a proposal women of color, particu- to 501, women executive color (18 percent), white with the SEC in December larly Black women, in cor- officers experienced a net women (26 percent), and 2020 to adopt new listing porate America (McKinsey decrease of three positions. white men (44 percent). rules that would require & Co., 2020). The intersec- Progress in advancing The percentages of white Nasdaq-listed companies tion of gender, race, and women to senior-level women and women leaders to disclose breakdowns of ethnicity shapes workplace executive officer positions of color decrease at each their boards by race, gen- experiences and dictates has stalled. subsequent level—senior der, and sexual orientation. leadership opportunities. Once again, women manager/director, vice Boards would be required Women of color face a leaders of color were left president, senior vice to have at least two diverse steeper, more solitary lead- behind. In 2020, only eight president, and C-Suite directors—one who ership climb. They receive of the 110 women execu- (McKinsey & Co., 2020). self-identifies as female less managerial support, tive officers (Section 16b) With Covid-19 pushing and one who self-identifies slower promotions, less across Minnesota public more women—particular- as either an underrepre- access to sponsorship and companies were women ly women of color—than sented racial minority or critical career opportu- of color, and they repre- men out of the workforce, LGBTQ —or provide an nities, and find fewer role sented only 1.6 percent even fewer will ascend to explanation why they do models in senior leader- of all executive officers in senior levels of leadership. not (Nasdaq.com, 2020). ship. They face more acute Minnesota Census compa- The rationale for this discrimination and are nies. As women of color DEMANDS FOR new rule rests on extensive more likely to have their comprise 20.3 percent of CHANGE research that identifies performance and judg- the general population in Demands to expand the associations between ment questioned. In spite the United States (U.S. diversity of perspectives diverse boards and better of these obstacles, more Census Bureau, 2020), in corporate leadership to financial performance women of color aspire to they remain significantly include more women, ra- and enhanced corporate top executive positions, a underrepresented in the cial and ethnic minorities, governance (Catalyst, prerequisite qualification ranks of Minnesota younger leaders, and those 2020). Increased innova- for board candidacy, than corporate leadership. white women do The pandemic has dis- (McKinsey & Co., 2017). proportionately impacted Companies with G ender Parity on their B oards women of color in the EXECUTIVE OFFICER corporate pipeline, stalling PERCENTAGE OF PERCENTAGE OF WOMEN GENDER DIVERSITY careers and increasing COMPANY WOMEN DIRECTORS COMPANY EXECUTIVES STALLS financial insecurity In 2020, the percentage of through layoffs, furloughs, ALLETE, Inc. 5 0 % 4 2 .9 % women executive officers and workforce depar- B est B uy Co., Inc. 6 0 % 2 7 .3 %

(those formally designated tures. Within companies, Sleep Number Corp. 6 0 % 3 7 .5 % as Section 16b executive employees’ ﬁrst leadership

4 APRIL 2021 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu

STKates2021.indd 4 3/22/21 3:09 PM Honor Roll

FORTUNE 500 COMPANIES (8) CEO tion (Lorenzo et al., 2017), impacts corporate gover- 3M Co. CEO Michael F. Roman improved decision-making nance and ﬁnancial perfor- and group performance mance (Catalyst, 2020). Best Buy Co., Inc. CEO Corie S. Barry (Reynolds and Lewis, 2017; In 2020, 52 of the 77 Ecolab, Inc. CEO Doug M. Baker, Jr.

McKinsey & Co., 2013), Minnesota Census com- General Mills, Inc. CEO Jeffrey L. Harmening talent retention (Ali et al., panies had both women 2015), effective risk man- directors and women Hormel Foods Corp. CEO James P. Snee agement (Chen et al., 2016), executive ofﬁcers (67.5 per- Target Corp. CEO Brian C. Cornell strengthened corporate so- cent). Progress toward gen- U.S. Bancorp* CEO Andrew Cecere cial responsibility (Harjoto der diversity in corporate UnitedHealth Group, Inc. CEO David S. Wichmann et al., 2015), and stronger leadership requires diversi-

ﬁnancial performance fying both boardroom and OTHER COMPANIES (22) CEO (Catalyst, 2020; Catalyst, senior executive teams, 2018) are all correlated not just one or the other. ALLETE, Inc.* CEO Bethany M. Owen

with gender-diverse boards Women senior executives Apogee Enterprises, Inc. CEO Joseph F. Puishys and executive teams. represent a signiﬁcant Calyxt, Inc. CEO James A. Blome portion of the future pool INTERPLAY of women directors. Christopher & Banks Corp.* CEO Keri L. Jones BETWEEN BOARDS Deluxe Corp. CEO Barry C. McCarthy & EXECUTIVE HONOR ROLL & Donaldson Co., Inc. CEO Tod E. Carpenter LEADERSHIP SPECIAL DISTINCTION Greater board diversity COMPANIES Electromed, Inc.* CEO Kathleen Skarvan leads to greater diversity Honor Roll and Special Graco, Inc. CEO Patrick J. McHale on senior executive teams. Distinction companies Insignia Systems, Inc.* CEO Kristine A. Glancy The gender spillover effect serve as models of inclu- Investors Real Estate Trust* CEO Mark O. Decker, Jr. (Gould et al., 2018; Ernst sive workplaces, attracting & Y oung, 2013; Matsa and and retaining highly qual- Nortech Systems, Inc. CEO Jay D. Miller Miller, 2011) reveals that iﬁed women leaders on Nuvera Communications, Inc. CEO Glenn Zerbe

having a critical mass of their boards and in their nVent Electric PLC* CEO Beth A. Wozniak women directors shapes executive ranks. Otter Tail Corp. CEO Charles S. MacFarlane the gender composition of Minnesota Census com- senior leadership. Accord- panies had boards ranging Pentair PLC CEO John L. Stauch ing to Credit Suisse (2019), from two to 14 seats in Proto Labs, Inc. CEO Victoria M. Holt

gender parity on boards 2020 and listed from one Regis Corp. CEO Hugh E. Sawyer correlates with nearly 30 to 16 Section 16b executive percent women in senior officers. Honor Roll crite- Sleep Number Corp.* CEO Shelly R. Ibach executive roles. In 2020, ria focus on percentages of SPS Commerce, Inc. CEO Archie C. Black three Minnesota compa- women corporate direc- Surmodics, Inc. CEO Gary R. Maharaj nies achieved or exceeded tors and women executive Tennant Co. CEO H. Chris Killingstad board parity. Each compa- officers. ny reported that close to 30 Honor Roll is awarded Toro Co. CEO Richard M. Olson percent or more of their se- to companies with both 20 *Eight Special Distinction companies in 2020 nior executive officers are percent or more women women—the percentage corporate directors and 20 at which gender diversity percent or more women tioned to serve as catalysts Mosaic, Piper Jaffray, normalizes and positively executive officers. Special for change. Designations Stratasys, TCF Financial, Distinction is awarded to are based on SEC filings as and X cel Energy. Five companies with 30 percent of June 30, 2020. companies joined the 2020 13 Years on the or more women directors In 2020, the total Honor Roll: 3M, Apogee Honor Roll and 30 percent or more number of Honor Roll Enterprises, Calyxt, Proto women executive offi- companies dropped from Labs, and Surmodics. The cers. (Special Distinction 31 to 30. Eight compa- impact of subtracting or COMPANY companies are asterisked.) nies departed the Honor adding one or two women Deluxe Corp. Companies are listed by Roll in 2020: Ameriprise leaders reveals the tenuous

Target Corp. revenue category and by Financial, Ceridian HCM nature of the ongoing CEO—those best posi- Holding, H.B. Fuller, progress Minnesota com-

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 5

STKates2021.indd 5 3/22/21 3:09 PM ST. K ATE’S | EXECUTIV E SUMMARY

panies continue to make percent, women on boards toward gender parity. or executive leadership teams has positive impacts NOTABLE HONOR on companies (Wiley and ROLL LONGEVITY Monller-Tormos, 2018; Only Deluxe Corp. and Torchia et al., 2011). In Target Corp. have achieved 2020, eight Minnesota Honor Roll status in all companies reached this 13 years of the Minnesota critical mass of 30 percent Census study. Both compa- or more women on both nies have maintained a di- their boards and executive verse corporate leadership leadership teams (a S ig nifica nt S trid es team despite director and decrease of three compa- executive officer turnover. nies from 2019), leading for S ome Research shows that them to receive Special Women comprised 4 6 .9 percent of new board having at least three, or 30 Distinction status. • appointments and 2 2 percent of available executive officer positions across Minnesota’s top 7 7 public companies in 2 0 2 0 . Three or More Three or More Women Women Directors Executive Officers BOARD OF DIRECTORS sota’s 77 largest publicly held companies, DIRECTORS BY an increase of three COMPANY WOMEN WOMEN SEATS NAME DIRECTORS COMPANY EXECUTIVE companies from 2019. NAME OFFICERS Q Women hold 24.8 Fifteen companies had B est B uy Co., Inc. 6 percent, or 153, of the a net increase in wom- Target Corp. 5 Sleep Number Corp. 6 618 available board en directors in 2020. 3 M Co. 4 seats in Minnesota’s 77 Nine companies had a ALLETE, Inc. 5 Christopher & B anks Corp. 4 largest publicly held net decrease in women Ecolab, Inc. 5 companies. Since 2019, directors in 2020. Ecolab, Inc. 4 G eneral Mills, Inc. 5 this percentage rose G eneral Mills, Inc. 4 Q U.S. B ancorp 5 2.1 percentage points, More Minnesota Hormel Foods Corp. 4 up from 22.7 percent. boards have two or 3 M Co. 4 nV ent Electric PLC 4 more women directors Hormel Foods Corp. 4 Q Women directors than those that have a Regis Corp. 4 nV ent Electric PLC 4 experienced a net in- single woman director. U.S. B ancorp 4 Apogee Enterprises, Inc. 3 crease of six positions ALLETE, Inc. 3 in 2020, despite a loss DIRECTORS OF Ceridian HCM Holding, Inc. 3 COLOR Ameriprise Financial, Inc. 3 of 29 total available C.H. Robinson 3 board seats. Little progress was made B est B uy Co., Inc. 3 G raco, Inc. 3 in 2020 in appointments Deluxe Corp. 3 Q Forty-nine new direc- of women of color to Investors Real Estate Trust 3 G raco, Inc. 3 tors were appointed Minnesota public com- Medtronic Plc. 3 to Minnesota Census pany boards. Accord- Sleep Number Corp. 3 Pentair Plc 3 public company boards ing to the U.S. Census Toro Co. 3 Piper Sandler Cos. 3 in 2020, compared with Bureau, women of color 81 new directors in include women who Polaris Industries, Inc. 3 2019. Twenty-three of identify as Hispanic or Target Corp. 3 the new directors are Latina, Black or African Tennant Co. 3 women, all of whom are American, native Hawai-

Toro Co. 3 independent directors. ian or other Paciﬁc Is- lander, Asian, American UnitedHealth G roup, Inc. 3 DIRECTORS BY Indian or Alaska native, V ista Outdoor, Inc. 3 COMPANY or two or more races. Q Women serve on the Minnesota public com- boards of 66 of Minne- panies had 74 directors

6 APRIL 2021 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu

STKates2021.indd 6 3/22/21 3:09 PM B OARDS OF DIRECTORS & EXECUTIV E OFFICERS | ST. K ATE’S

of color in 2020: 50 men Women Directors Across Women Executive Offi cers and 24 women. These 24 Companies Across Companies women directors serve on the boards of 18 different companies, one more No Women than in 2019. Six com- Directors Three or More Women Executive No Women panies have two women Three or More 1 1 Offi cers Executive directors of color on their Women Directors 1 6 Offi cers boards, an increase of two 2 3 One Woman 2 3 companies since 2019. Director Two Women The other 12 companies 1 9 Executive Offi cers each have one woman 1 4 Two Women One Woman director of color. Directors Executive Offi cer 2 4 2 4 Q Women of color now hold 3.9 percent of the 618 total available board seats in Minne- COMPANIES WHERE sota’s 77 largest publicly Q 59 of the 77 (76.6 per- EXECUTIVE OFFICERS held companies, an in- cent) Minnesota Census WOMEN DIRECTORS crease of 0.35 percent- companies do not have MADE GAINS AT A STANDSTILL age points from 2019. any women of color In 2020, 35 Census Despite an increase in the serving on their boards. companies added new number of total executive Q Women of color hold directors, with 19 (54.3 offi cer positions, women 15.7 percent of the 153 Q Only four of the 23 percent) of them adding hold fewer of the positions board seats held by new women directors new women directors. in 2020 than in 2019. women, an increase of in 2020 are women of Fifteen companies report- Criteria for inclusion in 0.2 percentage points color. ed a net increase in wom- the executive offi cer cate- from 2019. en corporate directors. gory vary by company. To be consistent, the Minne- sota Census identifi es only those individuals formally Number of Women Corporate Directors: 1 3 - Y ear Trend designated as Section 16b executive offi cers in SEC fi lings as of June 30, 2020. 1 5 3 In 2020, the total number of executive offi cer 150 positions across Minne- 1 4 7 sota’s 77 largest publicly held companies increased 140 modestly, from 497 to 501.

1 3 5 Q Women hold 22 percent

130 of available executive ofﬁ cer positions across 1 2 3 the 77 Minnesota Cen- 1 2 1 sus companies in 2020. 120 1 1 9 1 1 9 Despite an increase in 1 1 7 1 1 7 1 1 6 1 1 6 1 1 5 1 1 5 positions, the percent of women executives de- 110 creased 0.7 percentage points from 2019.

100 Q Women executive 2 0 0 8 2009 2010 2011 2012 2013 2014 2015 2016*2017*2018*2019*2020* ofﬁ cers experienced a net decrease of three *85 companies in 2016, 72 in 2017, 74 in 2018, 76 in 2019, 77 in 2020, and 100 companies all other years positions, from 113 to 110, in 2020.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 7

STKates2021.indd 7 3/22/21 3:09 PM ST. K ATE’S | B OARDS OF DIRECTORS & EXECUTIV E OFFICERS

Q Fifty-four (70.1 percent) of the largest Companies with New Women Companies with New Women 77 public companies Executive Ofﬁcers Directors have women executive ofﬁcers, a decrease of NET INCREASE IN COMPANY NEW WOMEN two from 2019. COMPANY WOMEN EXECUTIVE NAME DIRECTORS NAME OFFICERS COMPANIES WHERE Apogee Enterprises, Inc. 2 3 M Co. 2 WOMEN EXECUTIVE Northern Technologies OFFICERS MADE B est B uy Co., Inc. 1 International Corp. 2 GAINS Nortech Systems, Inc. 1 nV ent Electric PLC 2 Eight companies re- nV ent Electric PLC 1 V ista Outdoor Inc. 2

ported a net increase in Regis Corp. 1 B ridgewater B ancshares, Inc. 1 the number of women Surmodics, Inc. 1 Canterbury Park Holding Corp. 1 executive ofﬁcers in 2020, ﬁve fewer compa- Tile Shop Holdings, Inc. 1 Ceridian HCM Holding, Inc. 1 nies than 2019. Seven Toro Co. 1 CHF Solutions, Inc. 1

companies reported a CyberOptics Corp. 1 net decrease in the number of women executive G eneral Mills, Inc. 1 Hormel Foods Corp. 1 officers. C- Suite iMedia B rands, Inc. 1 TOP EXECUTIVE IntriCon Corp. 1 POSITIONS: C-SUITE SELECTED NUMBER OF POSITIONS WOMEN The 2020 Minnesota Pentair PLC 1 Census identifies women Chief Executive Officer 9 Piper Sandler Cos. 1

in top executive officer President 1 0 Proto Labs, Inc. 1 positions including: Chief Operating Officer 5 Q umu Corp. 1 CEO, president, COO, CFO, and CTO. Chief Financial Officer 1 1 Sleep Number Corp. 1 Twenty-seven women Chief Technology Officer 1 Winnebago Industries, Inc. 1 hold these executive officer positions across Census companies, one ZERO-ZERO officers (Section 16b) on companies do not have more than 2019. The COMPANIES their corporate leader- any women in corporate ranks of both women In 2020, the number of ship teams remains at leadership roles. CEOs and CFOs each in- Minnesota companies nine. These are called In contrast, 52 (67.5 creased by one in 2020. that include no women zero-zero companies. percent) of the 77 corporate directors Currently, 11.7 percent publicly held compa- or women executive of Minnesota Census nies in the Minnesota Census have both women directors and women Women Chief Executive Officers Z ero- Z ero Companies executive officers. These companies COMPANY NAME CEO COMPANY NAME CEO reflect the gender ALLETE, Inc. B ethany M. Owen American Church Mortgage Co. Philip J . Myers spillover effect of

B est B uy Co., Inc. Corie S. B arry ANI Pharmaceuticals, Inc. Arthur S. Przybyl women’s corporate leadership Christopher & B anks Corp. K eri L. J ones B B Q Holdings, Inc. J effrey Crivello from boards to Clearﬁeld, Inc. Cheryl B eranek B lack Ridge Oli & G as K enneth DeCubellis executive roles. In Electromed, Inc. K athleen S. Skarvan DiaMedica Therapeutics Rick Pauls turn, this deepens the pool of quali- Insignia Systems, Inc. K ristine A. G lancy Electro- Sensors, Inc. David L. K lenk ﬁed women board nV ent Electric PLC B eth A. Wozniak G lassB ridge Enterprises, Inc. Daniel A. Strauss candidates for Proto Labs, Inc. V ictoria M. Holt G WG Holdings, Inc. Murray T. Holland public company

Sleep Number Corp. Shelly R. Ibach Image Sensing Systems, Inc. Chad A. Stelvig boards. •

8 APRIL 2021 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu

STKates2021.indd 8 3/22/21 3:09 PM FEATURE | ST. KATE’S

FEATURE STORY founder and principal and BIPOC women held of Sankofa Leadership 3.4 percent. Color Blocked Network in St. Paul. “ I see Today, white women fill Overall, women are making slow but steady a lot of leaders who are 20.4 percent of executive progress into corporate leadership positions, but not just talking the talk. leadership positions at BIPOC women are being left behind. They are really invested in Minnesota public compa- BY SUZY FRISCH learning how to walk the nies, but only 1.6 percent walk—and that’s the big of executive leaders are his time, it just might shift. A longtime racial-eq- difference.” BIPOC women, despite T be different. As uity consultant to com- That’s especially import- the fact that 11 percent of white women have made panies, government, and ant because there are vast the state’s female pop- incremental progress in nonprofits, Ward reports opportunities for measures ulation is BIPOC. This recent years reaching the heightened energy, focus, that might finally lead to lack of improvement for highest echelons of cor- and commitment from progress for BIPOC wom- BIPOC women represents porate America, the same leaders who were ready en in corporate Minnesota. intersectionality—two could not have been said to make real and lasting The 2020 Minnesota Cen- lanes of marginalization of women who are Black, changes in their workplac- sus of Women in Corpo- in the form of gender and Indigenous, and people es to elevate more people rate Leadership found that racial disparities merging of color (BIPOC). Their of color into top positions. 24.8 percent of the state’s to form a thick, stubborn advancement into the top “ I’m incredibly inspired public company board glass ceiling. leadership roles has not over the last year by the directors are women, yet Pilar Cruz, Cargill’s kept pace with their white passion and the humil- just 3.9 percent of those chief sustainability officer counterparts. ity and what feels like a women are BIPOC. Since and a Donaldson Com- Then, as widespread sincere commitment and 2016, there has been slow pany director, says many protests followed the death sense of duty and responsi- but steady improvement companies struggle with of George Floyd in May bility to shift organizations for white women in these advancing BIPOC wom- 2020 and exposed deep in ways that change the positions but stagnation en because they look at wounds of racial injustice way we work, who we work for BIPOC women; In diversity in segments, such in many aspects of society, with, and the outcomes 2016, white women held as gender diversity as one Anika Ward noticed a we produce,” says Ward, 15.7 percent of board seats goal and racial diversity as

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 9

STKates2021.indd 9 3/22/21 3:09 PM ST. KATE’S | FEATURE

Action Items

t takes a measured and extensive approach to make progress against the another. “My challenges as I stubborn inequity faced by Black, Indigenous, and People of Color (BIPOC) a Hispanic woman might women. There are a numerous ways that company leaders can ensure their be completely different workplaces are diverse, inclusive, and equitable. than those of a Black wom- Consider these suggestions on how to effectively recruit, retain, and advance an or Indigenous woman,” BIPOC women into corporate leadership. she says. “We don’t always understand the specifi cs Q It starts with the job description. more slowly. To help, require about the best ways to at- Many companies will model their diverse slates for hiring, develop tract, recruit, develop, and job requirements based on the clear and consistent criteria retain a Hispanic wom- person who most recently held before performance reviews, and an compared to a Black that position. But that will result in require unconscious bias training woman or an Indigenous the status quo, says Anika Ward, for employees doing hiring and woman.” founder and principal of Sankofa reviews, McKinsey suggests. Dorothy Bridges, a U.S. Leadership Network, a St. Paul Bank director and former consultancy. Instead, consider Q Fill your pipeline. Prepare and CEO of two commercial moving some of the requirements advance the women already on banks, says companies to preferred skills to open the staff for management roles, says stumble by holding onto door to a wider candidate pool, Meesha Rosa, senior director “the notion that females Ward says. Also, use gender- of corporate board services at are interchangeable. When neutral descriptions and avoid Catalyst. Line functions, jobs with we say women on boards, jargony language that can scare off responsibility for profi t and loss, there’s still a notion that candidates. and revenue- white women speak for all generating women. There is not an Q Ask for what positions will intentional effort to really you want. To offer important be more targeted,” Bridges meet diversity experience for says. “My own personal hiring objectives, candidates while assessment is that if you require that ensuring that want things to change, candidate panels companies have if you want a particular include multiple women and BIPOC an internal pool of BIPOC women to outcome, you have to be candidates, says Dorothy Bridges, a promote. targeted to achieve it.” director at U.S. Bank. Like Ward, Bridges be- Q Develop a system of sponsorship. lieves that BIPOC women Q Eliminate bias at the start. Leaders can make a big difference will soon see progress, As companies consider who by serving as sponsors for BIPOC based on the stark differ- to interview, remove names, women, Rosa says. Sponsors ence she has recently wit- addresses, and other information advocate for another person, nessed in some corporate that opens the door for unconscious bringing opportunities to their leaders’ views about equity bias. It’s human nature for people to attention and opening the door for and inclusion. Previously, gravitate to those who are similar them to pursue such prospects. many viewed the work to to them because it feels safe and foster diverse teams as the comfortable, Ward says. Q Employees’ role. While companies right thing to do or more play a big part in improving racial of a voluntary initiative. Q Evaluate and promote fairly. and gender diversity, employees This past summer of Women have a steeper hill to climb can and should act too, says Pilar protest changed their to achieve their fi rst promotion, Cruz, Cargill’s chief sustainability approach. according to McKinsey & Company. offi cer and a Donaldson Company “After George Floyd, they It reports that entry-level women director. Women should take took a look around and are 18 percent less likely to be an active role in their career said, ‘We’ve been looking promoted than their peers. It’s development, continue to learn new at this wrong. It is imper- even worse for BIPOC women, skills, pursue assignments, fi nd a ative that we think about who receive less support from mentor, and take risks, she adds. • the whole versus pieces of managers and are promoted even it,’” Bridges says. “One of the reasons I’m hopeful is because CEOs are making

10 APRIL 2021 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu

STKates2021.indd 10 3/22/21 3:09 PM it an imperative that the iterate our approach.” spokesperson Mollie Wulff, leadership on their boards Likewise, UnitedHealth manager of corporate rep- and in their executive Group integrates its busi- utation and brand media suites represents the so- ness goals with its diver- relations. General Mills ciety and the consumers sity and inclusion goals to and UnitedHealth both they serve.” help “all employees rally have two BIPOC women “The work to build around the same common board directors. a diverse and A BUSINESS objective—to create a Having diversity and IMPERATIVE more diverse workplace,” inclusion as a business inclusive business The Minnesota corpo- says Caroline Landree, a imperative allows General environment is never rations that have made spokesperson and associate Mills to “build bridges complete.” strides in elevating BIPOC director of media relations. globally with our team- — KIERA FERNANDEZ women to their boards and Achieving the company’s mates and bring our best executive ranks are the overall business objectives selves to work. We also ones heeding this impera- “necessitates a diverse know there’s progress yet Cargill establishes gender tive that leadership should community of employ- to be made, and setting and racial parity goals and represent society. Their ees reflecting our diverse the tone starts at the top,” metrics, such as having efforts on equity, diversity, members, patients, and Wulff says. CEO Jeff 50 percent women and 20 and inclusion are now a partners.” Harmening “has signed percent people of color in business objective that General Mills also public pledges to advance top leadership positions by involves setting targets, stresses that diversity diversity and inclusion 2030. Then, it backs up its tracking outcomes, and and inclusion must be a in the workplace, and we intentions by investing in holding leaders responsible business imperative with expect [the members of] training, raising awareness, for meeting goals. rigor, intentionality, and our management team to and cultivating an environ- Kiera Fernandez notes accountability. It takes a serve as champions of in- ment where employees can that diversity, equity, and multipronged approach clusion—and to expect the discuss such issues. inclusion are core compa- that includes regular same from their teams.” “I see every day that our ny values at Target, where executive diversity review Such support from CEO sets clear expectations she is senior vice presi- meetings between the CEO companies’ highest leaders and openly communicates dent of talent and change and chief human resourc- is crucial to creating truly to everyone at Cargill why and chief diversity and es officer. Together, they diverse, inclusive, and inclusion and diversity is inclusion officer. Target evaluate progress, includ- equitable businesses, an important part of the treats this work like any ing hiring and advance- Bridges says. “CEOs are in company,” Cruz adds. other facet of the business, ment of diverse talent, says positions of influence, and Carpenter sets expec- involving goals, report- they need to set the tone tations about cultivating ing, and accountability, from the top that it’s not racial and gender diversity she says, and it regularly going to be easy, but that and insists that Donaldson reports on its progress to they are looking for it to is presented with a diverse employees and external be done right,” she adds. slate of candidates when stakeholders. Thanks to “When others see that you recruiting a top leader, this approach, Target now mean business, that it’s says Cruz, who joined the has two directors and one an intentional thing, then board in 2017. Donald- executive leader who are everyone needs to get on son also works to build a BIPOC women. board. For those people diverse workforce so that it “The work to build a who have this as part of can promote from within, diverse and inclusive busi- “CEOs are in positions their responsibility, you recruiting women and ness environment is never of influence, and they hold them accountable for BIPOC people for import- complete,” Fernandez says. need to set the tone the results.” ant technology, manufac- “Since diversity, equity, from the top that It makes a big difference turing, and science jobs. and inclusion are woven [achieving equity is] that Cargill CEO David A DIVERSE APPROACH into the fabric of our busi- not going to be easy, MacLennan and Donald- ness and core company son CEO Tod Carpenter Companies that have but that they are values, we listen fearlessly both heartily champion started elevating BIPOC and share regular updates looking for it to be their companies’ diversity women into their highest against our goals, which done right.” and inclusion work, Cruz echelons know that it’s pushes us to constantly — DOROTHY BRIDGES says. A private company, not a one-time project.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 11

STKates2021.indd 11 3/22/21 3:13 PM ST. KATE’S | FEATURE

The effort takes ongoing, programs for the entire Meesha Rosa, senior consistent work and build- company, such as train- director of corporate ing foundational struc- ing in unconscious bias, board services at Catalyst, tures that support it. As a inclusive leadership, and a nonprofit that works to consultant, Ward advises engaging leaders. “ These accelerate women into leadership, underscores clients not to pursue a initiatives teach modern, “We don’t always quick-fix approach. long-lasting strategies for that sponsorship is an in- understand the “ Often, this is not easy. understanding the ‘ why’ tegral part of diversity and It requires a lot of focus, behind diversity and inclu- specifics about the inclusion work. It’s espe- discipline, attention, and sion and helping managers best ways to attract, cially important for BIPOC it requires you to do your show up for their employ- recruit, develop, and women, Catalyst research own self-work. It requires ees in meaningful ways,” retain a Hispanic shows, because many don’t a level of forethought, Wulff says. woman compared have an influential network planning, intentionality, General Mills works to to a Black ... or ... of trusted advocates who relationship-building, and retain employees by help- Indigenous woman.” champion them as a future network-building,” she ing them find a network of director. That led Catalyst — PILAR CRUZ says. “ Y ou can’t just simply support through six affin- to start an initiative to hire one person and that ity networks, 30 employee promote sponsorships as a one person will change ev- clubs, and 600 online programs to offer broader way to propel BIPOC wom- erything. It takes creating social networks. The net- pathways for advancement, en onto boards. a clear, integrated strategy works “ encourage employ- including rotating leaders Cruz also personally for diversity, equity, and ees to foster relationships, between stores, supply attests to the importance inclusion.” discuss shared interests, chain, and headquarters. of sponsorship. About four Companies aim to make and collaborate in trans- Another key to meeting years ago, her sponsor a difference by adopting a parent ways,” Wulff adds. its diversity and inclusion suggested she consider the multitude of approaches. “ Ensuring employees feel goals involves emphasizing Donaldson director posi- At UnitedHealth, diversity comfortable, represented, the mentoring and sponsor- tion, which was not on her and inclusion efforts in- and supported throughout ing of women and BIPOC radar. “ Having a mentor clude conducting employee their tenure is paramount employees, Fernandez says. and sponsor means some- experience surveys several to the success of an orga- Such mentorship and one is helping and sup- times a year to uncover nization in both workforce sponsorship are essential porting you and giving you areas of improvement and productivity.” for companies to advance visibility to opportunities,” across gender, race, and After conducting a deep BIPOC women to the she says. “ It’s having a level. It hosts Connect- analysis of its workforce highest leadership ranks, relationship with someone ed Communities, eight data in 2020, Target is Bridges says. While a who gives you honest feed- affinity groups such as implementing systems mentor provides advice, a back and advice about how the African American changes that make a dif- sponsor actively advocates to prepare for the future. Experience, Asian United, ference earlier in employ- for an individual. Bridges I believe I am where I am Unidos, and Women Who ees’ careers. The company had a sponsor as she took because of the men and LEAD. UnitedHealth also discovered that it’s “ clear her seat on a new board, women who took an early taps into diversity-specific that there’s much more offering to help her make interest in my career and job boards and organiza- work to be done,” Fernan- the most of her talents. helped me along the way.” tions to identify and attract dez explains. Target will “ That’s gold for some- Bridges adds: “ It’s not talent, and it partners with provide additional leader- one. I have seen institu- enough to just bring peo- groups that place BIPOC ship development, training tions where individuals ple in. Y ou have to make students in internships and programs, and mentoring came up through the ranks people feel a part of the mentoring, Landree says. for Black employees, and it not knowing as much as fabric of the institution, General Mills also has will concentrate on areas their colleagues, but they embrace them, and make many endeavors working of its business where Black excelled because they have sure they see opportuni- in concert. The company representation isn’t as someone to sponsor them. ties for themselves in the teams with organizations strong, such as technology, They coach them and serve organization.” like the National Society data sciences, merchandis- as a champion for them, That’s what extends of Black Engineers and the ing, and marketing. going to bat for them and diversity beyond the num- Society of Asian Scientists In addition, Target will saying, ‘ This person can bers and transforms it into and Engineers for recruit- take advantage of exist- do this, and they can do a creating truly inclusive and ing. It offers development ing internal leadership great job.’ ” equitable workplaces. •

12 APRIL 2021 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu

STKates2021.indd 12 3/22/21 3:13 PM CHARTS | ST. KATE’S

C orp ora te D irectors a nd Executive Ofﬁcers (Based on SEC Filings as of June 30, 2020)

CORPORATE DIRECTORS EXECUTIVE OFFICERS

PERCENT PERCENT NET TOTAL WOMEN WOMEN NET TOTAL WOMEN WOMEN CHANGE EXECUTIVE EXECUTIVE EXECUTIVE CHANGE COMPANY NAME DIRECTORS DIRECTORS DIRECTORS FROM 2019 OFFICERS OFFICERS OFFICERS FROM 2019

UnitedHealth Group, Inc. 10 3 30.0% 0 7 2 28.6% 0

Target Corp. 11 3 27.3% -1 12 5 41.7% 0

Best Buy Co., Inc. 10 6 60.0% -1 11 3 27.3% 1

3M Co. 11 4 36.4% 0 15 4 26.7% 2

Medtronic PLC 12 3 25.0% 0 12 2 16.7% 0

U.S. Bancorp 13 5 38.5% -1 13 4 30.8% -1

General Mills, Inc. 12 5 41.7% -1 14 4 28.6% -1

C.H. Robinson Worldwide, Inc. 9 3 33.3% 0 11 1 9.1% 0

Ecolab, Inc. 12 5 41.7% 0 16 4 25.0% 0

Ameriprise Financial, Inc. 9 2 22.2% 0 16 3 18.8% 0

Xcel Energy, Inc. 14 2 14.3% -1 10 2 20.0% -1

Hormel Foods Corp. 13 4 30.8% 1 15 4 26.7% 0

Polaris Industries, Inc. 10 3 30.0% 0 10 1 10.0% 0

Patterson Cos., Inc. 8 2 25.0% 0 6 1 16.7% 0

Fastenal Co. 10 2 20.0% 0 11 2 18.2% 0

Toro Co. 11 3 27.3% 0 12 3 25.0% 1

Pentair PLC 8 3 37.5% 1 8 2 25.0% 0

H.B. Fuller Co. 9 2 22.2% 0 9 1 11.1% -2

Donaldson Co., Inc. 10 2 20.0% 0 8 2 25.0% 0

Winnebago Industries, Inc. 9 2 22.2% 1 10 1 10.0% 0

nVent Electric PLC 9 4 44.4% 2 10 4 40.0% 1

Deluxe Corp. 9 2 22.2% 0 12 3 25.0% 0

Vista Outdoor Inc. 10 3 30.0% NA 7 1 14.3% NA

Sleep Number Corp. 10 6 60.0% 1 8 3 37.5% -1

Graco, Inc. 10 3 30.0% 0 15 3 20.0% 0

Apogee Enterprises, Inc. 10 3 30.0% 1 5 1 20.0% 0

ALLETE, Inc. 10 5 50.0% 0 7 3 42.9% 0

Tennant Co. 9 3 33.3% 0 7 2 28.6% 0

Regis Corp. 8 2 25.0% 0 9 4 44.4% 1

Otter Tail Corp. 9 2 22.2% 0 5 1 20.0% 0

MTS Systems Corp. 7 2 28.6% -1 5 0 0.0% 0

Piper Sandler Cos. 10 3 30.0% 0 7 1 14.3% 0

Ceridian HCM Holding, Inc. 9 3 33.3% 1 8 1 12.5% -1

Bio-Techne Corp. 9 1 11.1% 0 5 1 20.0% 0

Stratasys Ltd. 8 2 25.0% 0 11 2 18.2% 0

Hawkins, Inc. 7 1 14.3% 0 8 2 25.0% 0

iMedia Brands, Inc. 8 2 25.0% 1 2 0 0.0% 0

Northern Oil and Gas, Inc. 8 1 12.5% 0 5 0 0.0% 0

CONTINUED »

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 13

STKates2021.indd 13 3/22/21 3:13 PM ST. K ATE’S | CHARTS

C orp ora te D irectors a nd Executive Ofﬁcers ( Continued from previous page)

CORPORATE DIRECTORS EXECUTIVE OFFICERS

PERCENT PERCENT NET TOTAL WOMEN WOMEN NET TOTAL WOMEN WOMEN CHANGE EXECUTIVE EXECUTIVE EXECUTIVE CHANGE COMPANY NAME DIRECTORS DIRECTORS DIRECTORS FROM 2019 OFFICERS OFFICERS OFFICERS FROM 2019

Proto Labs, Inc. 8 2 2 5 .0 % 1 5 1 2 0 .0 % 0

Christopher & B anks Corp. 6 2 3 3 .3 % 0 5 4 8 0 .0 % 0

Tile Shop Holdings, Inc. 4 0 0 .0 % 0 3 1 3 3 .3 % 1

SPS Commerce, Inc. 7 2 2 8 .6 % 0 3 1 3 3 .3 % 0

Cardiovascular Systems, Inc. 7 1 1 4 .3 % 0 8 2 2 5 .0 % 0

Digi International, Inc. 6 1 1 6 .7 % 0 7 1 1 4 .3 % 0

G ranite Falls Energy 1 0 1 1 0 .0 % 0 2 1 5 0 .0 % 0

ANI Pharmaceuticals, Inc. 4 0 0 .0 % 0 4 0 0 .0 % 0

Tactile Systems Tech., Inc. 7 1 1 4 .3 % 0 4 0 0 .0 % - 1

Investors Real Estate Trust 8 3 3 7 .5 % 0 3 1 3 3 .3 % 0

WPT Industrial Real Estate Investment Trust 7 2 2 8 .6 % NA 3 0 0 .0 % NA

Nortech Systems, Inc. 5 1 2 0 .0 % 0 5 2 4 0 .0 % 1

IntriCon Corp. 6 1 1 6 .7 % 1 4 0 0 .0 % 0

Surmodics, Inc. 7 2 2 8 .6 % 0 8 2 2 5 .0 % 1

G WG Holdings, Inc. 9 0 0 .0 % - 2 2 0 0 .0 % 0

Clearﬁeld, Inc. 6 1 1 6 .7 % 0 3 1 3 3 .3 % 0

B B Q Holdings, Inc. 9 0 0 .0 % 0 2 0 0 .0 % 0

Inspire Medical Systems, Inc. 9 1 1 1 .1 % - 1 5 0 0 .0 % 0

B ridgewater B ancshares, Inc. 9 1 1 1 .1 % 1 7 2 2 8 .6 % 0

Winmark Corp. 6 1 1 6 .7 % 0 4 2 5 0 .0 % 0

Nuvera Communications 7 2 2 8 .6 % 0 3 1 3 3 .3 % 0

CyberOptics Corp. 5 1 20 .0 % 0 2 0 0.0 % 0

Canterbury Park Holding Corp. 5 2 4 0 .0 % 1 2 0 0 .0 % 0

Northern Technologies International Corp. 8 2 25.0% 1 2 0 0.0% 0

Communications Systems, Inc. 5 0 0 .0 % 0 4 1 2 5 .0 % 0

HMN Financial, Inc. 9 1 1 1 .1 % 0 3 0 0 .0 % 0

Electromed, Inc. 6 2 3 3 .3 % 0 2 1 5 0 .0 % 0

Q umu Corp. 7 1 1 4 .3 % 1 2 0 0 .0 % 0

NV E Corp. 5 1 20 .0 % 0 3 0 0.0 % 0

Insignia Systems, Inc. 5 2 4 0 .0 % - 1 3 1 3 3 .3 % 0

Ikonics Corp. 8 1 1 2 .5 % 0 4 0 0 .0 % 0

Image Sensing Systems, Inc. 5 0 0 .0 % 0 2 0 0 .0 % 0

Electro- Sensors, Inc. 5 0 0 .0 % 0 1 0 0 .0 % 0

Calyxt, Inc. 7 2 2 8 .6 % 0 5 1 2 0 .0 % 0

CHF Solutions, Inc. 6 1 1 6 .7 % 1 3 1 3 3 .3 % 0

American Church Mortgage Co. 2 0 0 .0 % 0 2 0 0 .0 % 0

B lack Ridge Oil & G as 4 0 0 .0 % 0 2 0 0 .0 % 0

G lassB ridge Enterprises, Inc. 4 0 0 .0 % 0 3 0 0 .0 % 0

DiaMedica Therapeutics 4 0 0 .0 % 0 4 0 0 .0 % 0

14 APRIL 2021 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu

STKates2021.indd 14 3/22/21 3:13 PM Women Corporate Directors ( B ased on SEC Filings as of J une 3 0 , 2 0 2 0 )

3 M Co. B est B uy Co., Inc. CHF Solutions, Inc. Fastenal Co. Pamela J. Craig Kathy J. Higgins Victor Maria Rosa Costanzo, M.D. Rita J. Heise Retired CFO, Accenture plc President and Founder, Centera Corp. Medical Director, Heart Failure Business Consultant and Retired Research, Advocate Heart Institute; Corporate VP and CIO, Cargill, Inc. 3 M Co. B est B uy Co., Inc. Medical Director, Advanced Heart Amy E. Hood Karen A. McLoughlin Failure, Edward Hospital Center Fastenal Co. EVP and CFO, Microsoft Corp. CFO, Cognizant Technology Solutions Reyne K. Wisecup Corp. Christopher & B anks Corp. Senior EVP, HR, Fastenal Co. 3 M Co. Keri L. Jones Dambisa F. Moyo B est B uy Co., Inc. President and CEO, Christopher & G eneral Mills, Inc. Founder and CEO, Mildstorm, LLC Claudia F. Munce Banks Corp. Maria G. Henry Venture Advisor, New Enterprise SVP and CFO, Kimberly-Clark Corp. 3 M Co. Associates Christopher & B anks Corp. Patricia A. Woertz Allison M. Wing G eneral Mills, Inc. Retired Chairman of the Board and B est B uy Co., Inc. Chief Consumer Officer, Bright Health Jo Ann Jenkins CEO, Archer-Daniels-Midland Co. Richelle P. Parham Chief Executive Officer of AARP Partner & Managing Director, Clearfield, Inc. ALLETE, Inc. WestRiver Group Cheryl Beranek G eneral Mills, Inc. Kathryn W. Dindo President and CEO, Clearfield, Inc. Elizabeth C. Lempres Retired VP and Chief Risk Officer, B io- Techne Corp. Retired Senior Partner, McKinsey & FirstEnergy Corp. Alpna Seth, Ph.D. CyberOptics Corp. Company CEO, Proneurotech, Inc. Chery Beranek ALLETE, Inc. President and CEO, Clearfield, Inc. G eneral Mills, Inc. Heidi E. Jimmerson B ridgewater B ancshares, Inc. Diane L. Neal Former EVP, Secretary and General Lisa M. Brezonik Deluxe Corp. Retired CEO, Sur La Table, Inc. Counsel, Florida East Coast Railway, President of Salo, LLC Cheryl E. Mayberry McKissack LLC CEO, Nia Enterprises, LLC G eneral Mills, Inc. C.H. Robinson Worldwide, Inc. Maria A. Sastre ALLETE, Inc. Mary J. Steele Guilfoile Deluxe Corp. Retired President and COO, Signature Madeleine W. Ludlow Chairman, MG Advisors, Inc. Victoria A. Treyger Flight Support Corp. Former Principal, Market Capital Managing Director, Felicis Ventures Partners, LLC C.H. Robinson Worldwide, Inc. G raco, Inc. Jodee A. Kozlak Digi International, Inc. Jody H. Feragen ALLETE, Inc. Founder and CEO, Kozlak Capital Sally J. Smith Former EVP and CFO, Hormel Foods Susan K. Nestegard Partners, LLC Former President and CEO, Buffalo Corp. Advisor, True Wealth Ventures Wild Wings, Inc. C.H. Robinson Worldwide, Inc. G raco, Inc. ALLETE, Inc. Paula C. Tolliver Donaldson Co., Inc. Martha A. Morfitt Bethany M. Owen Former Corporate VP and Chief Pilar Cruz President and CEO, River Rock CEO, President and Director, ALLETE, Information Officer, Intel Corp. President, Cargill Aqua Nutrition Partners, Inc. Inc. Calyxt, Inc. Donaldson Co., Inc. G raco, Inc. Ameriprise Financial, Inc. Anna Ewa Kozicz-Stankiewicz Trudy Rautio Emily C. White Dianne Neal Blixt Founder, Anthelion Capital Retired President and CEO, Carlson President, Anthos Capital LP Former EVP and CFO, Reynolds American, Inc. Calyxt, Inc. Ecolab, Inc. G ranite Falls Energy, LLC Kimberly K. Nelson Shari L. Ballard Sherry Jean Larson Ameriprise Financial, Inc. EVP and CFO, SPS Commerce Former SVP and President, Multi- SVP and Controller, Independent Amy DiGeso Channel Retail, Best Buy, Co. Community Bankers of America Former EVP, Global HR, The Estee Canterbury Park Holding Corp. Lauder Cos., Inc. Maureen H. Bausch Ecolab, Inc. H.B . Fuller Co. Partner, Bold North Associates Barbara J. Beck Maria Teresa Hilado Apogee Enterprises, Inc. Executive Advisor to American Former CFO, Allergan PLC Christina M. Alvord Canterbury Park Holding Corp. Securities LLC President, Cental Division of Vulcan Carin J. Offerman H.B . Fuller Co. Materials Company Private Investor; Former President Ecolab, Inc. Ruth Kimmelshue and CEO, Offerman & Co. Tracy B. McKibben Corporate SVP, Business Operations Apogee Enterprises, Inc. Founder and CEO, MAC Energy and Supply Chain, Cargill, Inc. Elizabeth M. Lilly Cardiovascular Systems, Inc. Advisors, LLC Chief Investment Officer and Martha Goldberg Aronson Hawkins, Inc. Executive Vice President for The Former EVP of Strategic Planning, Ecolab, Inc. Mary J. Schumacher Pohlad Companies Ecolab, Inc. Victoria J. Reich Retired COO, Twin Cities Habitat for Former SVP and CFO, Essendant, Inc. Humanity Apogee Enterprises, Inc. Ceridian HCM Holding, Inc. Patricia K. Wagner Deborah A. Farrington Ecolab, Inc. HMN Financial, Inc. Retired Group President, U .S. U tilities, Founder and President, Star Vest Suzanne M. Vautrinot Wendy S. Shannon Sempra Energy Management, Inc. President, Kilovolt Consulting, Inc. Educational Consultant, PTECH; Former Chair, Rochester Education B est B uy Co., Inc. Ceridian HCM Holding, Inc. Electromed, Inc. Department; Former Director, Corie S. Barry Linda P. Mantia Lee A. Jones Graduate Induction Program, Winona CEO, Best Buy Co., Inc. Former Senior EVP, COO Manulife President and CEO, Rebiotix, Inc. State U niversity Financial Corporation B est B uy Co., Inc. Electromed, Inc. Hormel Foods Corp. Lisa M. Caputo Ceridian HCM Holding, Inc. Kathleen S. Skarvan Prama Bhatt EVP and Chief Marketing and Andrea S. Rosen President and CEO, Electromed, Inc. SVP, Digital and eCommerce, U lta Communications Officer, Travelers Former Vice Chair, TD Bank Financial Beauty, Inc. Cos., Inc. Group; President, TD Canada Trust CONTINUED »

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 15

STKates2021.indd 15 3/22/21 3:13 PM ST. KATE’S | CHARTS

Women Corporate Directors (Continued from previous page)

Hormel Foods Corp. Medtronic PLC Patterson Cos., Inc. Sleep Number Corp. Elsa A. Murano, Ph.D. Denise M. O’ Leary Ellen A. Rudnick Shelly R. Ibach Director, Norman Borlaug Institute for Private Venture Capital Investor Senior Advisor, Entrepreneurship, President and CEO, Sleep Number International Agriculture, Professor, U niversity of Chicago Booth School Corp. Animal Science and President Emerita, MTS Systems Corp. of Business Texas A&M U niversity Nancy Altobello Sleep Number Corp. Former Audit Partner, Ernst & Y oung Pentair PLC Deborah L. Kilpatrick, Ph.D. Hormel Foods Corp. LLP Glynis A. Bryan CEO, Evidation Health, Inc. Susan K. Nestegard CFO, Insight Enterprises, Inc. Advisor, True Wealth Ventures MTS Systems Corp. Sleep Number Corp. Linda Zukauckas Pentair PLC Brenda J. Lauderback Hormel Foods Corp. CFO, Nielsen Mona Abutaleb Stephenson Former President, Retail and Sally J. Smith CEO, Medical Technology Solutions, Wholesale Group, Nine West Group, Retired President and CEO, Buffalo Nuvera Communications, Inc. LLC Inc. Wild Wings, Inc. Colleen R. Skillings CFO and HR Director, Minnesota Pentair PLC Sleep Number Corp. Ikonics Corp. Valley Testing Laboratories, Inc. Billie Ida Williamson Barbara R. Matas Marianne Bohren Former Senior Assurance Partner, Former Managing Director and Executive Director, Western Lake Nuvera Communications, Inc. Ernst & Y oung LLP Chairman, Leveraged Finance, Superior Sanitary District Suzanne M. Spellacy Citigroup Global Markets, Inc. General Counsel, Link Snack, Inc. Piper Sandler Cos. iMedia Brands, Inc. Victoria M. Holt Sleep Number Corp. Jill M. Krueger Nortech Systems, Inc. President and CEO, Proto Labs, Inc. Kathleen L. Nedorostek President and Chief Executive Officer Kathleen P. Iverson Former Global CEO, Nine West Group, of Symbria, Inc. Retired CEO, Black Hills IP Piper Sandler Cos. Inc. Debbra L. Schoneman iMedia Brands, Inc. Northern Oil and Gas, Inc. President, Piper Sandler Cos. SPS Commerce, Inc. Lisa Letizio Lisa Bromiley Marty M. Reaume Strategic Advisor, LivingHR, Inc. CFO, Aviva Metals, Inc. Piper Sandler Cos. Chief People Officer, Lightspeed Sherry M. Smith POS, Inc. Insignia Systems, Inc. Northern Technologies International Former EVP and CFO, Supervalu, Inc. Kristine A. Glancy Corp. SPS Commerce, Inc. President and CEO, Insignia Systems, Nancy E. Calderon Polaris Industries, Inc. Tami L. Reller Inc. Former Partner, KPMG LLP Annette K. Clayton EVP and Chief Marketing and CEO and President, Schneider Electric Experience Officer, U nitedHealthcare Insignia Systems, Inc. Northern Technologies International North America Rachael B. Vegas Corp. Stratasys Ltd. Director of Merchandising H-E-B, LP Sarah E. Kemp Polaris Industries, Inc. Ziva Patir Executive Director, Merck Gwenne A. Henricks Former VP Standards, Policy and Inspire Medical Systems Former VP, Product Development Sustainability, Better Place Marilyn Carlson Nelson NVE Corp. and Global Technology, and CTO, Patricia M. Hollister Co-Chair of the board of directors and Caterpillar, Inc. Stratasys Ltd. Co-CEO, Carlson Holdings, Inc. Retired Director, Finance, TEL FSI, Inc. Adina Shorr Polaris Industries, Inc. CEO, Scodix IntriCon Corp. nVent Electric PLC Gwynne E. Shotwell Susan M. Cameron Heather D. Rider President and COO, Space Exploration Surmodics, Inc. Former VP, Global Human Resources, Retired Chairman and CEO, Reynolds Technologies Corp ( SpaceX ) Lisa Wipperman Heine Cymer, Inc. American, Inc. President and CEO, PreCardia, Inc. Proto Labs, Inc. Investors Real Estate Trust nVent Electric PLC Moonhie Chin Surmodics, Inc. Emily Nagle Green Nicola Palmer Former Senior Vice President of Susan E. Knight Former CEO, Smart Lunches, Inc. Chief Product Development Officer, Digital Platform and Experience at Former SVP and CFO, MTS Systems Verizon Communications, Inc. Autodesk, Inc. Corp. Investors Real Estate Trust Linda J. Hall nVent Electric PLC Proto Labs, Inc. Tactile Systems Techology, Inc. Entrepreneur-in-residence, Carlson Beth A. Wozniak Victoria M. Holt Cheryl Pegus School of Management, U niversity of CEO, nVent Electric PLC President and CEO, Proto Labs, Inc. SVP, Health Care Services and Chief Minnesota Medical Officer, Cambia Health nVent Electric PLC Qumu Corp. Solutions Jacqueline Wright Investors Real Estate Trust Mary E. Chowning Chief Digital Officer, Microsoft U S Mary J. Twinem Founder and Managing Partner, Target Corp. Former EVP and CFO, Buffalo Wild Colonnade Consulting LLC Melanie L. Healey Wings, Inc. Otter Tail Corp. Former Group President, North Karen M. Bohn Regis Corp. America, The Proctor & Gamble Co. CEO and President, Galeo Group, LLC Medtronic PLC Virginia Gambale Andrea Goldsmith, Ph.D. Founder and Managing Partner, Target Corp. Professor, Stanford U niversity Otter Tail Corp. Azimuth Partners LLC Monica C. Lozano Kathryn O. Johnson Stephen Harris School of Electrical President and CEO, The College Owner/ Principal, Johnson Engineering Regis Corp. Futures Foundation Environmental Concepts M. Ann Rhoades Medtronic PLC President, People Ink, Inc. Target Corp. Elizabeth G. Nabel, M.D. Patterson Cos., Inc. Mary E. Minnick Jody H. Feragen President, Brigham Healthcare/ Sleep Number Corp. Partner, Ocean 14 Capital Former EVP and CFO, Hormel Foods Professor of Medicine, Harvard Julie M. Howard Corp. Medical School Former Chief Executive Officer of Navigant Consulting, Inc.

16 APRIL 2021 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu

STKates2021.indd 16 3/22/21 3:13 PM Women Executive Ofﬁcers ( B ased on SEC Filings as of J une 3 0 , 2 0 2 0 )

Tennant Co. V ista Outdoor, Inc. 3 M Co. Calyxt, Inc. Azita Arvani Frances P. Philip Julie L. Bushman Debra H. Frimerman General Manager of Rakuten Mobile, Former Chief Merchandising Officer, EVP, International Operations General Counsel and Corporate Inc. L.L. Bean, Inc. Secretary 3 M Co. Tennant Co. V ista Outdoor, Inc. Kristen M. Ludgate Cardiovascular Systems, Inc. Carol S. Eicher Lynn M. U tter SVP, Human Resources Rhonda Robb Non-executive Chairman, and Former Chief Talent Officer, Atlas COO Former CEO, Innocor, Inc. Holdings, Inc. 3 M Co. Mojdeh Poul Cardiovascular Systems, Inc. Tennant Co. Winmark Corp. EVP, Health Care Business Group Sandra Sedo Maria C. Green Jenele C. Grassle Chief Compliance Officer SVP and General Counsel, Ingersoll Associate Director, Alumni Career 3 M Co. Rand PLC Services, St. Olaf College Denise R. Rutherford Ceridian HCM Holding, Inc. SVP, Corporate Affairs Leagh E. Turner Toro Co. Winnebago Industries, Inc. President and Chief Operating Janet K. Cooper Sara Armbruster ALLETE, Inc. Officer Retired SVP and Treasurer, Qwest VP, Strategy, Research and Digital Nicole Johnson Communications International, Inc. Transformation, Steelcase, Inc. VP, Chief Administrative Officer CHF Solutions, Inc. Claudia Napal Drayton Toro Co. Winnebago Industries, Inc. ALLETE, Inc. CFO Katherine J. Harless Maria F. Blase Bethany M. Owen Retired President and CEO, Idearc, President, Power Tools businesses, CEO, President and Director Christopher & B anks Corp. Inc. Ingersoll Rand Rachel Endrizzi ALLETE, Inc. SVP, Chief Marketing Officer Margaret A. Thickens Toro Co. WPT industrial Real Estate Investment VP, Chief Legal Officer, and Joyce A. Mullen Trust Christopher & B anks Corp. President, Global Channel, OEM and Sarah B. Kavanagh Corporate Secretary Keri L. Jones loT, Dell Technologies Director, Hudbay Minerals, Inc.; President and CEO Director, Bausch Health Companies, Ameriprise Financial, Inc. Kelli A. Hunter Petruzillo U.S. B ancorp Inc.; Director, AST ( Canada) Christopher & B anks Corp. Dorothy J. Bridges E VP, HR Andrea Kellick SVP, Chief Merchandising Officer Former SVP, Public Affairs, Outreach WPT Industrial Real Estate Investment and Community Development, Ameriprise Financial, Inc. Trust Deirdre D. McGraw Federal Reserve Bank of Pamela J. Spackman Christopher & B anks Corp. EVP, Marketing, Corporate Carmen Wamre Minneapolis Director, Timbercreek Financial Corp. Communications, and Community SVP, Chief Stores Officer Relations U.S. B ancorp Xcel Energy, Inc. Elizabeth L. Buse Lynn Casey Clearfield, Inc. Cheryl Beranek Former CEO, Monitise PLC Chair, Padilla Ameriprise Financial, Inc. Karen Wilson Thissen President and CEO EVP and General Counsel U.S. B ancorp Xcel Energy, Inc. Kimberly J. Harris Kim Williams Communications Systems, Inc. Kristin A. Hlavka Retired President and CEO, Puget Retired Partner, Wellington Apogee Enterprises, Inc. Meghan Elliott Corporate Controller Energy, Inc. and Puget Sound Management Co. LLP VP, General Counsel and Secretary Energy, Inc. Deluxe Corp. B est B uy Co., Inc. Jane Elliott U.S. B ancorp Corie S. Barry SVP, Chief Communications and Olivia F. Kirtley The Following Companies CEO Human Resources Officer Lead Director, Business Consultant Have Only Men On Their B oards: B est B uy Co., Inc. Deluxe Corp. U.S. B ancorp Alison Peterson Tracey Engelhardt Karen S. Lynch Q American Church Mortgage Co. Chief Customer Officer SVP, Division President, Checks EVP, CVS Health Corporation; Q ANI Pharmaceuticals, Inc. President, Aetna, Inc. Q BBQ Holdings, Inc. B est B uy Co., Inc. Deluxe Corp. Q Black Ridge Oil & Gas Kamy Scarlett Amanda Parrilli UnitedHealth G roup, Inc. Chief Human Resources Officer SVP, Chief Strategy, Transformation, Michele J. Hooper Q Communications Systems, Inc. and Business Development President and CEO, The Directors’ Q DiaMedica Therapeutics B io- Techne Corp. Council Q Electro-Sensors, Inc. Brenda Furlow Digi International, Inc. Q GlassBridge Enterprises, Inc. SVP, General Counsel and Secretary Tracy L. Roberts Q GWG Holdings, Inc. UnitedHealth G roup, Inc. VP, Technology Services Valerie C. Montgomery Rice, M.D. Q Image Sensing Systems, Inc. B ridgewater B ancshares, Inc. President and Dean, Morehouse Q Tile Shop Holdings, Inc. Mary Jayne Crocker Donaldson Co., Inc. School of Medicine EVP and COO Amy C. Becker VP, General Counsel and Secretary UnitedHealth G roup, Inc. B ridgewater B ancshares, Inc. Gail R. Wilensky, Ph.D. Lisa M. Salazar Donaldson Co., Inc. Senior Fellow, Project HOPE Chief Deposit Officer Sheila G. Kramer VP, Human Resources V ista Outdoor, Inc. C.H. Robinson Worldwide, Inc. April H. Foley Angela K. Freeman Ecolab, Inc. Former Ambassador to Hungary Chief Human Resources Officer and Angela M. Busch ESG Officer EVP, Corporate Strategy and Business Development

CONTINUED »

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 17

STKates2021.indd 17 3/22/21 3:14 PM ST. KATE’S | CHARTS

Women Executive Ofﬁcers (Continued from previous page)

Ecolab, Inc. Hormel Foods Corp. Pentair PLC Target Corp. Laurie M. Marsh Deanna T. Brady Karla C. Robertson Stephanie A. Lundquist E VP, HR EVP Refrigerated Foods EVP, General Counsel, and Secretary EVP and President, Food & Beverage

Ecolab, Inc. Hormel Foods Corp. Piper Sandler Cos. Target Corp. Elizabeth A. Simermeyer Jana L. Haynes Debbra L. Schoneman Jill K. Sando EVP and President, Global Healthcare VP and Controller President EVP and Chief Merchandising Officer, and Life Sciences Style and Owned Brands Hormel Foods Corp. Polaris Industries, Inc. Ecolab, Inc. Janet L. Hogan Lucy Clark Dougherty Target Corp. Jill S. Wyant S VP, HR SVP, General Counsel, Secretary, and Laysha L. Ward EVP and President, Innovation and Chief Compliance Officer EVP and Chief External Engagement Transformation Hormel Foods Corp. Officer Lori J. Marco Proto Labs, Inc. Electromed, Inc. SVP, External Affairs and General Victoria M. Holt Tennant Co. Kathleen S. Skarvan Counsel President, CEO, and Director Carol E. McKnight President and CEO SVP and CAO Insignia Systems, Inc. Regis Corp. Fastenal Co. Kristine A. Glancy Laura Alexander Tennant Co. Sheryl A. Lisowski Director, President, CEO and Secretary SVP, Chief Mechandise Officer Mary E. Talbott Controller, Chief Accounting Officer, SVP, General Counsel, and Secretary and Treasurer Investors Real Estate Trust Regis Corp. Anne M. Olson Shawn Moren Tile Shop Holdings, Inc. Fastenal Co. EVP, COO, General Counsel, and SVP, Chief Human Resources Officer Nancy DiMattia Reyne K. Wisecup Corporate Secretary SVP and CFO Senior EVP, HR and Director Regis Corp. Medtronic PLC Amanda Rusin Toro Co. General Mills, Inc. Karen L. Parkhill SVP, General Counsel, and Secretary Amy E. Dahl Jodi Benson EVP and CFO VP, Human Resources and Distributor Chief Innovation, Technology and Regis Corp. Development and General Counsel, Quality Officer Medtronic PLC Kersten D. Zupfer Corporate Secretary Carol A. Surface VP, Chief Financial Officer General Mills, Inc. SVP and Chief HR Officer Toro Co. Dana M. McNabb Sleep Number Corp. Angela C. Drake Group President, Europe & Asia Nortech Systems, Inc. Melissa Barra VP, Construction Connie Beck SVP, Chief Sales, Services, and General Mills, Inc. VP and CFO Strategy Officer Toro Co. Bethany Quam Renee J. Peterson Group President, Pet Nortech Systems, Inc. Sleep Number Corp. VP, Treasurer, and CFO Heidi Grange Andrea L. Bloomquist General Mills, Inc. SVP, Human Resources SVP and Chief Product Officer U.S. Bancorp Jacqueline Williams-Roll Gunjan Kedia Chief Human Resources Officer Nuvera Communications, Inc. Sleep Number Corp. Vice Chairman, Wealth Management Barbara A. J. Bornhoft Shelly R. Ibach and Investment Services Graco, Inc. VP, COO, and Corporate Secretary President and CEO Caroline M. Chambers U.S. Bancorp EVP, Corporate Controller, and nVent Electric PLC SPS Commerce, Inc. Katherine B. Quinn Information Systems Lynnette R. Heath Kimberly K. Nelson Vice Chairman and CAO EVP and Chief HR Officer EVP and CFO Graco, Inc. U.S. Bancorp Karen Park Gallivan nVent Electric PLC Stratasys Ltd. Jodi L. Richard EVP, General Counsel and Elizabeth C. Noonan Lilach Payorski Vice Chairman and Chief Risk Officer Corporate Secretary EVP and Chief Growth Officer CFO U.S. Bancorp Graco, Inc. nVent Electric PLC Stratasys Ltd. Lisa Stark Angela F. Wordell Beth A. Wozniak Shuli Sharabani Ishai Executive Vice President and E VP, Operations CEO EVP, Global Human Resources Controller

Granite Falls Energy, LLC nVent Electric PLC Surmodics, Inc. UnitedHealth Group, Inc. Stacie Schuler Sara E. Zawoyski Teryl L.W. Sides Patricia Lewis CFO EVP and CFO SVP, Chief Marketing Ofﬁcer EVP, Chief Human Resources Ofﬁcer

H.B. Fuller Co. Otter Tail Corp. Surmodics, Inc. UnitedHealth Group, Inc. Traci L. Jensen Jennifer O. Smestad Nusrath Sultana Marianne D. Short VP, Global Business Process VP, General Counsel, and Corporate Vice President, Clinical Affairs EVP and Chief Legal Officer Improvement Secretary Target Corp. Vista Outdoor, Inc. A. Christina Hennington Hawkins, Inc. Patterson Cos., Inc. Kelly Reisdorf Theresa R. Moran Andrea Frohning EVP and Chief Merchandising Officer, VP, Chief Communications and VP, Purchasing, Logistics, and Sales Support Chief HR Officer Hardlines, Essentials, and Capabilities Investor Relations Officer

Hawkins, Inc. Pentair PLC Target Corp. Winmark Corp. Shirley Rozeboom Kelly A. Baker Melissa K. Kremer Renae M. Gaudette VP, Health and Nutrition EVP and Chief HR Ofﬁcer EVP and Chief Human Resources VP, Franchising Ofﬁcer

18 APRIL 2021 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu

STKates2021.indd 18 3/22/21 3:14 PM Methodology

he 2020 Minnesota Census of Women in Cor- Winmark Corp. porate Leadership examines the percentage of Leah A. Goff T VP, HR women in leadership roles at the 77 largest publicly held companies headquartered in Minneso- Winnebago Industries, Inc. Stacy L. Bogart ta, as ranked by 2019 net revenue and tracked in VP, General Counsel, and Secretary the Minneapolis-based Star Tribune 50 (June 2020) and the Minneapolis/St.

Xcel Energy, Inc. Paul Business Journal Top 75 Public Companies lists (April 2020). Alice Jackson Excluded from the list are closely held companies, cooperatives, mutual and President and Director, PSCo fraternal benefi ts organizations, and over-the-counter stocks. Of Minnesota’s Xcel Energy, Inc. Fortune 500 companies, four companies are not represented in the Minnesota Amanda Rome EVP and General Counsel Census data sample: CHS Inc., Land O’Lakes, Thrivent Financial, and Securian Financial. Although the Securities and Exchange Commission lists these as public companies with more than 500 shareholders, they are not publicly traded The Following Companies on a stock exchange. Have Only Men As Data for the 2020 Minnesota Census were collected from company fi lings with Executive Offi cers: the SEC, including proxy statements (DEF 14A), annual reports (Form 10-K), and current reports (Form 8-K). Accessed online through EDGAR, the most Q American Church Mortgage Co. Q ANI Pharmaceuticals, Inc. recent SEC fi lings through June 30, 2020, were reviewed for data collection. SEC Q BBQ Holdings, Inc. fi lings do not require the racial identifi cations of Q Black Ridge Oil & Gas Q Canterbury Park Holding Corp. directors and executive offi cers, although Nasdaq St. Catherine’s University would Q CyberOptics Corp. is proposing such a rule be added. Since not all like to thank Dr. Hawthorne for Q DiaMedica Therapeutics companies request their directors and executives her infl uential leadership in Q Electro-Sensors, Inc. creating and producing the Min- Q GlassBridge Enterprises, Inc. to self-identify their race, this data is presented in nesota Census of Women in Cor- Q GWG Holdings, Inc. aggregate only in this report. Data confi rmation porate Leadership. We are deeply Q HMN Financial, Inc. sheets were emailed to each company requesting appreciative of the path she has Q Ikonics Corp. laid and the impact her research Q Image Sensing Systems, Inc. verifi cation of the information and notifi cation of has had in driving conversation Q iMedia Brands, Inc. any changes occurring before the Census cutoff and change for increasing women Q Inspire Medical Systems, Inc. in corporate leadership. Q IntriCon Corp. on June 30, 2020. The company response rate Q MTS Systems Corp. was 57 percent. Changes that occurred in board Q Northern Oil and Gas, Inc. membership, executive offi cer appointments, company ownership, or bankrupt- Q Northern Technologies International Corp. cy fi lings after the period covered by the June 30, 2020, fi lings are not refl ected Q NVE Corp. in this analysis. Q Qumu Corp. Criteria for inclusion in the executive offi cer category vary by company. To be Q Tactile Systems Tech., Inc. Q WPT Industrial Real Estate consistent, the Census uses only those individuals formally designated as Section Investment Trust 16b executive offi cers in SEC fi lings. All reasonable steps have been taken to verify the accuracy of the data. Any remaining errors or omissions are the sole responsibility of the researcher.

REBECCA K. HAWTHORNE, PH.D. Professor Emerita, Organizational Leadership St. Catherine University [email protected]

ABOUT ST. CATHERINE UNIVERSITY Sustained by a legacy of visionary women, St. Catherine University educates women to lead and inﬂ uence. We are a diverse community of learners dedicated to academic rigor, core Catholic values, and a heartfelt commitment to social justice. St. Kate’s students learn and discern wisely, and live and serve justly—all to power lives of meaning. Discover more at stkate.edu.

ABOUT THE CENSUS St. Catherine University’s School of Business develops strong and diverse women leaders that positively transform organizations to shape a better world. The production of the annual Minnesota Census of Women in Corporate Leadership is one distinct way in which St. Kate’s invests in this commitment and holds us all accountable for supporting women in leadership.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2021 19

STKates2021.indd 19 3/22/21 3:14 PM SHUNU SHRESTHA ’07 Senior Advisor, Human Trafficking and Exploitation Prevention Initiative, City of Minneapolis

Educating Women to Lead and Inﬂuence

This report is sponsored by

Powering Lives of Meaning | stkate.edu

Boldly driven, our graduates transform the world, advocate for social justice, and drive change.

STKates2021.indd 20 3/22/21 3:14 PM