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Forces pushing for progress in the boardroom and C-suite

The Forum of Executive Women | Philadelphia, PA

Women on Boards 2016A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems

The Forum of Executive Women2016-2017 Board of Directors

Officers Suzanne S. Mayes, Esq. President

Margaret A. McCausland, Esq. Vice President

Gloria V. Rabinowitz Secretary

Penny Stoker Treasurer

At-Large Directors and Committee Chairs Denise McGregor Ambrister Yelena M. Barychev, Esq. Shannon Breuer Lisa Detwiler, Esq. Nancy O’Mara Ezold, Esq. Melissa Weiler Gerber Katherine Hatton, Esq. Tricia Buck Horter, Esq. Katayun J. Jaffari, Esq. Debra A. Loggia Theresa E. Loscalzo, Esq. Gina M. Merritt-Epps, Esq. Beatrice O’Donnell, Esq. Toni Pergolin, CPA Nancy R. Peterson Colleen Vallen

Immediate Past President Nila G. Betof, Ph.D.

Executive Director Sharon S. Hardy

Associate Director Julie A. Kaeli

About The Forum of Executive Women

Founded in 1977, The Forum of Executive Women is a membership organi-zation of more than 450 women of significant influence across the Greater Philadelphia region. The Forum’s membership consists of individuals holding the senior-most positions in the corporations, nonprofit organizations and public sector entities that drive our regional economy and community.

The Forum’s members are executive women working together to increase the number of women in leadership roles, expand their impact and influence, and position them to drive positive change in the region. We have served as the linchpin for a multitude of initiatives that have sparked critical conversations in executive suites, boardrooms and public policy arenas.

Forum programs and initiatives include symposiums, CEO Roundtables, a Public Sector Leadership Conversation Series, publication of research reports, and outreach promoting the value of gender diversity on boards and in exec-utive suites. A robust mentoring program with diverse initiatives enhances The Forum’s commitment to building the pipeline of our next generation of women leaders in the tri-state Greater Philadelphia region.

The Forum is also a founding member of the InterOrganization Network (ION), a nationwide consortium of 12 like-minded women’s leadership groups working collaboratively to advocate for the advancement of women to positions of power in the business world, including boards of directors and executive suites of public companies.

A status report on women leaders at Philadelphia-area corporations, universities and healthcare systems | 1

Forces pushing for progress in the boardroom and C-suite

Women on Boards 2016, which is a joint initiative of The Forum of Executive Women and PwC, provides the latest tally on the presence of women leaders at the Philadelphia region’s largest public companies, universities and healthcare systems.

This year’s numbers indicate that the forces pushing for progress are beginning to make a difference. More companies have women on their boards of directors compared to previous years, though progress toward gender parity in the boardroom and C-suite is far from complete. Women are better represented on the boards of universities and hospitals, but, again, their share of top decision-making positions is well short of equitable.

Readers of this report can see how the organizations they work for, do business with or invest in are performing on the measure of women leaders. Readers will also meet four individuals who are forces pushing for progress in their organizations, setting an example that even more companies should follow.

What’s inside

Giving women executives a voice: PwC’s perspective ..........................................2

Put talk into action: A message from The Forum President ...............................3

Forces pushing for progress: Executive summary...............................................4

Q&A: Eric J. Foss, CEO, Aramark .............................................................. 7

Individual forces pushing for progress:

William M. Diefenderfer III, Chairman, Navient Corp. .............................. 8

Judith M. von Seldeneck, Founder and Chairman, Diversified Search ......10

Colleen M. Hanycz, Ph.D., President, La Salle University ..........................12

Public companies

Women directors and executive officers ................................................ 14

Board seats, executives and top earners ................................................. 18

Four-year colleges and universities .............................................................. 21

Healthcare systems ...................................................................................... 22

Project methodology ................................................................................... 23

Acknowledgments ....................................................................................... 24

2 | Forces pushing for progress in the boardroom and C-suite

Last year when we released this report we couldn’t help but wonder: “What will it take for change?” We were confident that positive things were occurring in the region, but the data weren’t fully reflecting that. This year, we looked at the numbers a little differently and what we found was encouraging. It validated our hunch that, while we aren’t seeing significant movement in the overall percentages of women in top leadership positions, there are positive trends that we hope continue.

Year over year there’s been a slow, but steady, increase in the number of women board members at the Philadelphia region’s top 100 public companies. In reviewing the 2015 data, a more promising display of data shows that once a board seat became open — either due to turnover or adding a new seat — one of every three openings went to a woman. This figure demonstrates that we continue to move in the right direction and more companies now understand that gender balance is important to foster diversity of thought. In addition, the report findings demonstrate that more companies understand the benefits that come with having a diverse leadership team. This is shown by the decline in the number of companies with no female board members.

We also looked at the age of Directors (average age of 62) and believe that in the next five to seven years we will see more companies with openings on their board due to retirement. We hope to see many of those seats go to women.

I am thankful to work in an organization that attracts talented women and develops them for leadership roles. On average, 50 percent of PwC hires and over 30 percent of the partners admitted in 2016 were women. Clients look to us for broad thinking and perspectives. For that, we need people of different cultures, backgrounds and experiences — as well as the ability to work across those differences.

At PwC, we explore the role unconscious bias can play in the advancement of women and minorities and implement practical strategies for interrupting those biases. Through our continued collaboration with the United Nations HeForShe initiative, we are accelerating global momentum toward gender equity in the workplace. The more men and women play an active role in each other’s success, the more we can all realize our full potential. And when everyone is at their full potential, we all benefit, both as individuals and as an organization.

Where can you start? Look at your own company’s executive leadership team and question if diversity does not seem to be a top priority. Look at the businesses you frequent, the politicians you support and demand more. We still have work to do and we need to work together to push for progress.

Deanna Byrne PwC Partner

Giving women executives a voice:PwC’s perspective


As the President of The Forum of Executive Women, it is my privilege to lead the charge on behalf of our more than 450 members in rallying for change in our region on the issue of increasing the number of women in corporate, nonprofit and government leadership. At The Forum, we are deeply committed to this mission and have been since our founding almost 40 years ago. We believe unquestioningly in the unique strengths and competencies women bring to the table. Our strong belief is buttressed by the success of numerous Forum members who sit in C-suites and on corporate boards both in our region and around the country. Our conviction is further supported by Forum members who have founded companies or have been recognized for their substantive industry expertise, civic engagement or leadership acumen with high-profile commendations.

The pace of change, while quickening, remains too slow. No one person or organization acting alone can turn the tide. But look around. Newspapers now cover the topic of the need for more women in leadership with regularity. Important research like this annual Women on Boards report has become common. Nonprofits like the Thirty Percent Coalition and Vision 2020 continue to lend credibility and unparalleled commitment to the effort, and political bodies are more regularly considering and adopting legislation outlining best practices. Many search firms make it a priority to present diverse pools of candidates for top jobs and board seats. And CEOs have begun to recognize the strength of a leadership team that reflects an organization’s client base or marketplace.

Many of you who will read this report are not Forum members. Yet for many reasons, you, too, should care about diversity in corporate leadership. It has been well documented that entities led by diverse teams produce better bottom lines and therefore, a more vibrant economy. In addition, you may be a father of young, talented daughters who wants desperately for them to have the chance to make their mark on the world; a junior female professional who is well educated and working diligently to create opportunities for yourself in your current company; or a male CEO leading a company striving to excel in an increasingly competitive business climate. Each of you can be a force for progress if you so choose.

We all have a role to play in this effort in our workplaces and in our homes. I implore you and the organizations in which you work to join us as forces for progress. Talk about the importance of women in leadership at the board table and at the dinner table. Then put the talk into action whenever and wherever you can, in ways big and small. If we all do that, then this report will become unnecessary. And that will be something worth celebrating.

Sincerely,

Suzanne S. Mayes, Esq. President

Put talk into action:A message from The Forum President


• Of 60 board openings 20 went to women — a 33-percent share

• Companies with no women on their boards decreased from 35 in 2014 to 27 in 2015 — a 23-percent change for the better

• Companies with at least 25 percent of their boards made up of women increased from 14 to 19 — a 36-percent improvement

One of every three board openings in 2015 went to a woman — a sign that women are making significant inroads into an elite rank of business leaders that historically has been dominated mostly by men.

It still will take many more corporate board appointments for women to achieve parity with men at the board table, but the latest numbers indicate that companies increasingly are recognizing the benefits that come with having a diverse leadership team.

Consider the progress in one year alone, from 2014-2015, at the 100 companies included in the analysis:

Those numbers, while encouraging, were not enough to alter the over-all picture of gender imbalance. In 2015, women held just 14 percent of all board seats — up slightly from 13 percent the year before.

To bring about sizable change will require that companies commit even more to advancing diversity as open-ings arise on their boards. The anal-ysis found that 45 percent of board members were age 65 or older last year, which means that many board seats will be turning over in the next few years as directors retire or move on to other assignments.

Those openings will provide tre-mendous opportunities for the many women prepared to lead at the high-est levels and for companies that want to gain a competitive edge. The boardroom is where key decisions are made that fuel the economy and influ-ence lives and fortunes.

The Forum of Executive Women, which annually produces Women on Boards in collaboration with PwC, chose the theme Forces push-ing for progress for this year’s report because experience is showing that it takes multiple strategies — multiple forces — to get more women into the ranks of leadership. Business lead-ers — both women and men — advo-cacy organizations, shareholders, investors, employees and customers all can be powerful forces for chal-lenging the status quo.

Forces pushing for progress

Executive Summary

More companies in the Philadelphia region are capitalizing on the expertise and experience of women leaders by selecting them for their boards of directors, according to the annual Women on Boards analysis of the area’s 100 largest public companies.

2009 2015

Total board seats 844 844

Seats held by women 90 120

Percentage 11% 14%

Board seats: Long-term trends


“We need to celebrate that momentum is growing for advancing women to top leadership positions, but we need to stay true to this effort because there is still a lot of work to do,” said Suzanne Mayes, Esq., Chair of Public and Project Finance at the law firm of Cozen O’Connor and President of The Forum, a membership group that advocates for the advancement of women in leadership. She said that the pace of change is quick-ening as more companies realize that “this is not a gender issue, rather a strate-gic issue important to the health of their organization.”

“There is a benefit to a company from having fresh eyes and fresh perspectives,” said Mayes.

Companies that place women on their boards demonstrate an understanding of the demographics of their customers and shareholders and a willingness to think more broadly in an increasingly competitive global business environment, said Deanna Byrne, PwC Partner.

She said there is research from Credit Suisse and elsewhere that suggests that public companies with women on their boards perform better finan-cially on a number of measures. Credit Suisse also found a financial advantage when companies have women in their executive ranks.

“Having a more diversified leadership team can help drive business and improve the bottom line,” Byrne said.

Public companies with 25% or more women on boards

Company Name% Women on Boards CEO

Navient Corp. 54% John F Remondi (Jack)

American Water Works Co. Inc. 50% Susan N. Story

Artesian Resources Corp. 40% Dian C. Taylor

Ametek Inc. 33% Frank S. Hermance

SEI Investments Co. 33% Alfred P. West, Jr

Unisys Corp. 33% Peter A. Altabef

Campbell Soup Co. 31% Denise M. Morrison

AmerisourceBergen Corp. 30% Steven H. Collis

Knoll Inc. 30% Andrew B. Cogan

South Jersey Industries Inc. 30% Michael J. Renna

Aqua America Inc. 25% Christopher H. Franklin

The Chemours Co. 25% Mark P. Vergnano

CubeSmart 25% Christopher P. Marr

DNB Financial Corp. 25% William J. Hieb

Five Below Inc. 25% Joel D. Anderson

Nutrisystem Inc. 25% Dawn M. Zier

Recro Pharma Inc. 25% Gerri A. Henwood

SLM Corporation 25% Raymond J. Quinlan

Urban Outfitters Inc. 25% Richard A. Hayne

Regional companies with female CEOs

AgroFresh Solutions Nance K. Dicciani

American Water Works Co. Inc. Susan N. Story

Artesian Resources Corp. Dian C. Taylor

Campbell Soup Co. Denise M. Morrison

JetPay Corp. Diane (Vogt) Faro

NutriSystem Inc. Dawn M. Zier

Share of top-earning jobs held by women: Long-term trends

2009 2015

Top earners 496 477

Top women earners 43 53

Percentage of top women earners 9% 11%

Executive Summary

The numbers in the executive summary section come from data compiled from SEC filings for the fiscal year-end that fell within the calendar year ending December 31, 2015, or prior, for the top 100 (by 2015 revenue) public companies as listed in the Philadelphia Business Journal 2016 rankings.


Status of C-Suite positionsPutting more women into C-suite positions not only benefits companies directly, but it helps more broadly by growing the pool of women who have the credentials to serve on boards.

Women on Boards analyzed the gender composition of the executive teams at the 100 Philadelphia-area public companies and found that for 2015:

Status of Nonprofit Eds/MedsWomen on Boards also offers a look at the gen-der composition of the boards and top leaders at 20 nonprofit colleges and universities and 18 healthcare systems in the Philadelphia region.

The so-called “Eds and Meds” account for a huge chunk of the regional economy, providing 37 percent of jobs in the city of Philadelphia alone. They also serve as magnets to attract talented students and workers from around the globe and are centers of innovation. University and hospital boards make decisions that affect some of the most pressing financial issues facing today’s families, such as the cost of college tui-tion and healthcare.

In 2014, the last year for which public records are available, women held:

Only 6 companies had a female chief executive officer

Women held 14 percent of executive seats, (the same share as at the board level), up a notch from 13 percent in 2014

29 percent of university board seats

35 percent of university presidencies

28 percent of top-earner spots at four-year colleges

24 percent of hospital board seats

33 percent of CEO positions at healthcare systems

21 percent of top-earner spots at hospitals

14%

46

6

The number of companies with no women executives declined from 49 to 46, a 6 percent improvement from 2014

These numbers come from Form 990 filings for 20 four-year nonprofit colleges and universities and 18 healthcare systems. See the Methodology section for further information.

2009 2015

Total executives 645 605

Women executives 71 84

Percentage 11% 14%

Executive positions held by women: Long-term trends

Executive Summary


The pages ahead provide many more organiza-tion-specific details on how the Philadelphia region’s public companies, universi-ties and healthcare systems are performing when it comes to women leaders. The report also includes interviews with some of the forces making a difference in the Philadelphia region:

William M. Diefenderfer, III, Chairman of Navient Corp., a Wilmington, Delaware company, shares what it took to assemble a board that is more than half women.

Judith M. von Seldeneck, Founder and Chairman of Diversified Search and Co-Founder of The Forum of Executive Women, has been working for decades to advance women into leadership. She tells why she’s impatient, but optimistic.

Colleen M. Hanycz, Ph.D., President of La Salle University, has begun a process of transformation at the school, bringing more women into leadership positions while establish-ing ways to better prepare tomorrow’s leaders.

The Forum hopes that read-ers of this report will find inspiration on ways they, too, can be forces pushing for progress.

Progress at work: Q&A with Eric J. Foss, CEO of AramarkAramark is among eight companies that moved since last year from the “no to yes” column in the tally of Philadelphia-area companies with or without women board members. The Forum asked Foss, Chairman, President & CEO of Aramark, to share a few thoughts on the value of diverse leadership.

Aramark recently went from having no women board members to having two.̂ Did you make a conscious decision to add women?

The growth of our board reflects the transformation Aramark has undergone moving from a private to public company. Diversity is core to our mission and we value a broad spectrum of perspectives and opinions at all levels of our organization.

How do you anticipate that a more diverse board will pay off?

Naturally, the more diverse backgrounds you bring to a discussion, the more varied, informed and productive the dialogue. Ultimately, our goal is to bring together a variety of experiences, expertise and opinions that will lead to the best decisions possible for our shareholders, clients and consumers, employees and communities.

Is expanding women’s leadership part of your personal strategy as Chair and CEO?

The value of diversity is a lesson that I learned early in my career and have followed ever since. I am committed to embracing differ-ences and ensuring that every level of Aramark’s workforce of 270,000 mirrors the diverse client and consumer base we are fortunate to serve around the world. The only way we can do our job successfully is by making sure all cor-ners of our workforce look, think and act like the varied marketplace that asks for our help and counts on us. Helping to attract, train and grow the widest represen-tation of talent within our company is key to that commitment, including develop-ing and expanding the role of women leaders. Insisting on diverse representation on all candidate slates and identifying and promoting diverse talent into critical leadership roles is how we will continue accelerating the growth of Aramark.

Executive Summary

Regional Companies that went from No to Yes*

Company name2015

Women added to boards

Aramark 1^

Axalta Coating Systems Ltd. 1

Brandywine Realty Trust 1

Five Below Inc. 2

Institutional Financial Markets Inc. 1

Sun Bancorp Inc. 1

Triumph Group Inc. 1

Vishay Precision Group Inc. 1

* These companies did not have women on their boards in last year’s report and have been recognized for adding women to their boards for 2015.

^ The numbers in this chart come from data compiled from SEC filings for the fiscal year-end that fell within the calendar year ending December 31, 2015, or prior, for the top 100 (by 2015 revenue) public companies as listed by the Philadelphia Business Journal 2016 rankings. As of 2016, Aramark added a second woman to its board.


When William Diefenderfer was given a binder of prospective candidates for the board positions he needed to fill, he handed it back to the search firm and said to look some more.

When the search firm came back with a list that was barely changed from the first time around, Diefenderfer dismissed the search firm.

Diefenderfer, Chairman of Navient, which separated from Sallie Mae in 2014, said he had made it clear to the search firm what sort of candidates he needed for the newly forming board.

“We said, ‘Here are the skill sets we want and we want diversity. We want you to bring us candidates across the spectrum, including women,’” Diefenderfer recalled.

Diefenderfer hired a second search firm, which listened and put together an impressive lineup of candidates, including five women with the expertise Navient was looking for. He would have liked to pick all five women, but only had room on the board for four.

Diefenderfer tells the story to illus-trate what often happens when cor-porate board seats get filled — search committees gravitate toward familiar or easy choices using an “I know so and so” approach. He pushed back and in doing so was able to enhance Navient’s board with directors who brought not only specific qualifica-tions, such as experience in mergers and acquisitions and cyber security, but also a wide range of perspectives.

“It wasn’t like we were settling for less,” said Diefenderfer, ticking off the names and backgrounds of some of the company’s women directors. “They have amazing credentials.”

Today, six of Navient’s 11 directors are women. That composition is lead-ing among the companies listed on the Standard & Poor’s 500 Index. It is also the strongest showing of any of the 100 Philadelphia-area compa-nies included in this year’s Women on Boards report.

Navient, which services more than $300 billion in student loans, is gathering accolades for its commit-ment to placing women leaders on its board. It has won recognition from 2020 Women on Boards, a national

Individuals who are forces for progress

William M. Diefenderfer III Chairman, Navient Corp.

He refused to settle for the predictable board candidates.

Navient, headquartered in Wilmington,

Del., is a loan management, servicing

and asset recovery company.

– The Fortune 500 company employs approximately 7,000 people.

– Six of its 11 board members are women.


William Diefenderfer, seated second from right, with the Navient Board of Directors.

campaign pushing for change in the boardroom, and won the “Best Board Diversity Initiative” award from the New York Stock Exchange Governance Services.

Diefenderfer is happy with the rec-ognition, but said the real payoff is happening within Navient. At the board level, the added expertise on mergers and acquisitions helped as the company expanded into the assets recovery business and the added cyber expertise was useful for a major cyber security review that the com-pany conducted. He believes having a board with a strong female presence is also a recruiting tool because it sig-nals to job seekers that the company is current and aware of the diversity of the customers and shareholders it serves.

He said the diverse board creates a “trickle-down effect,” signaling throughout the company “that this is a place that values diversity,” which means there is opportunity for all.

“There is a sense that we will be fair at the management levels because we are fair at the board level,” Diefenderfer said. “No matter what sex you are, what ethnicity you are, you are valued and will become increasingly valuable.”

Diefenderfer, a partner in the Pittsburgh law firm Diefenderfer, Hoover, McKenna & Wood, also chairs

the board of another Philadelphia-area company, CubeSmart, which has 25 percent women on its board.

He traces the beginnings of his commitment to diversity back to his upbringing in Western Pennsylvania, where he watched his mom get a bad deal after she stepped in to do the work of her male boss, who had died. She didn’t get a penny extra for the added responsibility and didn’t get the job.

Diefenderfer offers up another child-hood lesson as a metaphor for why he thinks it’s smart for companies to conduct broad, diversity-minded

searches. Once, when seeing a photo of his grandfather holding two gigan-tic fish, Diefenderfer asked his grand-mother why his grandfather drove all the way to Canada to fish.

He recalls being told, “See how big those fish are? Nobody fishes in that lake and there are really big fish in it.”

“I think that story applies to finding board members,” Diefenderfer said. “We went fishing in a lake where other people weren’t fishing.”

As he sees it, Navient ended up making some very big catches.

“There is a sense that we will be fair at the management levels because we are fair at the board level.”


Judith M. von Seldeneck knows that the word quota makes people uneasy.

But after more than 40 years of push-ing for women to be better repre-sented in the upper ranks of corporate America, von Seldeneck said she’s become realistic on what it might take to get a fair share of women on the boards of U.S. companies.

“When you look at countries in Europe, such as Norway and Germany, they have made tremen-dous progress through the implemen-tation of legislation,” requiring a set percentage of women on corporate boards, said von Seldeneck, Founder and Chairman of Diversified Search. Norway, for instance, requires public companies to have 40-percent repre-sentation of women on public-com-pany boards.

“Nobody likes the word quotas, so we need to find another word. But I think the message is there — that time and history have proven that this isn’t just going to happen as an evolution. To bring about change is going to require some sort of regulatory interven-tion in the U.S.,” von Seldeneck said. “Nobody wants to hear that, but, that’s what it took in Europe and you see the results.”

She didn’t expect to still be talking about a paucity of women in cor-porate leadership nearly 40 years since she co-founded The Forum of Executive Women. She had come to Philadelphia after 10 years as a personal secretary to Senator (later Vice President) Walter Mondale and started a business to place women in jobs outside the fields that were then considered acceptable for women — teaching, nursing, sec-retarial work. In 1974, she began Diversified Search, a full-service global executive search firm.

Von Seldeneck has served on 10 public boards — some going back to a time when she said she was a “token.” She’s also been on boards for nonprofit organizations and advo-cacy groups, including the Thirty Percent Coalition, a national group pushing for 30-percent representa-tion of women on corporate boards. Her work has earned her impressive awards, including the prestigious William Penn Award and Paradigm Award.

Von Seldeneck said that getting more women onto boards is essential because “that is where the power is in corporate America.”

Judith M. von Seldeneck Founder and Chairman, Diversified Search

“One or two is not good enough.”

Diversified Search is one of the top 10

retained search firms in the country.

Headquartered in Philadelphia, the

company has:

– Offices in nine cities

– A global partnership spanning 33 countries with 60 offices


“Board members participate in con-versations and decisions that affect a lot of people,” she said. “Women make up more than 50 percent of the wealth in this country, and over 50 percent of consumers. Women need a voice where the decisions that affect them are being made.”

Von Seldeneck believes that compa-nies need to look beyond just having one or two women on their boards.

“That was good 10 years ago, but one or two is not good enough anymore,” she said, “How about half?”

As an executive search expert at Diversified Search, she said it’s a given that she will present a slate of candidates that includes women, but she recognizes that the ultimate hir-ing decision rests with the company she is advising. She doesn’t believe that companies are intentionally failing to put more diversity into their

leadership ranks, but instead they keep doing what they have always done — tapping into the mostly all-male network of executives and directors.

“Most companies have diversity on their list,” she said “But where it is on their list varies.”

She believes that women’s advocacy groups and shareholder activists need to harness the force of social media, and the media in general, to get the word out on the gender disparity that exists in corporate America and how companies are doing in that regard.

“No one wants to be embarrassed, and everyone wants to do the right thing,” she said. “Companies respond to shareholders, and they like positive publicity.”

Another strategy, she said, is for con-stituency groups to draw attention to

the issue of board term limits. Lack of turnover on boards, due in some cases to the absence of rules on term or age limits, means fewer opportuni-ties for women.

Von Seldeneck senses that the timing couldn’t be better for women leaders.

“Every segment of the economy is undergoing transformational change,” she said, and it only makes sense that companies would benefit from diverse leaders to help accom-plish that change.

Von Seldeneck said it’s finally time to put to rest the notion that there aren’t enough qualified women to fill execu-tive and board positions.

“That is just not a valid argument,” she said, adding, “We will find them for you.”

“Women make up more than 50 percent of the wealth in this country, and over 50 percent of consumers. Women need a voice where the decisions that affect them are being made.”


When Colleen M. Hanycz, Ph.D., became president of La Salle University in 2015, she was surprised at the media’s reaction.

“When I think of what prepares a person to lead a university, I think of background and accomplishments,” Hanycz said. “It didn’t occur to me that what would be of the greatest interest was that I was a woman.”

Now more than a year into the job, Hanycz understands why her gender generated such interest.

“We are thirsting for this conversation about women and leadership and net-working and how women succeed,” she said.

Hanycz came to La Salle from Ontario, Canada, to become not only the first woman president in La Salle’s 152-year history, but also the first lay president since the school was founded by the Christian Brothers.

Hanycz’s resume includes work as an attorney, law school professor and assistant dean, vice chair of a large healthcare system and, most recently, Principal (president) of Canada’s only women’s college, Brescia University College, which is also Catholic.

Her career began at a time when women were led to believe that out-working everyone was the way to suc-ceed. As a securities and employment litigator at a prestigious Toronto law firm, she logged long hours and even missed her own bridal shower when

a motion for a legal injunction needed to be prepared, and she didn’t want to tell her boss that she had something else important to do. (She isn’t proud of that story.)

When she became Principal at Brescia in 2008, Hanycz was quietly dubious about the need for single-sex higher education in the 21st century. But by the time she left, she was fully convinced that a lot more needs to be done to prepare young women to lead and to get organizations to recognize that women leaders are vital to their success.

“Universities have been graduating women in huge numbers for decades and we haven’t seen those same numbers of women rising to leader-ship roles,” said Hanycz, who said she senses a greater urgency around the issue in Canada than she does in the U.S. In Canada, she participated in a federal government initiative to develop a strategy for increasing the number of women on corporate boards. The council that she served on, in a 2014 report, set a non-manda-tory goal of 30-percent female repre-sentation on boards by 2019.

Hanycz’s determination to bring more focus on women and leadership is quite practical.

“I believe that leadership is a choice. It is not a skill you are born with or the result of a sudden situation needing a response,” she said. “What it means to choose leadership is as

Colleen M. Hanycz, Ph.D. President, La Salle University

“Don’t come back without diversity.”

La Salle University, located in

Philadelphia, is a private, Catholic

university with 3,617 undergraduate

and 1,538 graduate students.

The university employs 707 people

and in 2015 elected its first woman

president.


“Universities have been graduating women in huge numbers for decades and we haven’t seen those same numbers of women rising to leadership roles.”

simple as looking around, seeing something that is broken that needs to be fixed, and responding with passion.”

At La Salle, she must tackle some of the same struggles facing many small colleges and universities across the country — tight finances, declining enrollment and a need to deliver a high-quality education at a competi-tive price. Coming from Canada, she’s especially struck by the often unaffordable price of a college education in the U.S.

Hanycz moved quickly to establish a team to work with her on what she deems a process of “transformation.” She formed a new cabinet, made key hires, including three new female vice presidents, trimmed staff and created or reinstituted three key advisory councils. She also is working closely with leadership of the Board of Trustees and plans to add a greater range of diversity to the board. Hanycz has made it clear to those conducting searches: “Don’t come back to me without diversity.” She said that while La Salle will “continue its commit-ment to hiring for merit, candidate pools should always include diversity in order to achieve merit hires.”

Hanycz also makes a point to connect with upcom-ing leaders. She mentors two women faculty mem-bers and a female graduate who was an accomplished student-athlete.

“I have spent a lot of time involved in the incubation of young female entrepreneurs and that work con-firms for me that young women are far less likely to go out on a limb with an idea,” she said. “The idea may be — and is often — brilliant, but often women discount themselves.”

While Hanycz thinks in terms of transformation as she goes about her work on campus, she also keeps the importance of tradition in mind.

“The challenge is to bring change without disturbing the bedrock,” she said. “There are no plans to disturb the bedrock at La Salle because it is so good.”

How to be a force for progress

As an individual:• Do business with companies and organizations that

demonstrate a commitment to women leaders. Check company websites for information on the executive team.

• If you patronize, invest in, or work for a company that lacks women leaders, ask why.

• Spread the word about forward-thinking companies to friends, family and professional peers.

• Mentor or sponsor women within or outside your organization who show potential for leadership.

• Be your own best promoter. Ask for assignments and promotions and make strategic career decisions that broaden your work portfolio.

As an organization:• Review your policies and programs on recruitment

and talent development to determine if they foster opportunities for women to advance.

• Demand that women be part of the slate of candidates for every job search, whether it entails a supervisory role or an executive position.

• Implement or enforce term and age limits for board members. That will increase board turnover and allow for more women to be selected as directors.

• Look beyond the usual candidates for board seats.

• Ask professional organizations such as The Forum of Executive Women for help in identifying talented women candidates.

• Don’t settle for a “one and done” approach to appointing women to your board or C-suite. One is good, more is even better.

• If your organization is already reaping the benefits of a diverse leadership team, tell other companies about your success. Be proud that you are a force for progress.


l Chairs Board of Directors ∆ Chairs Governance/Nominating Committee ▼ Chairs Compensation Committee $ Top Earners▲ Chairs Audit Committee ► Chairs Finance and Investment Committee n Chief Executive Officer Bold Forum member

The chart includes information on the top 100 public companies by 2015 revenues as listed in the Philadelphia Business Journal.

Public companiesWomen directors and executive officers

2015 rank by revenue Company name Directors Executive officers

1 AmerisourceBergen Corp. Jane E. Henney, M.D. ∆Kathleen W. Hyle ▲Ornella Barra

June BarryGina K. ClarkPeyton R. Howell

2 Comcast Corp. Dr. Judith Rodin ▼Madeline S. Bell

3 E. I. du Pont de Nemours & Co. Marillyn A. HewsonLois D. Juliber ▼

Stacy L. Fox

4 Aramark Irene M. EstevesLisa G. Bisaccia

Lynn B. McKee $Christine T. Morrisson

5 Lincoln National Corp. M. Leanne Lachman ▲ Lisa M. Buckingham $Ellen Cooper

6 Sunoco Logistics Partners L.P. Kathleen Shea-Ballay $

7 Universal Health Services Inc. Eileen C. McDonnell Debra K. Osteen $

8 Crown Holdings Inc. Jenne K. Britell ▲

9 Campbell Soup Co. Denise M. Morrison n $Mary Alice D. MaloneSara Mathew ▲Tracey T. Travis

Denise M. Morrison n $

10 UGI Corp. Anne PolM. Shawn Bort

Monica M. Gaudiosi $

11 The Chemours Co. Mary B. CranstonDawn L. Farrell

Beth Albright $

12 Genesis Healthcare Inc. JoAnne Reifsnyder, Ph.D. $

13 Burlington Stores Inc. Tricia PatrickMary Ann Tocio

Joyce Manning MagriniJennifer Vecchio $Janet Dhillon

14 VWR Corp. Pamela Forbes Lieberman

15 Toll Brothers Inc. Christine N. Garvey

16 Axalta Coating Systems Ltd. Lori J. Ryerkerk

17 Ametek Inc. Elizabeth R. VaretRuby B. ChandyGretchen W. McClain

18 Trinseo Sa Marilyn N. Horner $Catherine C. Maxey

19 Triumph Group Inc. Dawne S. Hickton

20 Urban Outfitters Inc. Margaret A. HayneElizabeth Ann Lambert

Margaret A. HayneTrish Donnelly $

21 FMC Corp. K’Lynne Johnson Andrea E. Utecht $





22 American Water Works Co. Inc. Susan N. Story n $Martha Clark Goss ►Julie A. Dobson ▲Julia L. Johnson ∆Veronica M. Hagen

Susan N. Story n $Sharon CameronDeborah DegillioLinda G. Sullivan $Brenda J. Holdnak

23 Unisys Corp. Alison DavisDenise K. Fletcher ∆Leslie F. Kenne

Janet B. Haugen $

24 AmeriGas Partners LP Anne Pol ∆ Kathy L. PrigmoreMonica M. Gaudiosi $

25 Navient Corp. Ann Torre Bates ▲Anna Escobedo CabralDiane Suitt GillelandKatherine A. LehmanLinda A. Mills ▼Jane J. ThompsonLaura S. Unger

26 Vishay Intertechnology Inc. Ruta Zandman Lori Lipcaman $

27 Teleflex Inc. Patricia C. Barron ∆Candace H. Duncan

Karen T. Boylan

28 Chemtura Corp. Anna Catalano Billie Flaherty $

29 Healthcare Services Group Inc. Diane S. Casey, RN

30 West Pharmaceutical Services Inc. Paula A. Johnson, M.D., MPHMyla Lai-Goldman, M.D.

Karen A. Flynn $Annette F. Favorite

31 SEI Investments Co. Kathryn M. McCarthySarah W. Blumenstein

Kathy C. Heilig

32 Radian Group Inc. Lisa W. Hess ► Teresa Bryce Bazemore $Catherine M. Jackson

33 Knoll Inc. Kathleen G. BradleySarah E. NashStephanie Stahl

Pamela J. Ahrens $Roxanne B. Klein

34 CDI Corp. Anna Seal ∆ Jill M. Albrinck

35 PHH Corp. Jane D. Carlin ►Deborah M. Reif ▼

Kathryn Ruggieri $

36 J&J Snack Foods Corp.

37 South Jersey Industries Inc. Sarah M. BarpoulisSheila Hartnett-Devlin ▲Sunita Holzer

Gina M. Merritt-Epps $Kathleen A. McEndy $

38 EPAM Systems Inc. Ginger Mosier $Elaina Shekhter $

39 Aqua America Inc. Ellen RuffCarolyn J. Burke

40 Liberty Property Trust M. Leanne LachmanKatherine E. Dietze

41 Dorman Products Inc.


Women directors and executive officers continued


42 SLM Corp. Carter Warren FrankeMarianne M. KelerVivian Schneck-Last

43 Incyte Corp. Wendy L. Dixon, Ph.D. Paula J. Swain

44 Quaker Chemical Corp. Patricia C. BarronFay West

Mary Dean Hall $

45 Five Below Inc. Catherine E. BuggelnKathleen S. Barclay

46 Hill International Inc. Camille S. Andrews ∆ Catherine H. Emma

47 Qlik Technologies Inc. Deborah Hopkins Diane AdamsDeborah Lofton

48 Brandywine Realty Trust Carol G. Carroll

49 Globus Medical Inc. Ann D. Rhoads ▲

50 Destination Maternity Corp. Melissa Payner-Gregor ∆

51 Hersha Hospitality Trust Dianna F. Morgan

52 NutriSystem Inc. Dawn M. Zier n $Andrea M. Weiss

Dawn M. Zier n $Keira Krausz $

53 Chesapeake Utilities Corp. Dianna F. Morgan Beth W. Cooper $Elaine B. Bittner $

54 CubeSmart Marianne M. KelerDeborah Ratner Salzberg

55 InterDigital Inc. Jean F. Rankin Jannie K. LauMarie H. MacNichol

56 Pennsylvania Real Estate Investment Trust Rosemarie Greco ∆

57 Entercom Communications Corp. Louise C. Kramer $

58 Lannett Co. Inc.

59 CSS Industries Inc. Rebecca C. Matthias ∆

60 StoneMor Partners L.P.

61 Penn Virginia Corp. Marsha R. Perelman Nancy M. Snyder $

62 WSFS Financial Corp. Anat Bird ▲Jennifer W. Davis ▼

Peggy H. Eddens

63 Vishay Precision Group Inc. Janet Morrison Clark

64 RAIT Financial Trust S. Kristin Kim

65 The Bancorp Inc. Mei-Mei Tuan Gail S. Ball

66 SL Industries Inc.

67 RCM Technologies Inc.

68 Dover Downs Gaming & Entertainment Inc.

69 BioTelemetry Inc. Rebecca W. Rimel Heather C. Getz $

70 AgroFresh Solutions Nance K. Dicciani n Margaret M. Loebl $Nance K. Dicciani n





71 Niska Gas Storage LLC Olivia C. Wassenaar

72 Beneficial Bancorp Inc. Karen Dougherty BuchholzElizabeth H. Gemmill ∆

Pamela M. Cyr $Joanne R. Ryder $

73 Bryn Mawr Bank Corp. Andrea F. GilbertLynn B. McKee

Alison E. Gers $

74 Univest Corporation of Pennsylvania Margaret K. Zook

75 Actua Corp.

76 Resource America Inc.

77 Sun Bancorp Inc. Grace Torres Michele B. Estep $Patricia M. Schaubeck

78 OmegaFlex Inc.

79 Artesian Resources Corp. Dian C. Taylor l n $Nicholle R. Taylor $

Jennifer L. Finch, CPADian C. Taylor l n $Nicholle R. Taylor $

80 PhotoMedex Inc.

81 Marlin Business Services Corp.

82 The J.G. Wentworth Co.

83 Universal Health Realty Income Trust Cheryl K. Ramagano $

84 USA Technologies Inc. Maeve McKenna Duska $

85 MeetMe Inc. Jean Clifton

86 Recro Pharma Inc. Gerri HenwoodKaren Flynn

Gerri Henwood n $Diane MeyersDonna Nichols

87 Republic First Bancorp Inc. Rhonda Costello $

88 Dover Motorsports Inc.

89 Teligent Inc. Jennifer Collins $

90 JetPay Corp. Diane (Vogt) Faro n Diane (Vogt) Faro n

91 Institutional Financial Markets Inc. Diana Louise Liberto

92 Inovio Pharmaceuticals, Inc. Nancy Wyenski

93 inTEST Corp.

94 Fox Chase Bancorp Inc.

95 Parke Bancorp Inc. Elizabeth Milavsky $

96 Ocean Shore Holding Co. Dorothy F. McCrosson, Esq. ∆ Kim M. Davidson $Janet M. Bossi $

97 Royal Bancshares of Pennsylvania Inc. Linda Tabas Stempel

98 DNB Financial Corp. Mildred C. JoynerMary D. Latoff

99 Egalet Corp

100 Spark Therapeutics Katherine A. High, M.D. $Lota Zoth, CPA

Katherine A. High, M.D. $




Company

Board of Directors Executives Top Earners

Total

Board

Seats

Female

Board

Seats

%

Female

Board

Seats

Total

Executives

Female

Executives

% Female

Executives

Top

Earners

Female

Top

Earners

%

Female

Top

Earners

AmerisourceBergen Corp. 10 3 30% 12 3 25% 5 0 0%

Comcast Corp 12 2 17% 7 0 0% 6 0 0%

E. I. du Pont de Nemours and Company 12 2 17% 7 1 14% 6 1 17%

Aramark 13 1 8% 7 2 29% 6 1 17%

Lincoln National Corp 10 1 10% 8 2 25% 5 1 20%

Sunoco Logistics Partners LP 7 0 0% 7 1 14% 5 1 20%

Universal Health Services Inc. 7 1 14% 5 1 20% 5 1 20%

Crown Holdings Inc. 12 1 8% 6 0 0% 5 0 0%

Campbell Soup Co. 13 4 31% 11 1 9% 5 1 20%

UGI Corp. 10 2 20% 5 1 20% 5 1 20%

The Chemours Co. 8 2 25% 8 1 13% 5 1 20%

Genesis Healthcare, Inc. 11 0 0% 6 1 17% 7 1 14%

Burlington Stores Inc. 9 2 22% 9 3 33% 5 1 20%

VWR Corporation 11 1 9% 10 0 0% 5 0 0%

Toll Brothers Inc. 10 1 10% 4 0 0% 4 0 0%

Axalta Coating Systems Ltd 9 1 11% 6 0 0% 6 0 0%

Ametek Inc. 9 3 33% 6 0 0% 5 0 0%

Trinseo SA 9 0 0% 9 2 22% 5 1 20%

Triumph Group, Inc. 11 1 9% 4 0 0% 5 0 0%

Urban Outfitters Inc. 8 2 25% 7 2 29% 5 1 20%

FMC Corporation 10 1 10% 5 1 20% 5 1 20%

American Water Works Co. Inc. 10 5 50% 10 5 50% 6 2 33%

Unisys Corp. 9 3 33% 11 1 9% 6 1 17%

AmeriGas Partners LP 9 1 11% 10 2 20% 5 1 20%

Navient Corp. 13 7 54% 6 0 0% 5 0 0%

Vishay Intertechnology Inc. 9 1 11% 6 1 17% 6 1 17%

Teleflex Inc. 9 2 22% 7 1 14% 5 0 0%

Chemtura Corp. 8 1 13% 8 1 13% 5 1 20%

Healthcare Services Group Inc. 10 1 10% 5 0 0% 6 0 0%

West Pharmaceutical Services Inc. 10 2 20% 11 2 18% 6 1 17%

SEI Investments Co. 6 2 33% 10 1 10% 5 0 0%

The chart includes information on the top 100 public companies ranked by 2015 revenue as listed in the Philadelphia Business Journal.

Public companiesBoard seats, executives and top earners


Company


Total

Board

Seats

Female

Board

Seats

%

Female

Board

Seats

Total

Executives

Female

Executives

% Female

Executives

Top

Earners

Female

Top

Earners

%

Female

Top

Earners

Radian Group Inc. 10 1 10% 8 2 25% 5 1 20%

Knoll Inc. 10 3 30% 9 2 22% 5 1 20%

CDI Corp. 9 1 11% 6 1 17% 5 0 0%

PHH Corp. 9 2 22% 5 1 20% 5 1 20%

J&J Snack Foods Corp. 5 0 0% 6 0 0% 5 0 0%

South Jersey Industries Inc. 10 3 30% 8 2 25% 6 2 33%

EPAM Systems Inc. 6 0 0% 5 2 40% 5 2 40%

Aqua America Inc. 8 2 25% 7 0 0% 8 0 0%

Liberty Property Trust 9 2 22% 4 0 0% 4 0 0%

Dorman Products Inc. 6 0 0% 5 0 0% 5 0 0%

SLM Corporation 12 3 25% 6 0 0% 5 0 0%

Incyte 7 1 14% 8 1 13% 5 0 0%

Quaker Chemical Corp. 9 1 11% 11 1 9% 6 2 33%

Five Below Inc. 8 2 25% 5 0 0% 5 0 0%

Hill International Inc. 8 1 13% 9 1 11% 5 0 0%

QlikTechnologies Inc. 7 1 14% 9 2 22% 5 0 0%

Brandywine Realty Trust 8 1 13% 6 0 0% 6 0 0%

Globus Medical Inc. 8 1 13% 5 0 0% 6 0 0%

Destination Maternity Corp. 8 1 13% 3 0 0% 4 0 0%

Hersha Hospitality Trust 7 1 14% 6 0 0% 5 0 0%

Nutrisystem Inc. 8 2 25% 3 2 67% 3 2 67%

Chesapeake Utilities Corp. 13 1 8% 5 2 40% 5 2 40%

CubeSmart 8 2 25% 3 0 0% 3 0 0%

InterDigital Inc. 8 1 13% 8 2 25% 6 0 0%

Pennsylvania Real Estate Investment Trust 9 1 11% 6 0 0% 5 0 0%

Entercom Communications Corp. 6 0 0% 6 1 17% 5 1 20%

Lannett Co. Inc. 6 0 0% 8 0 0% 5 0 0%

CSS Industries Inc. 7 1 14% 5 0 0% 5 0 0%

StoneMor Partners 9 0 0% 4 0 0% 3 0 0%

Penn Virginia Corp. 5 1 20% 4 1 25% 5 1 20%

WSFS Financial Corp. 10 2 20% 8 1 13% 6 0 0%

Vishay Precision Group, Inc. 7 1 14% 3 0 0% 4 0 0%

RAIT Financial Trust 9 1 11% 4 0 0% 4 0 0%

The Bancorp Inc. 8 1 13% 7 1 14% 7 0 0%

SL Industries Inc. 5 0 0% 2 0 0% 2 0 0%



Company


Total

Board

Seats

Female

Board

Seats

%

Female

Board

Seats

Total

Executives

Female

Executives

% Female

Executives

Top

Earners

Female

Top

Earners

%

Female

Top

Earners

RCM Technologies Inc. 6 0 0% 5 0 0% 4 0 0%

Dover Downs Gaming & Entertainment Inc. 7 0 0% 4 0 0% 4 0 0%

BioTelemetry Inc. 6 1 17% 8 1 13% 5 1 20%

AgroFresh Solutions 7 1 14% 5 2 40% 3 1 33%

Niska Gas Storage LLC 8 1 13% 6 0 0% 6 0 0%

Beneficial Mutual Bancorp Inc. 9 2 22% 6 2 33% 5 2 40%

Bryn Mawr Bank Corp. 11 2 18% 6 1 17% 7 1 14%

Univest Corporation of Pennsylvania 13 1 8% 5 0 0% 5 0 0%

Actua Corp. 9 0 0% 3 0 0% 3 0 0%

Resource America Inc. 8 0 0% 7 0 0% 5 0 0%

Sun Bancorp Inc. 11 1 9% 8 2 20% 5 1 20%

Omega Flex Inc. 7 0 0% 5 0 0% 3 0 0%

Artesian Resources Corp. 5 2 40% 8 3 38% 5 2 40%

PhotoMedex Inc. 6 0 0% 2 0 0% 2 0 0%

JGWPT Holdings Inc. 8 0 0% 6 0 0% 5 0 0%

Marlin Business Services Corp. 6 0 0% 3 0 0% 5 1 20%

Universal Health Realty Income Trust 6 0 0% 4 1 25% 4 1 25%

USA Technologies Inc. 7 0 0% 4 1 25% 4 1 25%

MeetMe Inc. 6 1 17% 5 0 0% 5 0 0%

Recro Pharma, INC 8 2 25% 6 3 50% 3 1 33%

Republic First Bancorp Inc. 6 0 0% 5 1 20% 5 1 20%

Dover Motorsports Inc. 7 0 0% 4 0 0% 4 0 0%

Teligent Inc. 6 0 0% 3 1 33% 3 1 33%

JetPay Corp. 7 1 14% 3 1 33% 3 0 0%

Institutional Financial Markets Inc. 8 1 13% 3 0 0% 3 0 0%

Inovio Pharmaceuticals, Inc. 7 1 14% 4 0 0% 4 0 0%

inTEST Corp. 5 0 0% 4 0 0% 3 0 0%

Fox Chase Bancorp Inc. 8 0 0% 6 0 0% 5 0 0%

Parke Bancorp Inc. 10 0 0% 7 1 14% 3 1 33%

Ocean Shore Holding Co. 7 1 14% 5 2 40% 5 2 40%

Royal Bancshares of Pennsylvania Inc. 10 1 10% 4 0 0% 4 0 0%

DNB Financial Corp. 8 2 25% 4 0 0% 3 0 0%

Egalet Corporation 6 0 0% 5 0 0% 3 0 0%

Spark Therapeutics 9 2 22% 4 1 25% 3 1 33%

Total 844 120 14% 605 84 14% 477 53 11%

Board seats, executives and top earners continued


* Prior year filing used for data points


Data are from the 2014 Form 990s as described in the methodology section. Compensation includes compensation paid by the filing organization as well as compensation paid by a related organziation as reported on the filing entity’s Form 990.

^^ Information reported from the 990 for the Trustees of the University of Pennsylvania. The Trustees of the University of Pennsylvania control the University of Pennsylvania and the Hospital of the University of Pennsylvania.*Colleen M. Hanycz, Ph.D., who is profiled in this report, was named President of La Salle University in July 2015.

2014

Board of Trustees/ Directors Executives Top Earners*

Total

Board

Seats

Female

Board

Seats

% Female

Board

Seats

Female President/

CEO

Of the Top 5

compensated

people, # of women

% Female Top

Earners

Arcadia University 35 19 54% YES 4 80%

Cabrini College 28 13 46% NO 2 40%

Drexel University 54 10 19% NO 1 20%

Eastern University 31 6 19% NO 1 20%

Gwynedd Mercy University 20 11 55% YES 2 40%

Holy Family University 25 12 48% YES 1 20%

Immaculata University 30 22 73% YES 2 40%

La Salle University* 39 6 15% NO* 0 0%

Neumann University 27 10 37% YES 1 20%

Peirce College 28 11 39% NO 2 40%

Philadelphia College of Osteopathic Medicine 18 2 11% NO 0 0%

Philadelphia University 28 4 14% NO 1 20%

Saint Joseph’s University 33 5 15% NO 1 20%

Temple University 36 3 8% NO 0 0%

Thomas Jefferson University 67 12 18% NO 0 0%

University of Pennsylvania ^^ 63 19 30% YES 1 20%

University of the Sciences 24 6 25% YES 3 60%

Villanova University 39 9 23% NO 0 0%

Widener University 31 10 32% NO 2 40%

Wilmington University 14 2 14% NO 4 80%

Total 670 192 29% 7 28 28%

Four-year colleges and universitiesBoard seats, executives and top earners


Data are from the 2013 and 2014 Form 990s as described in the methodology section. Compensation includes compensation paid by the filing organization as well as compensation paid by a related organziation as reported on the filing entity’s Form 990.* In cases where the 2014 Form 990 was not available, the data in the 2013 Form 990 were used.^ Information reported off the 990 for the Trustees of the University of Pennsylvania. The Trustees of the University of Pennsylvania controls the University of Pennsylvania and the Hospital of the University of Pennsylvania.

2014

Board of Trustees/ Directors Executives Top Earners*

Total

Board

Seats

Female

Board

Seats

% Female

Board

Seats

Female President/

CEO

Of the Top 5

compensated

people, # of women

% Female Top

Earners

Abington Memorial Hospital 28 6 21% YES 1 20%

Albert Einstein Healthcare Network Group* 36 4 11% NO 1 20%

Aria Health 17 2 12% YES 2 40%

Christiana Care Health Services Inc. 26 8 31% YES 1 20%

Crozer-Chester Medical Center* 18 6 33% NO 1 20%

Holy Redeemer Health System* 18 3 17% NO 1 20%

Inspira Medical Center Woodbury, Inc. 20 6 30% YES 1 20%

Main Line Hospitals Inc. 25 7 28% NO 2 40%

Our Lady of Lourdes Medical Center 21 9 43% NO 1 20%

Pennsylvania Hospital of the University of Pennsylvania Health System

16 5 31% NO 1 20%

Presbyterian Medical Center of the University of Pennsylvania Health System

13 4 31% NO 1 20%

St. Mary Medical Center 17 3 18% NO 1 20%

Temple University Hospital Inc. 17 3 18% NO 2 40%

The Children's Hospital of Philadelphia 35 9 26% NO 1 20%

The Cooper Health System 22 3 14% YES 1 20%

Thomas Jefferson University Hospitals Inc. 40 8 20% NO 0 0%

Trustees of the University of Pennsylvania^ 63 19 30% YES 1 20%

Virtua - West Jersey Health System Inc. 12 2 17% NO 0 0

Total 444 107 24% 6 19 21%

Healthcare systemsBoard seats, executives and top earners


Public companies This project was conducted using a consistent methodology based on available SEC filings.

The scope of the research was comprised of the top 100 (by 2015 revenue) public companies as listed in the Philadelphia Business Journal (Vol. 35, No. 19) 2015 rankings. For each of the public companies, data were compiled from the company’s SEC filings for the fiscal year-end that fell within the calendar year ending December 31, 2015. If filings for the company’s fiscal year-end falling within the 2015 calendar year were missing or unavailable, the latest available filings prior to December 31, 2015 were used and have been identified as such.

For the trend and velocity analyses, data were used from prior years’ research efforts from the SEC sources. Note that the top 100 companies do change from year to year based on merger activity and changes in revenue, so the trends must be interpreted accordingly.

Directors and executive officers who held their positions as of the date of the SEC filing were included in the statistics presented. Data for executive officers were compiled using each respective company’s Form 10-K filed for the fiscal year-end falling within the 2015 calendar year. Data for directors and top earners were compiled using the proxy statements immediately succeeding the Form 10-K filed for the fiscal year-end falling within the 2015 calendar year. Directors whose term expired as of the date of the annual meeting were included within the statistics presented; however, nominees that were up for election at the annual meeting were not included.

Top earners were identified as those who were disclosed in the executive summary compensation table, or equivalent, within each company’s proxy statement immediately succeeding the Form 10-K filed for the fiscal year-end falling within the 2015 calendar year. Top earners may include former executive officers who no longer hold an executive position as of the date of the SEC filing. Former executive officers were not included in the charts as executive officers; however, they were included as top earners where appropriate.

The average age of board members was determined from data obtained from the proxy statements immediately succeeding the Form 10-K filed for the fiscal year-end falling within the 2015 calendar year. Only data for current board members were included in the

Project methodology

determination of this statistic. If a director’s age was not included, but they were determined to be a current board member (e.g., in cases where a director was not up for reelection at the annual meeting), data were obtained from the prior year proxy.

Nonprofit healthcare systems and four-year colleges and universitiesAll information was obtained from the 2013 and 2014 Form 990, Return of Organization Exempt From Income Tax. The forms were obtained from Guidestar.org, the organization’s website, or were directly provided by the organization upon request. The geographic reporting area focused on top hospitals and universities located in Chester, Delaware, Montgomery, Philadelphia and Bucks counties, Pennsylvania; Southen New Jersey; and the Wilmington, Delaware, area.

The largest nonprofit colleges and universities in the area were determined by the total student population as reported on collegestats.net. The largest nonprofit hospitals were determined by the total of number of beds in each hospital. This information was obtained through public data available through the Hospital Association of Pennsylvania, The New Jersey Hospital Association, and Delaware Healthcare Association. As most of these hospitals are part of a larger enterprise, the 18 hospital systems covered in this report control the largest 20 nonprofit hospitals. Certain organizations, of the 18 systems reported, manage other hospitals in and outside of the reporting area.

For purposes of determining the number of board seats, any person reported as a director or trustee on the Form 990, Part VII was counted as a member of the board for purposes of this report. If the organization reported a President as well as a CEO, the person who held the position with the most influence during the reporting year was designated the CEO/President.

To determine the top five highest compensated employees, all individuals reported on the Form 990, Part VII were included in the population. This includes current and former officers, directors/trustees, key employees and top five highest paid employees. Compensation paid by related organizations was taken into account.

All attempts were made to collect accurate information, and any errors in the data are unintentional.


Acknowledgments

The Forum of Executive Women would like to thank all of the individuals who gave of their time to be profiled in this report. And we extend our appreciation to the following contributors, for without them this report would not have been possible:

PwC The Forum is pleased to include PwC as our Women Upfront sponsor and thanks them for serving as the strategic sponsor of the Women on Boards report.

• Ed Lovelidge, PwC Philadelphia Metro Managing Partner

• Deanna Byrne, PwC Partner and Forum member

• Kelly Thornton, PwC Partner

• The PwC team members including: Amy Frazier (Forum member), Erica McReynolds, Lauren E. Bennett, Leah Coston, Alison Grant, Megan Heater, Elizabeth Bramowski, Keslie DeGarmo, Lauren West, Ancy Thomas, Peng Chen, Kate Gallagher, Emily Apathy, Thi Lee, James Millefolie, Jyll Presley

Writer Susan FitzGerald, Philadelphia-based writer and editor

Editorial/Project Manager Julie A. Kaeli, Associate Director, The Forum of Executive Women

The Forum of Executive Women: Women on Boards Subcommittee• Yelena Barychev

• Autumn Bayles

• Nila Betof, Immediate Past President, The Forum of Executive Women

• Jane H. Firth

• Sharon S. Hardy, Executive Director, The Forum of Executive Women

• Vicki Kramer

• Suzanne Mayes, President, The Forum of Executive Women

Printing Harriet Weiss CEO, CRW Graphics

For additional reading

Here is research referenced in the Women on Boards 2016 report:

• Center City District and Central Philadelphia Development Corporation, 2016 State of Center City Philadelphia, www.centercityphila.org/docs/SOCC2016.pdf, viewed September 20, 2016

• Credit Suisse Research Institute,.The CS Gender 3000: Women in Senior Management, September 2014, https://www.calpers.ca.gov/docs/diversity-forum-credit-suisse-report-2015.pdf, viewed September 20, 2016


The Forum of Executive Women

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Phone: (215) 628 9944 Fax: (215) 628 9839 Email: [email protected] Web: www.foew.com

Sharon S. Hardy Executive Director

Julie A. Kaeli Associate Director

To view this report electronically, please scan the code below or visit http://foew.com/initiatives/women-on-boards-report/

Copyright © 2016 The Forum of Executive Women and PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.

PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

At PwC, our purpose is to build trust in society and solve important problems. PwC is a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com/US

This publication is printed on Anthem Matte. It is a Forest Stewardship Council™ (FSC®) certified stock containing 10% post consumer waste (PCW) fiber.

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FSC® 0000000

Copyright © 2016 The Forum of Executive Women and PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.

PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

At PwC, our purpose is to build trust in society and solve important problems. PwC is a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com/US

This publication is printed on Anthem Matte. It is a Forest Stewardship Council™ (FSC®) certified stock containing 10% post consumer waste (PCW) fiber.

Printed with pride by CRW Graphics in support of the Forum of Executive Women.

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