Select Comfort Corporation
CEO and Director Shelly
Ibach represents the critically
important group of women
leaders at Minnesota's largest
public companies.
Women
Leaders
i n th e Wor k pl ac e
The 2012 Minnesota Census of Women in Corporate Leadership:
How Minnesota’s Top 100 Public Companies Rank
Highlights:
› Minnesota leads the nation in the percent of Fortune 500 company board seats held by women.
› Minnesota ranks first in the percentage of women executives.
› The overall percentage of seats held by women corporate directors has not noticeably
changed over the past five years.
Minnesota Census of Women in Corporate Leadership
About the Census
The 2012 Minnesota Census of
Women in Corporate Leadership examines the percentage
of women in leadership roles
at the 100 largest publicly held
companies headquartered in
Minnesota as ranked by 2012
net revenue in the Star Tribune
100: 21st Annual Report (May
2012) and the Minneapolis/
St. Paul Business Journal top
100 list (March 2012).
The report is produced by
St. Catherine University and is
co-sponsored by the Minnesota Women’s Economic
Roundtable. MWER is the
Minnesota representative to
ION (InterOrganization Network), a national organization
that advocates for women’s
participation on corporate
boards and in top leadership
roles in business.
Table of
Contents
2 Executive Summary
4 Women on Corporate Boards:
Slow Progress
6 Women Executive Officers: Role Models
8 Why Women Matter: Top Executives
Offer Their Views
10 2012 Minnesota Census Honor Roll
›Special Distinction: MTS Systems,
Target, CyberOptics, Christopher & Banks
and Select Comfort
18 Do the Math: The Rise of Women CFOs
20 Call to Action and Research References
ROSTERS:
12 Women Corporate
Directors
14 Women Executive
Officers
16 Corporate Directors
and Executive
Officers by
Company
ON THE COVER:
Shelly Ibach, CEO and director,
Select Comfort Corporation —
one of the Minnesota Census'
2012 “Special Distinction”
companies. Three of its nine
company directors are women,
and five of the company's eight
executive officers are women.
Photo by Sara Rubinstein
Methodology
Data for the 2012 Minnesota Census were
collected from company filings with the
SEC, including proxy statements (DEF
14A), annual reports (Form 10-K) and
current reports (Form 8-K). Accessed
online through EDGAR, the most recent
SEC filings through June 30, 2012,
were reviewed for data collection. Data
confirmation sheets were e-mailed or
mailed to each company, requesting
verification of the information and
notification of any changes occurring
before the Census cutoff of June 30,
2012. The company response rate was
62 percent. Changes that occurred in
board membership, executive officer
appointments, company ownership
or bankruptcy filings after the period
covered by the June 30, 2012, filings are
not reflected in this analysis.
Criteria for inclusion in the “executive
officer” category vary by company. To be
consistent, the Census uses only those
individuals formally designated as Section
16b executive officers in SEC filings.
Excluded from the list of Minnesota
Census companies are closely held
companies, cooperatives and fraternal
benefits organizations, and companies
traded over the counter. Of Minnesota’s
Fortune 500 companies, three companies
are not represented in the Minnesota
Census data sample: Land O’Lakes,
CHS, Inc. and Thrivent Financial for
Lutherans. Although the Securities and
Exchange Commission (SEC) lists these
as public companies with more than 500
shareholders, they are not publicly traded
on a stock exchange.
All reasonable steps have been taken
to verify the accuracy of the data. Any
remaining errors or omissions are the
sole responsibility of the researchers at
St. Catherine University.
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
1
EXECUTIVE SUMMARY
Pathways
to Progress
As women and minorities gain more education,
political influence and economic clout, U.S.
companies have a ready talent pipeline.
By Joann Bangs, Ph.D. and Rebecca Hawthorne, Ph.D.
St. Catherine University
T
he face of public
leadership in
Minnesota and
throughout the nation shifted
in 2012, reflecting the reality
of demographic changes — a
shrinking of the white male
majority and a growing
number of women and
minorities.
In contrast, the face of
corporate leadership remained
overwhelmingly male and white.
Women outnumber men
in higher education. They’ve
ascended in the workforce.
They have more economic
clout, and their presence in top
leadership positively affects
a company’s bottom line.
Still, the state’s top 100 public
companies have not increased
their representation of women
on their boards or in their
executive suites, according to
the 2012 Minnesota Census of
Women in Corporate Leadership.
›Professional
Experience
Women hold 51.4 percent of
managerial and professional jobs,
according to the Bureau of Labor
Statistics. Yet women hold only
14.5 percent of the corporate
board seats and 17.4 percent of
the executive officer positions in
Minnesota companies.
›Economic Clout
Women control 73 percent
of U.S. household spending
decisions (Rosen, 2012).
Corporate boards and executive
leadership teams with women
members gain valuable insight
into consumer preferences.
›Corporate
Governance Impact
Women’s presence in the
boardroom has been connected
to stronger corporate and
social governance metrics,
higher returns on equity,
Rebecca Hawthorne, Ph.D.
reduced insolvency risk
and better average growth.
According to a recent study
of 2,360 companies globally
over the past six years, “it
would on average have been
better to have invested in
corporations with women on
their management boards than
in those without” (Credit Suisse
Research Institute, 2012, p. 3).
›PUBLIC LEADERSHIP
For the first time in history,
women have stepped into 20
percent of the seats in the U.S.
Senate. And white men no
longer are the majority in the
U.S. House of Representatives.
What is at stake for Minnesota companies? Progress
and economic growth. When
assessing a country’s economic
future and potential, economists
identify ambivalence over
women’s roles as a critical
factor blocking progress. In the
Consider the following:
›Qualifications
Women earn 60 percent of all
master’s degrees, 50 percent
of all medical and law degrees
and 44 percent of all business
degrees in the United States
(Rosen, 2012). Companies that
seek gender diversity tap into
the largest talent pool.
2
CONSIDER THIS:
Women earn 60% of all
Master's degrees, 50% of all
medical and law degrees and
44% of all business degrees in
the United States.
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
Joann Bangs, Ph.D.
words of A.G. Lafley, former
chairman, president and CEO
of Proctor & Gamble: “A diverse
organization will out-think,
out-innovate and out-perform
a homogeneous organization
every time” (Branson, 2010,
pg. 127).
Women on Boards:
Opportunities to
Diversify
Publicly held Minnesota
companies appointed 56 new
independent directors to
corporate boards in 2012. Each
appointment represented an
opportunity to diversify the
face of the corporate leadership
team by opening ranks to a
highly qualified woman.
In 2012, 11 of the 56
(or 20 percent) of the new
independent directors
appointed were women, an
increase of 10 percentage points
over the previous year.
Despite this increase,
the net increase across all
companies was negligible
due to company relocation
and changes in the corporate
landscape in Minnesota. Shifts
in the companies represented
in the Census reveal that larger
companies often leave and
smaller ones (which tend to
have fewer opportunities for
women) come on.
Percent of Board Seats Held by Women
21.9%
Minnesota
(16/100)
MINNESOTA
COMPANIES WITH
WOMEN AT
THE TABLE
14.5%
19.3%
New York Metro
(62/100)
19.0%
39%
No Women
Directors
One Woman
Director
19.1%
Ohio
(26/53)
31%
30%
Two or More
Women
Directors
16.4%
18.9%
Massachusetts
(9/100)
12.7%
18.8%
Alabama
(1/27)
9.0%
17.1%
Wisconsin
(7/50)
14.4%
17.0%
California
(51/85)
Women held 14.5 percent of
the board seats of Minnesota’s
100 largest publicly held
companies in 2012. This
reflects the highest percentage
of seats held by women since
the study began in 2008, but an
increase of only 0.3 percentage
points over 2011.
In hard numbers, women
stepped into 12 of the 66
available directorships at
Minnesota companies in
2012. Overall, these numbers
reflect a drop in the number
of board seats, not a change
in the number of women advanced to corporate boards.
Most boards rely on traditional nominating practices
and tend to replicate themselves when selecting new
directors. In the words of one
nominating chair: “We find
it beneficial that at least one
person on the board knows the
potential candidate.”
Women Executive
Officers: Good News
in a Challenging
Economy
Women executive officers
retained 17.4 percent of the
available executive officer
(Section 16b) positions in
2012. The number of company
positions decreased from 708
positions in 2011 to 665 positions in 2012, with women retaining the same percentage of
positions despite the decrease.
Nine companies reported a net
increase in women executive
officers in 2012 compared with
eight companies in 2011.
16.0%
17.0%
Georgia
(14/130)
10.4%
Pennsylvania
(7/100)
11.0%
16.1%
15.9%
Michigan
(19)
15.9%
15.2%
Maryland
(5/80)
10.7%
14.2%
Florida
(15/100)
9.1%
12.9%
Texas
(49/97)
10.7%
11.1%
Tennessee
(8/62)
Kansas City
(3/34)
9.6%
4.0%
8.2%
Fortune 500
(497)
16.6%
S&P 1500
(1,485)
14.0%
Russell 3000
(2,865)
11.7%
0%
5%
fortune 500
companies
Sixty-four of the top 100 public companies in Minnesota have women
executive officers (Section 16b). However, 33 of those companies have
only one woman — which can be perceived as token status.
10%
15%
20%
25%
all companies
in pool
The numbers in parentheses refer to the number of
companies in the Fortune 500, followed by the total
number of companies tracked by the respective ION
member organization.
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
3
WOMEN corporate directors
Minnesota Paves
the Way, but Road
Ahead Is Long
A look at the state’s top 100 public companies
M
innesota is a leader
nationally in its
percentage of
women directors at Fortune
500 public companies. A less
satisfying statistic, however, is
the lack of growth in the state’s
percentage of women directors
from 2011 to 2012 — just a 0.3
percentage point rise.
Last year presented growth
areas, however. An upsurge
in openings for independent
directors (meaning directors
who aren’t employed by the
company on whose board they
serve) created opportunities
for women.
Women filled twice as many
of those openings in 2012 as
they did in 2011. Today 16.3
percent of independent directors are women.
Even so, the needle has
hardly moved in overall percentage of women directors
since 2008, when St. Catherine
University professors first
began analyzing Minnesota
Census data.
Back then, 14.2 percent of
directors were women. Five
years later, women directors
have gained barely one-third
of a percentage point, with the
greatest number of women
directors serving on the boards
of Minnesota’s largest
companies.
›Women hold 14.5 percent
(115) of the 795 available board
seats in Minnesota’s 100 largest
publicly held companies, a net
increase of 0.3 percent from the
2011 Minnesota Census.
›The percentage of seats held
by women corporate directors
tends to increase with company
size. In Fortune 500 companies,
21.9 percent of board seats are
held by women; the remaining
84 Minnesota companies have
12.5 percent of their board
seats held by women.
›A total of 66 board seats
became available across Minnesota’s 100 largest publicly
MTS Systems and Target have both earned "Special
Distinction" status on the Honor Roll for all five years of the
Minnesota Census, meaning they have at least 30 percent
women executive officers and 30 percent women directors.
held companies in 2012. Twelve
of those seats went to women,
representing 18 percent of the
available seats. In 2011, women
were appointed to 10 percent of
the available board seats.
›Of the 66 new board
appointees in 2012, 56 were
new independent directors —
presenting companies with 56
opportunities to diversify their
board by gender. Only 11 of the
56 new independent directors
appointed in 2012 were women.
›Across Minnesota’s top 100
public companies, 16.3 percent
of all independent directors
are women. In Fortune 500
companies, 23.8 percent of independent directors are women;
in the remaining 84 Minnesota
companies, 14.1 percent of independent directors are women.
Women Corporate
Directors by
Company
›Women serve on the boards
of 69 of Minnesota’s 100 largest publicly held companies.
Three fewer companies had
women directors in 2012 than
in 2011.
›Of the 16 Minnesota Fortune
500 companies, six have three
or more women corporate directors, seven have two women
directors, two have one woman
corporate director and one
(Nash Finch) has none.
›Of the 84 other Minnesota
companies in the top 100, five
have three or more women corporate directors, 12 have two
women corporate directors, 37
have one and 30 have none.
The overall percentage of seats held
by women corporate directors has not
noticeably changed over the past five years.
A Holding Pattern In 2012
Among Minnesota’s top 100 public companies:
›9 had a net increase of one new woman director
›7 had a net decrease of one woman director
›79 had no change in total corporate directors
Note: Net increases and decreases can be tracked only for the 95 companies
that have remained constant in the Census sample between 2011 and 2012.
4
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
Women Doing Well
No Women in Top Leadership
Twelve Minnesota Census companies added women directors in
(Based on SEC filings as of June 30, 2012)
2012. Nine of those (*) had a net increase:
Eighteen Minnesota companies include no women corporate
Angeion*Piper Jaffray* directors or women executive officers (Section 16b) on their
corporate leadership teams.
Capella EducationRimage*
Christopher & Banks*
Select Comfort*
Company
CEO
Ecolab*Two Harbors Investment
Joseph C. Levesque
Mosaic*U.S. Bancorp* Aetrium, Inc.
Broadview Institute, Inc.
Jeffrey D. Myhre
New Ulm Telecom
Xcel Energy*
Eleven Minnesota Census companies had three or more women
directors, achieving the critical mass that research suggests is essential to impact corporate governance. Five of these companies
(*) increased the number of women serving on their boards to
three or more in 2012:
Piper Jaffray (4)
Allete (4)
Select Comfort (3)*
Christopher & Banks (3)*
Target (4)
Ecolab (3)*
U.S. Bancorp (3)*
General Mills (4)
Xcel Energy (3)*
Hormel Foods (4)
MTS Systems (3)
Fewer Women Directors
Seven Minnesota Census companies had a net decrease in women
directors in 2012:
Appliance Recycling Centers of MTS Systems
New Ulm Telecom
America
Regis
FICO
TCF Financial
MakeMusic
Electromed, Inc
James J. Cassidy*
Electro-Sensors, Inc.
Bradley D. Slye
FICO
William J. Lansing
Image Sensing Systems, Inc.
Kenneth R. Aubrey**
Insignia Systems, Inc.
Scott F. Drill
IntriCon Corporation
Mark S. Gorder
Juhl Wind, Inc.
Daniel J. Juhl (Principle EO)
Lakes Entertainment, Inc.
Lyle Berman
Mocon, Inc.
Robert L. Demorest
Multiband Corporation
James L. Mandel
Northern Technologies International
Corporation
G. Patrick Lynch
Rochester Medical Corporation
Anthony J. Conway
Stratasys, Inc.
S. Scott Crump
Winland Electronics, Inc.
Brian D. Lawrence (CFO)***
Wireless Ronin Technologies, Inc.
Scott W. Koller
WSI Industries, Inc.
Benjamin T. Rashleger
*Interim CEO
**Interim CEO Kris B. Tufto, effective August 10, 2012
***CEO David Gagne, effective December 3, 2012
Women of Color Scarce on Corporate Boards
For the third year, the Minnesota Census examined directors’ seats
held by women of color. No progress was made in 2012. Women
of color — as classified and named by the U.S. Census Bureau —
include women identified as Black, Hispanic, Asian, Native Hawaiian
and other Pacific Islander, and American Indian or Alaskan Native.
Fourteen of Minnesota’s 100 largest publicly held companies
had women directors of color in 2012, the same number as in 2011.
Two of the 14 companies have two women of color serving on their
boards. The 12 other companies each have one woman director
of color. The 86 Minnesota companies with no women directors of
color have ample room for improvement.
›Women of color hold 2 percent of the available board seats in
Minnesota’s 100 largest publicly held companies.
› Sixteen women of color hold board seats. This represents 13.9
percent of the total board seats held by women directors in
Minnesota’s 100 largest publicly held companies.
›Of the 16 Minnesota Fortune 500 companies, seven companies
have one or two women of color on the board; nine companies
have none.
›Of the new 66 directors added to Minnesota’s largest publicly held
companies in 2012, only one was a woman of color.
Comparisons with National Data
Women of color are scarce on corporate boards. Nationwide,
women of color hold between 0.4 percent and 3.5 percent of the
available board seats at companies in the 15 regional samples.
Minnesota, with 2 percent women directors of color, is in the
middle of the range.
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013 5
women corporate directors and executive officers
Hormel Foods has long
been a champion of
creating an environment
that fosters female
leaders. The Austinbased company has
four women in top
management. Pictured
above: Chairman,
President and CEO
Jeffrey M. Ettinger and
Vice Presidents Julie H.
Craven, Lori J. Marco,
Deanna T. Brady and
Jody H. Feragen.
Building a Pipeline
Minnesota is a leader when it comes to women in corporate leadership,
but significant work remains to achieve gender equity.
Numbers Tell the Story
Fifty-one of Minnesota’s 100
largest publicly held companies
have both women corporate
directors and women executive
officers. On the face of it, that
appears to be good news.
But consider:
›Eighteen of Minnesota’s 100
largest publicly held companies
have no women directors or
executive officers.
✛
6
›Three companies had a net
decrease in both women directors and women executive
officers in 2012 (FICO, MTS
Systems and MakeMusic).
›And the number of Minnesota companies with both
women corporate directors
and women executive officers
decreased by eight companies
from 2011 to 2012.
Just the Facts
Board positions reflect
current leadership roles in
corporate governance. Executive officer positions offer a
pipeline for future leadership
roles in corporate governance.
A strategy for achieving a
sustainable, critical mass of
women leaders in public companies requires both.
Here’s how it works: Despite net decreases in both
women corporate directors
and women executive officers
in 2012, MTS Systems retained
its Special Distinction status
in the Minnesota Census —
meaning women represent 30
percent of both its board and
its executive suite.
How is that possible? With a
critical mass of women in place,
the loss of one woman director
or one woman executive officer
does not eradicate gender diversity in corporate leadership.
A diverse leadership team is
sustainable when women have
achieved critical mass.
Minnesota companies reporting larger revenues are more likely than smaller companies to have
women represented in both the boardroom and the executive suite. That reflects national trends.
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
Leading the Charge
Minnesota companies boast highest percentage of female
executive officers, but some experienced a net decrease in 2012.
Minnesota continues to lead
the nation in the percentage
of executive officers who are
women.
Women hold between 5.7
percent and 16.9 percent of
all executive officer positions
across the 14 regions other
than Minnesota represented
in the national ION study.
Minnesota, with 17.4 percent,
leads the regions. Even though that percentage remained constant from
last year’s report, it is still
something to celebrate.
MORE Women
Executives
Nine Minnesota Census companies had a net increase in
women executive officers in
2012:
Communications Systems
Digi International
H.B. Fuller
Navarre
Nortech Systems
Select Comfort
Toro
Valspar
ValueVision Media
Section 16b officers
Executive officers of companies nationwide offer an accomplished pool for potential
corporate board appointees.
Criteria for inclusion in the
“executive officer” category
vary by company. To be consistent, the Minnesota Census
identifies only those individuals formally designated as
Section 16b executive officers
in SEC filings.
›Twelve of the top 100 public
companies have three or more
women executive officers.
›Nineteen have two women
executive officers.
›Thirty-three have just one
woman executive officer; and
36 have none.
›Among the state’s 16 Fortune
500 companies, C.H. Robinson
Worldwide and Ecolab have no
female executive officers.
Between 26 percent and 73.2
percent of companies included in ION’s sample have
no women in their executive
offices. Thirty-six percent of
Minnesota companies have no
women executive officers.
Fewer Women
Executives
Fourteen Minnesota Census
companies had a net decrease
in women executive officers in
2012:
Capella Education Christopher & Banks
Ecolab
FICO
Hawkins
Hormel Foods
MakeMusic
Medtox Scientific
Mosaic
MTS Systems
Otter Tail
St. Jude Medical
Supervalu
SurModics
Women Executive Officers Nationwide
17.4%
Minnesota
(100)
36.0%
16.9%
New York Metro
(100)
26.0%
Ohio
(53)
12.1%
Florida
(100)
11.5%
Maryland
(80)
11.3%
Wisconsin
50)
11.2%
Philadelphia
(100)
11.0%
Alabama
(27)
10.9%
30.2%
58.0%
56.3%
40.0%
58.0%
66.7%
Tennessee 10.1%
(62)
54.8%
California 10.1%
(85)
Georgia
(130)
9.9%
Massachusetts
(100)
9.9%
Michigan
(19)
53.3%
60.0%
49.0%
8.9%
31.5%
Texas 6.1%
(97)
Kansas City
(34)
73.2%
5.7%
67.6%
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75%
Percentage of
Executive Officers
Who Are Women
Percentage of
Companies with No
Women Executive
Officers
The numbers in parentheses indicate the number
of companies in each region's sample.
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
7
MINNESOTA VOICES AND VIEWS
Why Women Matter
Research shows that one woman has less influence
than multiple female views.
O
ne woman on a board is a token.
Two are a presence, and three are
a set of diverse views.
That’s what anecdotal evidence tells us.
Based on extensive research nationally and
internationally, however, the presence of
women on boards does benefit corporations — both financially and in decisionmaking style.
In 2012, the Credit Suisse Research
Institute tested the performance of 2,360
companies globally over the past six years.
Companies with one or more women
directors outperformed those with no
women on the board. A substantial report
published in 2006 by the Wellesley Centers
for Women — “Critical Mass on Corporate Boards: Why Three or More Women
Enhance Governance” — found wide
agreement among CEOs,
corporate secretaries and
women directors from
Fortune 1000 companies that
women directors bring a
style of leadership that benefits boardroom dynamics.
The report is credited
with showing why a
minimum of three women
on a board substantially changes the
dynamics and interactions. Women
directors are credited with surfacing
tough issues and fostering collaboration
to solve them.
Women directors also open channels for
women in upper management. According
to Matsa and Miller (2011), the number of
women executive officers tends to increase
in companies with women CEOs and
multiple women board members.
This trend is reflected in the 2012
Minnesota Census Honor Roll, which
welcomed Christopher & Banks and Select
Comfort to “Special Distinction” status
(30 percent women on its board and in its
executive suite). Both companies currently
are led by women CEOs.
Lessons From Local Leaders
Minnesota executives tout the importance of having gender diversity on corporate boards.
Women’s point of view:
“To say we need the ‘woman’s
voice’ at the table suggests that
women hold a single point of
view. If you have more than one
woman her voice is recognized for
what she says, rather than as ‘the
woman’s perspective.’”
—Deborah Amberg, senior vice president, general counsel
and secretary, Allete, Inc.; president, board of trustees,
Marshall School, Duluth; director, One Roof Community
Housing
8
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
Diversity and decisionmaking:
“By the nature of having people of
different backgrounds on a board,
you are going to have a better conversation. If I can get men and women of
different cultures and races focusing
on a common issue, I would bet on
that team giving me a better solution.”
—Becky Roloff, president and CEO, YWCA of Minneapolis; director, Allina Health and C.H. Robinson Worldwide
Women as a strategic imperative:
“One of the best ways to build diverse management
ranks is to have a diverse board. In consumer goods,
women make or influence at least 80 percent of the
purchasing decisions. From our business perspective at
Land O’Lakes, women understand women and bring a
great insight.”
Where to find
female directors:
“I was visible and effective
in the not-for-profit sector,
which led to me being invited
to be a director of North
American Life Insurance
Company back in 1976.
There are many places to look
— including academia and
the not-for-profit sector —
without limiting the search
to a CEO or COO of
a corporation.”
—Luella Goldberg, former director, Hormel
Foods, ReliaStar Financial and TCF Financial
—Chris Policinski, president and CEO, Land O’Lakes; director, Xcel Energy, Hormel
Foods and U.S. Global Leadership Campaign
Nominating women directors:
“It is incumbent upon boards’ nominating
committees to cast a wide net. Sometimes boards use
their own network or sphere of influence. Sometimes
they engage search firms. But to suggest that there
aren’t experienced, highly competent women misses
the mark.”
— Mark Cohn, chairman and CEO, Third Season, LLC; founder, Second Act and
Damark International; director, Christopher & Banks
Minnesota’s Good Fortune
State’s largest corporations are national leaders in gender diversity
Three’s
the Charm
The following Minnesota
Census companies have
three or more women
directors:
Three Women Directors
Christopher & Banks
Ecolab
MTS Systems
Select Comfort
U.S. Bancorp
Xcel Energy
Four Women Directors
Allete
General Mills
Hormel Foods
Piper Jaffray
Target
Minnesota leads the nation in the percent of Fortune 500 company board seats held by women directors
(21.9 percent). When factoring in all 100 of the largest Minnesota public companies, Minnesota’s data
on women directors are comparable to the national trends.
The 14.5 percent of board seats held by women directors across the Minnesota Census companies
falls in the upper-middle range of the national data reported by ION, a national nonprofit organization
dedicated to advancing women in corporate leadership.
›In the 15 regions reported in the national ION data, women hold between 8.2 percent and 19 percent
of the available board seats in all companies included in the research. Minnesota weighs in with 14.5
percent.
›In Fortune 500 companies nationwide, women hold 16.6 percent of the available board seats. Minnesota’s 16 Fortune 500 companies have women directors in 21.9 percent of the available board seats.
A recent study by GMI Ratings (July 2012) examining gender diversity on 2,770 corporate boards
revealed that the Midwest leads the United States in corporate boardroom gender diversity, followed
by New England and the Mid-Atlantic regions. The West and South follow, with the Mountain region
lagging behind.
Minnesota, Ohio and the New York metro area lead the pack nationally due to their strength in
consumer products and financial services companies — which, according to GMI Ratings, tend to have
multiple women directors and fewer companies with all-male boards.
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
9
honor roll and special distinction companies
Moving
the Needle
Honor Roll companies make Minnesota
a diverse place to do business.
M
innesota consistently ranks at
or near the top in women’s corporate leadership among the 15
regions studied by the InterOrganization
Network (ION), a nonprofit organization
that seeks to advance women’s corporate
leadership.
In fiscal year 2012, Minnesota was first
in the percentage of women executives and
fifth in the percentage of women directors.
Consumer products companies such as
Target, Best Buy and Select Comfort understand the need to make gender diversity a
priority. They recognize that women make
a majority of household spending deci-
sions, and listening to women’s voices is
important to their success. So is attracting
and retaining women executive officers.
Top executives at many leading Minnesota companies share these common beliefs
cited by executives in national ION research:
›Gender diversity at the boardroom and
executive levels is a strategic business imperative, not just a feel-good or politically
correct initiative.
›The boardroom and executive suite must
reflect the environment in which the company operates and competes.
›Adding women directors will naturally
result from identifying a board’s strategic
needs and seeking the best-qualified candidates to fill those gaps.
›Plenty of talented women with experience in the business and nonprofit sectors
are qualified to serve on corporate boards
across all industries and sectors.
› A diverse board often results in better corporate governance and financial
performance.
✛
Learn more at ionwomen.org.
“We strive to build high-performance teams that
celebrate the power of individuality and collaboration.”
—Shelly Ibach, president and CEO, Select Comfort
About the Honor Roll
Minnesota companies in the 2012 Minnesota
Census have boards ranging from four to
15 seats and list from one to 18 Section 16b
executive officers. Therefore, Honor Roll
criteria focus on the percentage, rather than
the number, of women corporate directors
and women executive officers.
Six Minnesota companies have retained
Honor Roll status over the past five years:
Christopher & Banks, CyberOptics, Deluxe,
HMN Financial, MTS Systems and Target.
These companies maintain a diverse
corporate leadership team despite director
and executive officer turnover.
10
2012 HONOR ROLL Departures:
›Alliant Techsystems relocated its headquarters.
›New Ulm Telecom lost one woman director.
›Otter Tail lost one woman executive officer.
›Piper Jaffray added five executive officers, all of them men.
›St. Jude Medical lost one woman executive officer and added an executive
officer position filled by a man.
2012 HONOR ROLL Additions:
›Best Buy decreased the size of its board of directors. No additional women joined the
board, but the percentage of women increased.
›UnitedHealth Group reduced the number of executive officer positions. No women
were added, but the percentage of women increased.
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
The 2012 Honor Roll
Companies with 30 percent women executive officers and 30 percent women directors are granted “Special Distinction” status in the
Minnesota Census of Women in Corporate Leadership Honor Roll.
This is the first time since the initial analysis in 2008 that the Minnesota Census has featured more than three Special Distinction
companies. MTS and Target have been Special Distinction companies for all five years of the Census. CyberOptics has retained that
distinction since 2009, and Christopher & Banks and Select Comfort made the Special Distinction ranks for the first time this year.
Special Distinction Companies
the surface mount electronics
industry. Two of its six directors
are women and one in three
executive officers is a woman.
Companies with both 20 percent or more women corporate directors and 20 percent or more women executive officers receive
Honor Roll distinction in the Minnesota Census of Women in
Corporate Leadership.
MTS Systems Corporation
One of two companies to earn
Special Distinction status for
each of the past five years, MTS
Systems provides testing and
sensing solutions to measure
accuracy, durability and
reliability in sectors that range
from energy to aerospace and
civil engineering. In 2012, three
of eight directors were women
and two of six executive officers
were women.
Target Corporation
Target has received Special
Distinction status for all five
years of the Census. Four of 11
directors are women and five of
12 executive officers are women.
“We believe diversity is vital in
understanding and serving our
guests and in making Target a
great place to work,” says Gregg
Steinhafel, Target chairman,
president and CEO.
CyberOptics Corporation
“A diverse culture is a rewarding
culture in which to work,”
says Board Chair, CEO and
President Kitty Iverson. “So
we have very little turnover at
CyberOptics — and that clearly
helps the bottom line.” A Special
Distinction company since
2009, CyberOptics is a leader in
Christopher & Banks
Corporation
Christopher & Banks joins the
Special Distinction companies
on the Honor Roll for the first
time. “The company has made a
concerted effort to expand the
experience, background, skills
and viewpoints, as well as the
overall make-up, of the board,”
says Paul Snyder, chairman of the
board. Three of eight directors are
women and two of five executive
officers are women. In November
2012, the company hired a female
president and CEO.
“As a women’s specialty
retailer, we believe that
having women on the
board and in the
C-suite helps us more
fully understand our
customer base.”
—Paul Snyder, chairman of the board,
Christopher & Banks
FORTUNE 500:
Best Buy Company, Inc.
(2012 addition)
CEO George L. Mikan III*
Target Corporation
CEO Gregg W. Steinhafel
UnitedHealth Group, Inc.
(2012 addition)
CEO Stephen J. Hemsley
OTHER
COMPANIES:
Analysts International
Corporation
CEO Brittany B. McKinney
Christopher & Banks
Corporation CEO Joel N. Waller**
CyberOptics Corporation CEO Kathleen P. Iverson
Deluxe Corporation CEO Lee L. Schram
HickoryTech Corporation
CEO John W. Finke
Select Comfort
Corporation
Having moved up the Honor
Roll to Special Distinction status,
Select Comfort — maker of
Sleep Number beds — regards
individualism as part of its DNA.
Half of the senior leadership
team is female, including
President and CEO Shelly Ibach,
who was promoted from vice
president in June 2012. Three of
nine directors at the company
are women and five of eight
executive officers are women.
HMN Financial, Inc. President Bradley C. Krehbiel
MTS Systems Corporation
CEO Jeffrey A. Graves
Select Comfort Corporation
CEO Shelly R. Ibach
The Valspar Corporation
CEO Gary E. Hendrickson
*Hubert Joly announced
August 20, 2012, as new CEO
**LuAnn Via announced
November 26, 2012, as new CEO
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
11
ROSTER OF WOMEN CORPORATE DIRECTORS (as listed in SEC filings as of June 30, 2012 )
Company Name
3M Company
Allete, Inc.
Ameriprise Financial, Inc.
Analysts International Corporation
Angeion Corporation
Apogee Enterprises, Inc.
Arctic Cat, Inc.
Best Buy Company, Inc.
Buffalo Wild Wings, Inc.
C.H. Robinson Worldwide, Inc.
Canterbury Park Holding Corporation
Capella Education Company
Cardiovascular Systems, Inc.
Caribou Coffee Company, Inc.
Christopher & Banks Corporation
Clearfield, Inc.
Communications Systems, Inc.
CyberOptics Corporation
Datalink Corporation
Deluxe Corporation
Digital River, Inc.
The Dolan Company
Donaldson Company, Inc.
Ecolab, Inc.
Famous Dave's of America, Inc.
Fastenal Company
G&K Services, Inc.
General Mills, Inc.
Graco, Inc.
H.B. Fuller Company
HickoryTech Corporation
HMN Financial, Inc.
Hormel Foods Corporation
Hutchinson Technology, Inc.
Ikonics Corporation
Imation Corporation
Life Time Fitness, Inc.
12
CORPORATE
DIRECTORS
Linda G. Alvarado
Aulana L. Peters
Kathleen A. Brekken
Kathryn W. Dindo
Heidi J. Eddins
Madeleine W. Ludlow
Siri S. Marshall
Brigid A. Bonner
Brittany B. McKinney
Wendy D. Lynch, Ph.D.
Sara L. Hays
Susan E. Lester
Lisa M. Caputo
Kathy J. Higgins Victor
Sally J. Smith
Rebecca Koenig Roloff
Carin J. Offerman
Jody G. Miller
Hilary C. Pennington
Leslie L. Trigg
Sarah Palisi Chapin
Anne L. Jones
Patricia A. Stensrud
Lisa W. Wardell
Cheryl P. Beranek
Luella G. Goldberg
Kathleen P. Iverson
Irene M. Qualters
Margaret A. Loftus
Cheryl E. Mayberry McKissack
Mary Ann O’Dwyer
Cheryl F. Rosner
Lauren Rich Fine
Janet M. Dolan
Barbara J. Beck
Victoria J. Reich
Mary M. VanDeWeghe
Lisa A. Kro
Reyne K. Wisecup
Lynn Crump-Caine
Alice M. Richter
Judith Richards Hope
Heidi G. Miller
Hilda Ochoa-Brillembourg
Dorothy A. Terrell
Martha (Marti) A. Morfitt
Juliana L. Chugg
Myrita P. Craig
Diane L. Dewbrey
Karen L. Himle
Susan K. Kolling
Jody H. Feragen
Susan I. Marvin
Elsa A. Murano, Ph.D.
Susan K. Nestegard
Martha Goldberg Aronson
Rondi C. Erickson
Trudy A. Rautio
Martha (Marti) A. Morfitt
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
Title
President and CEO, Alvarado Construction, Inc.
Retired Partner, Gibson, Dunn & Crutcher, LLP
Retired President and CEO, Midwest of Cannon Falls, Inc.
Retired VP and Chief Risk Officer, FirstEnergy Corporation
Former EVP, Secretary and General Counsel, Florida East Coast Railway, LLC
Former Principal, Market Capital Partners, LLC
Former SVP, General Counsel and Secretary, and Chief Governance and Compliance Officer,
General Mills, Inc.
VP of Digital Marketing, Home Service Division, The Schwan Food Company
Director, President and CEO, Analysts International Corporation
Co-Director, Center for Consumer Choice in Health Care, Altarum Institute
Principal, SLH Advisors
Private investor; CFO, Homeside Lending, Inc.
EVP, Marketing and Communications, Travelers Companies, Inc.
President and Founder, Centera Corporation
CEO and President, Buffalo Wild Wings, Inc.
CEO, Minneapolis YWCA
Private investor; Principal, Puppy Good Start
CEO and President, Business Talent Group
Former Director, U.S. Education – Postsecondary Success and Special Initiatives,
Bill and Melinda Gates Foundation
EVP, Marketing and Commercial Strategy, Lutonix
CEO, Hail Merry Snacks; Co-founder, The Chain Gang
CEO, Jones Consulting Group, Inc.
President, A&H Manufacturing
EVP and COO, The RLJ Companies
President and CEO, Clearfield, Inc.
Member, Board of Overseers, University of Minnesota Carlson School of Management
Chairman of the Board of Directors, President and CEO, CyberOptics Corporation
Lead Director, CyberOptics Corporation; Program Director – Office of Cyberinfrastructure,
National Science Foundation
Independent Consultant
President and CEO, Nia Enterprises, LLC
SVP, Finance and Operations, and CFO, Wheels, Inc.
Consultant and advisor to various companies
Executive Search Consultant, Howard & O’Brien Associates
President, Act 3 Enterprises
CEO, Learning Care Group, Inc.
Former SVP and CFO, United Stationers, Inc.
CEO and President, Forte Consulting, Inc.
Founding Partner, CFO and Managing Director, Mill City Capital, L.P.
EVP, Human Resources, Fastenal Company
Founder and CEO, Outsidein Consulting; Retired EVP, Worldwide Operations and
Restaurant Systems, McDonald's Corporation
Retired CPA, KPMG, LLP
Distinguished Visitor from Practice and Professor of Law, Georgetown University
Retired President, JPMorgan International, a Division of JPMorgan Chase & Company
Founder, President and CEO, Strategic Investment Group; Director, Emerging Markets
Investment Corporation
Managing Partner, FirstCap Advisors
CEO, Airborne, Inc.
SVP and President, Meals Division, General Mills, Inc.
President, Blackbook Experience Management Group
CEO and Director, Foundation Bank
Director, Minnesota Orchestral Association; Director, University of Nebraska Foundation;
Director, Himle Rapp and Company, Inc.
SVP, HMN Financial, Inc.
EVP and CFO, Hormel Foods Corporation
President, Marvin Windows and Doors
Professor, Nutrition and Food Science, and President Emerita, Texas A&M University
Former President, Global Healthcare Sector, Ecolab, Inc.
EVP, Strategic Planning, Ecolab, Inc.
Co-owner, Nokomis Restaurant & Bar
CEO, Carlson
CEO, Airborne, Inc.
Company Name
Medtronic, Inc.
MTS Systems Corporation
The Mosaic Company
Navarre Corporation
New Ulm Telecom, Inc.
Northern Oil and Gas, Inc.
NVE Corporation
Otter Tail Corporation
Patterson Companies, Inc.
Pentair, Inc.
Piper Jaffray Companies
Polaris Industries, Inc.
Proto Labs, Inc.
Rimage Corporation
Select Comfort Corporation
Supervalu, Inc.
SurModics, Inc.
Target Corporation
TCF Financial Corporation
Techne Corporation
Tennant Company
The Toro Company
Two Harbors Investment Corporation
U.S. Bancorp
UnitedHealth Group, Inc.
Uroplasty, Inc.
The Valspar Corporation
ValueVision Media, Inc.
Winmark Corporation
Xata Corporation
Xcel Energy, Inc.
CORPORATE
DIRECTORS
Title
Shirley Ann Jackson, Ph.D.
Denise M. O’Leary
Emily M. Liggett
Barb J. Samardzich
Gail P. Steinel
Phyllis E. Cochran
Nancy E. Cooper
Kathleen P. Iverson
President, Rensselaer Polytechnic Institute
Private venture capital investor
President and CEO, Novatorque, Inc.
VP, Product Development, Ford of Europe, Ford Motor Company
Owner, Executive Advisors
President, Parts Group, Navistar, Inc.
EVP and CFO, CA Technologies
President and CEO, CyberOptics Corporation
Suzanne M. Spellacy
Lisa Meier
Patricia M. Hollister
Karen M. Bohn
Joyce Nelson Schuette
Ellen A. Rudnick
Leslie Abi-Karam
Glynis A. Bryan
B. Kristine Johnson
Lisa K. Polsky
Jean M. Taylor
Hope B. Woodhouse
Annette K. Clayton
VP and General Counsel, Taylor Corporation
Executive Financial and Accounting Consulting Services, SolomonEdwards Group, LLC
CFO, FSI International, Inc.
President, Galeo Group, LLC
Retired Managing Director and Investment Banker, Piper Jaffray Companies
Executive Director and Clinical Professor, University of Chicago Booth School of Business
EVP and President, Mailing Solutions Management, Pitney Bowes, Inc.
CFO, Insight Enterprises, Inc.
President, Affinity Capital Management
EVP and Chief Risk Officer, CIT Group, Inc.
President, Life is Now, Inc.
COO, Bridgewater Associates, LP
EVP, Global Supply Chain, Schneider Electric
Margaret A. Loftus
Kimberly K. Nelson
Shelly R. Ibach
Brenda J. Lauderback
Kathy Nedorostek
Susan E. Engel
Kathi P. Seifert
Mary K. Brainerd
Susan E. Knight
Roxanne S. Austin
Mary N. Dillon
Mary E. Minnick
Anne M. Mulcahy
Karen L. Grandstrand
Karen A. Holbrook, Ph.D.
Carol S. Eicher
Janet K. Cooper
Katherine J. Harless
Hope B. Woodhouse
Victoria Buyniski Gluckman
Doreen Woo Ho
Olivia F. Kirtley
Michele J. Hooper
Gail R. Wilensky, Ph.D.
Lee A. Jones
Janel S. Haugarth
Mae C. Jemison, M.D.
Catherine Dunleavy
Jenele C. Grassle
Karen T. Van Lith
Gail Koziara Boudreaux
A. Patricia Sampson
Kim Williams
Director, Datalink Corporation
EVP and CFO, SPS Commerce, Inc.
President and CEO, Select Comfort Corporation
Former President, Retail and Wholesale Group, Nine West Group, Inc.
President, U.S. Wholesale Division, Coach, Inc.
CEO and President, PorteroLuxury, Inc.
Retired EVP, Kimberly-Clark Corporation
President and CEO, HealthPartners, Inc.
VP and CFO, MTS Systems Corporation
President, Austin Investment Advisors
President, CEO and Director, United States Cellular Corporation
Partner, Lion Capital
Chairman of the Board of Trustees, Save the Children Federation, Inc.
Shareholder, Fredrikson & Byron, P.A.
VP, Research and Innovation, University of South Florida
Business Group VP, Building and Construction, The Dow Chemical Company
Former SVP and Treasurer, Qwest Communications International, Inc.
Former President and CEO, Idearc, Inc.
Former COO, Bridgewater Associates, Inc.
Retired Chairman and CEO, United Medical Resources, Inc.
President, San Francisco Port Commission
CPA; business consultant
President and CEO, The Directors’ Council
Senior Fellow, Project HOPE
President and CEO, MikrobEX, Inc.
EVP, Merchandising and Logistics, Supervalu, Inc.
President, The Jemison Group, Inc.
EVP and CFO, NBC Universal Cable Entertainment and Cable Studios
VP, Bluestem Brands, Inc.
Former CEO, MakeMusic, Inc.
CEO, UnitedHealthcare, and EVP, UnitedHealth Group
CEO and President, The Sampson Group, Inc.
Retired Partner, Wellington Management Company, LLP
No Women
The following 31 companies have only men on their boards:
Aetrium, Inc.; Appliance Recycling Centers of America; Broadview Institute, Inc.; Digi International, Inc.; Electromed, Inc.; Electro-Sensors, Inc.; FICO;
FSI International, Inc.; Granite City Food & Brewery, Ltd.; Hawkins, Inc.; Image Sensing Systems, Inc.; Insignia Systems, Inc.; IntriCon Corporation;
Juhl Wind, Inc.; Lakes Entertainment, Inc.; MakeMusic, Inc.; Medtox Scientific, Inc.; Mocon, Inc.; Multiband Corporation; Nash Finch Company; Nortech
Systems, Inc.; Northern Technologies International Corporation; Regis Corporation; Rochester Medical Corporation; SPS Commerce, Inc.; Stratasys, Inc.;
Urologix, Inc.; Vascular Solutions, Inc.; Winland Electronics, Inc.; Wireless Ronin Technologies, Inc.; WSI Industries, Inc.
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
13
Roster of Women Executive Officers (Section 16b, as listed in SEC filings as of June 30, 2012 )
Company Name
3M Company
Allete, Inc.
Ameriprise Financial, Inc.
Analysts International Corporation
Apogee Enterprises, Inc.
Appliance Recycling Centers of America,
Inc.
Arctic Cat, Inc.
Best Buy Company, Inc.
Buffalo Wild Wings, Inc.
Capella Education Company
Caribou Coffee Company, Inc.
Christopher & Banks Corporation
Clearfield, Inc.
Communications Systems, Inc.
CyberOptics Corporation
Deluxe Corporation
Digi International, Inc.
The Dolan Company
Donaldson Company, Inc.
Famous Dave's of America, Inc.
Fastenal Company
FSI International, Inc.
General Mills, Inc.
Graco, Inc.
Granite City Food & Brewery, Ltd.
H.B. Fuller Company
Hawkins, Inc.
HickoryTech Corporation
HMN Financial, Inc.
Hormel Foods Corporation
Hutchinson Technology, Inc.
MakeMusic, Inc.
Medtox Scientific, Inc.
Medtronic, Inc.
The Mosaic Company
MTS Systems Corporation
Nash Finch Company
Navarre Corporation
14
Executive Officers
Title
Julie Bushman
Marlene M. McGrath
Deborah A. Amberg
Kelli A. Hunter
Deirdre Davey McGraw
Kim M. Sharan
Brittany B. McKinney
EVP, Safety, Security and Protection Services Business
SVP, Human Resources
SVP, General Counsel and Secretary
EVP, Human Resources
EVP, Corporate Communications and Community Relations
President, Financial Planning and Wealth Strategies, and Chief Marketing Officer
President and CEO
Patricia A. Beithon
Rachel L. Holmes
General Counsel and Corporate Secretary
VP, Business Development, and Chief of Staff
Mary Ellen Walker
Shari L. Ballard
Susan S. Grafton
Carol A. Surface
Kathleen M. Benning
Emily Decker
Judith A. Shoulak
Sally J. Smith
Mary J. Twinem
Sally B. Chial
Karen E. McBride-Raffel
Monica L. Dahl
Michelle L. Rice
VP and General Manager, Parts, Garments and Accessories
EVP and President, International
SVP, Controller and Chief Accounting Officer
EVP, Chief Human Resources Officer
EVP, Global Brand and Business Development
VP, General Counsel and Secretary
EVP, North American Operations
CEO, President and Director
EVP, CFO and Treasurer
SVP, Human Resources
SVP, Human Resources
SVP, Multi- Channel Marketing, Investor Relations and Business Strategy
SVP, Store Operations
Cheryl P. Beranek
Karen Nesburg Bleick
Kristin A. Hlavka
Kathleen P. Iverson
Lynn Koldenhoven
Julie Loosbrock
Laura Radewald
Tracy L. Roberts
Vicki J. Duncomb
Renee L. Jackson
Sandra N. Joppa
Mary Lynne Perushek
Debra L. Wilfong
Diana G. Purcel
Reyne K. Wisecup
Patricia M. Hollister
Kimberly A. Nelson
Caroline M. Chambers
Karen Park Gallivan
Monica A. Underwood
Traci L. Jensen
Ann B. Parriott
Joan A. Schuller
Theresa R. Moran
Kathleen P. Pepski
Mary T. Jacobs
Carol Wirsbinski
Susan K. Kolling
Jody H. Feragen
Lori J. Marco
Connie L. Pautz
Karen L. VanDerBosch
Angela M. Lacis
Susan E. Puskas
Caroline Stockdale
Cindy C. Redding
Susan E. Knight
Kristin Trecker
Kathleen M. Mahoney
Joyce Fleck
Diane D. Lapp
President and CEO
VP, Human Resources
Corporate Controller
Chairman of the Board of Directors, President and CEO
SVP, Sales and Marketing Direct-to-Consumer
SVP, Human Resources
VP, Enterprise Brand, Customer Experience and Media Relations
VP, Human Resources and Information Technology
VP, CFO and Corporate Secretary
VP and General Counsel
VP, Human Resources
VP and Chief Information Officer
VP and CTO
CFO and Secretary
EVP, Human Resources and Director
CFO and Assistant Secretary
SVP, External Relations, and President, General Mills Foundation
VP and Controller
VP, General Counsel and Secretary
VP, Finance and Corporate Secretary
VP, Americas Adhesives
VP, Human Resources
VP, Asia Pacific
VP, Quality and Support
VP, CFO and Treasurer
VP and VP, Human Resources
VP and COO
SVP, HMN Financial and Home Federal Savings Bank
EVP and CFO
VP, External Affairs and General Counsel
VP, Human Resources and Corporate Communications
COO, Treasurer, CFO and Interim CEO
Corporate Controller and Principal Accounting Officer
VP, Quality Assurance and Regulatory Affairs, and COO, Clinical Laboratory Operations
SVP and Chief Human Resources Officer
VP, Human Resources
SVP and CFO
SVP and Chief Human Resources Officer
EVP, General Counsel and Secretary
President, Business and Logistics Services
CFO
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
Company Name
New Ulm Telecom, Inc.
Nortech Systems, Inc.
Patterson Companies, Inc.
Pentair, Inc.
Piper Jaffray Companies
Polaris Industries, Inc.
Proto Labs, Inc.
Regis Corporation
Select Comfort Corporation
SPS Commerce, Inc.
Supervalu, Inc.
Target Corporation
TCF Financial Corporation
Tennant Company
The Toro Company
Two Harbors Investment Corporation
U.S. Bancorp
UnitedHealth Group, Inc.
Urologix, Inc.
Uroplasty, Inc.
The Valspar Corporation
ValueVision Media, Inc.
Vascular Solutions, Inc.
Winmark Corporation
Xcel Energy, Inc.
Executive Officers
Barbara A.J. Bornhoft
Jill D. Hesselroth
Christine Meidinger
Shari J. Yantes
Ranell Hamm
Angela D. Lageson
Debbra L. Schoneman
Stacy L. Bogart
Jacqueline D. Schneider
Norma Knudsen
Annie Bloomquist
Shelly R. Ibach
Karen R. Richard
Kathryn V. Roedel
Wendy L. Schoppert
Kimberly K. Nelson
Janel S. Haugarth
Sherry M. Smith
Beth Jacob
Jodeen A. Kozlak
Tina M. Schiel
Kathryn A. Tesija
Laysha L. Ward
Barbara E. Shaw
Heidi M. Wilson
Judy L. Altmaier
Renee J. Peterson
Rebecca B. Sandberg
Jennie P. Carlson
Pamela A. Joseph
Gail K. Boudreaux
Lori K. Sweere
Lisa Ackermann
Susan Hartjes Holman
Nancy A. Kolb
Cynthia A. Arnold
Lori A. Walker
Teresa Dery
Nancy Kunkle
Beth McCartan
Annette Repasch
Carol Steinberg
Kelly Thorp
Susan Christian
Carrie Powers
Charmaine Sutton
Leah A. Goff
Merry Beth Hovey
Cathy J. Hart
Teresa S. Madden
Judy M. Poferl
Title
VP, COO and Corporate Secretary
VP, Global Supply Chain Management and Electronic and Medical Products
Managing Director, Wire and Cable Operations
VP, Human Resources
Chief Information Officer
SVP, General Counsel and Secretary
CFO
VP, General Counsel, Compliance Officer and Secretary
VP, Sales and Customer Service
EVP, Merchandising
SVP and Chief Marketing Officer
President and CEO
SVP and Chief Human Capital Officer
EVP and Chief Services and Fulfillment Officer
EVP and CFO
EVP and CFO
EVP, Merchandising and Logistics
EVP and CFO
EVP, Target Technology Services, and Chief Information Officer
EVP, Human Resources
EVP, Stores
EVP, Merchandising
President, Community Relations and Target Foundation
SVP, Director, Corporate Human Resources, TCF Financial Corporation, and EVP, Corporate
Human Resources, TCF Bank
VP, General Counsel and Secretary
VP, Operations and Quality Management
VP, Finance and CFO
Secretary and Deputy General Counsel
EVP, Human Resources
Vice Chairman, Payment Services
EVP, UnitedHealth Group, and CEO, UnitedHealthcare
EVP, Human Capital
EVP, Sales and Marketing
COO and Secretary
VP, Global Marketing
SVP and CTO
SVP and CFO
SVP and General Counsel
SVP, Customer Experience and Business Process Engineering
VP, Financial Planning and Analysis
Chief Merchandising Officer and SVP
EVP, Internet, Marketing and Human Resources
SVP, Human Resources
VP, Sales Operations
VP, Marketing
SVP, Operations
VP, Human Resources
VP, Marketing
VP and Corporate Secretary
SVP and CFO
President, Director and CEO, NSP-Minnesota
No Women
The following 36 companies have only men as executive officers (Section 16b):
Aetrium, Inc.; Angeion Corporation; Broadview Institute, Inc.; C.H. Robinson Worldwide, Inc.; Canterbury Park Holding Corporation;
Cardiovascular Systems, Inc.; Datalink Corporation; Digital River, Inc.; Ecolab, Inc.; Electromed, Inc.; Electro-Sensors, Inc.; FICO; G&K
Services, Inc.; Ikonics Corporation; Image Sensing Systems, Inc.; Imation Corporation; Insignia Systems, Inc.; IntriCon Corporation; Juhl
Wind, Inc.; Lakes Entertainment, Inc.; Life Time Fitness, Inc.; Mocon, Inc.; Multiband Corporation; Northern Oil and Gas, Inc.; Northern
Technologies International Corporation; NVE Corporation; Otter Tail Corporation; Rimage Corporation; Rochester Medical Corporation;
Stratasys, Inc.; SurModics, Inc.; Techne Corporation; Winland Electronics, Inc.; Wireless Ronin Technologies, Inc.; WSI Industries, Inc.; Xata
Corporation
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
15
WOMEN CORPORATE DIRECTORS AND EXECUTIVE OFFICERS
(as listed in SEC filings as of June 30, 2012)/(Section 16b)
Ranked by 2011 Revenue
Corporate Directors
2012
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
16
Company Name
UnitedHealth Group, Inc.
Target Corporation
Best Buy Company, Inc.
Supervalu, Inc.
3M Company
U.S. Bancorp
Medtronic, Inc.
General Mills, Inc.
The Mosaic Company
Xcel Energy, Inc.
C.H. Robinson Worldwide, Inc.
Ameriprise Financial, Inc.
Hormel Foods Corporation
Ecolab, Inc.
St. Jude Medical, Inc.
Nash Finch Company
The Valspar Corporation
Patterson Companies, Inc.
Pentair, Inc.
Fastenal Company
Polaris Industries, Inc.
Donaldson Company, Inc.
Regis Corporation
The Toro Company
H.B. Fuller Company
Deluxe Corporation
TCF Financial Corporation
Imation Corporation
Otter Tail Corporation
Life Time Fitness, Inc.
Allete, Inc.
Graco, Inc.
G&K Services, Inc.
Buffalo Wild Wings, Inc.
Tennant Company
Select Comfort Corporation
Apogee Enterprises, Inc.
FICO
Arctic Cat, Inc.
ValueVision Media, Inc.
MTS Systems Corporation
Piper Jaffray Companies
Navarre Corporation
Christopher & Banks Corporation
Capella Education Company
Digital River, Inc.
Datalink Corporation
Hawkins, Inc.
Caribou Coffee Company, Inc.
Techne Corporation
Multiband Corporation
Executive Officers
Total
Directors
Women
Directors
Percent Women
Directors
Net Change
from 2011
Total
Officers
Women
Officers
Percent Women
Officers
Net Change
from 2011
10
11
8
11
10
14
12
13
11
11
9
9
11
14
8
7
9
10
10
9
9
11
6
9
8
9
15
8
9
8
11
9
9
8
10
9
9
7
7
8
8
9
8
8
11
7
7
7
7
9
7
2
4
2
2
2
3
2
4
2
3
1
1
4
3
2
0
2
1
2
1
1
1
0
2
1
2
1
1
2
1
4
1
2
1
1
3
1
0
1
1
3
4
1
3
2
1
1
0
1
1
0
20.0%
36.4%
25.0%
18.2%
20.0%
21.4%
16.7%
30.8%
18.2%
27.3%
11.1%
11.1%
36.4%
21.4%
25.0%
0.0%
22.2%
10.0%
20.0%
11.1%
11.1%
9.1%
0.0%
22.2%
12.5%
22.2%
6.7%
12.5%
22.2%
12.5%
36.4%
11.1%
22.2%
12.5%
10.0%
33.3%
11.1%
0.0%
14.3%
12.5%
37.5%
44.4%
12.5%
37.5%
18.2%
14.3%
14.3%
0.0%
14.3%
11.1%
0.0%
0
0
0
0
0
1
0
0
1
1
0
0
0
1
0
0
0
0
0
0
0
0
-1
0
0
0
-1
0
0
0
0
0
0
0
0
1
0
-1
0
0
-1
1
0
1
0
0
0
0
0
0
0
7
12
10
10
15
13
8
12
8
16
7
13
17
14
14
7
5
8
7
9
14
11
3
12
10
9
18
5
5
4
7
13
5
9
8
8
5
6
9
13
6
10
6
5
5
4
3
7
6
3
6
2
5
3
2
2
2
1
1
1
3
0
3
2
0
2
1
2
1
1
1
1
3
1
2
3
3
1
0
0
0
1
2
0
5
1
5
1
0
1
6
2
1
2
2
1
0
0
2
1
0
0
28.6%
41.7%
30.0%
20.0%
13.3%
15.4%
12.5%
8.3%
12.5%
18.8%
0.0%
23.1%
11.8%
0.0%
14.3%
14.3%
40.0%
12.5%
14.3%
11.1%
7.1%
27.3%
33.3%
16.7%
30.0%
33.3%
5.6%
0.0%
0.0%
0.0%
14.3%
15.4%
0.0%
55.6%
12.5%
62.5%
20.0%
0.0%
11.1%
46.2%
33.3%
10.0%
33.3%
40.0%
20.0%
0.0%
0.0%
28.6%
16.7%
0.0%
0.0%
0
0
0
-1
0
0
0
0
-1
0
0
0
-3
-1
-1
0
1
0
0
0
0
0
0
1
2
0
0
0
-1
0
0
0
0
0
0
1
0
-1
0
2
-1
0
1
-1
-1
0
0
-1
0
0
0
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
Corporate Directors
2012
Rank
52
53
54
55
56
57
58
59
60
61
Company Name
The Dolan Company
Hutchinson Technology, Inc.
Digi International, Inc.
Two Harbors Investment Corporation
HickoryTech Corporation
Northern Oil and Gas, Inc.
Stratasys, Inc.
Famous Dave's of America, Inc.
Communications Systems, Inc.
Appliance Recycling Centers
of America, Inc.
62 Nortech Systems, Inc.
63 Analysts International Corporation
64 Medtox Scientific, Inc.
65 FSI International, Inc.
66 Proto Labs, Inc.
67 Granite City Food & Brewery, Ltd.
68 Vascular Solutions, Inc.
69 Rimage Corporation
70 Cardiovascular Systems, Inc.
71 SurModics, Inc.
72 Xata Corporation
73 CyberOptics Corporation
74 SPS Commerce, Inc.
75 IntriCon Corporation
76 Rochester Medical Corporation
77 Winmark Corporation
78 HMN Financial, Inc.
79 Canterbury Park Holding Corporation
80 Mocon, Inc.
81 Clearfield, Inc.
82 Lakes Entertainment, Inc.
83 New Ulm Telecom, Inc.
84 Image Sensing Systems, Inc.
85 NVE Corporation
86 Angeion Corporation
87 WSI Industries, Inc.
88 Electromed, Inc.
89 Northern Technologies International
Corporation
90 Uroplasty, Inc.
91 Broadview Institute, Inc.
92 Insignia Systems, Inc.
93 MakeMusic, Inc.
94 Ikonics Corporation
95 Juhl Wind, Inc.
96 Urologix, Inc.
97 Wireless Ronin Technologies, Inc.
98 Aetrium, Inc.
99 Electro-Sensors, Inc.
100 Winland Electronics, Inc.
Executive Officers
Total
Directors
Women
Directors
Percent Women
Directors
Net Change
from 2011
Total
Officers
Women
Officers
Percent Women
Officers
Net Change
from 2011
8
8
6
8
9
7
6
6
8
5
1
1
0
1
2
1
0
1
1
0
12.5%
12.5%
0.0%
12.5%
22.2%
14.3%
0.0%
16.7%
12.5%
0.0%
0
0
0
NA
0
0
0
0
0
-1
6
6
7
6
6
4
3
2
8
7
2
1
1
1
2
0
0
1
2
1
33.3%
16.7%
14.3%
16.7%
33.3%
0.0%
0.0%
50.0%
25.0%
14.3%
0
0
1
NA
0
0
0
0
1
0
5
7
5
5
9
8
7
7
8
10
9
6
6
5
5
8
9
6
6
6
6
7
7
5
6
5
6
7
0
2
0
0
1
0
0
1
1
2
1
2
0
0
0
1
2
1
0
1
0
1
0
1
1
0
0
0
0.0%
28.6%
0.0%
0.0%
11.1%
0.0%
0.0%
14.3%
12.5%
20.0%
11.1%
33.3%
0.0%
0.0%
0.0%
12.5%
22.2%
16.7%
0.0%
16.7%
0.0%
14.3%
0.0%
20.0%
16.7%
0.0%
0.0%
0.0%
0
0
0
0
NA
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
-1
0
0
1
0
0
0
7
1
6
4
11
5
9
4
6
5
3
3
5
6
6
7
5
4
5
3
2
3
3
2
3
2
2
2
3
1
2
1
1
1
3
0
0
0
0
1
1
0
0
2
1
0
0
1
0
1
0
0
0
0
0
0
42.9%
100.0%
33.3%
25.0%
9.1%
20.0%
33.3%
0.0%
0.0%
0.0%
0.0%
33.3%
20.0%
0.0%
0.0%
28.6%
20.0%
0.0%
0.0%
33.3%
0.0%
33.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3
0
-1
0
NA
0
0
0
0
-1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7
5
6
5
9
5
5
7
6
5
4
1
0
0
0
1
0
0
0
0
0
0
14.3%
0.0%
0.0%
0.0%
11.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0
0
0
-1
0
NA
0
NA
0
NA
0
7
2
5
2
5
3
4
2
6
2
1
2
0
0
1
0
0
1
0
0
0
0
28.6%
0.0%
0.0%
50.0%
0.0%
0.0%
25.0%
0.0%
0.0%
0.0%
0.0%
0
0
0
-1
0
NA
0
NA
0
NA
0
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
17
WOMEN CHIEF FINANCIAL OFFICERS
Do the Math
CFOs are unequaled among women in the C-suite.
R
emember when girls
were saddled with the
stereotype that they
were bad at math? Today, 60
percent of accountants and auditors are women, positions on
the career path to chief financial officer (CFO). And among
the relatively few women who
have made it to the C-suite
— whether as chief executive
officer, chief operating officer,
chief technology officer, chief
financial officer or president —
most are CFOs.
Sixteen of Minnesota’s top
100 public companies have
women CFOs, compared with
six female CEOs and only two
women CTOs.
The role of CFO is gaining
currency as a strategic position.
“The ability to influence people
to drive change, the courage to
do something unfamiliar and
the determination to persevere
are qualities that I believe helped
me achieve this role,” says Diane
Lapp, CFO of Navarre.
Similarly Kim Nelson, CFO
of SPS Commerce, says, “I
enjoy how data and strategy
come together to create a plan
for growth.”
“The ability to influence
people to drive change,
the courage to do
something unfamiliar
and the determination
to persevere are qualities
that . . . helped me
achieve this role.”
—Diane Lapp, CFO, Navarre
Being a CFO is “extremely
satisfying, but it is demanding,” says Tevera Consulting’s
Kay O’Leary, former CFO of
Caribou Coffee and Buca.
She says numbers-oriented
women who believe they’ll find
more life balance as a CFO than
as head of a profit-and-loss
center may be disappointed.
CFOs have held the lead
among women in the C-suite
in Minnesota’s top 100 public
companies since St. Catherine
University researchers began
tracking the data last year.
In Minnesota, 18.8% of the state’s Fortune 500
companies have women CFOs compared with 8.7%
of Fortune 500 companies nationwide.
Women at the Helm
For the second year, the Minnesota Census identified
women in top executive officer positions who hold the
following titles: CEO, President, COO, CFO or CTO.
Twenty-six women hold these executive officer positions across the Minnesota Census companies, up from 25
in 2011. The distribution of top women executives reveals
more than twice the number of CFOs to CEOs across
Minnesota’s 100 largest publicly held companies.
Four additional women joined the CFO ranks in 2012.
18
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
EXECUTIVE
Positions
Chief Executive Officer
President
Chief Operating Officer
Chief Financial Officer
Chief Technology
Officer
Percentage
Minnesota
Women
6%
5%
4%
16%
2%
Women CFOs in Minnesota’s Top Companies
1. Buffalo Wild Wings, Inc.
Mary J. Twinem, executive vice
president, chief financial officer and
treasurer
2. Famous Dave’s of America, Inc.
Diana G. Purcel, chief financial officer
and secretary
3. FSI International, Inc.
Patricia M. Hollister, chief financial
officer and assistant secretary
4. Hawkins, Inc.
Kathleen P. Pepski, vice president,
chief financial officer and treasurer
5. Hormel Foods Corporation
Jody H. Feragen, executive vice
president and chief financial officer
6. MakeMusic, Inc.
Karen L. VanDerBosch, chief operating
officer, treasurer, chief financial officer
and interim chief executive officer
7. MTS Systems Corporation
Susan E. Knight, senior vice president
and chief financial officer
8. Navarre Corporation
Diane D. Lapp, chief financial officer
9. Piper Jaffray Companies
Debbra L. Schoneman, chief
financial officer
10. Select Comfort Corporation
Wendy L. Schoppert, executive vice
president and chief financial officer
11. Supervalu, Inc.
Sherry M. Smith, executive vice
president and chief financial officer
12. SPS Commerce, Inc.
Kimberly K. Nelson, executive vice
president and chief financial officer
13.The Dolan Company
Vicki J. Duncomb, vice president,
chief financial officer and corporate
secretary
14. The Toro Company
Renee J. Peterson, vice president,
finance, and chief financial officer
15. The Valspar Corporation
Lori A. Walker, senior vice president
and chief financial officer
16. Xcel Energy, Inc.
Teresa S. Madden, senior vice
president and chief financial officer
MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP APRIL 2013
19
call to action
U.S. Businesses Lag
in Gender Diversity
By Joann Bangs, Ph.D. and Rebecca Hawthorne, Ph.D.
The holding pattern of predominantly white, male leadership in most
Minnesota public companies places our state’s economic growth at
risk. Diversifying the face of corporate leadership in Minnesota is a
competitive imperative.
The rest of the world — from Australia and Malaysia to Norway and
the United Kingdom — continues to set the pace for a more balanced
gender composition of corporate leadership, in response to efforts led
by stock exchanges, governments and the business communities themselves. Action is required.
›Shareholders: Encourage CEOs and board members to develop
a goal for board and executive suite diversity, including moving toward
the optimum number of three or more women on the board and in
executive leadership positions.
›CEOs and Board Chairs: Engage current board members and
executive officers in identifying and removing barriers to the advancement of qualified women into corporate leadership roles within your
companies. Conduct an annual skills assessment of all sitting board
members. Request a nominating slate inclusive of male and female
candidates for each board vacancy as well as each executive position.
›Nominating Chairs: Engage all sitting board members in identifying prospective women directors who have the potential to add value
to the board.
Contact executive search firms, such as SpencerStuart, with a proven
track record of identifying highly qualified women executives and
placing women on corporate boards.
Other sources of qualified candidates include the Diverse Director
Datasource (gmi3d.com), ION, Catalyst, Women Corporate Directors
and the National Association of Corporate Directors (NACD).
Commit to interview both male and female candidates for each vacancy. Consider expanding the board size to add an exemplary female
director when she is identified and becomes available as opposed to
waiting for a board vacancy.
›Executive Recruiters: Expand your network of qualified
women candidates. Advocate for gender diversity when helping clients
identify board candidates and executive officers. Commit to supplying
slates that include both male and female candidates.
✛
20
Digital Extra:
Resources for Information
Branson, D. (2012). “The Last Male Bastion: Gender and the
CEO Suite in America’s Public Companies.” Routledge: New
York, New York.
Catalyst (2007). “The Bottom Line: Corporate Performance
and Women’s Representation on Boards.” catalyst.org
Curtis, M., Schmid, C. & Struber, M. (2012). “Gender
Diversity and Corporate Performance,” ZURICH,
Switzerland: Credit Suisse Research Institute.
credit-suisse.com
Deloitte (2010). “Diversifying the American Board: Thought
Leaders Collaborate on Current Challenges and Practical
Solutions.” deloitte.com (Board Diversity Report, a PDF)
Ernst and Young (2009). “Groundbreakers: Using the
Strength of Women to Rebuild the World Economy.”
ey.com/groundbreakers
Kramer, V.W., Konrad, A.M. & Erkut, S. (2006). “Critical Mass
on Corporate Boards: Why Three or More Women Enhance
Governance.” Wellesley Centers for Women, Report No.
WCW 11. wcwonline.org/pubs/title.php?id=487
Matsa, D. and Miller, A. (2011). “Chipping Away at the Glass
Ceiling: Gender Spillovers in Corporate Leadership,” The
American Economic Review, 101 (3), 635-639.
Rosen, H. (2012). “The End of Men and the Rise of Women.”
Penguin Group: New York, New York.
Torchia, M., Calabro, A. and Huse, M. (2011). “Women
Directors on Corporate Boards: From Tokenism to Critical
Mass.” Journal of Business Ethics 102:299-317.
Credits
The Minnesota Census of Women in Corporate Leadership is
produced by St. Catherine University.
Researchers: Joann Bangs, Ph.D., interim dean, School of
Business and Professional Studies, associate professor of
economics and department chair; and Rebecca Hawthorne,
Ph.D., associate professor and program director, Master of
Arts in Organizational Leadership
Research Assistants: Lisa Dahle and Laura Randgaard
EditorS: Elizabeth Child and Amy Gage
EDITORIAL Coordinator: Laura Reidell
View the current edition and the past four editions of the Minnesota Census of Corporate Leadership
online: mncensus.stkate.edu. Learn more about ION, a national organization that advocates for women
on corporate boards, at ionwomen.org.
APRIL 2013 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP
“What’s good for women is good
for business, current and future employees,
communities, and the world.”
—Catalyst (catalyst.org)
St. Catherine University is proud to acknowledge these sponsors of the
2012 Minnesota Census of Women in Corporate Leadership:
Report produced by:
St. Catherine University
A dynamic university educating students to lead and influence, St. Catherine prepares students to make a difference in their professions,
their communities and the world. At the University's heart is the largest, most innovative college for women in the nation. St. Kate’s also
offers a range of graduate and associate programs for women and men.
Minnesota Women’s Economic Roundtable
Founded in 1979, the Minnesota Women’s Economic Roundtable (MWER) is a forum for high-profile women leaders to become more
knowledgeable about cutting-edge economic issues, to discuss the implications of the economy on professional and personal lives, and to
contribute to the formation of economic policies.