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Economic Club of Minnesota

​Board Members


Mark Kennedy, Chairman

Mark Kennedy is President of the University of North Dakota (UND).

Mark is a fourth generation Minnesotan and is the third generation of his family to live in North Dakota.
 
Kennedy's brings an unmatched range of global experiences as a senior executive at one of America's largest companies (Macy's), serving as a U.S. Congressman, advising both Presidents George W. Bush and Barack Obama on international trade, and leading George Washington University's (GWU) Graduate School of Political Management (GSPM). 
 
Under Kennedy's leadership, GWU's Graduate School of Political Management became widely acknowledged as the academic leader in global advocacy and digital engagement. It was recognized by PRWeek as the top public relations education program.
 
In his forthcoming book from Columbia Business School Press on Shapeholders - Business Success in the Age of Activism, Kennedy updates the rules for business engagement with society reflecting the rise of activism and expanded political involvement in commercial affairs. He reveals how understanding the views of others and converting skeptics to embrace your aims are the keys to success, whether you are collaborating or competing.
 
Kennedy introduced the concept of "Shapeholders" to the field of business strategy - the political, regulatory, media, and activist actors that shape a firm's opportunities and risks. Kennedy reveals how to effectively engage shapeholders both at home and abroad to profitably advance business strategies while benefiting society.
 
 
Mark believes collaborating is essential to success. While a Republican Congressman, he partnered with twenty Democrats to introduce and lead legislation; more than half of the Democrats in the U.S. House co-sponsored one of his bills and nearly all voted in support of at least one of his initiatives.
 
Mark is a frequent commentator in media including BBC, Bloomberg, CNN, Financial Times, Foreign Policy, FOX, MSNBC, NPR, Politico, USA Today, Wall Street Journal, Washington Post.
Kennedy has lectured or led research projects at the University of Pennsylvania / Wharton, Johns Hopkins, Notre Dame, NYU, Maryland, Minnesota, London Business School, HEC-Paris (Paris, Doha), Mannheim (Germany), LUISS (Rome), Deusto (Spain), Vienna, University of International Business and Economics (Beijing) Globis (Tokyo), Meiji (Tokyo), NUS-Singapore, Tecnológico de Monterrey (Mexico) and Fundação Getulio Vargas (São Paulo).
 
A graduate of St. John's University, Kennedy received a Master's in Business Administration (MBA) with distinction from The University of Michigan.
 
Mark and his wife Debbie have four adult children. They live in Grand Forks, North Dakota.

Timothy J. Penny, Co-Founder

Timothy (Tim) Penny was appointed as the Southern Minnesota Initiative Foundation’s (SMIF) President and CEO in April 2007. 

Penny’s extensive background complements many of SMIF’s key interests, including the areas of workforce development, early childhood development, and economic development with a focus on bio-ag and bio-medical.  Penny sees these areas as having the biggest growth potential for the region and the greatest impact on the future economy in southern Minnesota.

Penny represented Minnesota’s First Congressional District in the U.S. House of Representatives from 1982-1994.  Previously, he was a member of the Minnesota State Senate from 1976-82.  Most recently, Penny was a Senior Counselor at Himle Horner, a Twin Cities-based public relations and public affairs firm, and co-chair of the Humphrey Institute Forum at the University of Minnesota. 

As a member of the Minnesota Senate, Penny served as vice-chair of the Transportation and Finance committees.  Among other issues, Penny’s areas of emphasis included student financial aid, rural and rail transportation and regulatory reform.  While in Congress, Penny served on the Education and Labor, Agriculture and Veterans’ Affairs committees.  He chaired the Subcommittee on Veterans’ Education and Training and the Foreign Agriculture and Hunger Subcommittee.

Throughout his congressional career, Penny placed an emphasis on budget issues.  He chaired the Democratic Budget Group as well as the Porkbusters Coalition.  His deficit reduction efforts were recognized by such organizations as the Business Roundtable, Citizens for a Sound Economy, the National Taxpayers union and Citizens Against Government Waste. Penny has co-authored three books: Common Cents; The 15 Biggest Lies in Politics; and Payment Due.  Born and raised in southeastern Minnesota, Penny received his B.A. in political science from Winona State University.  Penny is married, has four adult children and resides in Owatonna.


Stephen W. Sanger, President

Stephen W. Sanger is retired chairman and CEO of General Mills, one of the world’s largest food companies with a roster of popular consumer brands that includes Cheerios, Yoplait, Pillsbury, Betty Crocker, Nature Valley and many others.

Sanger joined General Mills in 1974 and progressed through a variety of positions in marketing management across the company’s consumer food businesses.  He served as Chairman and CEO from 1995 to 2007 and continued as Chairman of the Board through May 2008.

Sanger served as Chairman of the Board of Wells Fargo & Company, a position to which he was elected in 2016.  He is also a director of Pfizer, Inc. a member of the Business Council and past board member of Target Corporation, Catalyst, the National Campaign to Prevent Teen Pregnancy, the Business Roundtable and past board chairman of the Guthrie Theater.  In 2007, he was appointed by the President of the United States to serve on the Advisory Committee for Trade Policy and Negotiations.

Sanger received a bachelor's degree in history from DePauw University in 1968 and an MBA from the University of Michigan in 1970. From 1970 to 1973, he held marketing and sales positions with Procter & Gamble.
 


David Frauenshuh, Founding Director

David Frauenshuh has more than 45 years of experience in commercial real estate.  With his extensive management and marketing expertise, he has built a reputation for himself as well as for Frauenshuh, Inc. Today, he has property ownership interest in approximately 25 states. Within the industry, the name Frauenshuh is synonymous with honesty and integrity.

Frauenshuh, Inc. has expertise in the area of development and financing of Medical Office Buildings, Integrated Ambulatory Centers, Inpatient Hospitals, Outpatient Surgical & Imaging Centers and Full-Service Medical Campuses.  Frauenshuh also has expertise in headquarters development and acquisition of commercial real estate. Currently, David Frauenshuh, has financial interest in several other companies and serves as a real estate advisor to many organizations.

Mr. Frauenshuh is a graduate of Minnesota State University of Mankato and received the Distinguished Alumni Award in 2011.  A native of the Saint Paul area, he is a member of the National Association of Industrial and Office Parks and the Building Owners and Management Association (founding member RPA designation).  Mr. Frauenshuh serves on the Board of many profit and non-profit organizations, including the following, Economic Club of Minnesota Board, Nanocopoeia Board, the National Prayer Breakfast Business Leaders Committee, the Children’s House of Hawaii Board, and Salvation Army National Advisory Board.  He also performs outreach and Christian missionary work with several charitable organizations. Mr. Frauenshuh previously served as the Public Interest Director of the Federal Home Loan Bank of Des Moines for the Federal Housing Finance Board, Board member of Cornerstone Capital Management, Inc., Chairman of the Minnesota Prayer Breakfast, and Board member of Minnesota Military Family Foundation.  He received the Minnesota Business Hall of Fame Award in 2010.  



Dr. Christine Cumming, Director

Christine M. Cumming is retired first vice president of the Federal Reserve Bank of New York and served as its chief operating officer. She was an alternate voting member of the Federal Open Market Committee.

Dr. Cumming was born on June 6, 1952, in Minneapolis, Minnesota. She earned a B.S. and a Ph.D. in economics from the University of Minnesota.

Dr. Cumming joined the Bank's staff in September 1979 as an economist in the International Research Department. While in the Bank's International Capital Markets staff, she worked on topics such as the liquidity of banks and securities firms and the international competitiveness of U.S. financial institutions.

In January 1992, Dr. Cumming was appointed vice president and assigned to domestic bank examinations in Bank Supervision. She was active in the work of the Basel Committee, including the development of the market risk amendment to the Basel Accord. From March 1994 until September 1999, Dr. Cumming was senior vice president responsible for the bank analysis and advisory and technical services functions in the Bank Supervision Group.

Prior to being named to her current position, she was executive vice president and director of research with responsibility for the Research and Market Analysis Group. Dr. Cumming assumed these responsibilities in September 1999.

Christine M. Cumming is retired first vice president of the Federal Reserve Bank of New York and served as its chief operating officer. She was an alternate voting member of the Federal Open Market Committee.

Dr. Cumming was born on June 6, 1952, in Minneapolis, Minnesota. She earned a B.S. and a Ph.D. in economics from the University of Minnesota.

Dr. Cumming joined the Bank's staff in September 1979 as an economist in the International Research Department. While in the Bank's International Capital Markets staff, she worked on topics such as the liquidity of banks and securities firms and the international competitiveness of U.S. financial institutions.

In January 1992, Dr. Cumming was appointed vice president and assigned to domestic bank examinations in Bank Supervision. She was active in the work of the Basel Committee, including the development of the market risk amendment to the Basel Accord. From March 1994 until September 1999, Dr. Cumming was senior vice president responsible for the bank analysis and advisory and technical services functions in the Bank Supervision Group.

Prior to being named to her current position, she was executive vice president and director of research with responsibility for the Research and Market Analysis Group. Dr. Cumming assumed these responsibilities in September 1999.


Elliot Jaffee, Director

Elliot Jaffee is Executive Vice President and head of commercial banking at U.S. Bank, the fifth largest commercial bank in the United States. He leads a team of professionals that serve both middle market businesses across the entire U.S. Bank footprint and a portfolio of national specialized industry groups.

Throughout his tenure at U.S. Bank, in many leadership roles, Jaffee has led divisions ranging from the Small Business Administration to corporate banking groups that work with complex multinational companies. Additionally, he served as Twin Cities Market President, leading U.S. Bank’s business activities with oversight for the Advisory Board and direct leadership of the Market Leadership Committee. Prior to joining U.S. Bank, Jaffee held corporate banking positions at Bank of America in New York and Chicago.

Jaffee’s continued career success is grounded in his philosophy of advocacy for his clients and the teams he leads. Jaffee is known for his passionate, focused style and his engaging and direct communication. His “client first” approach mirrors the U.S. Bank culture of bringing the full service and global reach of the bank to every relationship.

An active and dedicated member of the community, Jaffee’s energetic leadership extends to several civic organizations. Currently he serves on the board of directors of the Economic Club of Minnesota and as Executive Sponsor for the Special Olympics Polar Plunge. Jaffee has served on the board of the Minnesota Chamber of Commerce, and is past chair of the Minneapolis Downtown Council. Jaffee chaired the American Heart Association Heart Walk in 2010, bringing it to Target Field and significantly increasing funds raised. Additionally, Elliot and his wife Judy are enthusiastic supporters of numerous community organizations and are members of the United Way Tocqueville Cabinet.  

Jaffee earned his bachelor’s degree from Cornell University in Ithaca, New York, and his MBA from The University of Chicago Booth School of Business, where he graduated with honors. 


Neel Kashkari, Director

Neel Kashkari took office as president and chief executive officer of the Federal Reserve Bank of Minneapolis on Jan. 1, 2016. In this role, he serves on the Federal Open Market Committee, bringing the Fed’s Ninth District’s perspective to monetary policy discussions in Washington. In addition to his responsibilities as a monetary policymaker, Kashkari oversees all operations of the bank, including supervision and regulation, and payments services.

Kashkari began his career as an aerospace engineer at TRW in Redondo Beach, Calif., where he developed technology for NASA space science missions. Following graduate school, he joined Goldman Sachs in San Francisco, where he helped technology companies raise capital and pursue strategic transactions.

From 2006 to 2009, Kashkari served in several senior positions at the U.S. Department of the Treasury. In 2008, he was confirmed as assistant secretary of the Treasury. In this role, he oversaw the Troubled Assets Relief Program (TARP) during the financial crisis. Kashkari received the Alexander Hamilton Award, the Treasury Department’s highest honor for distinguished service.

Following his tenure in Washington, Kashkari returned to California in 2009 and joined PIMCO as managing director and member of the executive office. He left the firm in 2013 to explore returning to public service.

In January 2014, Kashkari was a gubernatorial candidate in the state of California, running on a platform focused on economic opportunity.

Kashkari earned his bachelor’s and master’s degrees in mechanical engineering at the University of Illinois at Urbana-Champaign and his MBA from the Wharton School at the University of Pennsylvania.


Martha "Muffy" MacMillan, Director

Martha (Muffy) MacMillan has served as a Director on the board of Cargill Inc., her family business. She is currently a Director on the Cargill Foundation and Waycrosse, Inc. where she serves on the Executive and Corporate Governance Committees and chairs the Education and Human Resources Committees. She serves on many international, national and local boards, such as; Board chair of the American Federation of Arts (New York), Opportunity International, including chairing their $50,000,000 agriculture capital campaign, Bank (Bogota, Colombia), Global Minnesota, The Economic Club of Minnesota, The Walker Art Museum, Twin Cities Public Television, PACER Center and past chair of the Abbott Northwestern Hospital Foundation.

Muffy was honored and received the Ellis Island Medal of Honor, one of the country’s most prestigious awards. The Ellis Island Medal of Honor recognized her mission to share with those less fortunate her wealth and knowledge, indomitable courage, boundless compassion, unique talents and selfless generosity, while maintaining the traditions of her ethnic heritage as they embody the American Dream. In 2015, she received the 2015 Pioneer Award at the United Nations which honors women in business worldwide. The Pioneer Award recognizes women innovators globally for bringing ideas to life, driving economic growth and expanding human welfare. As part of the Pioneer award she spoke on a panel at the United Nations that was broadcast to 118 countries.

For the past 25 years, she has been a board member, donor, fundraiser, and/or volunteer for many organizations such as; Minnesota Children’s Museum, Children’s Hospital of Minneapolis and St Paul, Blake School, Governor for Eleven Who Care, and Minneapolis Institute of Art. She is an active participant who enjoys being fully engaged with the organization’s mission and brings experience, leadership, energy and financial support to help reach their goals and objectives. Her fun-loving nature and passion for making a difference in the world, has inspired others to get involved. Her passion for family and raising 5 children always remains in the forefront.

After hearing all of her accomplishments and involvement one might think that Muffy has completed a lifetime of volunteer service over the past 25 years. Her vision for her continued service has no end in sight….she is just getting started.


Erik Paulsen, Director

Congressman Erik Paulsen represented Minnesota’s Third Congressional District from 2009 –2019. He served as a leading member on the chief tax writing House Ways and Means Committee, which has jurisdiction over health care, economic and trade policy.

Erik also was the Chairman of the Joint Economic Committee, focusing on innovation, entrepreneurship, access to capital, digital trade and key economic issues, while working with the President’s Council of Economic Advisors and Federal Reserve Board.

Erik served as co-chair of the House Medical Technology Caucus and was the premier leader and advocate for the medical technology industry, the life-saving technologies it provides to patients, and the hundreds of thousands of jobs it supports.

In addition, Erik was a member of the Deputy Whip Team and cochaired the Digital Trade Caucus and the Transatlantic Trade and Investment Partnership Caucus to promote trade with Europe.

Paulsen was also an advocate for combating sex trafficking and was instrumental in authoring and advocating for legislation to protect victims and bring traffickers to justice.

Prior to his service in Congress, Rep. Paulsen was a member of the Minnesota State Legislature, where he served as House Majority Leader.

Erik has over 16 years of business experience, including working as a business analyst at Target Corporation. He received his B.A. in mathematics from St. Olaf College and resides in Eden Prairie with his wife and their four daughters.


Jeannine Rivet, Director

Jeannine Rivet is an active board member, and advisor, mentor and coach. As Executive Vice President of UnitedHealth Group, Jeannine Rivet worked with and on behalf of all business segments in areas focused on strategic business relationships, clinician advancement, culture and social responsibility. Previous roles at UnitedHealth Group include CEO of UnitedHealthcare, CEO of Ingenix and CEO of Optum. Prior to joining UnitedHealthcare Corporation, Jeannine held various other managed care and nursing positions.  

Jeannine received a Masters in Public Health from Boston University. She also holds a B.S. in Nursing from Boston College and practiced as a registered nurse for several years prior to entering the managed care industry. She is on numerous business boards and advisory councils, and is a mentor to men and women in business. She has been recognized by AAHP, Boston University School of Public Health, Fortune magazine, Girl Scouts of Minnesota and Wisconsin River Valleys, Minneapolis St. Paul Business Journal, Minnesota’s City Business, Minnesota Women’s Health Leadership TRUST, Twin Cities Business magazine, Linkage and the American Association of Colleges of Nursing. She also is a Fellow of the American Academy of Nursing.  She is a driving force in challenging the industry to enhance health and well-being through information, collaboration and advancement of optimal healthcare.
 


Paul Koch, Ex-Officio Director

Paul Koch is the Managing Partner of Koch Wealth Solutions, a comprehensive wealth management team at RBC Wealth Management serving select families. Paul has 27 years of wealth management experience and serves as Koch Wealth Solutions' primary relationship manager. As a certified NFL Players Association Financial Advisor, Paul heads the practice's professional athlete sub-specialty. 

This depth of experience resulted in Paul's inclusion in Barron’s list of “Top 1,000” advisors in the U.S., and recognition as one of the top 25 Wealth Advisors by the Minneapolis St. Paul Business Journal. 

Paul earned his B.A. from Gustavus Adolphus College in St. Peter, Minn. and serves as Vice Chair of the college’s Board of Trustees. In addition, Paul and serves on the Board of Directors of the Economic Club of Minnesota, Junior Achievement of the Upper Midwest is the former Chair of the Interfaith Outreach & Community Partners Board . Paul previously served as a member of the University of Minnesota Intercollegiate Athletics Advisory Committee and is a member of Twin Cities Dunkers. 

Paul and his wife, Michelle, live in Plymouth, Minn. with their three sons. They are passionate University of Minnesota basketball supporters, and avid golfers.


Sid Verdoorn, Founding Director, Emeritus

Sid Verdoorn, 69, is the former CEO and Chairman of the Board for C.H. Robinson WorldWide. He served over 40 years with C.H. Robinson, working his way from an entry level sales position to assuming the Presidency of the company in 1977.  

Sid was born in Hollandale, Minnesota.  After graduating from Albert Lea High School in 1957, Sid attended Central College in Iowa and served in the United States military.  He joined C.H. Robinson in 1963, initially serving as a salesperson and then early in his career opening the C.H. Robinson San Francisco branch office. His achievements in the field, combined with his leadership abilities, landed him the position of personnel director for the company in 1971, an instrumental position because C.H. Robinson is a service business.  The quality and management of its employees are keys to the company’s success.

After serving as a Vice President, Sid was named President of C.H. Robinson in 1977, and then later Chairman and CEO. He was instrumental in overseeing and developing strategic growth plans, setting the vision, and leading the company to its current international size and status as a highly successful, publicly-traded company on the Nasdaq. He retired as Chairman of the Board in December 2006.

Sid has served on the Boards of Directors for G&K Services, a publicly-traded company based in Minnesota, and the Schwan Food Company.  He also served on the Boards the United Fresh Fruit and Vegetable Association and the Produce Marketing Association. 

In addition to his professional activities, Sid has served on several church and community projects.

Sid and Carol Verdoorn have been married for nearly 50 years, and have three sons and five grandchildren.  They currently reside in Minnetonka, Minnesota and Scottsdale, Arizona. 

Founded in 1905, C.H. Robinson Worldwide, Inc., is a global provider of multimodal transportation services and logistics solutions, serving over 29,000 customers through a network of approximately 220 offices in North America, Europe, Asia, and South America. The company works with 48,000 transportation providers worldwide.  C.H. Robinson is publicly traded on the Nasdaq as CHRW.  C.H. Robinson is a Fortune 500 company and one of the largest third-party logistics companies in the world, with gross revenues of approximately $7.3 billion. For more information about our company, visit our Web site at www.chrobinson.com.


Mark Olson, Director (1943-2018)

Mark Olson’s distinguished career in financial services has spanned over 40 years, including top-level executive positions in the public and private sectors. Mark has been Co-Chair of Treliant Risk Advisors since 2009, following three years as Chairman of the Public Company Accounting Oversight Board, five years as a member of the Federal Reserve Board of Governors and the Federal Open Market Committee, and after serving as staff director of the Securities Subcommittee of the U.S. Senate Committee on Banking, Housing and Urban Affairs. Mark is also a past President of the American Bankers Association. Mark spent more than a decade as a partner with Ernst & Young LLP (formerly Arthur Young & Company), where he became national director of the financial services Regulatory Consulting Practice.

Mark began his career at First Bank System (now U.S. Bancorp) after which he served in Washington, DC as Legislative Director in the office of Congressman Bill Frenzel (R-MN). In 1976 he was named President and CEO of Security State Bank, a Minnesota community institution founded by his father. He served as President and CEO of Security State Bank until joining Ernst & Young in 1988.

In addition to his Treliant responsibilities, Mark is a board member of Otter Tail Corporation; a member of Ernst & Young’s Global Advisory Board; a member of the College of William and Mary’s Advisory Board for the Master’s in Accounting program; and the University of Maryland Advisory Board for Financial Policy.

Mark holds a BA in economics from Saint Olaf College in Minnesota and was named a Distinguished Alumnus in 2003.


William "Bill" Frenzel, Co-Founder (1928-2014)

Bill Frenzel has been a guest scholar at the Brookings Institution since January 1991, when he retired from the U.S. House of Representatives after serving his Minnesota constituency for twenty years. 

Frenzel was the ranking minority member on the House Budget Committee and was the principal Republican economic spokesperson in the House.  He was a member of the House Ways and Means Committee and its Trade Subcommittee, and was a congressional representative to the General Agreement on Tariffs and Trade (GATT) in Geneva for fifteen years.  In 1993, he was special advisor to the president for NAFTA.  

In 2001, President Bush appointed him to the Social Security Commission, and in 2002, to the Advisory Committee on Trade Policy and Negotiations (ACTPN), which he chairs.  In January, 2005, he was appointed to President Bush’s Tax Reform Commission. 

In 2000, he was awarded the Order of the Rising Sun, Gold and Silver Star, by the Emperor of Japan.   In 2002, he received an Honorary Doctor of Laws Degree from Hamline University. 
 
Frenzel received his B.A. and M.B.A. from Dartmouth College and served as a Naval Officer during the Korean War.  He was president of the Minneapolis Terminal Warehouse Co., and other corporations, a member of the Executive Board of the American Warehousemen's Association, and served eight years in the Minnesota Legislature. 

He is the vice chairman of the Eurasia Foundation, chairman of the US Steering Committee of the Transatlantic Policy Network, co-chairman of the Center for Strategic Tax Reform, co-chairman of the Bretton Woods Committee, co-chairman of the Committee For A Responsible Federal Budget, chairman of the Pew Commission on Children in Foster Care, a member of the Executive Committee of the Committee on U.S.-China Relations, and chairman of the Executive Committee of the International Tax and Investment Center. 

He is a Board member of Secretary of State’s Advisory Committee on Leadership and Management, Sit Mutual Funds, Northstar Education Finance, and other organizations. 

Frenzel and his wife, Ruthy, are the parents of three daughters and grandparents of two perfect grandchildren.