These 50 Minnesota CEOs were highest paid last year – with No. 1 hitting $34.9M | Star Tribune

Star Tribune

Top Executives

The 28th annual report

The 50 highest-paid CEOs of Minnesota-based public companies collectively realized $380.4 million last year, down 12.3% from the same list a year ago. That drop was affected by a few CEOs who had mega gains from stock options in the prior year but either elected to not exercise options in 2018 or far fewer.

Meanwhile the median CEO pay increased 50% to $4.3 million as 36 of the 50 CEOs saw their pay increase including 30 executives who had at least double digit increases in their realized pay.

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List of executives

Top 50 CEOs

1
Headshot of Patrick McHale

Patrick McHale

P, CEO of Graco Inc.

Makes products to move, measure, control, dispense and spray fluid materials for manufacturing, construction, food and other industries.

 
  • $34.9 million in total compensation
  • -26% change from 2018
  • CEO pay ratio 103:1
  • Median compensation $62,260
  • Salary $0.8 million
  • Bonus $0
  • Non-equity IPC $1,224,000
  • All other $14,411
  • Options exercised $32.8 million
  • Shares vesting $0
  • Stock change -6.3%
  • 2018 Top-50 ranking: 2
2
Headshot of Douglas Baker, Jr.

Douglas Baker, Jr.

Ch, CEO of Ecolab Inc.

Provides water, hygiene and energy technologies and services to food, hospitality, health care, industrial and oil and gas markets.

 
  • $26.9 million in total compensation
  • 20.2% change from 2018
  • CEO pay ratio 265:1
  • Median compensation $54,285
  • Salary $1.3 million
  • Bonus $0
  • Non-equity IPC $2,284,000
  • All other $254,004
  • Options exercised $17.4 million
  • Shares vesting $5,609,320
  • Stock change 11.1%
  • 2018 Top-50 ranking: 6
3
Headshot of Benjamin G.S. Fowke, III

Benjamin G.S. Fowke, III

Ch, P, CEO of Xcel Energy Inc.

A major U.S. electric and natural gas utility providing energy for homes and businesses in eight Western and Midwestern states.

 
  • $26.2 million in total compensation
  • 51.4% change from 2018
  • CEO pay ratio 112:1
  • Median compensation $108,946
  • Salary $1.3 million
  • Bonus $0
  • Non-equity IPC $2,883,400
  • All other $59,124
  • Options exercised $0
  • Shares vesting $21,969,439
  • Stock change 5.8%
  • 2018 Top-50 ranking: 10
4
Headshot of Hubert Joly

Hubert Joly

Ch, CEO of Best Buy Co. Inc.

The multinational retailer of technology products and services estimates that 70 percent of the U.S. population is within 15 minutes of its more than 1,500 stores.

Joly was succeeded by Corie Barry as Best Buy CEO in June, he remains executive chairman.

 
  • $24.5 million in total compensation
  • 8.9% change from 2018
  • CEO pay ratio 605:1
  • Median compensation $28,500
  • Salary $1.3 million
  • Bonus $0
  • Non-equity IPC $4,240,650
  • All other $207,497
  • Options exercised $0
  • Shares vesting $18,780,319
  • Stock change -2%
  • 2018 Top-50 ranking: 5
5
Headshot of Brian Cornell

Brian Cornell

Ch, CEO of Target Corp.

General merchandise retailer selling everyday essentials, clothing and groceries. It is in the middle of a major upgrade of its physical stores, plus it has introduced more than a dozen new brands and improved its online capabilities and delivery system.

 
  • $22.6 million in total compensation
  • 17.8% change from 2018
  • CEO pay ratio 767:1
  • Median compensation $22,439
  • Salary $1.4 million
  • Bonus $0
  • Non-equity IPC $5,266,195
  • All other $557,376
  • Options exercised $0
  • Shares vesting $15,345,765
  • Stock change 0.9%
  • 2018 Top-50 ranking: 8
6
Headshot of David S. Wichmann

David S. Wichmann

CEO of UnitedHealth Group Inc.

A diversified health company. UnitedHealth offers products and services through two platforms. UnitedHealthcare provides health care coverage and benefits services; and Optum provides information and technology enabled health services.

 
  • $21.5 million in total compensation
  • -74.2% change from 2018
  • CEO pay ratio 316:1
  • Median compensation $57,412
  • Salary $1.3 million
  • Bonus $0
  • Non-equity IPC $5,390,600
  • All other $316,330
  • Options exercised $0
  • Shares vesting $14,459,960
  • Stock change 14.5%
  • 2018 Top-50 ranking: n/a
7
Headshot of Scott W. Wine

Scott W. Wine

Ch, CEO of Polaris Industries Inc.

Makes off-road vehicles including all-terrain vehicles and side-by-side vehicles, snowmobiles, motorcycles, small-electric vehicles and accessories.

 
  • $20.8 million in total compensation
  • 610.3% change from 2018
  • CEO pay ratio 173:1
  • Median compensation $53,892
  • Salary $1 million
  • Bonus $0
  • Non-equity IPC $1,290,000
  • All other $202,894
  • Options exercised $17.8 million
  • Shares vesting $467,897
  • Stock change -36.8%
  • 2018 Top-50 ranking: 25
8
Headshot of Omar Ishrak

Omar Ishrak

Ch, CEO of Medtronic PLC

Develops medical technology products that treat cardiac and vascular diseases, diabetes and neurological and musculoskeletal conditions.

 
  • $19.2 million in total compensation
  • 17.3% change from 2018
  • CEO pay ratio 239:1
  • Median compensation $73,693
  • Salary $1.6 million
  • Bonus $0
  • Non-equity IPC $8,109,248
  • All other $150,569
  • Options exercised $4.3 million
  • Shares vesting $4,987,776
  • Stock change 0.07%
  • 2018 Top-50 ranking: 11
9
Headshot of James M. Cracchiolo

James M. Cracchiolo

Ch, CEO of Ameriprise Financial Inc.

Diversified financial services company that includes financial planning, wealth management, annuities, insurance and estate planning.

 
  • $16.5 million in total compensation
  • -72.8% change from 2018
  • CEO pay ratio 272:1
  • Median compensation $94,570
  • Salary $1 million
  • Bonus $0
  • Non-equity IPC $6,386,000
  • All other $619,971
  • Options exercised $0
  • Shares vesting $8,472,571
  • Stock change -36.8%
  • 2018 Top-50 ranking: 1
10
Headshot of Andrew Cecere

Andrew Cecere

Ch, P, CEO of U.S. Bancorp

The holding corporation is parent to the fifth largest commercial bank in the U.S. ranked by the value of deposits. It employs 73,000 people across 25 states.

 
  • $14.1 million in total compensation
  • -11.4% change from 2018
  • CEO pay ratio 230:1
  • Median compensation $58,354
  • Salary $1.1 million
  • Bonus $0
  • Non-equity IPC $2,663,760
  • All other $44,243
  • Options exercised $5.1 million
  • Shares vesting $5,274,237
  • Stock change -12.4%
  • 2018 Top-50 ranking: 12
11
Headshot of Jerry Mattys

Jerry Mattys

CEO of Tactile Systems Technology Inc.

Develops and provides medical devices for the treatment of chronic diseases at home including Flexitouch System for treats chronic limb swelling.

 
  • $13.8 million in total compensation
  • 175% change from 2018
  • CEO pay ratio 27:1
  • Median compensation $77,245
  • Salary $0.5 million
  • Bonus $0
  • Non-equity IPC $547,074
  • All other $0
  • Options exercised $11.4 million
  • Shares vesting $1,286,045
  • Stock change 57.2%
  • 2018 Top-50 ranking: 19
12
Headshot of Lee Schram

Lee Schram

former CEO of Deluxe Corp.

One of the country’s largest check printers, it also provides services such as fraud protection, marketing and design for small firms, banks and others.

Schram retired as CEO on November 25, 2018 and succeeded by Barry McCarthy, a long-time executive at First Data

 
  • $11.7 million in total compensation
  • 4% change from 2018
  • CEO pay ratio 108.3:1
  • Median compensation $59,336
  • Salary $1 million
  • Bonus $0
  • Non-equity IPC $1,102,520
  • All other $25,685
  • Options exercised $7 million
  • Shares vesting $2,545,213
  • Stock change -49%
  • 2018 Top-50 ranking: 14
13
Headshot of John P. Wiehoff

John P. Wiehoff

Executive chairman, former P, CEO of C.H. Robinson Worldwide Inc.

One of the world’s largest third-party logistics providers, it coordinates freight transportation and logistics services to help solve supply chain issues.

Wiehoff became executive chairman and retired as president and CEO effective May 9, 2019. Robert Biesterfeld was named his successor as CEO.

 
  • $9.3 million in total compensation
  • 192.4% change from 2018
  • CEO pay ratio 135:1
  • Median compensation $63,270
  • Salary $1.2 million
  • Bonus $0
  • Non-equity IPC $2,427,366
  • All other $20,490
  • Options exercised $0
  • Shares vesting $5,697,518
  • Stock change -3.6%
  • 2018 Top-50 ranking: 23
14
Headshot of H. Chris Killingstad

H. Chris Killingstad

P, CEO of Tennant Co.

Makes mechanized cleaning equipment, sustainable cleaning technologies, aftermarket parts and consumables and specialty surface coatings.

 
  • $8.5 million in total compensation
  • 583.8% change from 2018
  • CEO pay ratio 86:1
  • Median compensation $49,436
  • Salary $0.8 million
  • Bonus $0
  • Non-equity IPC $945,345
  • All other $50,288
  • Options exercised $6.3 million
  • Shares vesting $457,923
  • Stock change -27.4%
  • 2018 Top-50 ranking: 42
15
Headshot of Archie Black

Archie Black

P, CEO of SPS Commerce Inc.

Cloud-based supply chain management solutions, providing fulfillment, sourcing and item assortment management as well as performance analytics.

 
  • $8.1 million in total compensation
  • 72.9% change from 2018
  • CEO pay ratio 61:1
  • Median compensation $73,759
  • Salary $0.5 million
  • Bonus $0
  • Non-equity IPC $890,000
  • All other $8,250
  • Options exercised $4 million
  • Shares vesting $2,699,627
  • Stock change 69.5%
  • 2018 Top-50 ranking: 20
16
Headshot of Craig Dahl

Craig Dahl

Ch, P, CEO of TCF Financial Corp.

National financial bank holding company with branches in Minnesota and six other states, providing retail and commercial banking services.

In January TCF announced a transformational merger with Chemical Financial. Dahl will remain CEO of the combined company whose headquarters will be in Detroit but expect Dahl to manage operations from multiple locations.

 
  • $7.8 million in total compensation
  • 396.3% change from 2018
  • CEO pay ratio 132.7:1
  • Median compensation $47,181
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $1,525,636
  • All other $76,518
  • Options exercised $1.2 million
  • Shares vesting $4,048,936
  • Stock change -2.5%
  • 2018 Top-50 ranking: 37
17
Headshot of James

James "Joc" O'Rourke

P, CEO of Mosaic Co.

A single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry.

Part of O'Rourke's other compensation includes $273,330 for relocation expenses

 
  • $5.8 million in total compensation
  • 46.7% change from 2018
  • CEO pay ratio 253:1
  • Median compensation $41,594
  • Salary $1.2 million
  • Bonus $0
  • Non-equity IPC $2,978,300
  • All other $769,009
  • Options exercised $0
  • Shares vesting $867,974
  • Stock change 14.2%
  • 2018 Top-50 ranking: 22
18
Headshot of James P. Snee

James P. Snee

Ch, P, CEO of Hormel Foods Corp.

Produces food products for consumers, retail grocers, food-service and industrial markets. Products are marketed in more than 75 countries.

 
  • $5.5 million in total compensation
  • 77.6% change from 2018
  • CEO pay ratio 147:1
  • Median compensation $43,131
  • Salary $0.9 million
  • Bonus $250
  • Non-equity IPC $2,955,987
  • All other $139,577
  • Options exercised $1.6 million
  • Shares vesting $0
  • Stock change 46.8%
  • 2018 Top-50 ranking: 24
19
Headshot of Gary R. Maharaj

Gary R. Maharaj

P, CEO of Surmodics Inc.

makes surface modification and in vitro diagnostic technologies for the health care industry

The board of directors awarded Maharaj and other executives discretionary bonuses in recognition of success in achieving strategic initiatives.

 
  • $5.4 million in total compensation
  • 262.3% change from 2018
  • CEO pay ratio 36:1
  • Median compensation $62,294
  • Salary $0.6 million
  • Bonus $148,696
  • Non-equity IPC $619,566
  • All other $8,250
  • Options exercised $2.7 million
  • Shares vesting $1,423,730
  • Stock change 140.8%
  • 2018 Top-50 ranking: 38
20
Headshot of Michael F. Roman

Michael F. Roman

CEO of 3M Co.

Global diversified technology company with a strong R&D component, it has products in health care, industrial, consumer, electronics and safety areas.

The total compensation used for the CEO pay ratio rule was a combination of Michael Roman's and Inge Thulin's compensation: $17,320,459.

 
  • $5.2 million in total compensation
  • 53.3% change from 2018
  • CEO pay ratio 302:1
  • Median compensation $57,313
  • Salary $1 million
  • Bonus $0
  • Non-equity IPC $1,431,503
  • All other $141,771
  • Options exercised $1.1 million
  • Shares vesting $1,452,714
  • Stock change -16.9%
  • 2018 Top-50 ranking: n/a
21
Headshot of Tod Carpenter

Tod Carpenter

Ch, P, CEO of Donaldson Co. Inc.

A technology-led filtration company that designs, manufactures, and sells engine and industrial air, oil and liquid filtration solutions.

 
  • $5 million in total compensation
  • 99.6% change from 2018
  • CEO pay ratio 178:1
  • Median compensation $33,271
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $1,598,571
  • All other $173,065
  • Options exercised $0.2 million
  • Shares vesting $2,023,968
  • Stock change 2%
  • 2018 Top-50 ranking: 31
22
Generic headshot image

Arthur Przybyl

P, CEO of ANI Pharmaceuticals Inc.

Makes branded and generic prescription pharmaceuticals and performs contract manufacturing services for other pharmaceutical companies.

 
  • $4.9 million in total compensation
  • 179.2% change from 2018
  • CEO pay ratio 80:1
  • Median compensation $52,389
  • Salary $0.7 million
  • Bonus $0
  • Non-equity IPC $675,000
  • All other $30,634
  • Options exercised $2.5 million
  • Shares vesting $1,036,256
  • Stock change -30.2%
  • 2018 Top-50 ranking: 34
23
Headshot of Charles Kummeth

Charles Kummeth

P, CEO of Bio-Techne Corp.

Makes hematology controls and biotechnology products for research scientists to improve drug discovery and accurate clinical testing.

 
  • $4.8 million in total compensation
  • 78.1% change from 2018
  • CEO pay ratio 131:1
  • Median compensation $73,840
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $1,610,925
  • All other $42,860
  • Options exercised $0
  • Shares vesting $2,187,912
  • Stock change 27.1%
  • 2018 Top-50 ranking: 29
24
Headshot of Chad R. Abraham

Chad R. Abraham

CEO of Piper Jaffray Companies

Diversified financial services company providing asset management, investment banking, public finance, brokerage and research services

 
  • $4.6 million in total compensation
  • -17.8% change from 2018
  • CEO pay ratio 31:1
  • Median compensation $179,011
  • Salary $0.6 million
  • Bonus $0
  • Non-equity IPC $1,952,500
  • All other $109,567
  • Options exercised $0
  • Shares vesting $2,036,243
  • Stock change -19.5%
  • 2018 Top-50 ranking: n/a
25
Headshot of James J. Owens

James J. Owens

P, CEO of H.B. Fuller Co.

A global adhesives provider for the packaging, hygiene, electronics and assembly materials, paper converting, woodworking industries.

 
  • $4.6 million in total compensation
  • -21.3% change from 2018
  • CEO pay ratio 101:1
  • Median compensation $57,333
  • Salary $1.1 million
  • Bonus $0
  • Non-equity IPC $948,233
  • All other $373,222
  • Options exercised $0
  • Shares vesting $2,179,468
  • Stock change -13.7%
  • 2018 Top-50 ranking: 17
26
Headshot of Jeffrey L. Harmening

Jeffrey L. Harmening

Ch, CEO of General Mills Inc.

A manufacturer and marketer of consumer foods, its portfolio includes Cheerios, Betty Crocker, Pillsbury, Haagen-Dazs and Annie’s.

 
  • $4.1 million in total compensation
  • 22.7% change from 2018
  • CEO pay ratio 145:1
  • Median compensation $54,828
  • Salary $1.2 million
  • Bonus $0
  • Non-equity IPC $1,163,520
  • All other $86,651
  • Options exercised $0.3 million
  • Shares vesting $1,286,792
  • Stock change -21.7%
  • 2018 Top-50 ranking: n/a
27
Headshot of Charles MacFarlane

Charles MacFarlane

P, CEO of Otter Tail Corp.

Diversified corporation with investments in electric utility operations and manufacturing operations including metal fabrication and plastics.

 
  • $3.8 million in total compensation
  • 37.3% change from 2018
  • CEO pay ratio 51:1
  • Median compensation $65,537
  • Salary $0.7 million
  • Bonus $97,500
  • Non-equity IPC $1,040,000
  • All other $7,625
  • Options exercised $0
  • Shares vesting $1,977,377
  • Stock change 15.1%
  • 2018 Top-50 ranking: 28
28
Headshot of Shelly Ibach

Shelly Ibach

P, CEO of Sleep Number Corp.

Makes and sells adjustable mattresses and bedding. The company's Sleep IQ technology collects and analyzes biometric data.

 
  • $3.6 million in total compensation
  • -14.4% change from 2018
  • CEO pay ratio 85:1
  • Median compensation $52,306
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $589,837
  • All other $31,620
  • Options exercised $0.6 million
  • Shares vesting $1,447,783
  • Stock change -15.6%
  • 2018 Top-50 ranking: 21
29
Headshot of John Stauch

John Stauch

P, CEO of Pentair PLC

Offers sustainable water solutions to the global market; the company split in May, with the electrical unit under the new entity nVent.

 
  • $3.2 million in total compensation
  • 12.7% change from 2018
  • CEO pay ratio 105:1
  • Median compensation $58,564
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $1,292,799
  • All other $41,474
  • Options exercised $0
  • Shares vesting $1,050,560
  • Stock change -18.5%
  • 2018 Top-50 ranking: n/a
30
Headshot of Hugh Sawyer

Hugh Sawyer

P, CEO of Regis Corp.

Owns, operates and franchises hair salons in 8,000 locations and has an ownership interest in 80 beauty schools operating in 21 states.

 
  • $3.1 million in total compensation
  • 290.9% change from 2018
  • CEO pay ratio 146:1
  • Median compensation $21,034
  • Salary $1 million
  • Bonus $0
  • Non-equity IPC $1,966,500
  • All other $161,832
  • Options exercised $0
  • Shares vesting $0
  • Stock change 61.1%
  • 2018 Top-50 ranking: n/a
31
Headshot of Richard M. Olson

Richard M. Olson

Ch, P, CEO of The Toro Co.

Makes turf maintenance, snow and ice management, landscape, rental and specialty construction equipment, and irrigation and outdoor lighting products and equipment.

 
  • $2.8 million in total compensation
  • 0.5% change from 2018
  • CEO pay ratio 117:1
  • Median compensation $43,302
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $918,803
  • All other $171,279
  • Options exercised $0
  • Shares vesting $864,749
  • Stock change -9.2%
  • 2018 Top-50 ranking: 27
32
Headshot of Joseph Puishys

Joseph Puishys

P, CEO of Apogee Enterprises Inc.

Fabricates, distributes and installs glass products and systems; it operates four segments, three in the commercial construction market.

 
  • $2.4 million in total compensation
  • -73.9% change from 2018
  • CEO pay ratio 47:1
  • Median compensation $47,393
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $544,264
  • All other $43,852
  • Options exercised $0
  • Shares vesting $828,202
  • Stock change -16.7%
  • 2018 Top-50 ranking: 15
33
Headshot of Brett D. Heffes

Brett D. Heffes

CEO of Winmark Corp.

franchises five retail brands that buy, sell, trade and consign used and new merchandise and offers equipment leasing products

 
  • $2.3 million in total compensation
  • 53.2% change from 2018
  • CEO pay ratio 12.2:1
  • Median compensation $77,701
  • Salary $0.3 million
  • Bonus $300,000
  • Non-equity IPC $0
  • All other $10,100
  • Options exercised $1.6 million
  • Shares vesting $0
  • Stock change 23.4%
  • 2018 Top-50 ranking: 41
34
Headshot of Daniel L. Florness

Daniel L. Florness

P, CEO of Fastenal Co.

Sells fasteners, tools and construction supplies through company stores, on-site locations and industrial vending machines.

 
  • $2 million in total compensation
  • 23.3% change from 2018
  • CEO pay ratio 62:1
  • Median compensation $39,229
  • Salary $0.6 million
  • Bonus $0
  • Non-equity IPC $1,423,750
  • All other $2,844
  • Options exercised $0
  • Shares vesting $0
  • Stock change -1.6%
  • 2018 Top-50 ranking: 36
35
Headshot of Victoria Holt

Victoria Holt

P, CEO of Proto Labs Inc.

Online and technology-enabled quick-turn manufacturer of custom parts for prototyping and short-run production with operations in five countries.

 
  • $2 million in total compensation
  • 34.6% change from 2018
  • CEO pay ratio 74.3:1
  • Median compensation $48,400
  • Salary $0.6 million
  • Bonus $0
  • Non-equity IPC $534,875
  • All other $11,000
  • Options exercised $0
  • Shares vesting $896,309
  • Stock change 9.5%
  • 2018 Top-50 ranking: 39
36
Headshot of Michael J. Happe

Michael J. Happe

P, CEO of Winnebago Industries Inc.

Based in Iowa but with executive offices in Eden Prairie, a manufacturer of motor homes, travel trailers and Chris-Craft boats.

 
  • $1.9 million in total compensation
  • 3.2% change from 2018
  • CEO pay ratio 95:1
  • Median compensation $33,925
  • Salary $0.7 million
  • Bonus $0
  • Non-equity IPC $855,658
  • All other $44,082
  • Options exercised $0
  • Shares vesting $360,968
  • Stock change 9%
  • 2018 Top-50 ranking: 32
37
Headshot of Beth A. Wozniak

Beth A. Wozniak

CEO of nVent Electric PLC

Makes enclosures to protect industrial equipment and electronics, thermal management equipment and supplies, and electrical and fastening supplies.

because nVent PLC is a recent public company, spinning off from Pentair on April 17, 2018, they did not have to disclose the CEO pay ratio this year. Total return is since April 17.

 
  • $1.9 million in total compensation
  • 59.6% change from 2018
  • CEO pay ratio
  • Median compensation
  • Salary $0.7 million
  • Bonus $0
  • Non-equity IPC $843,249
  • All other $52,362
  • Options exercised $0
  • Shares vesting $295,925
  • Stock change -10.7%
  • 2018 Top-50 ranking: n/a
38
Headshot of Alan R, Hodnik

Alan R, Hodnik

Ch, CEO of Allete Inc.

Provides electric utility services through its Minnesota Power subsidiary and invests in transmission infrastructure and other energy-centric businesses.

 
  • $1.8 million in total compensation
  • 3% change from 2018
  • CEO pay ratio 36:1
  • Median compensation $97,018
  • Salary $0.6 million
  • Bonus $0
  • Non-equity IPC $726,906
  • All other $132,205
  • Options exercised $0
  • Shares vesting $319,778
  • Stock change 5.6%
  • 2018 Top-50 ranking: 35
39
Headshot of David Ossip

David Ossip

CEO of Ceridian HCM Holding Inc.

A human capital management software company. Its Dayforce product includes human resources, payroll, benefits, workforce and talent management functions.

stock return is since Ceridian HCM's IPO on April 26, 2018. The IPO and related equity offering was the largest IPO in Minnesota history.

 
  • $1.5 million in total compensation
  • 22.9% change from 2018
  • CEO pay ratio
  • Median compensation
  • Salary $0.7 million
  • Bonus $480,000
  • Non-equity IPC $320,000
  • All other $44,358
  • Options exercised $0
  • Shares vesting $0
  • Stock change 10.5%
  • 2018 Top-50 ranking: n/a
40
Headshot of Scott R. Ward

Scott R. Ward

Ch, P, CEO of Cardiovascular Systems Inc.

Treats peripheral artery disease and coronary artery disease with its patented orbital atherectomy systems (OAS) technology .

 
  • $1.5 million in total compensation
  • -20.2% change from 2018
  • CEO pay ratio 36:1
  • Median compensation $96,091
  • Salary $0.7 million
  • Bonus $0
  • Non-equity IPC $477,728
  • All other $0
  • Options exercised $0
  • Shares vesting $346,389
  • Stock change 0.34%
  • 2018 Top-50 ranking: 33
41
Headshot of Ron Konezny

Ron Konezny

P, CEO of Digi International Inc.

Global provider of business and mission-critical machine-to-machine and Internet of Things connectivity products and services.

 
  • $1.4 million in total compensation
  • 16% change from 2018
  • CEO pay ratio 17:1
  • Median compensation $102,233
  • Salary $0.5 million
  • Bonus $0
  • Non-equity IPC $285,975
  • All other $11,775
  • Options exercised $0
  • Shares vesting $647,637
  • Stock change 26.9%
  • 2018 Top-50 ranking: 43
42
Headshot of Patrick Hawkins

Patrick Hawkins

P, CEO of Hawkins Inc.

Manufactures and distributes bulk and specialty chemicals and other health and nutrition products out of 41 facilities in 19 states,.

 
  • $1.4 million in total compensation
  • 118.8% change from 2018
  • CEO pay ratio 18:1
  • Median compensation $86,652
  • Salary $0.4 million
  • Bonus $35,000
  • Non-equity IPC $573,750
  • All other $58,006
  • Options exercised $0
  • Shares vesting $273,757
  • Stock change 6.5%
  • 2018 Top-50 ranking: n/a
43
Headshot of Jerry Baack

Jerry Baack

Ch, P, CEO of Bridgewater Bancshares Inc.

a holding company for Bridgewater Bank, a full-service commercial bank

 
  • $1.3 million in total compensation
  • 9.7% change from 2018
  • CEO pay ratio
  • Median compensation
  • Salary $0.5 million
  • Bonus $480,000
  • Non-equity IPC $0
  • All other $272,286
  • Options exercised $0
  • Shares vesting $0
  • Stock change 0%
  • 2018 Top-50 ranking: n/a
44
Headshot of Jeffrey Graves

Jeffrey Graves

P, CEO of MTS Systems Corp.

Provides testing hardware, software and services solutions to help customers improve their design, development and manufacturing processes.

The compenstion committee used downward discretion on the annual cash incentive award because of the impact of the Tax Cuts and Jobs Act on the EPS component of performance goals.

 
  • $1.2 million in total compensation
  • -17% change from 2018
  • CEO pay ratio 55:1
  • Median compensation $51,996
  • Salary $0.7 million
  • Bonus $0
  • Non-equity IPC $415,683
  • All other $20,892
  • Options exercised $0
  • Shares vesting $98,063
  • Stock change 4.7%
  • 2018 Top-50 ranking: 40
45
Headshot of Keri Jones

Keri Jones

P, CEO of Christopher & Banks Corp.

Operates specialty retail stores and e-commerce website selling private-brand apparel and accessories for women.

Keri Jones got a $300,000 signing bonus and $61,518 in relocation expenses when she joined Christopher & Banks as president and CEO on March 12, 2018. She succeeded interim president and CEO Joel Waller.

 
  • $1.1 million in total compensation
  • n/a change from 2018
  • CEO pay ratio 239:1
  • Median compensation $8,057
  • Salary $0.6 million
  • Bonus $300,000
  • Non-equity IPC $0
  • All other $88,642
  • Options exercised $0
  • Shares vesting $54,024
  • Stock change -2%
  • 2018 Top-50 ranking: n/a
46
Headshot of Robert Rosenblatt

Robert Rosenblatt

former CEO of iMedia Brands Inc.

Multiplatform video commerce company that offers a range of proprietary and name brands directly to consumers via television, online and mobile devices.

On May 2, 2019 Evine's board elected Timothy Peterman as new CEO. Rosenblatt's other compensation included $187,242 of commuting expense.

 
  • $0.9 million in total compensation
  • -10.5% change from 2018
  • CEO pay ratio 77:1
  • Median compensation $26,322
  • Salary $0.8 million
  • Bonus $0
  • Non-equity IPC $0
  • All other $199,492
  • Options exercised $0
  • Shares vesting $0
  • Stock change -71.5%
  • 2018 Top-50 ranking: 45
47
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Brandon Elliott

CEO of Northern Oil and Gas Inc.

Independent nonoperator energy company engaged in the exploration and development of oil and natural gas properties in North Dakota and Montana

Brandon Elliott was named CEO of Northern Oil and Gas in July 2018

 
  • $0.8 million in total compensation
  • 124.4% change from 2018
  • CEO pay ratio 8.3:1
  • Median compensation $139,666
  • Salary $0.3 million
  • Bonus $0
  • Non-equity IPC $0
  • All other $53,667
  • Options exercised $0
  • Shares vesting $477,968
  • Stock change 10.2%
  • 2018 Top-50 ranking: n/a
48
Headshot of Timothy Herbert

Timothy Herbert

P, CEO of Inspire Medical Systems Inc.

developing minimally invasive treatments for obstructive sleep apnea

Inspire Medical's total return is since its IPO on May 3, 2018

 
  • $0.8 million in total compensation
  • 62.3% change from 2018
  • CEO pay ratio
  • Median compensation
  • Salary $0.4 million
  • Bonus $0
  • Non-equity IPC $419,156
  • All other $0
  • Options exercised $0
  • Shares vesting $0
  • Stock change 69.1%
  • 2018 Top-50 ranking: n/a
49
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Federico A. Tripodi

former CEO of Calyxt Inc.

a gene editing agriculture company

Tripodi resigned as CEO of Calyxt on Aug. 22, 2018. James Blome was named his successor on October 1, 2018

 
  • $0.8 million in total compensation
  • 43.8% change from 2018
  • CEO pay ratio
  • Median compensation
  • Salary $0.2 million
  • Bonus $0
  • Non-equity IPC $0
  • All other $541,291
  • Options exercised $0
  • Shares vesting $0
  • Stock change -36.5%
  • 2018 Top-50 ranking: n/a
50
Headshot of Mark Walchirk

Mark Walchirk

P, CEO of Patterson Cos. Inc.

Distributes supplies and equipment to dental and animal health markets, including vaccines, diagnostic products and pharmaceuticals.

Walchirk became presdent and CEO of Patterson on November 20, 2017. He got $190,978 in relocation expenses, a $100,000 signing bonus and a $2 million equity grant as inducment to join the company from McKesson Corp. For purposes of the CEO pay ratio calculation Patterson annualized Walchirk's pay to be $6,347,844, excluding his inducements to join the company Patterson says his annual compensation would have been 4,007,662 and the CEO pay ratio 73:1 instead of 115:1

 
  • $0.7 million in total compensation
  • n/a change from 2018
  • CEO pay ratio 115:1
  • Median compensation $55,269
  • Salary $0.4 million
  • Bonus $100,000
  • Non-equity IPC $0
  • All other $258,748
  • Options exercised $0
  • Shares vesting $0
  • Stock change -45.2%
  • 2018 Top-50 ranking: n/a

Top female executives

1
Headshot of Shari L. Ballard

Shari L. Ballard

former president multi-channel retail of Best Buy Co. Inc.

The multinational retailer of technology products and services estimates that 70 percent of the U.S. population is within 15 minutes of its more than 1,500 stores.

in fiscal 2019 Ballard stepped down from her role as president, multi-channel retail and remained a company advisor

 
  • $10 million in total compensation
  • 43.6% change from 2018
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $2,224,262
  • All other $41,430
  • Options exercised $1 million
  • Shares vesting $5,853,094
  • Stock change 0%
  • 2018 Top-50 ranking: n/a
2
Headshot of Corie S. Barry

Corie S. Barry

CFO, strategic transformation officer of Best Buy Co. Inc.

The multinational retailer of technology products and services estimates that 70 percent of the U.S. population is within 15 minutes of its more than 1,500 stores.

Barry succeeded Hubert Joly as CEO at the company's annual meeting on June 11, 2018.

 
  • $6.4 million in total compensation
  • 52.3% change from 2018
  • Salary $0.8 million
  • Bonus $0
  • Non-equity IPC $2,078,750
  • All other $8,752
  • Options exercised $0.1 million
  • Shares vesting $3,327,187
  • Stock change -2%
  • 2018 Top-50 ranking: n/a
3
Headshot of Catherine Smith

Catherine Smith

EVP, CFO of Target Corp.

General merchandise retailer selling everyday essentials, clothing and groceries. It is in the middle of a major upgrade of its physical stores, plus it has introduced more than a dozen new brands and improved its online capabilities and delivery system.

 
  • $6 million in total compensation
  • 63.4% change from 2018
  • Salary $0.8 million
  • Bonus $280,000
  • Non-equity IPC $1,016,747
  • All other $151,915
  • Options exercised $0
  • Shares vesting $3,780,530
  • Stock change 0%
  • 2018 Top-50 ranking: n/a
4
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Lynn Blake

former CFO of Tactile Systems Technology Inc.

Develops and provides medical devices for the treatment of chronic diseases at home including Flexitouch System for treats chronic limb swelling.

Blake retired Sept. 1, 2018 but agreed to a consulting contract through March 2019

 
  • $3.7 million in total compensation
  • 202.2% change from 2018
  • Salary $0.2 million
  • Bonus $0
  • Non-equity IPC $157,447
  • All other $28,399
  • Options exercised $2.2 million
  • Shares vesting $1,107,700
  • Stock change 0%
  • 2018 Top-50 ranking: n/a
5
Headshot of Shelly Ibach

Shelly Ibach

P, CEO of Sleep Number Corp.

Makes and sells adjustable mattresses and bedding. The company's Sleep IQ technology collects and analyzes biometric data.

 
  • $3.6 million in total compensation
  • -14.4% change from 2018
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $589,837
  • All other $31,620
  • Options exercised $0.6 million
  • Shares vesting $1,447,783
  • Stock change -15.6%
  • 2018 Top-50 ranking: 21
6
Headshot of Kamy Scarlett

Kamy Scarlett

Chief human resources, president U.S. stores of Best Buy Co. Inc.

The multinational retailer of technology products and services estimates that 70 percent of the U.S. population is within 15 minutes of its more than 1,500 stores.

 
  • $3.4 million in total compensation
  • n/a change from 2018
  • Salary $0.7 million
  • Bonus $0
  • Non-equity IPC $1,444,451
  • All other $165,029
  • Options exercised $0
  • Shares vesting $1,098,151
  • Stock change -2%
  • 2018 Top-50 ranking: n/a
7
Headshot of Karen L. Parkhill, EVP, CFO

Karen L. Parkhill, EVP, CFO

EVP, CFO of Medtronic PLC

Develops medical technology products that treat cardiac and vascular diseases, diabetes and neurological and musculoskeletal conditions.

 
  • $3.3 million in total compensation
  • -0.6% change from 2018
  • Salary $0.8 million
  • Bonus $0
  • Non-equity IPC $828,808
  • All other $101,078
  • Options exercised $0
  • Shares vesting $1,575,134
  • Stock change 0.07%
  • 2018 Top-50 ranking: n/a
8
Headshot of Debra L. Schoneman

Debra L. Schoneman

P of Piper Jaffray Companies

Diversified financial services company providing asset management, investment banking, public finance, brokerage and research services

 
  • $3.1 million in total compensation
  • -5.1% change from 2018
  • Salary $0.5 million
  • Bonus $0
  • Non-equity IPC $1,062,500
  • All other $47,479
  • Options exercised $0
  • Shares vesting $1,490,847
  • Stock change -19.5%
  • 2018 Top-50 ranking: n/a
9
Headshot of Karen P. Gallivan

Karen P. Gallivan

EVP, General Counsel, Secretary of Graco Inc.

Makes products to move, measure, control, dispense and spray fluid materials for manufacturing, construction, food and other industries.

 
  • $2.5 million in total compensation
  • n/a change from 2018
  • Salary $0.3 million
  • Bonus $0
  • Non-equity IPC $351,120
  • All other $25,911
  • Options exercised $1.8 million
  • Shares vesting $0
  • Stock change -6.3%
  • 2018 Top-50 ranking: n/a
10
Headshot of Gunjan Kedia

Gunjan Kedia

VCh, Wealth Management and Investment Services of U.S. Bancorp

The holding corporation is parent to the fifth largest commercial bank in the U.S. ranked by the value of deposits. It employs 73,000 people across 25 states.

 
  • $2.1 million in total compensation
  • 30.7% change from 2018
  • Salary $0.6 million
  • Bonus $0
  • Non-equity IPC $739,970
  • All other $94,821
  • Options exercised $0
  • Shares vesting $680,798
  • Stock change -12.4%
  • 2018 Top-50 ranking: n/a

Non-CEO executives

1
Headshot of Stephen J. Hemsley

Stephen J. Hemsley

Executive Chairman of UnitedHealth Group Inc.

A diversified health company. UnitedHealth offers products and services through two platforms. UnitedHealthcare provides health care coverage and benefits services; and Optum provides information and technology enabled health services.

 
  • $65.6 million in total compensation
  • 143.3% change from 2018
  • Salary $1 million
  • Bonus $0
  • Non-equity IPC $876,700
  • All other $194,510
  • Options exercised $42.9 million
  • Shares vesting $20,656,413
  • Stock change 14.5%
  • 2018 Top-50 ranking: 3
2
Headshot of Randall J. Hogan

Randall J. Hogan

former Ch, CEO of Pentair PLC

Offers sustainable water solutions to the global market; the company split in May, with the electrical unit under the new entity nVent.

Hogan's bonus represents a one-time cash payment following his retirement in lieu of the long-term incentive compensation award. Hogan retired on March 14, 2018 but he has 40 hour per year consulting agreement with the company through 2020 during which time he'll be furnished with office space and admin support and services.

 
  • $31.1 million in total compensation
  • 63.4% change from 2018
  • Salary $0.4 million
  • Bonus $3,061,667
  • Non-equity IPC $844,352
  • All other $181,393
  • Options exercised $14.2 million
  • Shares vesting $12,379,017
  • Stock change -18.4%
  • 2018 Top-50 ranking: 9
3
Headshot of Inge G. Thulin

Inge G. Thulin

former Executive Chairman of 3M Co.

Global diversified technology company with a strong R&D component, it has products in health care, industrial, consumer, electronics and safety areas.

Thulin retired as executive chairman of 3M on May 14.

 
  • $22.9 million in total compensation
  • 17.8% change from 2018
  • Salary $1.3 million
  • Bonus $0
  • Non-equity IPC $1,877,798
  • All other $632,492
  • Options exercised $11.8 million
  • Shares vesting $7,386,993
  • Stock change -16.9%
  • 2018 Top-50 ranking: 7
4
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Steven H. Nelson

EVP, CEO of UnitedHealthcare of UnitedHealth Group Inc.

A diversified health company. UnitedHealth offers products and services through two platforms. UnitedHealthcare provides health care coverage and benefits services; and Optum provides information and technology enabled health services.

 
  • $16.5 million in total compensation
  • n/a change from 2018
  • Salary $1 million
  • Bonus $0
  • Non-equity IPC $2,000,000
  • All other $28,215
  • Options exercised $6.1 million
  • Shares vesting $7,402,019
  • Stock change 14.5%
  • 2018 Top-50 ranking: n/a
5
Headshot of Hak Cheol Shin

Hak Cheol Shin

former VCh. and EVP of 3M Co.

Global diversified technology company with a strong R&D component, it has products in health care, industrial, consumer, electronics and safety areas.

 
  • $14.7 million in total compensation
  • 78.6% change from 2018
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $841,943
  • All other $152,921
  • Options exercised $11.4 million
  • Shares vesting $1,414,780
  • Stock change -16.9%
  • 2018 Top-50 ranking: n/a
6
Headshot of John J. Mulligan

John J. Mulligan

EVP, COO of Target Corp.

General merchandise retailer selling everyday essentials, clothing and groceries. It is in the middle of a major upgrade of its physical stores, plus it has introduced more than a dozen new brands and improved its online capabilities and delivery system.

 
  • $11.5 million in total compensation
  • 98.7% change from 2018
  • Salary $1 million
  • Bonus $350,000
  • Non-equity IPC $1,270,933
  • All other $819,317
  • Options exercised $2.2 million
  • Shares vesting $5,815,762
  • Stock change 0.9%
  • 2018 Top-50 ranking: n/a
7
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John F. Rex

EVP, CFO of UnitedHealth Group Inc.

A diversified health company. UnitedHealth offers products and services through two platforms. UnitedHealthcare provides health care coverage and benefits services; and Optum provides information and technology enabled health services.

 
  • $10.3 million in total compensation
  • n/a change from 2018
  • Salary $1 million
  • Bonus $0
  • Non-equity IPC $2,500,000
  • All other $110,744
  • Options exercised $0
  • Shares vesting $6,699,437
  • Stock change 14.5%
  • 2018 Top-50 ranking: n/a
8
Headshot of Shari L. Ballard

Shari L. Ballard

former president multi-channel retail of Best Buy Co. Inc.

The multinational retailer of technology products and services estimates that 70 percent of the U.S. population is within 15 minutes of its more than 1,500 stores.

in fiscal 2019 Ballard stepped down from her role as president, multi-channel retail and remained a company advisor

 
  • $10 million in total compensation
  • 43.6% change from 2018
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $2,224,262
  • All other $41,430
  • Options exercised $1 million
  • Shares vesting $5,853,094
  • Stock change 0%
  • 2018 Top-50 ranking: n/a
9
Headshot of R. Michael Mohan

R. Michael Mohan

COO of Best Buy Co. Inc.

The multinational retailer of technology products and services estimates that 70 percent of the U.S. population is within 15 minutes of its more than 1,500 stores.

 
  • $8.6 million in total compensation
  • -19.3% change from 2018
  • Salary $0.9 million
  • Bonus $0
  • Non-equity IPC $2,224,262
  • All other $30,098
  • Options exercised $1.3 million
  • Shares vesting $4,142,724
  • Stock change -2%
  • 2018 Top-50 ranking: n/a
10
Headshot of Thomas W. Handley

Thomas W. Handley

P, COO of Ecolab Inc.

Provides water, hygiene and energy technologies and services to food, hospitality, health care, industrial and oil and gas markets.

 
  • $7 million in total compensation
  • -13.9% change from 2018
  • Salary $0.7 million
  • Bonus $0
  • Non-equity IPC $714,100
  • All other $115,812
  • Options exercised $4.3 million
  • Shares vesting $1,246,581
  • Stock change 11.1%
  • 2018 Top-50 ranking: n/a

Methodology: Information on the largest CEO pay packages comes from the company's annual proxy or other corporate filing with the Securities and Exchange Commission. The Star Tribune counts total compensation as the sum of salary, bonus, cash-based incentive plan compensation, miscellaneous compensation, and the value of exercised stock options and restricted stock that has vested during the year.

The CEO pay ratio is based on the CEO’s total compensation from the summary compensation table as prescribed by the SEC, which is salary, bonus, cash-based incentive plan compensation, miscellaneous compensation, and the grant date value of new stock options and restricted stock awards. Smaller reporting companies are not required to disclose the pay ratio.

Star Tribune graphic: Patrick Kennedy, Alan Palazzolo, Thomas Oide, Billy Steve Clayton