Seasoned corporate executive Lynn Crump-Caine has been elected board chair of Thrivent, making her the only Black woman currently serving in that role at a Fortune 500 company.
Thrivent provides insurance, banking, investment, and financial advice services to over two million clients. The firm informed BLACK ENTERPRISE that its latest results include revenues exceeding $12 billion and assets under management of over $200 billion. It was disclosed that the metric is the highest in the firm’s history, dating back over 120 years.
Crump-Caine will chair her first board meeting in February. Her post is groundbreaking, given just two other Black women are CEOs on the 2025 Fortune 500 list. She will succeed N. Cornell Boggs III, a Black man on Thrivent’s board since 2013 and its chair since 2023. He will remain on the board.
Thrivent disclosed that Crump-Caine’s duties will include overseeing all aspects of its business and transformation. She most recently was chair of the human resources and governance committee and a member of the executive committee. She has been a board member since 2016.
Thrivent President and CEO Terry Rasmussen stated, “Lynn’s extensive business and leadership experience, deep understanding of Thrivent’s transformation, and commitment to our purpose make her the ideal choice to chair our Board of Directors.”
She added, “Lynn has been a valued board member for nearly a decade, bringing operational expertise and strategic insight, and I look forward to working with Lynn in this expanded position as she guides Thrivent’s future transformation and growth.”
Crump-Caine’s career includes spending 30 years at McDonald’s Corp. While there, she was executive vice president of worldwide operations and directed global operations departments for over 31,000 McDonald’s restaurants. She is the founder of OutsideIn Consulting, which advises firms on business management and leadership development.
She is a board member of assorted
public companies and non-profits. They include board chair at Wingstop Inc. and lead director of the board of directors and executive mentor at The ExCo Group. That global firm offers guidance and mentoring services for C-suite executives and senior leaders.Reflecting on the new role. Crump-Caine connected with BE via email. She elaborated on her biggest growth goals for the Minneapolis-based firm for 2006 and beyond and talked about some of the firm’s operating strategies. Both she and Boggs offered their take on Black board representation broadly and why companies should be more engaged in that activity.
She declared under the CEO’s leadership, Thrivent has been building momentum and transforming for the future – all of which will continue and accelerate in the years ahead.
Crump-Caine indicated Thrivent has thousands of U.S. financial advisors helping clients plan for their future, establish legacies for their loved ones and make their communities better.
Despite a shrinking industry, she says Thrivent is growing. More specifically, she says 600 new advisors were added in 2025, who are already serving clients and driving business for Thrivent. Crump-Caine reports that the firm will add hundreds more this year.
Crump-Caine expressed that Thrivent’s other actions included investing $50 million in 2025 to tell its story and help make the brand a household name. “We also recently launched the Thrivent Bank, a digital-first and human-centered bank to attract younger clients.”
Further, Crump-Caine addressed how Thrivent has handled challenges in its history, including economic headwinds, geopolitical shifts, and competitive pressure.
“Our advantage is simple: we stay focused on serving our clients, taking care of communities, driving our business forward and telling Thrivent’s unique story. That focus has powered Thrivent’s success, and it will continue to guide me in my role as board chair.”
Moreover, Crump-Caine feels there is extraordinarily diverse talent ready to shape corporate boards. She is supportive of efforts to diversify the boardroom and build corporate boards that best represent the clients of those companies.
“There are many great Black board chairs who have come before me and I’m proud to be in this role today. I hope I can be a positive example and role model for those who aspire to hold this seat in the future.”
Boggs offered similar thoughts. He says he knows that the representation of Black leaders on corporate boards is still fairly low. As such, he declares it’s the duty of organizations to develop boards that are representative of America.
“They (U.S. companies) need leaders who understand their consumer, can drive their business forward, and can effectively guide and govern for the future.”
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