THE 2019 CENSUS OF WOMEN IN CORPORATE LEADERSHIP: HOW MINNESOTA’S TOP PUBLIC COMPANIES RANK

Four Stars in Gender Diversity These Minnesota honor roll companies share best practices for advancing women into the highest echelons of corporate leadership. EXECUTIVE SUMMARY Moving the Needle

By ReBecca Koenig Roloff President, St. Catherine University

his is the 12th year of beyond conversations and these leadership roles. T the Minnesota Census plans. Increasing the num- At St. Catherine Univer- of Women in Corporate ber of women, especially sity, we have been doing Leadership. This report is women of color, in leader- this work for more than a important because it holds ship roles and supporting century and have proven us all accountable for how them is key to this work. results. Our board of trust- we are moving the needle to In 2019, women were ees is 86 percent women. improve equity for women. expected to achieve par- The senior leadership team ReBecca Koenig Roloff But accountability is not ity in the college-educated is 86 percent women and enough. We need action. labor force, according to the 50 percent persons of color. We know St. Kate’s mis- We need to aim higher Pew Research Center. This Annually, more than 1,000 sion to educate women to than achieving incremental presents a deep and talented women graduate ready lead and influence is critical progress. We need to make pool of women poised for to lead in a multitude of to maintaining the pipeline leaps. Giant leaps. corporate leadership and industries. And they are of women in leadership. To truly have systems board positions. It also successful: We have the But we can’t do this work and organizations that means there is no excuse highest rate of economic alone. Our collective future are diverse, inclusive, and not to actively prepare, en- mobility among all of the depends on all of us taking equitable, we need to move gage, and recruit women for Minnesota private colleges. action now.

Strides toward Gender Parity Women are on the rise in corporate leadership roles in Minnesota public companies.

About the Rebecca Hawthorne, Ph.D. Census St. Catherine University, The report is Master of Arts in Organizational Leadership produced by (MAOL) program St. Catherine University ender diversity has (Spencer Stuart, 2019). More and sponsored G become a clear prior- significantly, more than 90 ity for corporate America. percent of S&P 500 by the YWCA In 2019, U.S. corpora- company boards had two . tions heeded the call from or more women directors in stakeholders to accelerate 2019. Rebecca Hawthorne boardroom gender diversity. A record number of women Notable successes in Leadership, a snapshot of directors joined public Minnesota women leaders in the state’s company boards, securing Mirroring these national largest public companies, 26 percent of all S&P 500 trends, Minnesota compa- reveals striking progress company director positions nies jumped on board to toward parity in 2019. and reaching a milestone: advance more women in Among the 76 Minnesota For the first time, every S&P corporate leadership. The Census public companies 500 company board has at annual Minnesota Census of with revenue of $200,000 least one woman director Women in Corporate to more than $226 billion,

2 APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu Women in Leadership: 12-Year Trend 22.7%* 22.9%* 21.1%* 20.4%* 19.9%* 20.2%* 19.4% 19.3%* 19.0%* 15 18.6% 17.8% 17.4% 17.4%

16.3% *85 Companies in 2016, 72 in 15.5% 15.5% 15.2%

14.9% 14.9% 2017, 74 in 2018, 76 in 2019, 14.5% 14.3% 14.2% 14.2% 14.2% 10 100 companies all other years.

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0 into a handful of high- 2011 2018 2019 2012 2014 2015 2013 2010 2016 2017 2008 2009 profile C-suite positions in recent years, documents % Women Directors % Women Executive Officers McKinsey & Co. (2019). Op- portunities for advancement diminish significantly after women held 22.9 percent of corporate directors and 30 the rise in corporate leader- the first step up to manager the available board posi- percent or more women ship roles in Minnesota and narrow further at each tions—the largest increase executive officers. and across the nation. Yet, subsequent level. (2.7 percentage points) of Advancement, however, gender parity on boards and The numbers of women women corporate directors has not been evenly distrib- senior executive teams re- executives at various levels in the past decade. uted. The surge in women mains the exception rather of the corporations are director appointments in than the rule, thanks to the important, but so are their Four Minnesota 2019 primarily benefited glacial rate of change over specific roles. Credit Suisse public companies white women. Women of the past decade. (2019) identifies heavy clus- achieved or exceeded color secured only four of The small number of tering of women executives gender parity on the 29 new women director open positions available in shared services (informa- their boards in 2019 positions, for a total of 3.6 each year slows the pace at tion technology, human —an outstanding percent of board positions which women secure board resources, etc.), and less so achievement. in Minnesota companies. positions. Low turnover in the ranks of finance, strat- ALLETE, Inc.; The vast majority of Minne- persists with director tenure egy, and business manage- Co., Inc.; Insignia Systems, sota public companies (76.3 averaging 12.3 years (Spen- ment. Not all executive roles Inc.; and Sleep Number percent) have no women cer Stuart, 2019). Eighty- are equal in terms of oppor- Corp. demonstrate balanced directors of color. one positions opened up on tunities for advancement to corporate governance Women executive officers Minnesota Census company corporate leadership. across Minnesota com- (those formally designated boards in 2019; women panies of varying sizes, as Section 16b executive filled 29 of those positions The interplay officers in SEC (36 percent). According to between boards and Companies with gender filings) increased Spencer Stuart’s 2019 U.S. senior executive parity on their boards 1.6 percentage Board Index, only about 15 teams points to 22.7 percent of current board Advancing women into Company CEOs percent, the members will retire within positions of corporate ALLETE, Inc. Alan Hodnick highest percent- the next three years. This leadership doesn’t just ben- Best Buy Co., Inc. Corie Barry age over the limits opportunity for ac- efit the individual. Women past decade. The celerated change, unless leaders, both nationally Insignia Systems, Inc. Kristine Glancy total number of boards expand or proac- and in Minnesota, create Sleep Number Corp. Shelly Ibach executive officer tively replace directors. opportunities for other positions across Simultaneously, corpo- women leaders. The gender industries, and locations. Minnesota’s largest public rate pipeline constraints spillover effect (Gould et al., There were other significant companies increased by 11 temper the pace at which 2018; Ernst & Young, 2013; strides toward gender par- in 2019, from 487 to 498. women rise to senior execu- Matsa and Miller, 2011) ity in Minnesota in 2019, Women executive officers tive positions. Women—and reveals that women direc- including a doubling of the secured a net increase of 10 particularly women of tors affect gender composi- Minnesota Census Special positions in 2019. color—are persistently un- tion of senior leadership. Distinction companies. derrepresented at every level Greater diversity in the These companies have 30 Tempering factors of the corporate pipeline, boardroom leads to better percent or more women It’s true that women are on despite an influx of women gender balance in executive

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020 3 EXECUTIVE SUMMARY

roles. Credit Suisse (2019) executive ranks, not just one identified that gender parity or the other. Several women on boards correlates with directors, most often two Minnesota Women nearly 30 percent women in or more, was the norm on in Leadership: senior executive roles. Each Minnesota public company Number of companies with of the Minnesota Census boards in 2019; multiple Directors women corporate directors companies that achieved women executive officers and executive officers. board parity reported that (Section 16b) remain in more than 30 percent of shorter supply. Three or No Women Three Directors their senior executive of- more women leaders, or 30 or More Women 13 ficers are women. percent or more, represent Executive Officers Research on corporate the critical mass at which Directors 23 One gender diversity identifies gender diversity normalizes, Woman consistent and strong cor- enhancing corporate gov- Director Three Two 19 or More relations between diverse ernance and performance Women Women No Women gender representation on (Wiley and Monllor-Tormos, Directors Directors Directors boards and senior executive 2018; Strydom et al., 2016; 21 15 20 teams with strong business Kramer, et. al., 2006). Two performance and results. In- Minnesota public compa- Women Directors One creased innovation (Loren- nies made significant strides Woman 17 zo et al., 2017), improved in 2019 by increasing the Director decision-making and group number of qualified women 24 performance (Reynolds and on their boards and execu-

Gender Parity in Directors and Executive Officers all employees successfully The total number of Percentage Percentage of Company of Women Women Executive advance in their careers. Honor Roll companies Directors Officers Minnesota Census com- jumped from 25 to 32 in panies had boards ranging 2019. Three companies ALLETE, Inc. 50% 42.9% from four to 17 seats in lost Honor Roll status in Best Buy Co., Inc. 53.8% 33.3% 2019 and listed from one 2019: Apogee Enterprises, Insignia Systems, Inc. 60% 50% to 15 Section 16b executive Inc.; Medtronic PLC; and officers. Therefore, Honor Patterson Cos., Inc. Ten Sleep Number Corp. 50% 44.4% Roll criteria focus on per- companies joined the 2019 centages of women corpo- Honor Roll: HCM rate directors and women Holding, Inc.; , Inc.; Lewis, 2017; McKinsey & tive leadership teams, mov- executive officers. Graco Inc.; Investors Real Co., 2013), talent retention ing toward critical mass. Companies with both 20 Estate Trust; Mosaic Co.; (Ali et al., 2015), effective Four Minnesota companies percent or more women SPS Commerce, Inc.; Stra- risk management (Chen et achieved gender parity in corporate directors and 20 tasys Ltd.; TCF Financial al., 2016), strengthened cor- their boardrooms and are percent or more women Corp.; Co.; and Xcel porate social responsibility approaching parity on their executive officers receive Energy, Inc. The impact (Harjoto et al., 2015), and executive teams—a note- Honor Roll distinction. of subtracting or adding stronger financial perfor- worthy achievement. Special Distinction is one or two women leaders mance (Catalyst, 2018) are awarded to companies with reveals the tenuous nature all correlated with gender- Honor Roll and 30 percent or more women of the ongoing progress diverse boards and execu- Special Distinction directors and 30 percent or Minnesota companies tive teams. companies more women executive of- continue to make toward In 2019, 52 of Minnesota’s Honor Roll and Special ficers. Companies are listed gender parity. 76 largest public companies Distinction companies by revenue category and by had both women direc- serve as models of inclu- CEO—those best positioned Notable Honor tors and women executive sive workplaces, attract- to serve as catalysts for Roll longevity officers (68.4 percent). ing and retaining highly change. (Special Distinction Only Deluxe Corp. and Progress toward gender qualified women leaders. companies are noted with Target Corp. have main- parity in corporate leader- They provide the structural an asterisk.) Designations tained Honor Roll status all ship involves diversifying support and workplace are based on SEC filings as 12 years of the Minnesota both boardroom and senior culture necessary to help of June 30, 2019. Census study. Both compa-

4 APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu HONOR ROLL AND SPECIAL DISTINCTION COMPANIES

Honor Roll and Special Distinction Companies (32) Deluxe Corp. Fortune 500 (10) &

Ameriprise Financial, Inc. CEO James M. Cracchiolo Target Corp.

Best Buy Co., Inc.* CEO Corie Barry

Ecolab, Inc. CEO Doug M. Baker, Jr.

General Mills, Inc.* CEO Jeffrey L. Harmening

Hormel Foods Corp. CEO James P. Snee nies have retained a diverse (Wiley and Monller-Tormos, corporate leadership team 2018; Torchia et al., 2011). Mosaic Co. CEO James C. O'Rourke despite director and execu- In 2019, 11 Minnesota Target Corp.* CEO Brian C. Cornell tive officer turnover. companies reached this Research shows the critical mass of 30 percent U.S. Bancorp* CEO Andrew Cecere positive impact of at least or more on both boards UnitedHealth Group, Inc. CEO David S. Wichmann three or more women, or 30 and in executive offices to percent, on the board or the receive Special Distinction , Inc. CEO Ben Fowke executive leadership team status, an increase of five

Other Companies (22) ALLETE, Inc.* CEO Alan R. Hodnik Ceridian HCM Holding, Inc. CEO David D. Ossip Companies with Three or More Women Directors Christopher & Banks Corp.* CEO Keri Jones Company Name Women Deluxe Corp. CEO Barry C. McCarthy Directors Companies with Three or Best Buy Co., Inc. More Women Executive Donaldson Co., Inc. CEO Tod E. Carpenter Officers , Inc. Women Electromed, Inc.* CEO Kathleen Skarvan U.S. Bancorp Company Name Directors

Graco Inc. CEO Patrick J. McHale ALLETE, Inc. General Mills, Inc. Ecolab, Inc. H.B. Fuller Co. CEO James J. Owens Target Corp. Sleep Number Corp. Insignia Systems, Inc.* CEO Kristine A. Glancy Co. U.S. Bancorp Investors Real Estate Trust* CEO Mark O. Decker, Jr. Medtronic PLC Christopher & Banks Corp. Nortech Systems CEO Jay D. Miller Target Corp. Ecolab, Inc. C.H. Robinson Worldwide, Inc. Nuvera Communications, Inc. CEO Bill D. Otis Graco Inc. Foods Corp. nVent Electric PLC CEO Beth A. Wozniak Hormel Foods Corp. Sleep Number Corp. Otter Tail Corp. CEO Charles S. MacFarlane Insignia Systems, Inc. ALLETE, Inc. Pentair PLC CEO John L. Stauch Investors Real Estate Trust Mosaic Co. , Inc. Regis Corp. CEO Hugh E. Sawyer MTS Systems Corp. Deluxe Corp. SPS Commerce Inc. CEO Archie C. Black Piper Jaffray Cos. Graco Inc. Ltd. CEO Elchanan Jaglom Polaris Industries, Inc. TCF Financial Corp. H.B. Fuller Co. Sleep Number Corp.* CEO Shelly R. Ibach Tennant Co. nVent Electric PLC TCF Financial Corp. CEO Craig R. Dahl Toro Co. Regis Corp. Tennant Co.* CEO H. Chris Killingstad UnitedHealth Group, Inc. Toro Co. CEO Richard M. Olson Xcel Energy, Inc. Xcel Energy, Inc.

*SPECIAL DISTINCTION COMPANIES stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020 5 BOARDS OF DIRECTORS

Significant n Two or more women directors continue to be the most common number of womenWhite on Minnesota boards, con- trasting with the “one-womanWomen show” of a lone female direc- Strides Forward 25 Women directors gained 29 new appointments tor. Forty-three of the 76 companies have multiple women corporate directors, 20 have one, and 13 have none. in Minnesota’s top 76 public companies in 2019. Directors of color Number of Women Corporate Directors: 12-Year Trend There was little progress in 2019 in appointments of 150 women of color to Minnesota public company boards. Women of color, as classified by the U.S. Census Bureau, 145 include women identified as Hispanic or Latino, black 148* or African American, native Hawaiian or other Pacific 140 Islander, Asian, American Indian or Alaska native, or two or more races. 135 Seventeen companies in 2019 had women directors of color, the same number as 2018. However, one company 130 135* now has three women of color—the largest constellation of women directors of color to date on Minnesota Census com- 125 pany boards. Four companies have two women directors of color on their boards. The 13 other companies each have 120 one woman director of color. 123* 121 119 115 119 n Women of color now hold 3.55 percent of the 647 total 117 117*

116 available board seats in Minnesota’s 76 largest publicly 116 115 115 110 held companies, an increase of 0.15 percentage points from 2018. 105 n Women of color hold 15.5 percent of the 147 board seats 2011 2015 2013 2012 2010

2014 held by women, a decrease of 1.6 percentage points from 2019 2009 2008 2018 2017 2016 2018. This reflects the significant boost in 2019 of appoint- *85 companies in 2016, 72 companies in 2017, 74 in 2018, 76 in 2019, ments of white women to boards, as well as the retirement and 100 companies all other years. of one woman director of color.

Directors by seats n 58 of the 76 Minnesota Census companies (76.3 percent) do not have any women of color serving on their boards. (Based on SEC filings as of June 30, 2019) n Only four of the 29 new women directors in 2019 are n Women hold 22.9 percent, or 148, of the 647 available women of color. board seats in Minnesota’s 76 largest publicly held compa- nies. Since 2018, this percentage rose 2.7 percentage points, from 20.2 percent—a significant increase. n Women directors experienced a net increase of 25 positions New Directors Appointed in 2019, from 123 to 148 seats. This is the largest net increase to Minnesota Boards in the twelve years of the study. White Women n Eighty-one new directors were appointed to Minnesota 25 Census public company boards in 2019 compared with 79 new Men directors in 2018. Twenty-nine of the 81 new directors (35.8 per- 52 cent) are women—a significant increase from the 24.1 percent women who received new board appointments in 2018. Of 69 Women of Color new independent directors, 25 are women (36.2 percent). 4 Directors by company n Women serve on the boards of 63 of Minnesota’s 76 largest publicly held companies, an increase of three companies from 2018. Seventeen companies had a net increase in women directors in 2019. Two Minnesota Census companies had a net decrease in women directors in 2019.

6 APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP stkate.edu EXECUTIVE OFFICERS

Top Executive Positions: C-Suite The top Slow but steady Selected Positions Number of Women executive Chief Executive Officer 8 positions: progress continues President 9 C-Suite Chief Operating Officer 4 The 2019 Women hold more than one-fifth of executive Chief Financial Officer 10 Minnesota Census identifies women leadership positions at Minnesota’s top 76 public companies. Chief Technology Officer 1 in top executive Criteria for inclusion in the executive officer category vary by Women CEOs officer positions company. To be consistent, the Minnesota Census identifies only Company CEO holding the those individuals formally designated as Section 16b executive Best Buy Co., Inc. Corie Barry following titles: officers in SEC filings as of June 30, 2019. In 2019, the total number Christopher & Banks Corp. Keri Jones CEO, president, of executive officer positions across Minnesota’s 76 largest publicly COO, CFO, and Clearfield, Inc. Cheryl Beranek held companies increased from 487 to 498. CTO. Electromed, Inc. Kathleen S. Skarvan Twenty-six n Women hold 22.7 percent of the available executive officer Insignia Systems, Inc. Kristine A. Glancy women hold these positions across the 76 Minnesota Census companies in 2019, nVent Electric PLC Beth A. Wozniak executive officer an increase of 1.6 percentage points from 2018. Proto Labs, Inc. Victoria M. Holt positions across

Sleep Number Corp. Shelly R. Ibach the Minnesota n Women executive officers experienced a net increase of 10 Census companies, positions in 2019, from 103 to 113. four more than in 2018. The ranks of women CEOs increased by one, for a total of eight, in 2019. The number of women n Fifty-six of the largest 76 public companies have women ex- CFOs decreased by two for a total of 10. ecutive officers (73.6 percent), an increase of four companies from 2018. Thirty-two companies list two or more women executive officers; 24 companies list one woman executive officer; and 20 companies have none. Zero-zero companies The number of Minnesota companies Companies where that include no women corporate direc- women executive tors or women executive officers (Sec- officers made gains tion 16b) on their corporate leadership Companies New Company women Thirteen companies teams decreased by two from 2018, to a where women directors reported a net increase total of nine. These are called zero-zero directors made General Mills, Inc. 3 in the number of women companies. Currently, 11.8 percent of gains 3M Co. 2 executive officers in 2019, Minnesota Census companies have no In 2019, 42 seven more companies women in corporate leadership roles. Best Buy Co., Inc. 2 Minnesota Census than in 2018. Eleven In contrast, 52 of the 76 publicly held companies added Ceridian HCM Holding. Inc. 2 companies had a net companies in the Minnesota Census new directors, GWG Holdings, Inc. 2 increase of one woman have both women directors and women with 22 of them MTS Systems Corp. 2 executive officer, and executive officers (68.4 percent). These adding new two companies had a net companies reflect the gender spillover ALLETE, Inc. 1 women directors increase of two. effect of women’s corporate leader- (52 percent). One C.H. Robinson Worldwide, Inc. 1 ship from boards to executive roles. In Net increase in company (General Calyxt, Inc. 1 Company women executive turn, this expands the pool of qualified Mills, Inc.) added Christopher & Banks Corp. 1 officers women board members. three new women Ecolab, inc. 2 Ecolab, Inc. 1 Companies with no women directors. Five Xcel Energy, Inc. 2 Medtronic PLC 1 in corporate leadership companies added ALLETE, Inc. 1 Company CEO two new women Mosaic Co. 1 Calyxt, Inc. 1 ANI Pharmaceuticals, Inc. Arthur S. Przybyl directors, while 16 Piper Jaffray Cos. 1 General Mills, Inc. 1 Appliance Recycling Centers of companies added Tony Isaac Polaris Industries, Inc. 1 America, Inc. one new woman Graco Inc. 1 Stratasys Ltd. 1 ATRM Holdings, Inc. Daniel M. Koch director. Seventeen Hawkins, Inc. 1 TCF Financial Corp. 1 Electro-Sensors, Inc. David L. Klenk companies Regis Corp. 1 Tennant Co. 1 reported a net Surmodics, Inc. 1 Famous Dave's of America, Inc. Jeffery Crivello increase in women Toro Co. 1 Target Corp. 1 Image Sensing Systems, Inc. Chad A. Stelzig corporate directors U.S. Bancorp 1 Tennant Co. 1 IntriCon Corp. Mark S. Gorder in 2019. Winnebago Industries, Inc. 1 U.S. Bancorp 1 Tile Shop Holdings, Inc. Cabell H. Lolmaugh

Xcel Energy, Inc. 1 Winmark Corp. 1 Qumu Corp. Vern Hanzlik

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020 7 FEATURE Four Stars in Gender Diversity

These Minnesota public companies on the Honor Roll share their best practices for advancing women into the highest echelons of corporate leadership.

By Suzy Frisch Quinn says. For one, it put more emphasis on its business resource groups, like networks for LGBTQ, U.S. BANK women, or Asian Ameri- The American banking can employees, giving industry started facing criti- people a place to engage cism about lack of diversity with coworkers and top in its top leadership about leaders also in the groups. five years ago. U.S. Bank The company also took the opportunity to eval- analyzed its pipeline of uate itself and concluded women and minority em- that it, too, was falling short. ployees qualified for senior So, top leaders embarked on roles. While its contingent Kate Quinn Cheryl Mayberry McKissack efforts to add more women of women was strong, they and people of color to its weren’t necessarily mov- wildfire how much the good decisions on behalf of our board and executive ranks, ing into senior leadership. spreads across the organi- shareholders and customers while shaking up its overall Plus, U.S. Bank needed zation,” Quinn says. because they are the right approach to inclusion. to improve recruiting and things to do.” The work paid off. Today, retention of people of color, DELUXE CORP. Deluxe starts by asking 35 percent of the U.S. Bank Quinn says. Making these Deluxe Corp. has consis- its search firm to develop board and 36 percent of its two elements high priority, tently elevated women slates filled with candidates executive team are women. U.S. Bank then expanded to positions of corporate diverse in gender, race, Its results stem from a its efforts to recruit more leadership. In the 12 years industry, and expertise. deliberative, measured people of color and re- since researchers started McKissack stresses that to process, notes Kate Quinn, tain, mentor, and promote tracking Minnesota public attract strong candidates, chief administrative officer women and minorities to companies, Deluxe has been it’s vital to demonstrate the and a management commit- senior positions. honored annually for its existing diversity in the com- tee member. As the board sought new board and executive leader- pany’s board and executive The Minneapolis-based directors, it insisted that its ship each being at least 20 leadership. bank started by studying search firm develop diverse percent female. And it’s not “My appointment is one other companies, learn- candidate slates, and that a run that the company example, but we also have ing what worked and women and people of color plans to stop. several executive women what didn’t. “It really is a from U.S. Bank leadership Shoreview-based Deluxe who are on the leadership journey,” Quinn says. “It’s be part of interview panels. has an even longer-standing team,” McKissack says. “I not as easy as ‘We do this It also empowered its commitment to fostering can point to that and say one thing, and this will hap- search firm to think beyond a culture of inclusivity, that not only do we endorse pen.’ It is complex, and it’s a the typical CEO candidate, diverse perspectives, and diversity, but we do what we culture change.” considering people like varying backgrounds. It’s say we’re going to do.” Other critical steps influential community these foundational aspects Tracey Engelhardt, senior involved developing champi- leaders or people who run a of Deluxe that attracted vice president and general ons at the top of the compa- company’s key business. Cheryl Mayberry McKissack manager of the checks divi- ny and establishing account- To advance women and to join the board 20 years sion, agrees. “[Employees] ability goals for U.S. Bank to people of color into leader- ago; last year, she became don’t feel like they are going achieve, Quinn says. ship, U.S. Bank highlights the board's first African to hit a glass ceiling because U.S. Bank’s success is the importance of assessing American chair. they can see women at high largely due to the fact that data that aligns with an “There is respect for the levels of the company,” says it didn’t just address issues objective, being transparent individual and respect for Engelhardt, who rose to the of diversity and inclusion about its status and goals, all kinds of diversity at all executive leadership team at the top; it made changes and not trying too much at levels,” McKissack says. “It’s during 30 years at Deluxe. companywide that bore once. “When I think back to not something we do be- In recent years, Deluxe fruit and continue to do so, five years ago, it’s been like cause it’s in vogue. We make has evolved into a provider

8 APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu of technology solutions and ing different perspectives former general counsel of they have a strong pool of partner to small businesses. and by bringing women Ingersoll Rand, to its board. women and people of color Engelhardt thinks the com- in, you’ll attract even more She has deep experience in in executive leadership. pany’s 105-year history and women.” corporate governance, risk “He said, ‘We need more recent success restructuring Today, women make up 33 management, and acquisi- women and people of color its offerings derive from its percent of its nine-member tions—expertise that Ten- on the board. I’m all in,’” long-established enthusiasm board and 33 percent of its nant sought. The fact that Victor recalls. With a com- mitment from Joly and Victor—people who could be held account- able—Best Buy em- barked with a strategy to recruit more diverse leaders. The Richfield-based electronics and technol- ogy services retailer went from 22 percent women directors in 2013 to 54 percent today. People of color now comprise Tracey Engelhardt Mary Talbott Kathy Higgins Victor 31 percent of its board, compared to 20 percent for gathering input from all six-member executive team. she’s an African American in 2013, and more than 30 areas of the company and However, hiring and pro- woman adds to the value percent of its executive team hiring leaders with varied moting women and people she will bring, Talbott notes. are women. backgrounds. of color isn’t just about Companies effectively One key was the com- “If everyone around the public relations kudos or elevate women when they pany's redefining of its table has the same back- encouraging diversity as a maintain a continuous qualifications for directors. ground and looks the same, pro forma exercise, Talbott focus on diversity, espe- Best Buy goes beyond the you tend to have like think- says. While working at cially in a male-dominated C-suite, looking for proven ing and don’t always come another company, she once industry like Tennant’s, leaders in other companies up with the best outcome,” was encouraged to hire Talbott adds. She also and seeking people with Engelhardt says. “When someone based on personal advises women to “lift each specific skills or industry you get a diverse group of background, even though other up and be supportive” experience. people together—whether the person’s experience was instead of competitive, part- Best Buy also hired a it’s people from the manu- not a great fit. Talbott wasn’t nering with and mentoring search firm that pledges facturing floor and manage- surprised when it didn’t other women. to find diverse candidates, ment or men and women— work out for either party. “Don’t think of it like a and it’s willing to consider you’ll get a better outcome.” “You don’t do diversity small pie and we all get contenders without corpo- just to do diversity,” Talbott a slice," Talbott says. "It’s rate board experience. “We TENNANT CO. says. “You should do it be- about how we can share the found some really fantastic When Mary Talbott joined cause you truly believe it is pie so that we all get more candidates,” Victor says. Tennant Co. a year ago as best to do so, and because it of it.” Victor, who was the only senior vice president, gen- gives you different perspec- woman when she joined eral counsel, and corporate tives, approaches, styles, BEST BUY the board in 1999, believes secretary, she immediately and ways of thinking.” Best Buy’s achievements that Best Buy’s more diverse saw that the corporation Instead, Tennant succeeds promoting women to the composition has contrib- didn’t just pay lip service to by detailing the skills and highest ranks of corporate uted greatly to its improved advancing women into its experience it seeks, making leadership begins with performance. “As we diver- corporate ranks. Its lead- diversity only one compo- a foundational belief in sified the board, we also ers stress that the Golden nent. When two candidates diversity. changed the culture and Valley-based manufac- fulfill those specifications Kathy Higgins Victor, dynamic and rigor of the turer of cleaning products and one also brings gender chair of the board’s nomi- debate,” she adds. “People benefits from a diversity of or racial diversity, that ele- nating committee, recalls contribute as much as they perspectives. ment often tips the scale, talking with then-CEO listen, and it’s a tremendous “It doesn’t feel artificial Talbott says. Hubert Joly after he read asset to have that level of and contrived," Talbott says. That's what happened McKinsey & Co. research dialogue with multifaceted “[Top executives and lead- last year, when Tennant documenting companies’ perspectives. It just creates ers] understand that by hav- appointed Maria Green, superior performance when better outcomes.”

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020 9 EXECUTIVE SUMMARY

CORPORATE DIRECTORS (Based on SEC Filings as of June 30, 2019) Company Corporate Director Title 3M Co. Pamela J. Craig Retired CFO, Accenture plc 3M Co. Amy E. Hood EVP and CFO, Microsoft Corp. 3M Co. Dambisa F. Moyo Founder and CEO, Mildstorm, LLC 3M Co. Patricia A. Woertz Retired Chairman of the Board and CEO, Archer-Daniels-Midland Co. ALLETE, Inc. Kathryn W. Dindo Retired VP and Chief Risk Officer, FirstEnergy Corp. ALLETE, Inc. Heidi E. Jimmerson Former EVP, Secretary and General Counsel, Florida East Coast Railway, LLC ALLETE, Inc. Madeleine W. Ludlow Former Principal, Market Capital Partners, LLC ALLETE, Inc. Susan K. Nestegard Former President, Global Healthcare, Ecolab, Inc. ALLETE, Inc. Bethany M. Owen President and Director, ALLETE, Inc. Ameriprise Financial, Inc. Dianne Neal Blixt Former EVP and CFO, Reynolds American, Inc. Ameriprise Financial, Inc. Amy DiGeso Former EVP, Global HR, The Estee Lauder Cos., Inc. Apogee Enterprises, Inc. Sara L. Hays Principal and Founder, SLH Advisors Apogee Enterprises, Inc. Patricia K. Wagner Group President, U.S. Utilities, Sempra Energy Best Buy Co., Inc. Corie S. Barry CEO, Best Buy Co., Inc. Best Buy Co., Inc. Lisa M. Caputo EVP and Chief Marketing and Communications Officer, Travelers Cos., Inc. Best Buy Co., Inc. Kathy J. Higgins Victor President and Founder, Centera Corp. Best Buy Co., Inc. Cindy R. Kent Former President and General Manager, Infection Prevention Division, 3M Co. Best Buy Co., Inc. Karen A. McLoughlin CFO, Cognizant Technology Solutions Corp. Best Buy Co., Inc. Claudia F. Munce Venture Advisor, New Enterprise Associates Best Buy Co., Inc. Richelle P. Parham General Partner, Camden Partners Holdings, LLC Bio-Techne Corp. Alpna Seth, Ph.D. COO, Vir Biotechnology, Inc. C.H. Robinson Worldwide, Inc. Mary J. Steele Guilfoile Chairman, MG Advisors, Inc. C.H. Robinson Worldwide, Inc. Jodee A. Kozlak Founder and CEO, Kozlak Capital Partners, LLC C.H. Robinson Worldwide, Inc. Paula C. Tolliver Corporate VP and Chief Information Officer, Intel Corp. Calyxt, Inc. Anna Ewa Kozicz-Stankiewicz Founder, Anthelion Capital Calyxt, Inc. Kimberly K. Nelson EVP and CFO, SPS Commerce Canterbury Park Holding Corp. Carin J. Offerman Private Investor; Former President and CEO, Offerman & Co. Cardiovascular Systems, Inc. Martha Goldberg Aronson Former EVP of Strategic Planning, Ecolab, Inc. Ceridian HCM Holding, Inc. Deborah A. Farrington Founder and President, Star Vest Management, Inc. Ceridian HCM Holding, Inc. Andrea S. Rosen Former Vice Chair, TD Bank Financial Group; President, TD Canada Trust Christopher & Banks Corp. Keri L. Jones President and CEO, Christopher & Banks Corp. Chief Marketing/Digital Officer, Bright Health; former Chief Christopher & Banks Corp. Allison M. Wing Marketing Officer and EVP, Digital Channels for Maurices, Inc. Clearfield, Inc. Cheryl Beranek President and CEO, Clearfield, Inc. CyberOptics Corp. Irene M. Qualters Associate Laboratory Director, Simulation and Computation, Los Alamos National Laboratory Deluxe Corp. Cheryl E. Mayberry McKissack CEO, Nia Enterprises, LLC Deluxe Corp. Victoria A. Treyger Managing Director, Felicis Ventures Digi International, Inc. Sally J. Smith Former President and CEO, Buffalo Wild Wings, Inc. Donaldson Co., Inc. Pilar Cruz President, Feed and Nutrition Donaldson Co., Inc. Trudy Rautio Retired President and CEO, Ecolab, Inc. Shari L. Ballard Former SVP and President, Multi-Channel Retail, Best Buy, Co. Ecolab, Inc. Barbara J. Beck CEO, Learning Care Group, Inc. Ecolab, Inc. Tracy B. McKibben Founder and CEO, MAC Energy Advisors, LLC Ecolab, Inc. Victoria J. Reich Former SVP and CFO, Essendant, Inc. Ecolab, Inc. Suzanne M. Vautrinot President, Kilovolt Consulting, Inc. Electromed, Inc. Lee A. Jones President and CEO, Rebiotix, Inc. Electromed, Inc. Kathleen S. Skarvan President and CEO, Electromed, Inc. Evine Live, Inc. Lisa Letizio Strategic Advisor, LivingHR, Inc., and Independent Consultant, Allison James Estate & Homes, Inc. Co. Rita J. Heise Business Consultant and Retired Corporate VP and CIO, Cargill, Inc. Fastenal Co. Reyne K. Wisecup Senior EVP, HR, Fastenal Co. General Mills, Inc. Alicia Boler Davis EVP, Global Manufacturing, General Motors General Mills, Inc. Maria G. Henry SVP and CFO, Kimberly-Clark Corp. General Mills, Inc. Elizabeth C. Lempres Retired Senior Partner, McKinsey & Company General Mills, Inc. Heidi G. Miller Retired President, J.P. Morgan International, J.P. Morgan Chase & Co. General Mills, Inc. Diane L. Neal Retired CEO, Sur La Table, Inc. General Mills, Inc. Maria A. Sastre Retired President and COO, Signature Flight Support Corp. Graco Inc. Jody H. Feragen Former EVP and CFO, Hormel Foods Corp. Graco Inc. Martha A. Morfitt President and CEO, River Rock Partners, Inc. Graco Inc. Emily C. White President, Anthos Capital LP Granite Falls Energy, LLC Sherry Jean Larson VP, Financial Analysis and Budget, Independent Community Bankers of America GWG Holdings, Inc. Michelle Caruso-Cabrera CEO, MCC Productions GWG Holdings, Inc. Kathleen Mason Consultant, Third Bridge H.B. Fuller Co. Maria Teresa Hilado Former CFO, Allergan plc H.B. Fuller Co. Ruth Kimmelshue Corporate SVP, Business Operations and Supply Chain, Cargill, Inc. Hawkins, Inc. Mary J. Schumacher Retired COO, Twin Cities Habitat for Humanity Former Chair, Rochester Education Department, Winona State University and Director, Graduate Induction Program, HMN Financial, Inc. Wendy Shannon Rochester Public Schools Director, Norman Borlaug Institute for International Agriculture, Professor, Animal Science and President Emerita, Texas Hormel Foods Corp. Elsa A. Murano, Ph.D. A&M University Hormel Foods Corp. Susan K. Nestegard Advisor, True Wealth Ventures Hormel Foods Corp. Sally J. Smith Retired President and CEO, Buffalo Wild Wings, Inc. Ikonics Corp. Marianne Bohren Executive Director, Western Lake Superior Sanitary District Insignia Systems, Inc. Suzanne L. Clarridge Founder, President and CEO, My Brands Inc. Insignia Systems, Inc. Kristine A. Glancy President and CEO, Insignia Systems, Inc. Insignia Systems, Inc. Rachael B. Vegas Chief Merchant, Brandless, Inc. Inspire Medical Systems Joyce Erony Managing Partner, Amzak Health Investors, LLC Inspire Medical Systems Marilyn Carlson Nelson Co-Chair of the board of directors and Co-CEO, Carlson Holdings, Inc. Investors Real Estate Trust Emily Nagle Green Former CEO, Smart Lunches, Inc. Investors Real Estate Trust Linda J. Hall Entrepreneur-in-residence, Carlson School of Management, University of Minnesota Investors Real Estate Trust Mary J. Twinem Former EVP and CFO, Buffalo Wild Wings, Inc. Medtronic Plc. Andrea Goldsmith, Ph.D. Professor of Engineering, Stanford University; Co-founder of Plume Wifi and Quantenna Communications, Inc. Medtronic Plc. Elizabeth G. Nabel, M.D. President, Brigham Healthcare

10 APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Company Corporate Director Title Medtronic Plc. Denise M. O’Leary Private Venture Capital Investor Mosaic Co. Cheryl K. Beebe Retired EVP and CFO, Ingredion, Inc. Mosaic Co. Nancy E. Cooper Retired EVP and CFO, CA Inc. Mosaic Co. Denise C. Johnson Group President, Resources Industries, Caterpillar, Inc. MTS Systems Corp. Nancy Altobello Retired Managing Partner, Audit & Advisory Services, Ernst & Young LLP MTS Systems Corp. Gail P. Steinel Owner, Executive Advisors MTS Systems Corp. Linda Zukauckas EVP, Business CFO and Deputy CFO, American Express Nuvera Communications, Inc. Colleen R. Skillings CFO and HR Director, Minnesota Valley Testing Laboratories, Inc. Nuvera Communications, Inc. Suzanne M. Spellacy General Counsel, Link Snack, Inc. Nortech Systems, Inc. Kathleen P. Iverson CEO Consulting (Retired), Black Hills IP Northern Oil and Gas, Inc. Lisa Bromiley CFO, BioUrja Group Northern Technologies Barbara D. Colwell Director, Publishers Clearing House, LLC and Other Companies and Organizations International Corp. NVE Corp. Patricia M. Hollister Retired Director, Finance, TEL FSI, Inc. nVent Electric PLC Susan M. Cameron Former Executive Chairman, Reynolds American, Inc. nVent Electric PLC Beth A. Wozniak CEO, nVent Electric PLC Otter Tail Corp. Karen M. Bohn CEO and President, Galeo Group, LLC Otter Tail Corp. Kathryn O. Johnson Owner/Principal, Johnson Environmental Concepts Patterson Cos., Inc. Jody H. Feragen Former EVP and CFO, Hormel Foods Corp. Patterson Cos., Inc. Ellen A. Rudnick Senior Advisor, Entrepreneurship, University of Chicago Booth School of Business Pentair PLC Glynis A. Bryan CFO, Insight Enterprises, Inc. Pentair PLC Billie Ida Williamson Former Senior Assurance Partner, Ernst & Young LLP Piper Jaffray Cos. B. Kristine Johnson President, Affinity Capital Management Piper Jaffray Cos. Debbra L. Schoneman President, Piper Jaffray Cos. Piper Jaffray Cos. Sherry M. Smith Former EVP and CFO, Supervalu, Inc. Polaris Industries, Inc. Annette K. Clayton CEO and President, Schneider Electric North America Polaris Industries, Inc. Gwenne A. Henricks Former VP, Product Development and Global Technology, and CTO, Caterpillar, Inc. Polaris Industries, Inc. Gwynne E. Shotwell President and COO, Space Exploration Technologies Corp (SpaceX) Proto Labs, Inc. Victoria M. Holt President and CEO, Proto Labs, Inc. Regis Corp. Virginia Gambale Founder and Managing Partner, Azimuth Partners LLC Regis Corp. M. Ann Rhoades President, People Ink, Inc. Sleep Number Corp. Shelly R. Ibach President and CEO, Sleep Number Corp. Sleep Number Corp. Deborah L. Kilpatrick, Ph.D. CEO, Evidation Health, Inc. Sleep Number Corp. Brenda J. Lauderback Former President, Retail and Wholesale Group, Nine West Group, Inc. Sleep Number Corp. Barbara R. Matas Former Managing Director and Chairman, Leveraged Finance, Citigroup Global Markets, Inc. Sleep Number Corp. Kathleen L. Nedorostek Former Global CEO, Nine West Group, Inc. SPS Commerce, Inc. Marty M. Reaume Chief People Officer, Twilio,Inc. SPS Commerce, Inc. Tami L. Reller EVP and Chief Marketing and Experience Officer, UnitedHealthcare Stratasys Ltd. Ziva Patir Former VP Standards, Policy and Sustainability, Better Place Stratasys Ltd. Adina Shorr Retired CEO and President, Objet Ltd. Surmodics, Inc. Lisa Wipperman Heine President and CEO, PreCardia, Inc. Surmodics, Inc. Susan E. Knight Former SVP and CFO, MTS Systems Corp. Tactile Systems Techology, Inc. Cheryl Pegus SVP, Health Care Services and Chief Medical Officer, Cambia Health Solutions Target Corp. Roxanne S. Austin President, Austin Investment Advisors Target Corp. Melanie L. Healey Former Group President, North America, The Proctor & Gamble Co. Target Corp. Monica C. Lozano President and CEO, The College Futures Foundation Target Corp. Mary E. Minnick Partner, Lion Capital LLP TCF Financial Corp. Karen L. Grandstrand Shareholder, Fredrikson & Bryon, P.A. TCF Financial Corp. Julie H. Sullivan President, University of St. Thomas TCF Financial Corp. Therese M.H. Wise CEO and Principal, Utaza, LLC Tennant Co. Azita Arvani Head, Innovation Partner and Venture Management, Nokia Networks Tennant Co. Carol S. Eicher Non-executive Chairman, and Former CEO, Innocor, Inc. Tennant Co. Maria C. Green SVP and General Counsel, Ingersoll Rand plc Toro Co. Janet K. Cooper Retired SVP and Treasurer, Qwest Communications International, Inc. Toro Co. Katherine J. Harless Retired President and CEO, Idearc, Inc. Toro Co. Joyce A. Mullen President, Global Channel, OEM and loT, Dell Technologies U.S. Bancorp Dorothy J. Bridges Former SVP, Public Affairs, Outreach and Community Development, Federal Reserve Bank of Minneapolis U.S. Bancorp Elizabeth L. Buse Former CEO, Monitise PLC U.S. Bancorp Kimberly J. Harris President and CEO, Puget Energy, Inc. and Puget Sound Energy, Inc. U.S. Bancorp Doreen Woo Ho Commissioner, San Francisco Port Commission U.S. Bancorp Olivia F. Kirtley Business Consultant U.S. Bancorp Karen S. Lynch EVP, CVS Health Corporation; President, Aetna, Inc. UnitedHealth Group, Inc. Michele J. Hooper President and CEO, The Directors’ Council UnitedHealth Group, Inc. Valerie C. Montgomery Rice, M.D. President and Dean, Morehouse School of Medicine UnitedHealth Group, Inc. Gail R. Wilensky, Ph.D. Senior Fellow, Project HOPE Winmark Corp. Jenele C. Grassle Associate Director, Alumni Career Services, St. Olaf College; Former VP, Merchandising, Bluestem Brands, Inc. Winnebago Industries, Inc. Maria F. Blase President, Fluid Management, Material Handling and Power Tools businesses, Ingersoll Rand Xcel Energy, Inc. Lynn Casey Chair, Padilla Xcel Energy, Inc. A. Patricia Sampson CEO, President and Owner, The Sampson Group, Inc. Xcel Energy, Inc. Kim Williams Retired Partner, Wellington Management Co. LLP

THE FOLLOWING 13 COMPANIES HAVE ONLY MEN ON THEIR BOARDS: • ANI Pharmaceuticals, Inc. • Appliance Recycling Centers of America, Inc. • ASV Holdings, Inc. • ATRM Holdings, Inc. • Bridgewater Bancshares, Inc. • CHF Solutions, Inc. • Communications Systems, Inc. • Electro-Sensors, Inc. • Famous Dave's of America, Inc. • Image Sensing Systems, Inc. • IntriCon Corp. • Qumu Corp. • Tile Shop Holdings, Inc.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020 11 EXECUTIVE SUMMARY

EXECUTIVE OFFICERS (Based on SEC Filings as of June 30, 2019) Company Executive Officer Title 3M Co. Julie L. Bushman EVP, International Operations 3M Co. Kristen M. Ludgate SVP, Human Resources ALLETE, Inc. Nicole Johnson VP, Chief Administrative Officer ALLETE, Inc. Bethany M. Owen President and Director ALLETE, Inc. Margaret A. Thickens VP, Chief Legal Officer and Corporate Secretary Ameriprise Financial, Inc. Kelli A. Hunter EVP, HR Ameriprise Financial, Inc. Deirdre D. McGraw EVP, Marketing, Corporate Communications and Community Relations Ameriprise Financial, Inc. Karen Wilson Thissen EVP and General Counsel Apogee Enterprises, Inc. Patricia A. Beithon General Counsel and Secretary ASV Holdings, Inc. Melissa How CFO Best Buy Co., Inc. Corie S. Barry CEO Best Buy Co., Inc. Kamy Scarlett Chief Human Resources Officer and President, U.S. Retail Stores Bio-Techne Corp. Brenda Furlow SVP, General Counsel and Secretary Bridgewater Bancshares, Inc. Mary Jayne Crocker EVP and COO Bridgewater Bancshares, Inc. Lisa M. Salazar SVP, Deposit Services and Emerging Products C.H. Robinson Worldwide, Inc. Angela K. Freeman Chief Human Resources Officer Calyxt, Inc. Debra H. Frimerman General Counsel Cardiovascular Systems, Inc. Rhonda Robb COO Cardiovascular Systems, Inc. Sandra Sedo Chief Compliance Officer Ceridian HCM Holding, Inc. Lisa M. Sterling EVP, Chief People and Culture Officer Ceridian HCM Holding, Inc. Leagh E. Turner President CHF Solutions, Inc. Claudia Drayton CFO and Secretary Christopher & Banks Corp. Rachel Endrizzi SVP, Chief Marketing Officer Christopher & Banks Corp. Keri L. Jones President and CEO Christopher & Banks Corp. Andrea Kellick SVP, Chief Merchandising Officer Christopher & Banks Corp. Carmen Wamre SVP, Chief Stores Officer Clearfield, Inc. Cheryl Beranek President and CEO Communications Systems, Inc. Kristin A. Hlavka Corporate Controller Deluxe Corp. Amanda Brinkman VP, Chief Brand and Communications Officer Deluxe Corp. Tracey Engelhardt SVP, Direct-to-Consumer Deluxe Corp. Amanda Parrilli VP, Strategy Digi International, Inc. Tracy L. Roberts VP, Technology Services Donaldson Co., Inc. Amy C. Becker VP, General Counsel and Secretary Donaldson Co., Inc. Sheila G. Kramer VP, Human Resources Ecolab, Inc. Angela M. Busch SVP, Corporate and Business Development Ecolab, Inc. Laurie M. Marsh EVP, HR Ecolab, Inc. Elizabeth A. Simermeyer EVP, Global Marketing and Communications and Life Sciences Ecolab, Inc. Jill S. Wyant EVP and President, Global Regions and Global Healthcare Electromed, Inc. Kathleen S. Skarvan President and CEO Fastenal Co. Sheryl A. Lisowski Controller, Chief Accounting Officer, and Treasurer Fastenal Co. Reyne K. Wisecup Senior EVP, HR and Director General Mills, Inc. Jodi Benson Chief Innovation, Technology and Quality Officer General Mills, Inc. Christina Law SVP and Group President, Asia and Latin America General Mills, Inc. Kimberly A. Nelson SVP, External Relations and President, General Mills Foundation General Mills, Inc. Bethany Quam Group President, Europe and General Mills, Inc. Jacqueline Williams-Roll Chief Human Resources Officer Graco Inc. Caroline M. Chambers EVP, Corporate Controller and Information Systems Graco Inc. Karen Park Gallivan EVP, General Counsel and Corporate Secretary Graco Inc. Angela F. Wordell EVP, Operations Granite Falls Energy, LLC Stacie Schuler CFO H.B. Fuller Co. Heather A. Campe SVP, Americas Adhesives H.B. Fuller Co. Paula M. Cooney VP, HR H.B. Fuller Co. Traci L. Jensen SVP, Global Construction Adhesives Hawkins, Inc. Theresa R. Moran VP, Purchasing, Logistics and Sales Support Hawkins, Inc. Shirley Rozeboom VP, Health and Nutrition Hormel Foods Corp. Deanna T. Brady Group VP and President, Consumer Products Sales Hormel Foods Corp. Jana L. Haynes VP and Controller Hormel Foods Corp. Janet L. Hogan SVP, HR Hormel Foods Corp. Lori J. Marco SVP, External Affairs and General Counsel Insignia Systems, Inc. Kristine A. Glancy Director, President, CEO and Secretary Investors Real Estate Trust Anne M. Olson EVP, COO, General Counsel and Corporate Secretary Medtronic Plc. Karen L. Parkhill EVP and CFO Medtronic Plc. Carol A. Surface SVP and Chief HR Officer

12 APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Company Executive Officer Title Mosaic Co. Corrine D. Ricard SVP, Commercial Mosaic Co. Karen A. Swager SVP, Potash Nuvera Communications, Inc. Barbara A. J. Bornhoft VP, COO and Corporate Secretary Nortech Systems, Inc. Connie Beck VP and CFO nVent Electric PLC Lynnette R. Heath EVP and Chief HR Officer nVent Electric PLC Stacy P. McMahan EVP and CFO nVent Electric PLC Beth A. Wozniak CEO Otter Tail Corp. Jennifer O. Smestad VP, General Counsel and Corporate Secretary Patterson Cos., Inc. Andrea Frohning Chief HR Officer Pentair PLC Kelly A. Baker EVP and Chief HR Officer Pentair PLC Karla C. Robertson EVP, General Counsel and Secretary Piper Jaffray Cos. Debbra L. Schoneman President Polaris Industries, Inc. Lucy Clark Dougherty SVP, General Counsel, Secretary and Compliance Officer Proto Labs, Inc. Victoria M. Holt President, CEO and Director Regis Corp. Laura Alexander SVP, Mechandise Regis Corp. Shawn Moren SVP, Chief Human Resources Officer Regis Corp. Amanda Rusin SVP, General Counsel and Secretary Sleep Number Corp. Melissa Barra SVP, Chief Sales, Services and Strategy Officer Sleep Number Corp. Annie L. Bloomquist SVP and Chief Product Officer Sleep Number Corp. Patricia A. Dirks SVP and Chief Human Resources Officer Sleep Number Corp. Shelly R. Ibach President and CEO SPS Commerce, Inc. Kimberly K. Nelson EVP and CFO Stratasys Ltd. Lilach Payorski CFO Stratasys Ltd. Shuli Sharabani Ishai EVP, Gobal Human Resources Surmodics, Inc. Teryl L.W. Sides SVP, Chief Marketing Officer Tactile Systems Technology, Inc. Mary M. "Maggie" Thompson SVP, Reimbursement and Payer Relations Target Corp. Melissa K. Kremer EVP and Chief Human Resources Officer Target Corp. Stephanie A. Lundquist EVP and President, Food & Beverage Target Corp. Janna A. Potts EVP and Chief Stores Officer Target Corp. Cathy R. Smith EVP and CFO Target Corp. Laysha L. Ward EVP and Chief External Engagement Officer TCF Financial Corp. Susan D. Bode SVP and Chief Accounting Officer TCF Financial Corp. Patricia L. Jones EVP, Chief Human Capital Officer and Chief Administrative Officer Tennant Co. Carol E. McKnight SVP and CAO Tennant Co. Mary E. Talbott SVP, General Counsel and Secretary Toro Co. Amy E. Dahl VP, Human Resources and Distributor Development Toro Co. Renee J. Peterson VP, Treasurer and CFO U.S. Bancorp Ismat Aziz EVP, Chief Human Resources Officer U.S. Bancorp Leslie V. Godridge Vice Chairman, Corporate and Commercial Banking U.S. Bancorp Gunjan Kedia Vice Chairman, Wealth Management and Investment Services U.S. Bancorp Katherine B. Quinn Vice Chairman and CAO U.S. Bancorp Jodi Richard Vice Chairman and Chief Risk Officer UnitedHealth Group, Inc. Marianne D. Short EVP and Chief Legal Officer UnitedHealth Group, Inc. D. Ellen Wilson EVP, Chief Human Resources Officer Winmark Corp. Renae M. Gaudette VP, Franchising Winmark Corp. Leah A. Goff VP, HR Winnebago Industries, Inc. Stacy L. Bogart VP, General Counsel and Secretary Xcel Energy, Inc. Darla Figoli SVP, Human Resources and Employee Services, Chief HR Officer Xcel Energy, Inc. Alice Jackson President and Director, PSCo Xcel Energy, Inc. Judy M. Poferl SVP, Corporate Secretary and Executive Services

THE FOLLOWING 20 COMPANIES HAVE ONLY MEN AS EXECUTIVE OFFICERS (SECTION 16(B)) • ANI Pharmaceuticals, Inc. • Appliance Recycling Centers of America, Inc. • ATRM Holdings, Inc. • Canterbury Park Holding Corp. • CyberOptics Corp. • Electro-Sensors, Inc. • Evine Live, Inc. • Famous Dave's of America, Inc. • GWG Holdings, Inc. • HMN Financial, Inc. • Ikonics Corp. • Image Sensing Systems, Inc. • Inspire Medical Systems, Inc. • IntriCon Corp. • MTS Systems Corp. • Northern Oil and Gas, Inc. • Northern Technologies International Corp. • NVE Corp. • Qumu Corp. • Tile Shop Holdings, Inc.

stkate.edu MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2020 13 EXECUTIVE SUMMARY

Corporate Directors and Executive Officers (Based on SEC Filings as of June 30, 2019) Corporate Directors Executive Officers Percent Total Percent Women Company Name Total Women Women Net Change Executive Women Executive Executive Of- Net Change Directors Directors Directors from 2018 Officers Officers ficers from 2018 3M Co. 12 4 33.3% 1 14 2 14.3% -1 ALLETE, Inc. 10 5 50.0% 1 7 3 42.9% 1 Ameriprise Financial, Inc. 9 2 22.2% 0 15 3 20.0% -1 ANI Pharmaceuticals, Inc. 6 0 0.0% 0 4 0 0.0% 0 Apogee Enterprises, Inc. 10 2 20.0% 0 6 1 16.7% 0 Appliance Recycling Centers of America, Inc. 5 0 0.0% 0 2 0 0.0% 0 ASV Holdings, Inc. 5 0 0.0% 0 2 1 50.0% 0 ATRM Holdings, Inc. 4 0 0.0% 0 1 0 0.0% 0 Best Buy Co., Inc. 13 7 53.8% 2 6 2 33.3% -2 Bio-Techne Corp. 8 1 12.5% 0 6 1 16.7% 0 Bridgewater Bancshares, Inc. 8 0 0.0% NA 6 2 33.3% NA C.H. Robinson Worldwide, Inc. 10 3 30.0% 1 11 1 9.1% 0 Calyxt, Inc. 7 2 28.6% 1 6 1 16.7% 1 Canterbury Park Holding Corp. 5 1 20.0% 0 2 0 0.0% 0 Cardiovascular Systems, Inc. 7 1 14.3% 0 5 2 40.0% -1 Ceridian HCM Holding, Inc. 9 2 22.2% NA 9 2 22.2% NA CHF Solutions, Inc. 6 0 0.0% 0 2 1 50.0% 0 Christopher & Banks Corp. 6 2 33.3% 0 6 4 66.7% -1 Clearfield, Inc. 6 1 16.7% 0 3 1 33.3% 0 Communications Systems, Inc. 5 0 0.0% 0 5 1 20.0% 0 CyberOptics Corp. 5 1 20.0% 0 2 0 0.0% 0 Deluxe Corp. 10 2 20.0% 0 8 3 37.5% 0 Digi International, Inc. 6 1 16.7% 0 7 1 14.3% 0 Donaldson Co., Inc. 10 2 20.0% 0 8 2 25.0% 0 Ecolab, Inc. 13 5 38.5% 1 15 4 26.7% 2 Electro-Sensors, Inc. 5 0 0.0% 0 1 0 0.0% 0 Electromed, Inc. 6 2 33.3% 0 2 1 50.0% 0 Evine Live, Inc. 8 1 12.5% 0 3 0 0.0% -3 Famous Dave's of America, Inc. 8 0 0.0% 0 3 0 0.0% 0 Fastenal Co. 10 2 20.0% 0 12 2 16.7% 0 General Mills, Inc. 13 6 46.2% 2 15 5 33.3% 1 Graco Inc. 10 3 30.0% 0 15 3 20.0% 1 Granite Falls Energy 10 1 10.0% 0 2 1 50.0% 0 GWG Holdings, Inc. 14 2 14.3% 2 2 0 0.0% 0 H.B. Fuller Co. 10 2 20.0% 0 12 3 25.0% 0 Hawkins, Inc. 8 1 12.5% 0 8 2 25.0% 1 HMN Financial, Inc. 9 1 11.1% 0 3 0 0.0% 0 Hormel Foods Corp. 14 3 21.4% 0 15 4 26.7% 0 Ikonics Corp. 7 1 14.3% 0 4 0 0.0% 0 Image Sensing Systems, Inc. 5 0 0.0% 0 2 0 0.0% 0 Insignia Systems, Inc. 5 3 60.0% 0 2 1 50.0% 0 Inspire Medical Systems, Inc. 9 2 22.2% NA 4 0 0.0% NA IntriCon Corp. 5 0 0.0% 0 5 0 0.0% 0 Investors Real Estate Trust 8 3 37.5% NA 3 1 33.3% NA Medtronic PLC 11 3 27.2% 0 11 2 18.2% 0 Mosaic Co. 12 3 25.0% 1 9 2 22.2% 0 MTS Systems Corp. 9 3 33.3% 1 6 0 0.0% 0 Nortech Systems, Inc. 5 1 20.0% 0 4 1 25.0% 0 Northern Oil and Gas, Inc. 8 1 12.5% 0 6 0 0.0% 0 Northern Technologies International Corp. 7 1 14.3% 0 2 0 0.0% 0 Nuvera Communications 7 2 28.6% 0 3 1 33.3% 0 NVE Corp. 5 1 20.0% 0 3 0 0.0% 0 nVent Electric PLC 10 2 20.0% 0 9 3 33.3% 0 Otter Tail Corp. 9 2 22.2% 0 5 1 20.0% 0 Patterson Cos., Inc. 10 2 20.0% 0 6 1 16.7% 0 Pentair PLC 8 2 25.0% 0 7 2 28.6% 0 Piper Jaffray Cos. 9 3 33.3% 1 6 1 16.7% 0 Polaris Industries, Inc. 10 3 30.0% 1 9 1 11.1% 0 Proto Labs, Inc. 7 1 14.3% 0 5 1 20.0% 0 Qumu Corp. 5 0 0.0% -1 2 0 0.0% 0 Regis Corp. 8 2 25.0% 0 8 3 37.5% 1 Sleep Number Corp. 10 5 50.0% -1 9 4 44.4% 0

14 APRIL 2020 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP mncensus.stkate.edu Corporate Directors Executive Officers Percent Total Percent Total Women Net Change Women Executive Net Change Company Name Women Executive Women Execu- Directors Directors from 2018 Officers from 2018 Directors Officers tive Officers SPS Commerce, Inc. 7 2 28.6% 1 3 1 33.3% 0 Stratasys Ltd. 9 2 22.2% NA 9 2 22.2% NA Surmodics, Inc. 7 2 28.6% 0 8 1 12.5% 1 Tactile Systems Tech., Inc. 7 1 14.3% 0 5 1 20.0% -1 Target Corp. 13 4 30.8% 0 12 5 41.7% 1 TCF Financial Corp. 12 3 25.0% 1 10 2 20.0% 0 Tennant Co. 9 3 33.3% 1 6 2 33.3% 1 Tile Shop Holdings, Inc. 7 0 0.0% 0 2 0 0.0% 0 Toro Co. 11 3 27.3% 1 10 2 20.0% -1 U.S. Bancorp 17 6 35.3% 1 14 5 35.7% 1 UnitedHealth Group, Inc. 11 3 27.3% 0 8 2 25.0% 0 Winmark Corp. 7 1 14.3% 0 6 2 33.3% 1 Winnebago Industries, Inc. 8 1 12.5% NA 10 1 10.0% NA Xcel Energy, Inc. 13 3 23.1% 1 14 3 21.4% 2

Rebecca Hawthorne, Ph.D. Professor Emerita, Methodology Organizational Leadership, St. Catherine University he 2019 Minnesota Census current reports (Form 8-K). Ac- [email protected] of Women in Corporate cessed online through EDGAR, the Leadership examines the most recent SEC filings through T June 30, 2019, were reviewed for percentage of women in leader- St. Catherine University ship roles at the 76 largest publicly data collection. Data confirmation (St. Kate's) is a dynamic held companies headquartered sheets were emailed or mailed to university educating women in Minnesota, as ranked by 2018 each company, requesting verifica- to lead and influence. As net revenue and tracked in the tion of the information and noti- the nation's largest private Minneapolis-based Star Tribune 50 fication of any changes occurring women's university, we (June 2019) and the Minneapolis/ before the Census cutoff of June prepare students to be St. Paul Business Journal Top 75 30, 2019. The company response effective leaders in their Public Companies list (April 2019). rate was 47 percent. Changes that professions, communities, occurred in board membership, and the world. The university Excluded from the list are closely executive officer appointments, is home to nearly 5,000 held companies, cooperatives, company ownership, or bankrupt- students in associate, mutual and fraternal benefits or- cy filings after the period covered bachelor's, master's, ganizations, and over-the-counter by the June 30, 2019, filings are not doctorate, and certificate stocks. Of Minnesota’s Fortune 500 reflected in this analysis. programs that emphasize companies, four companies are academic rigor and social not represented in the Minnesota Criteria for inclusion in the justice. stkate.edu. Census data sample: CHS, Inc., executive officer category vary by Land O’Lakes, Financial, company. To be consistent, the and Securian Financial. Although Census uses only those individuals *Editorial corrections were the Securities and Exchange Com- formally designated as Section 16b made to the online version mission (SEC) lists these as public executive officers in SEC filings. of the 2019 Minnesota Census companies with more than 500 of Women in Corporate shareholders, they are not publicly All reasonable steps have been Leadership in April 2020 traded on a stock exchange. taken to verify the accuracy of to accurately reflect the the data. Any remaining errors or inclusion of SPS Commerce, Data for the 2019 Minnesota Cen- omissions are the sole responsibil- Inc. on the 2019 Honor Roll. sus were collected from company ity of the researcher. filings with the SEC, including proxy statements (DEF 14A), annual reports (Form 10-K), and

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