Board of Trustees

Chair, Mary Schmid Daugherty, CFA, PhD

Associate Professor, Department of Finance, University of St. Thomas

Mary Schmid Daugherty has served as a board member of the Mairs & Power mutual funds since 2010, including as a member of the Nominating and Governance Committee and Chairman of the Audit Committee from 2012 through 2017. She became Independent Chair of the Board on January 1, 2018. Dr. Daugherty has been an Associate Professor of Finance at the University of St. Thomas in Saint Paul, Minnesota since 1987. Prior to that she was with First Trust, Inc. in Saint Paul for five years as an investment officer in its Investment Research Department. She also spent two years as a teaching assistant in the Finance Department of the University of Minnesota in Minneapolis. Dr. Daugherty is the author of several publications in the financial field and has received a variety of teaching awards. Her professional activities include memberships in the CFA Society of Minnesota, the Association of Investment Management and Research, The Family Firm Institute and the Financial Analysts Federation.

James D. Alt, J.D.

Adjunct Professor, University of Minnesota Law School and Retired Partner, Dorsey & Whitney, LLP

James D. Alt has served as a board member of the Mairs & Power mutual funds since April 2015 including as a member of the Audit and Nominating and Governance Committees and Chairman of the Nominating and Governance Committee since 2017. Mr. Alt served as partner at Dorsey & Whitney, LLP, an international law firm, headquartered in Minneapolis for more than 25 years. Mr. Alt's practice focused on corporate, securities and investment company law and corporate governance. Mr. Alt also served as the law firm's general counsel from 2008-2012. Currently, Mr. Alt serves as an adjunct professor at the University of Minnesota Law School.  

Patrick A. Thiele, CFA

Retired Chief Executive Officer, PartnerRe Ltd.

Patrick A. Thiele has served as a board member of the Mairs & Power mutual funds since April 2015 including as a member of the Audit and Nominating and Governance Committees and Chairman of the Audit Committee since January 1, 2018. Mr. Thiele served as CEO of PartnerRe, an international reinsurer, for over ten years. Prior to that, Mr. Thiele held executive roles with two other international insurance companies. Additionally, Mr. Thiele has experience working as a securities analyst, portfolio manager, chief investment officer, and chief financial officer of various entities throughout his career. Mr. Thiele also holds the Chartered Financial Analyst designation. 

Susan E. Knight

Retired Chief Financial Officer, MTS Systems Corporation

Susan E. Knight has served as a board member of the Mairs & Power mutual funds since January 2018 and is a member of the Audit Committee and Nominating and Governance Committee. Ms. Knight had a 38-year career in accounting and finance at large and small cap companies, including 12 years of public company board experience. From 2001 until 2014, she served in a variety of senior leadership positions at MTS Systems Corporation ("MTS"), a leading global supplier of test systems and industrial position sensors and was Senior Vice President and Chief Financial Officer from 2011 to 2014. From 2001 to 2011, she served as Vice President and Chief Financial Officer of MTS. From 1977 to 2001, Ms. Knight served in various executive and management positions with Honeywell International, last serving as the Chief Financial Officer of the global Home and Building Controls division. Ms. Knight currently serves as board chair of Surmodics Inc., a public company. Ms. Knight brings significant audit, financial reporting, corporate finance and risk management experience to the Board. 

Jon A. Theobald


Jon A. Theobald joined Mairs & Power, Inc. in 2002 and was elected Chief Executive Officer in 2012. Mr. Theobald had previously served as President and Chief Operating Officer since 2007. Mr. Theobald retired from Mairs & Power, Inc. at the end of 2017 and is currently serving as a consultant to the firm and is Chairman Emeritus.

Mr. Theobald has over 45 years of industry related experience. He began his career with First Trust, N.A. in Saint Paul as a Trust Officer, and worked for three other local trust companies before joining Mairs & Power, Inc. Prior to his position with Mairs and Power, Inc., Mr. Theobald served as a Senior Vice President at US Trust Company in Saint Paul.

Mr. Theobald earned his BA from Saint John’s University in Collegeville, MN and went on to graduate from Saint Louis University Law School in Saint Louis, MO. Mr. Theobald was admitted to the Minnesota Bar in 1970 and has been involved in Bar Association activities at the state and local levels since then. He is also active in several community organizations.

Mark L. Henneman


Mark L. Henneman joined Mairs & Power, Inc. in 2004 and was elected Chairman and Chief Executive Officer effective on January 1, 2018. Mr. Henneman had previously served as President and Chief Investment Officer since 2014 and as Vice President since joining the firm. He was appointed co-manager of the Mairs & Power Growth Fund in 2006 and was named President of Mairs & Power Funds Trust in 2014. Mr. Henneman has been lead manager of the Mairs & Power Growth Fund since July 1, 2013.

Mr. Henneman began his investment career as an analyst with the St. Paul Companies (now Travelers Companies). He worked as a portfolio manager with Advantus Capital Management and then as Managing Director and Process Leader of Mid and Large-Cap Value Investments at US Bancorp Asset Management (now Nuveen Asset Management).

Mr. Henneman earned a BA from Gustavus Adolphus College in St. Peter, Minnesota and went on to graduate with an MBA from the University of Minnesota, Carlson School of Management. Mr. Henneman is a CFA charterholder as well as a Chartered Investment Counselor. 

If you wish to contact any member of the Funds' Board of Trustees, you may write to them at this address:

c/o Mairs & Power Funds
332 Minnesota Street
Suite W-1520, First National Bank Building
Saint Paul, MN 55101-1363

Schmid Daugherty, Alt, Thiele and Knight are independent trustees.