(BASED ON SECTION 16B OF SEC FILINGS AS OF JUNE 30, 2013)
More Women at the Top
Minnesota has its highest percentage of women in executive officer positions since 2008.
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 Securities and Exchange Commission filings.
- Women hold 18.6 percent of the available executive officer positions in Minnesota’s 100 largest publicly held companies. This percentage is the highest since 2008. This increase has occurred despite a decrease in the number of available executive officer positions.
- Twelve of the top 100 public companies have three or more women executive officers; 19 of the top 100 public companies have two women executive officers; 34 have just one woman executive officer; and 35 have none.
Women Doing Well
Thirteen companies had a net increase
in women executive officers in 2013. Two
added more than one woman executive
officer to their senior ranks:
- Analysts International
- Best Buy
- Christopher & Banks (2)
- C.H. Robinson
- Life Time Fitness
- Rochester Medical
- St. Jude Medical
- Supervalu (2)
- TCF Financial
Fewer Women Executives
Eight companies had a net decrease
in women executive officers in 2013:
- Arctic Cat
- H.B. Fuller
- Nortech Systems
- ValueVision Media
The Top Executive Positions
(Section 16b officers)
The Minnesota Census identifies women in top executive officer positions who hold the following titles: CEO, president, COO, CFO and CTO.
Twenty-six women hold these executive officer positions across the companies in 2013, the same number as in 2012.
Two additional women joined the CEO ranks in 2013, a net increase of one woman CEO (seen on page 13 of the report):
|Selected Positions||Percentage of Women|
|Chief Executive Officer||7%|
|Chief Operating Officer||4%|
|Chief Technology Officer||2%|
|Analysts International||Brittany B. McKinney|
|Buffalo Wild Wings||Sally J. Smith|
|Christopher & Banks||LuAnn Via|
|Clearfield||Cheryl P. Beranek|
|CyberOptics||Kathleen P. Iverson|
|Select Comfort||Shelly R. Ibach|
Higher Profile, Hire Diversity
Fortune 500 companies employ more women leaders
Since its inception, the Minnesota Census of Women in Corporate Leadership has tracked Fortune 500 vs. smaller companies and has shown that the size of the company makes a difference in leadership diversity.
All 16 Minnesota Fortune 500 companies have women executive officers: Six of the companies have three or more women executive officers, four companies have two women officers, and six companies have one woman officer.
Boards of Directors
Among the 16 Minnesota Fortune 500 companies:
- 21.6 percent of board seats are held by women, compared with 13 percent in the remaining 84 companies among Minnesota’s top 100 public companies.
- Eight have three or more women corporate directors, five have two women corporate directors, one has one woman corporate director and two (Nash Finch Co. and Supervalu) have none.
- Seven companies have one or two women of color on the board; nine companies have none.
- 25.2 percent of independent directors are women. In the remaining 84 Minnesota companies, 15.1 percent of independent directors are women.
Still a Man’s World
Eighteen Minnesota companies include no women corporate directors or women executive officers (Section 16b) on their corporate leadership teams.
|Aetrium||Joseph C. Levesque|
|Black Ridge Oil and Gas||Kenneth DeCubellis|
|Broadview Institute||Jeffrey D. Myhre|
|Electro-Sensors||Bradley D. Slye|
|Image Sensing Systems||Kris B. Tufto|
|Insignia Systems||Scott F. Drill|
|IntriCon||Mark S. Gorder|
|Juhl Energy||Daniel J. Juhl (Principle EO)|
|Lakes Entertainment||Lyle Berman|
|Mocon||Robert L. Demorest|
|Multiband||James L. Mandel|
|Northern Technologies Intl.||G. Patrick Lynch|
|Table Trac||Glenn Goulet|
|Tile Shop Holdings||Robert A. Rucker|
|Titan Energy Worldwide||Jeffrey W. Flannery|
|Winland Electronics||David A. Gagne|
|Wireless Ronin Technologies||Scott W. Koller|
|WSI Industries||Benjamin T. Rashleger|
* Based on SEC filings as of June 30, 2013
Three Minnesota companies exited this list in 2013. Electromed hired a woman CEO, Rochester Medical added a woman executive officer, and Stratasys appointed a woman to its board.