The Journey Women on Boards 2010

The Forum of Executive Women , Pennsylvania The Forum of Executive Women

2010-2011 Officers

Ellen Toplin President Autumn Bayles Vice President Nila G. Betof, Ph.D. Secretary Melissa Weiler Gerber Treasurer

Board of Directors

Robin Frye Bond, Esq. Patricia Q. Connolly Linda Ann Galante, Esq. Suzanne S. Mayes, Esq. Margaret A. McCausland, Esq. Gina M. Merritt-Epps, Esq. Lori F. Reiner, CPA Gloria V. Rabinowitz Hon. Lisette Shirdan-Harris Jacqueline Z. Shulman, Esq. Evelyn F. Smalls Jane K. Storero, Esq. Tara L. Weiner Lesley Mallow Wendell

This publication is not a comprehensive research report and nothing herein is intended to be nor should be construed as investment advice. Deloitte does not recom- mend that any financial product should be bought, sold or held by you, and nothing in this publication should be construed as an offer, nor the solicitation of an offer, to buy or sell securities by Deloitte. You should not make any investment decision without consulting a fully qualified financial adviser. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. Reflections of the Journey

For the last decade, The Forum of Executive Women has spearheaded research about women’s journeys into the executive suites and boardrooms. And, after these 10 years, women now comprise 11 percent of the executive suites and 11 percent of boardroom seats.

Are these the expectations and results we envisioned when we started on the journey a decade ago?

Throughout my own journey, I have often challenged myself and asked: • Can I name those individuals whom I’ve personally mentored, personally sponsored? • Will mentorship and sponsorship of the next generation of leaders be part of my legacy? • Are the individuals whom I am mentoring and sponsoring diverse in thought, background, culture and gender?

I challenge you to ask these questions of yourself, your organization, your executive suite and your board.

As leaders, we need to enable the journey for the future leaders and talent in the pipeline. We must strive and be personally accountable to identify the qualified base of diverse individuals ready for leadership roles today and those capable of future leadership roles and ensure that they are mentored and sponsored.

Actively mentoring and sponsoring the next generation of diverse talent results in a stronger collection of future leaders for the executive suite and boardroom. Having the best, brightest and diverse leaders and talent at all levels continues to be a competitive advantage in the global marketplace, especially in a turbulent economy.

As the Trailblazer Sponsor for the 2010 Forum of Executive Women’s annual Women on Boards report, Deloitte is again proud to be part of the continuing dialogue to bring about change.

Mentorship and Sponsorship of Diverse Talent: a matter of organizational and personal accountability on the journey

Tara L. Weiner Managing Partner – Greater Philadelphia Region, Deloitte LLP

Board Member, The Forum of Executive Women Chair, Executive Suites Committee

As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Contents

Inside this Report The Journey. 1 President’s Letter 2 Executive Summary It’s proving to be a long, hard road toward achieving more 4 Expert Interview 6 Mentor Profiles representation for women in executive suites and corporate 10 Charts boardrooms. But it’s time to pick up the pace. 15 Project Methodology 15 Acknowledgements This report by The Forum of Executive Women offers support that companies need to do more to promote talented About this Report women into key leadership positions and appoint them to Women on Boards 2010 is a their boards. At the same time, women who aspire to lead joint initiative of The Forum’s need to continually look for ways to enhance their portfolios Executive Suites Committee of skills, experiences and contacts. and Deloitte LLP. The Executive Suites Committee advocates The Journey includes advice on how women and men alike for and facilitates the increased can make themselves ready to serve at the upper levels of representation of women on business. Readers will also meet four women leaders in boards and in top management the Greater Philadelphia region whose stories speak to the positions in public companies powerful effects of mentoring. in the region.

About The Forum of Executive Women

Founded in 1977, The Forum of Executive Women is their own relationships and inspire progress towards a a membership organization of more than 350 women world in which women and men share an equal place in of significant influence across the Greater Philadelphia leadership, policy and decision making in all private and region. The Forum’s membership is comprised of public entities. individuals holding the senior-most positions in the corporations, not-for-profit organizations and public Specific Forum programs range from formal symposiums sector entities that drive our regional economy and CEO roundtables to the publication of research and community. reports and outreach promoting the value of gender diversity on boards and in executive suites. A robust Dedicated to a mission of leveraging the power of mentoring program with diverse initiatives enhances executive women in the region to advance the impact The Forum’s commitment to build the pipeline of our and influence of women leaders across a broad next generation of women leaders. The Forum is also spectrum of society, The Forum has served as the a founding member of The InterOrganization Network linchpin for a multitude of initiatives that have sparked (ION), a nationwide consortium of 14 like-minded critical conversations in executive suites, boardrooms women’s leadership groups working collaboratively and public policy arenas. The Forum’s members join to advocate the advancement of women to positions together to exchange views that expand and strengthen of power in the business world, including boards of directors and executive suites of public companies. President’s Letter

Dear Friends:

Women who have dedicated their careers to Today, things are different. While the bottom line leading teams and organizations on journeys numbers do not reflect it, the trends are changing. to success know all about the importance of The awareness has been established. Companies persistence. We understand full well that ingrained know that there is real value in soliciting multiple, behaviors cannot be changed overnight, but independent perspectives in governance and rather through the critical incremental steps that leadership decision making. And they know you slowly turn and redirect a tide. That is why The can achieve that by encouraging gender and other Forum of Executive Women remains steadfast in its diversity at the board table. commitment to both present our annual Women on Boards report and spark the conversations and Today, The Forum has progressed from our initial actions that are helping to advance – slowly over work focused on building awareness into a phase time – the number of women tapped for boards of bridging access. We are striving to exponentially and C-suite leadership. increase the paths for well-qualified women to establish their connections to boards and their When we launched our Women on Boards report nominating committees. By leveraging the power 10 years ago, we began educating the marketplace of our membership in this region and working with about the disappointing facts—that there women nationwide through our sister leadership were very few women on boards, and seats at organizations in The InterOrganization Network boardroom tables were regularly and quite naturally (ION), we are connecting impressive and increasing being filled quickly from a pool of men who were numbers of women and men decision makers who connected with male board member colleagues are, in turn, influencing the outreach efforts and through their inner circles of trusted business behaviors of others. dealings. While there were women credentialed to fill an open seat, women were generally not on the The Forum of Executive Women is proud to be radar of the CEOs or board and nominating chairs at the center of the research and conversations spearheading selection. surrounding women on boards. And we will continue our work to afford access and connections to others who support our mission and the important work of advancing women in leadership. By working together with forward- thinking leaders, we will make a positive impact and enhance the success of our region and other centers of influence across the country.

Sincerely,

Ellen Toplin President

The Journey / 1 Executive Summary No one ever said the journey was going to be quick, but it’s turning out to be far more challenging than imagined.

When The Forum of Executive Women began its annual have been some gains over time but the numbers point to count of top women leaders at Philadelphia’s largest a stubborn trend: While more women than ever are in the companies a decade ago, the numbers weren’t hard to corporate talent pipeline, companies continue to tap mostly total because there weren’t that many women at the men for top positions.” top. The latest tally shows that women are making some modest inroads into corporate boards and executive suites, The Forum chose “The Journey” as the theme for this but their presence is still infrequent. year’s report because it reflects the reality that it takes unrelenting focus and persistence over a period of time “We knew when we first started tracking the status of to change the status quo. It’s so easy to let the pace women on boards that it was going to be a long road slow and complacency set in. At the company level, there to achieve the goal of advancing more women into the needs to be a rededication to cultivating and promoting boardroom,” said Ellen Toplin, President of The Forum, talented women not just because it’s good for those which advocates for women in business and counts many women, but because having a diverse leadership team is of Philadelphia’s top women leaders among its members. good for business. Women need to examine where they “We can see this year’s numbers as a disappointment—or stand on their own professional journeys, looking for as another step in that journey.” ways to enhance their skills and clarify their direction so they are prepared and well-positioned for opportunities to According to The Forum’s latest count, women held 11 lead. The journey may be long, but it doesn’t have to be percent of board seats at Philadelphia’s 100 largest public haphazard or left to chance. companies in 2009, up slightly from 10 percent the year before. Of the 100 companies, 43 had no women on “To gain or sustain a competitive advantage in today’s global their boards. marketplace, we need the best and brightest talent at all levels of management, offering the value of diverse perspectives. The story was similar in the executive suites, where women C-suite executives, board nominating committees and senior held just 11 percent of the top positions in 2009, the same leadership must strive to identify the qualified base of diverse representation as in 2008. Fifty seven of the 100 companies individuals ready for today’s leadership roles, while supporting had no women among their top executives, and 66 had formal and informal mentoring programs to maintain the no female “top earners.” Women of color were barely talent pipeline for an even stronger future,” said Tara L. Weiner, represented on either boards or in executive positions. Managing Partner, Greater Philadelphia region, Deloitte LLP, who chairs The Forum’s Executive Suites Committee. One promising finding: There were more executive positions slotted at area companies in 2009 compared to So what can be done? The Forum turned to a leading the year before – up from 615 to 645 – a sign that more academic expert on corporate governance and four opportunities exist to promote women into leadership outstanding women leaders in the region to gather ideas roles. At the same time, however, the total number of on how more progress can be made to advance the status board seats shrunk – from 868 to 844 – suggesting that the of women in business. competition for seats might be greater than ever. In an informative question-and-answer exchange, Ralph The Forum also looked at five-year data and found a A. Walkling, Founder and Executive Director of Drexel somewhat more encouraging picture. The number of University’s LeBow Center for Corporate Governance, women holding board seats increased from 84 in 2005 to explains what companies are looking for in board 90 in 2009, a 7 percent increase. The number of women in members and offers concrete advice on how both women C-suite positions increased from 62 to 71, an increase of 15 and men can make themselves “board ready.” percent, while the number of female top earners increased from 31 to 43, which represents a 39 percent increase. “It is said that the best way to get on a board is to be on a Toplin, who is Managing Partner for The Star Group, a board. But in terms of gender neutrality in the boardroom, marketing and communications company, said, “From my that’s not good enough,” Walkling said. “To achieve parity, perspective as President of The Forum, it seems that there we have to find a way for superior training to trump board experience.”

2 / Women on Boards Report Walkling urges up-and-coming leaders to find ways to continue their education beyond the traditional classroom, By the Numbers: harness the wealth of financial and business information Key Findings for 100 Area Companies: available in today’s multi-media world and network with the goal of letting people know that they are both prepared • Women held 90 of 844 board seats in 2009 and interested in serving on boards. • Forty-three companies had no female board members “It makes financial sense to have the best and the brightest • Eight companies had three or more female in the boardroom,” Walkling said. “If you want to serve board members on boards, you need to do everything in your power to • Seven board seats were held by women of color improve your chances, concentrating on the things you • Women were in 71 of the 645 top executive can control. Again, that calls for enhanced education, positions experience and networking.” • Fifty-seven companies had no women in their executive ranks The four women leaders featured in this report offer proof • Women accounted for 43 of the 496 of the value that good mentoring can provide throughout best-compensated executives a person’s professional journey. So often seeking out • Sixty-six companies had no women among their a mentor is seen as an early-career strategy, but these top earners women’s stories illustrate how far-reaching the effects of mentoring can be. Note: The 2010 Women on Boards report is based on an analysis of the 2009 year-end SEC filings for the top 100 Gina Merritt-Epps, Corporate Counsel and Secretary companies by revenue in the region. for South Jersey Industries, said that even after years of experience she keeps the open-minded attitude that there is always more to learn. Total Executives vs. Female Executives

720 “You have to get over that fear that you will be perceived 713 679 645 negatively because others around you are more 615 experienced,” said Merritt-Epps, a Forum member who also serves on its board. She’s also in a learning mode when she is doing the mentoring. “I view the relationship as one where I gain as much as my mentee, and never see myself 62 62 62 68 71 as the teacher or the one with all the answers.” 2005 2006 2007 2008 2009

Ann Weaver Hart, who in 2006 became the first woman Total Executives Total Female Executives president in Temple University’s history, said her mentors, who go back to her graduate school days, helped her develop a “realistic set of expectations of what my career could be.” They also taught her a lesson applicable to life Growth of Female Top Earners in Companies 80 in general. 70

60 “There is no one path to career happiness,” said Hart, 50 a Forum member. “You won’t see the options if you’re 40 blinded by a single focus.” 30 The Forum of Executive Women will continue to track 20 0 the progress of women’s advancement onto corporate 2005 2006 2007 2008 2009 boards and into executive suites so that there is an accurate # of cos with at least 1 female top earner roadmap of where women have come from and where # of cos with no female top earners they are heading. The Journey isn’t easy. But the destination is no doubt achievable. Total Board Seats vs. Female Board Seats

893 11% 863 884 Female Board Seats as a % 868 844 of Total Board Seats in 2009

84 93 89 88 90 89% 2005 2006 2007 2008 2009 Board Seats filled by men Board Seats filled by women Total Board Seats Total Female Board Seats

The Journey / 3 Expert Interview: Ralph A. Walkling

Founder and Executive Director, Drexel University LeBow College of Business Center for Corporate Governance; Professor of Finance and Stratakis Chair in Corporate Governance and Accountability

Being a successful director of a public corporation in today’s business environment takes much more than financial savvy. The Forum of Executive Women talked with Ralph Walkling about what companies look for in directors and how you can gain the skills needed to be “board ready.”

Why is being a director so important? How has the role of board member changed Q. Q.due to recent financial scandals and the economic meltdown? Your job as director is to see that the interests of A. managers are aligned with the interests of the It’s a very challenging time to be a director. Board owners. The owners are, of course, the shareholders. A.members face increasingly complex regulations The director is the owners’ only real link to management. and responsibilities, an increasingly complex business Thus, directors have to be the eyes, ears, hearts and environment and an increasing speed of change both in minds of the owners. The best directors try to think like the business world and in the regulatory environment. the shareholders they represent. They continually ask Many board members are displeased about the checklist themselves, what would the shareholders want us to do? mentality of governance—they have less time to spend on What are the best decisions to maximize value? Our center strategic and substantive issues because they’re spending recently held its second annual “Directors’ Dialogue”—an more time with compliance issues and protecting exchange of ideas on corporate governance by key themselves from lawsuits. There are shorter lead times executives and directors. Jack Brennan, former CEO of these days because technology allows the instant Vanguard, gave the keynote and offered this perspective availability of all kinds of information. Companies that can on being a director: “Know that you are the shareholders’ respond and adapt quickly to information will benefit from first line of defense. You are our hands-on supervisors opportunities; companies that respond slowly typically of the management team. You are the individuals we experience declines in market share and value. Directors rely on to ensure that the capital we’ve invested is must be attuned to changes in all of the factors that can well-stewarded.” affect a business and react with appropriate speed. After all, financial research shows that when new information comes up, stock prices change in response to that Q. What are a director’s main responsibilities? information almost instantaneously. Directors have a duty of care and a duty of loyalty. A.Directors must have the appropriate level of skill How much of a time commitment is required and act with care. They have oversight responsibility Q. to be a director? to ensure that a company acts in compliance with the Surveys indicate that a director typically spends law, that proper procedures are being followed, that A.about 200 hours a year attending board and appropriate items are disclosed and that appropriate committee meetings and preparing for them. The risks are identified and monitored. The duty of loyalty commitment could be substantially higher if the means directors must never put their own interests ahead director chairs the board or an audit committee, or of the company’s interests. Directors have to distance if a crisis develops. themselves from any transaction that would involve a conflict of interest. While directors are there to protect shareholders’ interests, they also have to be mindful of What specific skill sets are needed? other stakeholders, including bondholders, employees Q. and the community in which the business exists. If you You have to have business experience and don’t maximize value to the shareholders you’re not going A.expertise, a good sense of business strategy and to stay in business, but you have to be mindful of other knowledge of corporate governance. You also need stakeholders because you want the company to operate financial expertise to know your way around balance within the law and be a good corporate citizen. sheets and income statements. It’s also important to have a customer orientation. Companies that satisfy their customers excel. You certainly need good communication skills – writing, speaking and listening – and good interpersonal skills.

4 / Women on Boards ReportWomen on Boards Report Why are so few women on boards? That’s one excellent way. Develop your skill sets Q. A. to be an effective director wherever you have the Good question, with no satisfactory answers. The opportunity. There are a lot of responsibilities involved in A.problem is not just with the United States; it is being on any board, and when working on a nonprofit international in scope. Two easy, but unsatisfying answers board you also have the opportunity to meet people are: First, it is said that the best way to get on a board involved in other ventures. Think about your interests and is to be on a board. Thanks a lot. That’s of little help. passions and the organizations related to those areas. There is a small pool of women at the director level from Then think about how you can get involved in those types which to recruit. Enhanced awareness of the issue and of organizations. improved training geared specifically for the boardroom can help. We have to find a way for superior training to trump experience in the boardroom. Second, men have Are boards looking for a Jack-of-all-trades or historically had an established and extensive network Q.someone who brings a certain set of skills to of contacts. You can’t be recruited if your talents are the table? unknown. By the way, I do see improvements related to They could be looking for either—with the caution awareness, education and networking and I’m certain that A. that few “Jack-of-all-trades” or “Jill-of-all-trades” The Forum of Executive Women is part of the reason for exist. Both breadth and depth of skills are important. that improvement. Boards often begin the search for a new director by creating a matrix that interacts desired skill sets for the What personal attributes are needed to be a company against existing competencies. They look to Q. reliable and effective director? fill gaps where particular expertise or skills are needed. Let’s come back to the notion that you are They’re looking at not only what they need now, but also A.working for the owners of the company, investing anticipated needs five or 10 years from now. Personalities their money. If you were hiring someone to invest your can also play a role. You might be a good fit on one board personal funds, what qualities would you look for? When and not be a good fit on another. However, you can’t be you have that list, then work to develop those attributes a one-issue board member. You can be very passionate yourself. My own list is incomplete, and yours could be about certain causes, but you should not be focused just different from mine, but any list would start with integrity, on one issue. intelligence, knowledge and a desire to excel. You also need some more intangible qualities, such as common How do you position yourself so you’ll get sense; the ability to process concepts and ideas in a Q. recognized by a search committee? logical, objective fashion; the ability to think creatively Again, it comes back to having the right skill sets and see the big picture; a willingness to question and A. the company needs on the board and then to challenge when necessary; and the ability to learn from being noticed. So work to be the ideal person to represent your mistakes. the owners of the company. But beyond that, make sure others are aware of your skills and talents. Working for nonprofits is one way since many public board members How can you go about making yourself also serve on nonprofits. Attend programs where public Q. board ready? directors are present. Socialize. Education is key. Degrees matter to many A.people, but education is about continuing to How do people find out what positions gain knowledge and staying current. You do that by Q. are available? interacting with other executives and board members and Some leads come by word of mouth; some come going to university programs and programs sponsored A. from search firms. Consider getting to know by organizations like the NACD (National Association of the managing partners at major search firms. Examine Corporate Directors). Develop an information network – your network of contacts. Let your interests be known, blogs, journals, The Economist, The Wall Street Journal particularly to members of a nominating committee. and strategic publications like Directors and Boards – to There’s a certain luck factor involved in getting asked to help you stay current. Do your own writing in professional be on a board, but you need to be prepared and make journals or other places. Use the media to display your sure people are aware that you are talented and available. talents. Actively invest a small portion of your savings I think we’re relying less and less on the good-old-boy in companies of interest and follow them. (Note how network – it’s still alive to some degree, if not well – but this aligns your interests with those of the company.) more companies are using search firms more and more Study 10-Ks—they are the board’s primary vehicle for to find directors. The best boards are seeking members communicating results to the world. Learn some basics of who can help them add value to their companies. Be corporate finance, investments and financial markets and that person. develop a financial vocabulary. Ralph A. Walkling is internationally known for his research on corporate governance and corporate acquisitions. Dr. Is there a strategy for achieving a public Walkling is a contributor to leading journals and consults board seat—for instance starting at a Q. for major companies. Learn more about Drexel’s Center for nonprofit organization and then moving Corporate Governance at www.lebow.drexel.edu/Centers/ to a public company? CorpGov.

The Journey / 5 MENTOR PROFILES MENTOR Making a difference Four leaders share what they learned from their mentors and how they pass those lessons along.

CAROL JENSEN

Chief Marketing Officer and Senior Vice President , Inc.

Carol Jensen loves to talk about cappuccinos and In her next position, at Bank of New York in Delaware, smoothies and all the other good stuff that get us Jensen worked under Judy Sonnett, then VP of Human going in the morning and perking up in the afternoon. Resources, who modeled the ideal characteristics of a But it’s the people behind the products at Wawa who mentor. Sonnett didn’t tell people what they ought to really get her revved. do, but she asked great questions. Why are you doing that? What are you trying to achieve? Why do you “To be a leader you have to figure out how to get think that would be helpful? people engaged and excited about their work,” said Jensen. “You need to connect with people as people.” “She never shot down an idea, but she would help you come to a better solution. She did it in a way that you Jensen previously wore the title of Chief People came away feeling it was your solution,” Jensen said. Officer, overseeing Wawa’s human resources, but she hasn’t lost focus on the human dimension of the Jensen said she was fortunate at Wawa, a privately- workplace in her marketing position. In a typical year, held company based in Delaware County, to find a she mentors three to five coworkers, reaching out to “tremendous mentor and teacher” in CEO Howard employees in various branches of the business. Stoeckel, who she said is “all about people.”

“I consider it part of my job to mentor others,” Jensen Jensen goes about being a mentor very purposefully. said. “Part of it is the ‘pay it forward’ thing. I’ve been Some people seek her out; she connects with others so lucky in my career with good mentors. I owe it to after consulting with human resources. She makes others to do what others have done for me.” sure the person’s supervisor is comfortable with the arrangement (she’s not into doing end-runs around people), and she establishes clear goals with the mentee at the start. She likes the relationships to last “I’ve been so lucky in my career with for a year and typically conducts the sessions for an hour once a month. She tries to save 10 minutes or so at the end of each session to get feedback on what’s good mentors. I owe it to others to going on around the company.

do what others have done for me.” “It’s really helpful to hear how people at different levels of the organization see things,” she said When Jensen got started in the 1980s, she had One of Jensen’s mentees, Dorothy Swartz, Wawa’s mentors who influenced her thinking for the long Director of Talent Management, said Jensen taught her haul. She became Director of Personnel at Zenith the necessity of establishing networks and relationship Products Corporation, where then CEO Jim Aruffo building. She said Jensen is “honest and direct, taught her the importance of “walking the floor,” very trustworthy.” taking time to get to know people and figuring out what motivates them. Peter Rasmussen, Area Manager, said Jensen helped him chart a career path. “She is so energetic, happy “He taught me that people bring their whole selves to and filled with wisdom,” he said. ”She listens, provides work. They’re not just employees,” Jensen recalled. He advice, but in the end guides you to find answers on also taught her that when things go wrong, focus on your own.” where the process broke down, not on who messed up. “He taught me a great deal about establishing It’s the same thing Jensen’s mentors did for her 25 credibility in a tough environment.” years ago.

6 / Women on Boards Report GINA MERRITT-EPPS

Corporate Counsel and Secretary South Jersey Industries

Gina Merritt-Epps has experienced all sorts of Merritt-Epps wasn’t satisfied with just her own mentoring, from informal and formal relationships, to professional development. She is a cofounder of South “grooming” by her boss to take over his position, to Jersey Industries’ Women’s Leadership Initiative, which professional coaching. A common theme resonated is designed to create opportunities for women to through all those varied experiences. “I needed to connect and develop their skills and portfolios both develop confidence, understand my leadership style at the company and in the community. Mentoring is and expand my work activities so that I was considered a vital part of the initiative. Andrea Lipieta, Manager, a business leader,” she said. Financial Planning, is being mentored by Merritt-Epps and describes her as “proactive, productive and direct.” Merritt-Epps, an attorney, arrived at South Jersey “Gina is helping me better understand my skill set and Industries, an Atlantic County energy services holding identify goals, and has been instrumental in leading company, in 2006 as Director of Legal Services and me to further training and development within the soon moved up to Assistant General Counsel and company,” Lipieta said. Assistant Secretary. Her boss, Richard H. Walker, Jr., planned to retire and began to gradually prepare her Often mentoring is more subtle, but just as important. to take over many of his duties. Merritt-Epps said it’s good to have a trusted person within your organization to help you understand “At first it was a typical relationship between boss the nuances of corporate culture, particularly if and subordinate,” she said, “but then he began a you’re new. “Did I overreact? What do you think very concerted effort to include me in meetings, about this? It helps sometimes to get a gut check,” introducing me to people in outside groups, copying she said. Also, think about who might be a good me on emails.” guide outside your organization.

Merritt-Epps took part in a mentoring program through the Society of Corporate Secretaries and “I needed to develop confidence, Governance Professionals. Her mentor, Sandy Ennis, who is now Vice President, Corporate Communications, for DTE Energy, said she valued understand my leadership style and that mentoring relationship because “it was a great way to share information and learn from each expand my work activities so that I other, and we were able to discuss emerging issues.”

was considered a business leader.” Merritt-Epps, an alumna of Penn State University and Howard University School of Law, said one of the best As part of the move into the position of Corporate pieces of advice she learned from her mentors is that Counsel and Secretary, Merritt-Epps was assigned “everyone had to start somewhere. There’s a tendency an executive coach for a year, an experience she to think that everyone else is an expert.” found invaluable. The coach used a standardized assessment test to pinpoint Merritt-Epps’s strengths It’s a lesson she no doubtedly shares with the young and weaknesses and helped her find ways to capitalize women she mentors through Zeta Phi Beta Sorority, on her innate leadership traits. One of the points that Inc., an organization that shaped her personal and was reinforced through coaching was that “while I’m a academic development as a young African-American quiet leader, people view me as impactful.” undergrad.

Walker, now in private practice with Cooper Levenson, Kristine Dillon, of Brooklyn, N.Y., who just graduated Attorneys at Law in Atlantic City, said he and the from Penn State with a degree in crime, law and company “saw in Gina many superior legal skills , said Merritt-Epps has been a steady supporter and excellent work characteristics. She brings a as she works toward her own goal of becoming clear-headed, problem-solving approach to work a lawyer. issues. Also, she has a great attention to detail.” “Gina doesn’t let me give up and gives me hope for my future,” Dillon said.

The Journey / 7 ANN WEAVER HART

President Temple University

One of the skills Ann Weaver Hart learned early tremendously talented individual who was bound to on from a mentor was how to include people in be a high achiever,” said Miskel, who was Dean of the discussions. Hart said there is a common group Graduate School of Education at Utah, where Hart dynamic in which someone who is part of an became a faculty member, before he moved on to the “underrepresented group” puts forward an idea, but University of Michigan. the conversation quickly moves back to where it was going. The idea is either forgotten or someone else Hart’s research interests include leadership succession around the table later repeats the same thought and and development, work redesign, organizational takes credit for it. The dynamic happens particularly behavior in educational institutions and academic in groups that are made up of a lot of men and few freedom. She said she learned from Miskel how to women or members of minority groups, she said. accept criticism as she went about getting papers published. At the University of Utah, Hart had watched as one of her graduate school professors and mentors, Cecil “Just because you get rejected by a journal doesn’t Miskel, made a point to steer the conversation back to mean you should throw it in a drawer and forget it,” a Native-American faculty member who had made a Hart said. “Take it and make it better.” good suggestion that was ignored. Clifford Drew, another Utah professor, also became “Cecil taught me how to draw that idea back and give Hart’s mentor after she took his statistical analysis credit to the individual who suggested it, in a way that class. “Clif was famous for being able to teach allows the group to give it full consideration,” Hart statistical analysis to math-phobic kids,” Hart recalled. said. The goal isn’t to offend or embarrass anyone. She said Drew noticed her, in part, because she was “It’s good for the group and good for the organization one of the oldest students in the class. to make sure that ideas get a full hearing.” “Our relationship has always been one of colleague to colleague,” said Drew, who is a professor in the Departments of Special Education and Educational “It’s satisfying to see people move on Psychology at Utah. Hart prefers not to reveal the names of people she because you created an environment mentors because she doesn’t want to create an impression of favoritism, though the list includes both students and faculty and staff members. She where you weren’t going to hold challenges her mentees at the start to look realistically at their deficits as well as accomplishments so they can them back.” identify what added skills and experience are needed to go forward. Hart uses the tactic now at Temple, where she became the school’s first female president in 2006. Hart said Hart knows from studying organizational dynamics Miskel was also instrumental in helping set her on a that mentoring relationships don’t always end as career trajectory that she hadn’t anticipated. She had expected. “The mentor helps the career of the protégé embraced a life plan that included the roles of full-time up to a certain point, but then may block the road mother, school teacher and middle-school principal, when the protégé starts passing the mentor. There’s but then in graduate school she got hooked on the this sense ‘Oh no, this person’s career is going to end organizational dynamics of education. Hart earned all up better than mine.’” of her degrees at Utah – B.S., M.A., and Ph.D. – and held the titles of professor, dean and special assistant Hart said mentors need to accept that sometimes they to the president there. succeed the best when someone they value heads out the door. “Ann has had an amazingly successful career in academia as a scholar and especially as an academic “It’s satisfying to see people move on because you administrator. I would like to believe my interactions created an environment where you weren’t going to with her had some modest effects, but she is a hold them back.”

8 / Women on Boards Report SHELLEY BOYCE

Founder and Chief Executive Officer MedRisk, Inc.

Some of Shelley Boyce’s best business strategies began One of her Wharton mentors is Robert Chalfin, a as scribbles on the back of a napkin. It was the mid- lecturer in management, who spotted his student’s 1990s and she was in the early stages of developing instinct for entrepreneurship and became a trusted her company, MedRisk, Inc., when a friend referred advisor as she put her company together. her to Steve Kreider, who agreed to meet with her. Something clicked on that first encounter with Kreider “Shelley continually seeks and hires the best people to and he became Boyce’s informal mentor, a relationship work for her, and she is always anxious to help other that continues today. people as well,” Chalfin said.

“I would meet with Steve for lunch on a regular Boyce is currently mentoring Dr. Sarah Russell, a basis, getting his ideas on how to grow the business Philadelphia V.A. physician and second-year Wharton and value the business from the financial market M.B.A. student who recently launched Rx-Text, a perspective,” Boyce said. “Steve would also share text messaging business that connects doctors stories about raising his children and parenting while and patients. balancing a full workload. Often, I would take the napkins we had written on back to my office.” “I have developed two important habits through Shelley’s encouragement,” Russell said. “First, I Boyce’s company, MedRisk, headquartered in King of manage the challenges of multi-tasking with a Prussia, began as a gamble but has grown into one of just-do-it attitude. Rather than get bogged down the nation’s leading producers of specialty managed- in being overwhelmed by the M.B.A. and work, I care services and claims management tools for the focus on learning what I need to learn, making good workers’ compensation industry. decisions, working as hard as I can and trying to not feel bad about all the ways I may not be doing it perfectly. Second, I have learned the importance of being generous with my time. Now that I have “Accept mistakes and learn from younger M.D.s and M.B.A.s approaching me for advice, I try to channel Shelley’s willingness to listen them. Not only be willing to hear and commit.” While Boyce’s early experience with mentoring was bad news, but lean into it.” mostly informal, she instituted a formal coaching and mentoring program at MedRisk that started with Boyce said that while her get-togethers with Kreider the senior leadership team and has expanded to – who is a portfolio manager for Western Asset other key leaders and managers. The program began Management in New York and serves on MedRisk’s with professional one-on-one coaching, and now board – are less frequent now, they are no less helpful incorporates team coaching, team-building activities than back when she was making a business plan and and the development of a team charter. More training looking for investors. “I rarely leave a meeting with initiatives are in the works. Steve without an insight, lesson or story.” “As I look to constantly refine, grow and reinvent the Boyce said connecting with good mentors should business, the one lesson that I come back to is that be a career-long goal. “Sometimes all you need is you have to be able to embrace change and challenge someone to help you jump-start an idea.” Among the the status quo,” Boyce said. “You cannot always many pieces of advice that stuck: “Always work to be change people or the environment in which you a better listener. Listen first. Speak second.” Another: operate. But you can always challenge yourself and “Accept mistakes and learn from them. Not only be look at the role you are playing. I once heard it said willing to hear bad news, but lean into it.” that what’s important is not the impact something has on you. What’s important is to look at the impact you Boyce finds opportunities to be mentored or to mentor can have—on anything, at any time.” at every turn, from the University of Virginia, where she earned a nursing degree, to the University of Pennsylvania’s Wharton School, where she did her graduate work, to her own home, where she mentors three teenaged daughters.

The Journey / 9 Women Directors & Executive Officers (as listed in SEC filings)

PBJ Rank Company Name Directors Executive Officers 1 AmerisourceBergen Corp. Jane E. Henry ∆ Jeanne B. Fisher $ 2010 Fortune 24 2 Sunoco Inc. Lynn L. Elsenhans Anne-Marie Ainsworth $ 2010 Fortune 78 Ursula O. Fairbairn Lynn L. Elsenhans $ Rosemarie B. Greco 3 Corp. Dr. Judith Rodin 2010 Fortune 59 4 CIGNA Corp. Jane E. Henney Annmarie T. Hagan $ 2010 Fortune 129 Carol Cox Wait ∆ Carol Ann Petren $ Donna F. Zarcone 5 Sunoco Logistics Partners Cynthia A. Archer Deborah M. Fretz $ Lynn L. Elsenhans Deborah M. Fretz 6 Lincoln National Corp. M. Leanne Lachman l Lisa M. Buckingham 2010 Fortune 256 Heather C. Dzielak 7 Rohm & Haas Co. Sandra O. Moose ∆ Patrice Barthelmes Marna C. Whittington Ruby R. Chandy Carol S. Eicher Anne M. Wilms 8 Inc. Jenne K. Britell l 2010 Fortune 289 9 Campbell Soup Co. Mary Alice D. Malone Ellen Oran Kaden $ 2010 Fortune 299 Sara Mathew Denise M. Morrison $ Charlotte C. Weber Nancy A. Reardon 10 UGI Corp. Anne Pol 2010 Fortune 369 M. Shawn Puccio 11 Corp. Denise K. Fletcher Patricia A. Bradford 2010 Fortune 452 Leslie F. Kenne Janet B. Haugen $ M. Lazane Smith Nancy S. Sundheim 12 Universal Health Services Inc. Leatrice Ducat Debra K. Osteen $ 2010 Fortune 403 13 Inc. Paula A. Sneed 2010 Fortune 474 Ellen C. Wolf 14 Inc. Christine N. Garvey 2010 Fortune 914 15 FMC Corp. Patricia A. Buffler Andrea E. Utecht 2010 Fortune 467 16 Inc. 2010 Fortune 816 17 AmeriGas Partners 18 Inc. Yvonne M. Curl ∆ 2010 Fortune 810 Katherine M. Hudson M. Jeannine Strandjord l 19 Ametek Inc. Elizabeth R. Varet 2010 Fortune 797 20 Teleflex Inc. Patricia C. Barron ∆ 2010 Fortune 831

21 PHH Corp. Ann D. Logan Adele T. Barbato 2010 Fortune 638 Sandra E. Bell $ 22 - Manny, Moe & Jack M. Shan Atkins 2010 Fortune 860 Jane Scaccetti l 23 Inc. Gail R. Wilensky Valli F. Baldassano 2010 Fortune 781 Lesley Russell $

24 Inc. Jan Nicholson Teresa A. Bryce $ Catherine M. Jackson 25 Central European Distribution Corp. 26 Inc. Margaret Hayne 2010 Fortune 852 Wendy B. McDevitt Wendy Wurtzburger

$ = Top Earner ∆ = Chairs Governance/Nominating Committee *Listed as a Top earner, but not a named Executive Officer Bold = FOEW Member l = Chairs Audit Committee

10 / Women on Boards Report The scope of the research was comprised of the top 100 (by revenue) 2009 public companies as listed in the Philadelphia Business Journal. Women Directors & Executive Officers (as listed in SEC filings)

PBJ Rank Company Name Directors Executive Officers 27 Endo Pharmaceuticals Holdings Inc. Nancy J. Hutson Caroline B. Manogue $ Nancy J. Wysenski $* 28 SEI Investments Co. Sarah W. Blumenstein Kathy C. Heilig Kathryn M. McCarthy 29 Penn Virginia Corp. Marsha R. Perelman Nancy M. Snyder $ 30 Inc. 31 Knoll Inc. Kathleen G. Bradley Marcia A. Thompson Sarah E. Nash Lynn M. Utter $ 32 CDI Corp. Cecilia J. Venglarik $ 33 Technitrol Inc. 34 West Pharmaceutical Services Inc. Paula A. Johnson 35 Harleysville Group Inc. Barbara A. Austell Donna M. Dever Mirian M. Graddick-Weir Beth A. Friel 36 GSI Commerce Inc. Andrea M. Weiss 37 Checkpoint Systems Inc. Sally Pearson 38 Penn Virginia GP Holdings Nancy M. Snyder Nancy M. Snyder $ 39 Penn Virginia Resource Partners Marsha R. Perelman Nancy M. Snyder $ Nancy M. Snyder 40 Constar International Inc. Ruth J. Mack 41 Liberty Property Trust M. Leanne Lachman 42 NutriSystem Inc. Monica L. Woo $* 43 J&J Snack Foods Corp. 44 Aqua America Inc. Mary C. Carroll Ellen T. Ruff 45 46 Healthcare Services Group Inc. 47 Orleans Homebuilders Inc. Company filed for Bankruptcy; Prior year filings used 48 Quaker Chemical Corp. Patricia C. Barron 49 Dollar Financial Corp. Melissa Soper 50 Destination Maternity Corp. Ann T. Kavanagh Lisa H. Hendrickson $ Rebecca C. Matthias Rebecca C. Matthias $ Melissa Payner-Gregor 51 AC Moore Arts & Crafts Inc. Lori J. Schafer Amy Rhoades $ 52 CSS Industries Inc. Rebecca C. Matthias ∆ Prior year filings used 53 Pennsylvania Real Estate Investment Trust Dorrit J. Bern Rosemarie B. Greco 54 Entercom Communications Corp. 55 ICT Group Inc. Pamela J. Goyke ICT Group was acquired by Sykes in 2010; Janice A. Jones Prior year filings used Gail Lebel Rachel M. Macha 56 C&D Technologies Inc. Pamela L. Davies Prior year filings used Ellen C. Wolf l 57 Dorman Products Inc. 58 Hill International Inc. Camille S. Andrews ∆ Catherine H. Emma 59 Kulicke & Soffa Industries Inc 60 MedQuist Inc. 61 Advanta Corp. Dana Becker Dunn Company filed for bankruptcy; Prior year filings used 62 K-Tron International Inc 63 ViroPharma Inc. 64 InterDigital Inc. Janet M. Point 65 RCM Technologies Inc.

$ = Top Earner ∆ = Chairs Governance/Nominating Committee * Listed as a Top earner, but not a named Executive Officer Bold = FOEW Member l = Chairs Audit Committee

The scope of the research was comprised of the top 100 (by revenue) 2009 public companies as listed in the Philadelphia Business Journal. The Journey / 11 Women Directors & Executive Officers (as listed in SEC filings)

PBJ Rank Company Name Directors Executive Officers 66 Nobel Learning Communities Inc. Dr. Terry Crane ∆ Patricia B. Miller $ Dr. Susan W. Race $ Jeanne Marie Welsko $ 67 Kenexa Corp. Renee B. Booth Sarah M. Teten Rebecca J. Maddox 68 SL Industries Inc. 69 Stonemor Partners 70 Tasty Baking Co. Judith M. von Seldeneck Autumn Bayles $ 71 Sovereign Bancorp Inc. Marian Heard Sovereign Bancorp Inc. was acquired by Banco Santander in 2009; Prior year filings used 72 Resource America Inc. 73 Harleysville National Corp. LeeAnn B. Bergy Donna M. Coughey $ Stephanie S. Mitchell Demetra M. Takes $ Demetra M. Takes 74 eResearchTechnology Inc. Amy Furlong $ 75 ING Clarion Global Real Estate Income Fund Prior year filings used; Top earner information not included in filing 76 Auxilium Pharmaceuticals Inc. Jennifer Evans Stacey $ 77 Beneficial Mutual Bancorp Inc. Karen D. Buchholz Denise Kassekert $ Elizabeth H. Gemmill ∆ 78 Met-Pro Corp. Judith A. Spires Robin l. Wiessmann 79 WPCS International Inc. 80 InfoLogix Inc. 81 RAIT Financial Trust Betsy Z. Cohen Betsy Z. Cohen $ S. Kristin Kim 82 Univest Corp. of Pennsylvania 83 Kensey Nash Corp. Wendy D. DiCicco $* 84 Orthovita Inc. Mary Paetzold l Nancy C. Broadbent $ 85 Safeguard Scientifics Inc. Julie A. Dobson 86 Lannett Co. Inc. 87 Internet Capital Group Inc. 88 Bio-Imaging Technologies Inc. Rebranded Bio-clinica 89 OmegaFlex Inc. 90 Franklin Electronic Publishers Inc. 91 Alesco Financial Inc. Company merged with its external manager, Cohen & Company Inc. 92 Bryn Mawr Bank Corp. Andrea F. Gilbert Alison E. Gers $ 93 Willow Financial Bancorp Inc. Madeleine Wing Adler Donna M. Coughey $ Acquired by Harleysville National Corp.; Donna M. Coughey Prior year filings used Rosemary C. Loring 94 Adolor Corp. 95 First Chester County Corp. J. Carol Hanson Sheri L. Ashman Acquired by Tower Bancorp; Prior year filings used Lynn Marie Johnson-Porter Deborah R. Pierce $* Anna Ruth Smith Michelle E. Venema $ Karen D. Walter 96 inTEST Corp 97 Encorium Group Inc. Sari Laitinen Eeva-Kaarina Koskelo $ 98 PhotoMedex Inc. Christina L. Allgeier $ 99 Universal Health Realty Income Trust Cheryl K. Ramagano $ 100 Innovative Solutions & Support Inc.

$ = Top Earner ∆ = Chairs Governance/Nominating Committee *Listed as a Top earner, but not a named Executive Officer Bold = FOEW Member l = Chairs Audit Committee

12 / Women on Boards Report The scope of the research was comprised of the top 100 (by revenue) 2009 public companies as listed in the Philadelphia Business Journal. Board Seats, Executives & Top Earners (as listed in SEC Filings)

Board of Directors Executives Top Earners Total Female Total % Organizations Board Board % Female Total Female % Female Top Female Top Female Top Seats Seats Board Seats Executives Executives Executives Earners Earners Earners AmerisourceBergen Corp. 9 1 11% 5 1 20% 5 1 20% Sunoco Inc. 8 3 38% 11 2 18% 6 2 33% Comcast Corp. 13 1 8% 5 0 0% 5 0 0% CIGNA Corp. 11 3 27% 5 2 40% 7 2 29% Sunoco Logistics Partners 8 3 38% 5 1 33% 5 1 20% Lincoln National Corp. 12 1 8% 8 2 25% 5 0 0% Rohm & Haas Co. 12 2 17% 13 4 31% 5 0 0% Crown Holdings Inc. 10 1 10% 6 0 0% 5 0 0% Campbell Soup Co. 16 3 19% 12 3 25% 6 2 33% UGI Corp. 9 2 22% 8 0 0% 5 0 0% Unisys Corp. 12 2 17% 11 4 36% 5 1 20% Universal Health Services Inc. 8 1 13% 5 1 20% 5 1 20% Airgas Inc. 9 2 22% 11 0 0% 5 0 0% Toll Brothers Inc. 12 1 8% 4 0 0% 3 0 0% FMC Corp. 10 1 10% 8 1 13% 5 0 0% Vishay Intertechnology Inc. 11 0 0% 5 0 0% 5 0 0% AmeriGas Partners 9 0 0% 10 0 0% 5 0 0% Charming Shoppes Inc. 10 3 30% 9 0 0% 6 0 0% Ametek Inc. 8 1 13% 6 0 0% 5 0 0% Teleflex Inc. 11 1 9% 6 0 0% 5 0 0% PHH Corp. 11 1 9% 11 2 18% 6 1 17% Pep Boys - Manny, Moe & Jack 10 2 20% 7 0 0% 5 0 0% Cephalon Inc. 8 1 13% 10 2 20% 5 1 20% Radian Group Inc. 10 1 10% 8 2 25% 5 1 20% Central European Distribution Corp. 8 0 0% 4 0 0% 4 0 0% Urban Outfitters Inc. 6 0 0% 9 3 33% 5 0 0% Endo Pharmaceuticals Holdings Inc. 9 1 11% 5 1 20% 6 2 33% SEI Investments Co. 7 2 29% 9 1 11% 5 0 0% Penn Virginia Corp. 9 1 11% 6 1 17% 5 1 20% Triumph Group Inc. 6 0 0% 4 0 0% 4 0 0% Knoll Inc. 8 2 25% 8 2 25% 5 1 20% CDI Corp. 7 0 0% 5 1 20% 5 1 20% Technitrol Inc. 6 0 0% 3 0 0% 3 0 0% West Pharmaceutical Services Inc. 10 1 10% 11 0 0% 6 0 0% Harleysville Group Inc. 9 2 22% 13 2 15% 5 0 0% GSI Commerce Inc. 9 1 11% 6 0 0% 5 0 0% Checkpoint Systems Inc. 9 1 11% 7 0 0% 6 0 0% Penn Virginia GP Holdings 7 1 14% 5 1 20% 5 1 20% Penn Virginia Resource Partners 8 2 25% 5 1 20% 5 1 20% Constar International Inc. 6 1 17% 8 0 0% 4 0 0% Liberty Property Trust 9 1 11% 5 0 0% 5 0 0% NutriSystem Inc. 8 0 0% 4 0 0% 6 1 17% J&J Snack Foods Corp. 5 0 0% 5 0 0% 5 0 0% Aqua America Inc. 9 2 22% 7 0 0% 5 0 0% Brandywine Realty Trust 7 0 0% 10 0 0% 5 0 0% Healthcare Services Group Inc. 7 0 0% 5 0 0% 5 0 0% Orleans Homebuilders Inc.* 10 0 0% 8 0 0% 5 0 0% Quaker Chemical Corp. 10 1 10% 7 0 0% 5 0 0% Dollar Financial Corp. 7 0 0% 9 1 11% 5 0 0% Destination Maternity Corp. 11 3 27% 4 2 50% 4 2 50% AC Moore Arts & Crafts Inc. 6 1 17% 5 1 20% 7 1 14% *Prior year filings used **Incomplete information available The scope of the research was comprised of the top 100 (by revenue) 2009 public companies as listed in the Philadelphia Business Journal. The scope of the research was comprised of the top 100 (by revenue) 2009 public companies as listed in the Philadelphia Business Journal. The Journey / 13 Board Seats, Executives & Top Earners (as listed in SEC Filings)

Board of Directors Executives Top Earners Organizations Total Female % Female Total Female % Female Total Female Top % Board Board Board Seats Executives Executives Executives Top Earners Female Top Seats Seats Earners Earners CSS Industries Inc.* 8 1 13% 7 0 0% 5 0 0% Pennsylvania Real Estate Investment Trust 14 2 14% 8 0 0% 5 0 0% Entercom Communications Corp. 7 0 0% 5 0 0% 5 0 0% ICT Group Inc.* 6 0 0% 11 4 36% 5 0 0% C&D Technologies Inc. 8 2 25% 4 0 0% 5 0 0% Dorman Products Inc. 5 0 0% 6 0 0% 5 0 0% Hill International Inc. 6 1 17% 10 1 10% 5 0 0% Kulicke & Soffa Industries Inc. 7 0 0% 7 0 0% 7 0 0% MedQuist Inc. 8 0 0% 7 0 0% 6 0 0% Advanta Corp.* 8 1 13% 6 0 0% 5 0 0% K-Tron International Inc. 5 0 0% 5 0 0% 6 0 0% ViroPharma Inc. 8 0 0% 8 0 0% 6 0 0% InterDigital Inc. 6 0 0% 11 1 9% 5 0 0% RCM Technologies Inc. 6 0 0% 5 0 0% 5 0 0% Nobel Learning Communities Inc. 9 1 11% 6 3 50% 6 3 50% Kenexa Corp. 8 2 25% 6 1 17% 5 0 0% SL Industries Inc. 6 0 0% 2 0 0% 2 0 0% Stonemor Partners 8 0 0% 6 0 0% 6 0 0% Tasty Baking Co. 9 1 11% 6 1 17% 3 1 33% Sovereign Bancorp Inc.* 3 1 33% 3 0 0% 6 0 0% Resource America Inc. 8 0 0% 6 0 0% 5 0 0% Harleysville National Corp. 12 3 25% 5 2 40% 5 2 40% eResearchTechnology Inc. 8 0 0% 10 1 10% 5 1 20% ING Clarion Global Real Estate Income Fund** 6 0 0% 3 0 0% Auxilium Pharmaceuticals Inc. 8 0 0% 5 1 20% 5 1 20% Beneficial Mutual Bancorp Inc. 13 2 15% 5 1 20% 5 1 20% Met-Pro Corp. 7 2 29% 7 0 0% 5 0 0% WPCS International Inc. 6 0 0% 7 0 0% 6 0 0% InfoLogix Inc. 7 0 0% 5 0 0% 4 0 0% RAIT Financial Trust 8 2 25% 6 1 17% 6 1 17% Univest Corp. of Pennsylvania 11 0 0% 4 0 0% 5 0 0% Kensey Nash Corp. 7 0 0% 7 0 0% 7 1 14% Orthovita Inc. 7 1 14% 4 1 25% 7 1 14% Safeguard Scientifics Inc. 9 1 11% 5 0 0% 5 0 0% Lannett Co. Inc. 7 0 0% 6 0 0% 6 0 0% Internet Capital Group Inc. 9 0 0% 3 0 0% 3 0 0% Bio-Imaging Technologies Inc. *Name Change, rebranded Bio-clinica 8 0 0% 4 0 0% 4 0 0% OmegaFlex Inc. 9 0 0% 5 0 0% 3 0 0% Franklin Electronic Publishers Inc. 8 0 0% 4 0 0% 3 0 0% Alesco Financial Inc.* 10 0 0% 4 0 0% 5 0 0% Bryn Mawr Bank Corp. 9 1 11% 7 1 14% 5 1 20% Willow Financial Bancorp Inc.* 13 3 23% 6 1 17% 6 1 17% Adolor Corp. 9 0 0% 5 0 0% 5 0 0% First Chester County Corp.* 12 2 17% 9 4 44% 6 2 33% inTEST Corp. 6 0 0% 5 0 0% 3 0 0% Encorium Group Inc. 5 1 20% 3 1 33% 4 1 25% PhotoMedex Inc. 6 0 0% 3 1 33% 4 1 25% Universal Health Realty Income Trust 6 0 0% 4 1 25% 4 1 25% Innovative Solutions & Support Inc. 5 0 0% 3 0 0% 3 0 0% 2009 Totals 844 90 11% 645 71 11% 496 43 9%

*Prior year filings used **Incomplete information available 14 / Women on Boards Report The scope of the research was comprised of the top 100 (by revenue) 2009 public companies as listed in the Philadelphia Business Journal. Project Methodology

This project was conducted using a consistent methodology To identify top earners, the following definition was used: based on SEC filings. Top earners are defined as the highest compensated executives as listed in the SEC filings, ranked in order The scope of the research was comprised of the top 100 of compensation. (by revenue) public companies as listed in the Philadelphia Business Journal‘s 2010 Book of Lists. For the specific data point of women of color, augmented data sources were used, such as annual reports and For each of the companies, data was compiled from the company press releases. Women of color are defined as end-of-year 2009 SEC filings. If 2009 filings were missing or non-Caucasian women identified as African-American or of unavailable, the latest available filings were used. Asian, Hispanic or Latina heritage.

For year-on-year trend analysis, data was used from the All attempts were made to collect accurate information and prior year’s research effort from the same SEC sources. Note any errors in the data were unintentional. that the top 100 companies do change slightly from year to year based on merger activity and changes in revenue, so the trends must be interpreted accordingly.

Acknowledgements

The Forum of Executive Women would like to thank all of Writer/Editorial Content the individuals who gave their time to be highlighted in • Susan FitzGerald, a Philadelphia-based writer and editor this report. and instructor for the Writing Studies graduate program at St. Joseph’s University And we extend our appreciation to the following contributors, for without them this report would not The Forum of Executive Women: be possible. Women on Boards Report Subcommittee • Autumn R. Bayles, Chair, Women on Boards Report Deloitte Subcommittee; Vice President, The Forum The Forum recognizes Deloitte as our Trailblazer Sponsor • Ellen Toplin, President, The Forum and thanks them for serving as our strategic contributor • Sharon S. Hardy, Executive Director, The Forum for the fourth consecutive year on our Women on • Judy Z. Grossman, Associate Director, The Forum Boards report. • Tara L. Weiner, Managing Partner, Greater Philadelphia Printing Region, Deloitte LLP; Board Member, The Forum and • Harriet Weiss, Chief Executive Officer, CRW Graphics Chair, Executive Suites Committee • The Deloitte team members including: » Gene Hateniuk, Deloitte & Touche LLP » Alakh Bhatnagar, Francine Fiano, Amok Jain, Manish Katara, Lindsay Levine, Sari Lisch, John Pappas, Christina Schneider, Alisha Slye and Meg Wolfrom, Deloitte Services LP

The scope of the research was comprised of the top 100 (by revenue) 2009 public companies as listed in the Philadelphia Business Journal. The Journey / 15 The Forum of Executive Women 1231 Highland Avenue Fort Washington, PA 19034

Phone: 215-628-9944 Fax: 215-628-9839 Email: [email protected] www.forumofexecutivewomen.com

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