The value of diversity in corporate America cannot be overstated. Whether in the boardroom or on a retail sales floor, a diverse pool of people brings unique perspectives, original ideas, and an edge factor that can help any business create out-the-box solutions.
Still, despite mounds of research underscoring the value of hiring people from different backgrounds, a recent study by the Financial Times found that older white men comprise the majority of the boards of directors at U.S. companies. According to U.S. board composition: male, stale and frail?, the average board member is 62 years old and has served for nearly a decade. In turn, African Americans are not being heard and included in boardrooms when important decisions regarding a company’s operations, CEO appointment, and compensation policies are being made. This applies to Netflix, PayPal, eBay, Yahoo, Inc. and a list of other companies that do not have an African American seated on their boards.
Along with calling out corporations for excluding blacks in their boardrooms, Black Enterprise is also spotlighting prominent African American executives and retirees who serve as corporate directors at companies across the nation. Here is a list of 10 black men and women using their expertise to provide insight and oversight at widely recognized household brand-name companies.
Marvin R. Ellison
Marvin R. Ellison, President & CEO, J. C. Penney Co. Inc.
Board: FedEx Corp.
With 20-plus years of retail experience under his belt, Marvin R. Ellison has risen in the ranks to become the president and CEO of J.C. Penney, and one of just five African Americans currently running a Fortune 500 company. For the last two years, Ellison has been serving as an independent director for FedEx, where he sits on both the Compensation Committee and the Nominating & Governance Committee. Since taking charge of J.C. Penney in 2014, the 51-year-old executive has been praised for reinventing the century-old department store using simple and smart techniques. Ellison also helped spearhead a successful turnaround at Home Depot while working as an executive vice president of U.S. Stores at the chain from 2008 to 2014.
Mellody HobsonMellody Hobson, President, Ariel Investments L.L.C.
Boards: Estée Lauder Cos., Starbucks Corp.
While only in her mid-30s, Mellody Hobson was appointed as a board director of Starbucks, where she serves on the Compliance Committee and chairs the Audit Committee. The 47-year-old businesswoman began her career as an intern at Ariel Investments shortly after graduating from Princeton University. As a standout employee at the Chicago-based investment management firm, she went on to become the senior vice president and director of marketing before being named as president in 2000. Today, Ariel is noted as one of the largest black-owned money management and mutual fund firms in the country.
Furthermore, Hobson–who also happens to be the wife of Star Wars creator George Lucas–has racked up a slew of prestigious accolades throughout her career. This includes being named on TIME’s 2015 list of “The 100 Most Influential People,” Ebony‘s “20 Leaders of the Future” in 1992, and The Wall Street Journal‘s 50 “Women to Watch” in 2004.
Calvin DardenChairman
Calvin Darden, Chairman, Darden Petroleum & Energy Solutions
Boards:Â Cardinal Health Inc., Target Corp.
Prior to being named chairman of fuel service company Darden Petroleum & Energy Solutions, Calvin Darden spent decades climbing the ranks at the United Parcel Service of America Inc. Throughout his 33-year tenure, he held a variety of senior management
positions at the world’s largest package delivery company before being appointed as the senior vice president of U.S. Operations. Now he sits on the board at Target, the second-largest discount retailer in America, serving on the Human Resources and Compensation Committee along with the Nominating and Governance Committee. Pierre E. LeroyCapital One Director Pierre E. Leroy
Board:Â Capital One Financial
Pierre E. Leroy is a distinguished director on Capital One’s board who serves on the Audit, Compensation, and Risk Committees. Back in 2005, Leroy retired from Deere & Co. as president of both the Worldwide Construction & Forestry Division and the Global Parts Division. He then went on to serve as executive chairman and chief executive officer until June 2013 of Vigilant Solutions Inc., a leader and pioneer in creating tools for law enforcement officers. Later, in April 2015, he launched an advisory and private equity firm called Aspiture, which invests in digital companies and specializes in unique customer solutions.
Shellye ArchambeauShellye L. Archambeau, CEO, MetricStream Inc.
Board:Â Verizon Communications Inc.
As a director at Verizon Communications, Shellye Archambeau brings an infinite amount of knowledge in the realms of technology, e-commerce, digital media, and communications at the nation’s largest wireless communications service provider. The female powerhouse has held executive-level positions for several companies prior to being appointed as CEO of MetricStream, a Silicon Valley-based software company, more than 10 years ago. Earlier in her career, Archambeau spent 15 years climbing the corporate ladder at IBM, where she became the first African American woman to travel abroad on an international assignment.
Roger FergusonRoger Ferguson, President & CEO, TIAA
Boards:Â Alphabet Inc., General Mills Inc.
Roger Ferguson began serving last
December as a board member at General Mills, sitting on both the Corporate Governance and Finance Committees. As the former vice chairman of the Board of Governors of the U.S. Federal Reserve System, he represented the Federal Reserve on several international policy groups and served on key Federal Reserve System committees under the Clinton and George W. Bush administrations. Ferguson is also noted for leading the Fed’s initial response to the 9/11 terrorist attacks, in addition to keeping the U.S. financial system afloat and reassuring the global financial community that the U.S. economy would remain strong post-9/11.Meanwhile, this widely respected economist has also been serving as president and chief executive officer of the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA) since 2008.
William H. EasterWilliam H. Easter
Boards:Â Baker Hughes Inc., Concho Resources Inc., Delta Air Lines
Throughout his 30-year career, William “Bill†H. Easter, III, has amassed a world of knowledge and expertise in the areas of natural gas supply, processing, marketing and transportation, and crude oil and petroleum refining. From 2004 to 2008, he served as the chief executive officer, president, and chief operating officer of DCP Midstream L.L.C. at Spectra Energy Corp., and Duke Energy Corp. In 2012, he was appointed as an independent director of Delta Air Lines Inc., where he sits on the Corporate Governance Committee and chairs the Audit Committee.
Kathy WallerKathy N. Waller, EVP & CFO, Â The Coca-Cola Co.
Boards:Â Delta Air Lines, Monster Beverage Corp
Kathy N. Waller, the executive vice president and chief financial officer of The Coca-Cola Co., serves as a board member at the Monster Energy Co. and Delta Air Lines. The esteemed exec
began her journey at Coca-Cola in 1987 as a senior accountant in the Accounting Research Department. Now, the Atlanta native is responsible for leading the company’s Global Finance organization and representing the company to investors, lenders, and rating agencies. Waller also oversees M&A, Investor Relations, Tax, Treasury, Audit, Accounting and Controls, Reporting and Analysis, Real Estate and Risk Management. Aylwin B. LewisAylwin Lewis, Chairman, CEO & President, Potbelly Sandwich Works
Board:Â Walt Disney Co.
Aylwin Lewis, the chairman, CEO, and president of Potbelly Sandwich Works, has been serving as a member of the Board of Directors of The Walt Disney Co. since 2004. The Texas native boasts more than 30 years of experience in the restaurant and retail industry. He was placed in several high-level executive positions at Yum Brands Inc. before being named as CEO and president of Sears Holdings Corp. During his time as the president and CEO of Kmart (which merged with Sears in 2005), Lewis was esteemed as the highest-ranking African American executive in the U.S. retail industry.
James I. Cash Jr.
James I. Cash Jr., Founder of The Cash Catalyst L.L.C.
Boards:Â Chubb Ltd., Wal-Mart Stores
James I. Cash began serving as a member of the Walmart Board of Directors in 2006, before later being appointed as the retail giant’s lead independent board director in 2013. There, he sits on the Audit Committee and the Technology and eCommerce Committee. Cash, a Texas native who was born as the son of a railroad mechanic and a teacher, provides management development and consulting services through The Cash Catalyst L.L.C., which he launched in 2009.
Â