You might have the chance to move into executive management at some point in your career. To get to the C-suite, you usually need a plan to go after a specific job. Becoming a CEO is no easy feat. A chief executive officer’s (CEO) general leadership and management skills set them apart.
The chief executive officer of a company is in charge of everything and nothing at the same time. He is not in charge of finance, human resources, information technology, marketing, sales, or production.
But he tells everyone in those departments what to do by coming up with the strategic goals for the company. Their duties are a huge part of the company, so they are paid so much.
Interested in the highest-paid CEO in Minnesota and their salaries? Do you want to know what a CEO’s job is, their experience, and what they generally earn? This article is for you. We limited our research to Minnesota to ensure you get the best out of this post. Let’s dive right in.
Table of contents
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What does a CEO in Minnesota Do?
CEOs work in almost every type of business and industry you can think of. The CEO’s duties depend on the type of business. They generally involve ensuring that the organization meets its financial and other goals. A board of directors is often to who CEOs report.
As the CEO of a company, you might be in charge of
- Hiring
- Training, and managing employees
- Buying supplies, or making sure employees meet quality standards.
- Strategic planning
- Making company policies
- Working with other top executives in the company.
What Education and Experience do CEO in Minnesota Need?
Most likely, you will need at least a bachelor’s degree. You would also need a lot of work experience in the field. Even though you might work your way up in a company and get promoted from within, many companies prefer to hire people from outside the company.
CEOs don’t have particular college degrees. However, you might want to consider getting a bachelor’s or master’s degree in business administration. The Master of Business Administration (MBA) can help someone get to the top of a large company. A capstone project or internship is often part of an MBA program, giving students much-needed work experience.
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How Much do CEOs in Minnesota Make?
As a CEO, your pay can be different. In May 2020, the U.S. Bureau of Labor Statistics found that CEOs in many industries made more than $200,000 per year. At that time, the average salary for all CEOs was $197,840.
Most CEOs worked for private companies and made an average of $248,610 a year. CEOs who worked for local governments made an average of $124,510 a year.
At that time, the average salary for an elementary or middle school CEO was $156,150. The average salary for a CEO in the computer systems design industry was $235,380.
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15 Highest-paid CEO in Minnesota
Here are the highest-paid CEO in Minnesota
#1. David S. Dave Wichmann
Since June 2021, David S. “Dave” Wichmann has been a director at Boston Scientific. Mr. Wichmann was the CEO of UnitedHealth Group, Inc. from September 2017 to March 2021.
Before this, he was president of the UnitedHealth Group, starting in November 2014. He was in charge of all of UnitedHealthcare’s domestic and international businesses.
From 2011 to 2016, he was the chief financial officer of the UnitedHealth Group. During his time at UnitedHealth Group, he also worked as president of UnitedHealthcare, president and chief executive officer of Specialized Care Services, and senior vice president of Corporate Development. He is one of the highest-paid CEO in Minnesota.
Mr. Wichmann was a partner at Arthur Andersen & Co. and the chief financial officer of Advanced Machine Company.
This was before he joined UnitedHealth Group. He was on the boards of UnitedHealth Group Inc. and Tennant Company in the past. Mr. Wichmann went to Illinois State University and got his B.S. in accounting.
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#2. James Cracchiolo
James “Jim” Cracchiolo is the Chairman, and Chief Executive Officer of Ameriprise Financial, Inc. Ameriprise Financial is a leading diversified financial services company that helps the mass affluent and affluent with all of their financial planning needs.
Since 2003, he has also been Chairman of Threadneedle Asset Management, a global asset management company based in London. James is one of the highest-paid CEO in Minnesota.
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#3. Douglas M. Baker Jr.
Douglas M. Baker Jr. was born on December 5, 1958. He is the chairman of the board and CEO of Ecolab, Inc. It is a Fortune 500 company that makes and sells technologies and services for water, hygiene, and energy.
Baker joined Ecolab in 1989. At first, he worked in different marketing and management roles in the U.S. and Europe. He was vice president and general manager of Kay Chemical Co.
This is a division of Ecolab that makes cleaning and sanitizing programs for the fast food and food retail markets.
Baker then became vice president of Ecolab’s Institutional business sector. They offer cleaning and sanitation products, programs, and services in North America.
In 2002, Baker got named president and chief operating officer of Ecolab. In 2004, he got named president and chief executive officer. In 2006, he also took on the role of chairman of the board.
From the end of 2013 to the end of 2017, Ecolab’s sales grew by 268%, from $3.6 billion to $14 billion. The shareholders’ equity also grew by 476%. Douglas Baker is one of the highest-paid CEO in Minnesota.
#4. Archie C Black
Archie C. Black is the CEO of SPS Commerce, Inc. at the moment. He got into this position in 2022 and is doing excellent work at it. They specialize in software and tech services.
Since his assuming the position of CEO, he has grown the stock and capital market of this company to almost x2. Archie C. Black is currently one of the highest-paid CEO in Minnesota.
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#5. Victoria M. Holt
As of August 2, 2021, Victoria M. Holt has at least $4.5 million in net worth. Ms. Holt owns more than 604 Proto Labs Inc. stock shares worth more than $973,346. She has also sold PRLB stock worth more than $203,754 in the last 14 years.
She also gets $3,326,510 from Proto Labs Inc., where she is President, Chief Executive Officer, and Director.
The SEC Form 4 shows that Victoria has traded Proto Labs Inc. stock more than eight times since 2010. On August 2, 2021, she sold 604 shares of PRLB stock worth $88,734.
The biggest trade she’s ever made was on September 8, 2010. She sold 47,300 units of Proto Labs Inc. stock worth more than $2,972,805.
Since 2008, Victoria has traded an average of 1,102 units every 42 days. She is currently one of the highest-paid CEO in Minnesota.
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#6. Rob Biesterfeld
As of June 14, 2022, Robert C. Jr. Biesterfeld has at least $26.5 million in net worth. Mr. Biesterfeld owns more than 21,694 units of C.H. Robinson Worldwide stock worth more than $19,814,008. He has also sold CHRW stock worth more than $1,648,161 over the past six years.
In his roles as President, Chief Executive Officer, and Director at C.H. Robinson Worldwide, he also makes $5,065,930.
According to Form 4 filed with the SEC, Robert has traded C.H. Robinson Worldwide stock more than 11 times. On June 14, 2022, he bought 21,694 CHRW stock units worth $1,317,260.
On June 14, 2022, he sold 21,694 C.H. Robinson Worldwide stock worth more than $1,317,260. This was his biggest trade ever. Since 2016, Robert has traded an average of 1,628 units every 86 days.
He still owned at least 203,304 units of C.H. Robinson Worldwide stock as of June 14, 2022. Rob is one of the highest-paid CEO in Minnesota.
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#7. Jeff Harmening
Jeffrey L. Harmening is the president and CEO of General Mills. In June 2017, he took over from Ken Powell. From July 2016 to May 2017, he was the chief operating officer (COO) of General Mills.
He got a bachelor’s degree from DePauw University in 1989 and an MBA from Harvard Business School (1994). Jeff Harmening is one of the highest-paid CEO in Minnesota.
#8. Micheal Happe
As of April 9, 2020, Michael J. Happe has at least $8.11 million in net worth. Mr. Happe has more than 3,000 units of Winnebago Industries stock worth more than $5,194,723. He has also sold WGO stock worth more than $137,580 over the past 16 years.
In his roles as President, Chief Executive Officer, and Director at Winnebago Industries, he also makes $2,775,830. Michael Happe is one of the highest-paid CEO in Minnesota.
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#9. Andrew Cecere
Chairman, President, and Head of the Company
Andy Cecere is the chairman, president, and CEO of U.S. Bancorp, a well-known financial services holding company with businesses in the United States, Canada, and Europe. U.S. Bancorp is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States.
It is mostly on in Minneapolis. Elavon, a leader in the payment processing industry, is also owned by U.S. Bancorp.
Andy became chairman of U.S. Bancorp in 2018, and he is in charge of the company’s Managing Committee, which has the highest-ranking executives.
Andy has been making money for almost 40 years. He began as a financial analyst at Control Data Corporation.
In 1985, he joined the finance group at U.S. Bancorp. In 1990, he was given the title of vice president of acquisition analysis. In 1992, he got the title of senior vice president of finance and planning.
From 1996 to 1999, he was the head of administration for business banking, private financial services, and relationship banking.
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#10. Jim Snee
Jim Snee is the chairman of the board, president, and CEO of Hormel Foods. Hormel Foods is a global branded food company that does business in more than 75 countries.
They make more than $11.4 billion in sales every year. Hormel Foods is part of the S&P 500 Index and has been named an S&P 500 Dividend King.
Jim is only the company’s 10th president and chief executive officer. During his time as CEO, he has led the company’s continued growth as a global branded food company and its growing reputation as an award-winning corporate citizen.
He has done this by putting the company’s focus on the food it makes and the difference it makes in the world.
PR Week Magazine gave Jim an honourable mention in 2021 as one of the Most Responsible CEOs. He is also one of the highest-paid CEO in Minnesota.
#11. Chad R. Abraham
Abraham became an analyst in investment banking when he joined the company in 1991. He worked as a banker for the company’s technology investment banking group for 13 years on the West Coast.
In 1999, he became managing director and was put in charge of technology investment banking. In 2005, Abraham became head of capital markets. In 2010, he became the global co-head of investment banking and capital markets.
Under the direction of Abraham and his co-head, Scott LaRue, the firm’s investment banking division went from making about $150 million in revenue to making more than $500 million.
They set up coverage in the areas of energy and financial services. They also grew their abilities in debt capital markets and added key offices and people.
Abraham is on the board of trustees for the Minnesota, South Dakota, and North Dakota chapter of the Nature Conservancy.
He got a Bachelor of Arts in economics and political science from Northwestern University. Chad Abraham is one of the highest-paid CEO in Minnesota.
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#12. Russel Becker
Russell Becker, President and CEO of API Group Corp, is worth about $37,99K right now. Russell Becker owns about 1,376 shares of common stock in Api Group Corp. Russell Becker has sold about $3.05M worth of things at Api Group Corp in the last two years.
On June 23, 2020, Russell Becker placed an order for 2,100 items worth more than $30,010.00. Russell Becker has been at Api Group Corp for about 2 years and has done about 8 deals.
Russell Becker trades most often in February, and 2021 will be his busiest year. On August 18, 2021, a purchase order for 112 items worth more than $2,490.00 was made. Becker is one of the highest-paid CEO in Minnesota.
#13. Mike Roman
Mike Roman is the chairman of the board and CEO of 3M. It is a $35 billion science and manufacturing company that makes things that make people’s lives better all over the world.
3M uses its 51 technology platforms to make unique solutions for customers in four business groups. These are Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. Mike is one of the highest-paid CEO in Minnesota.
The 96,000 people who work for the company all have the same goal. 3M’s performance is mostly driven by its mission, and the company is working on four strategic priorities to help create long-term value.
Under Mike’s leadership, 3M has also helped lead the world’s response to COVID-19. They gave out more than 4 billion respirators to protect nurses, doctors, and first responders.
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#14. Shelly R. Ibach
As of March 1, 2022, Shelly Radue Ibach has at least $23.9 million in net worth. Ms. Ibach owns more than 18,120 shares of Sleep Number Corp. stock worth more than $4,782,173.
She has sold SNBR stock worth more than $12,699,362 in the last six years. Shelly R. Ibach also gets $6,412,290 from Sleep Number Corp., where she is President, Chief Executive Officer, and Director.
The SEC Form 4 shows that Shelly has bought and sold Sleep Number Corp stock more than 26 times since 2016. The last time she did this was on March 1, 2022. She sold 18,120 units of SNBR stock worth $441,041.
On April 24, 2017, she sold 79,844 units of Sleep Number Corp stock worth more than $2,485,544.
This was the biggest trade she’s ever made. Since 2016, Shelly has traded an average of 11,538 units every 47 days. Shelly is one of the highest-paid CEO in Minnesota.
#15. Tod E. Carpenter
Tod E. Carpenter is on the board of AMETEK, Inc., and is Chairman, President, and Chief Executive Officer of Donaldson Co., Inc. He is also a Member-Overseers Board at The Curtis L. Carlson School of Management.
Mr. Carpenter went to Indiana State University for his first degree and then to California State University for his MBA. He is one of the highest-paid CEO in Minnesota.
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Summary
A CEO usually has an MBA and has worked as the head of a division, usually in marketing or finance, unless the business is very small. You can learn these technical skills through school and experience. For this job, you need to work on your soft skills.
You should also work on your public speaking skills since CEOs have to give a lot of talks and talk to the media.
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Frequently Asked Questions
1. Elon Musk, Tesla: $23.5 billion.
2. Tim Cook, from Apple: $770,500,000.
3. Jensen Huang, NVIDIA: $561 million.
4. Reed Hastings, CEO of Netflix: $453,500,000.
5. Leonard Schleifer, Regeneron Pharmaceuticals: $452.9 million.
6. Marc Benioff, CEO of Salesforce: $439.4 million.
7. Satya Nadella, Microsoft: $309.4 million.
In 2021, Shabeer Ahmed, a psychiatrist who works at the Anoka Reginal Treatment Center, was the worker who made the most money.
The annual proxy statement is probably the best place to find out how much executives get paid. Instead of giving you the information directly, annual reports on Form 10-K and registration statements might just point you to the information in the annual proxy statement.
1. Lisa T. Su, Advanced Micro Devices: $29.5 million.
2. Mary T. Barra, General Motors: $29.1 million.
3. Phebe N. Novakovic, General Dynamics: $23.6 million
4. Adena Friedman. Nasdaq. $20 million.
JPMorgan CEO Jamie Dimon came in the first place. He is closely followed by the CEO of Microsoft, Satya Nadella, and the CEO of tech giant Apple, Tim Cook.
References
- mnaflcio.org– highest-paid CEOs in Minnesota
- startribune.com– Minnesota CEOs
- bizjournals.com– CEOs in Minnesota
- Image Link
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