CORPORATE CHAMPIONS 2019 BREAKFAST OF WOMEN'S FORUM OF NEW YORK - SALUTING COMPANIES LEADING THE WAY TO GENDER BALANCE ON CORPORATE BOARDS ...
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SALUTING COMPANIES LEADING THE WAY TO
GENDER BALANCE ON CORPORATE BOARDS
WOMEN’S FORUM OF NEW YORK
2019 BREAKFAST OF
CORPORATE
CHAMPIONS
NOVEMBER 7, 2019 / 7:00AM
CIPRIANI 42ND STREET / NYC
2019 BREAKFAST OF CORPORATE CHAMPIONS 1
2019 Breakfast of Corporate Champions Sponsors Welcome to the fifth biennial Breakfast of We are honored to shine a light on Champion
Corporate Champions – a unique event that salutes CEOs who lead from the top – making gender
Marquis Sponsors Accenture, Bank of America, Citi, Ellig Group the companies and CEOs accelerating gender equity on corporate boards a personal commit-
Diamond Sponsors Bloomberg L.P., BNY Mellon, GenWorth, The Guardian Life Insurance Company of America, balance on corporate boards. Today we honor S&P ment, a company focus and a cultural value.
Horizon Healthcare Services, Inc., Macy’s and Bloomingdale’s, Marsh & McLennan Companies, MetLife, 500/F1000 companies that exceed the national
average with at least 30% of board seats held by Carolyn Carter
Morgan Stanley, Sanderson Farms, Inc., State Street Corporation, Teneo, TIAA, U.S. Bancorp, Voya Financial,
women. These progressive companies and their
Ward Howell International Co Chair, 2019 Breakfast of Corporate Champions
leaders are leading the way to gender parity in the Former CEO, Grey Group, Europe Middle East & Africa
Platinum Sponsors AIG, Assurant, Brighthouse Financial, Globe Life Inc., Quest Diagnostics Inc., Viacom boardroom by 2025.
Gold Sponsors Aflac, American Water Works, Inc., Best Buy Companies Inc., Broadridge Financial Solutions,
Janice Reals Ellig
CIT Group, General Mills, Inc., Lincoln Financial, MSCI, New Mountain Capital, New York Life
Chair, 2019 Breakfast of
Silver Sponsors AptarGroup, The Blackstone Group, Brown Brothers Harriman & Co., Con Edison, Corporate Champions
CEO, Ellig Group
First Republic Bank, Google, Inc., KPMG, Leidos, Lulu C. Wang, Paul, Weiss, Rifkind, Wharton & Garrison LLP,
Skadden, Arps, Slate, Meagher & Flom LLP, S&P Global, Wilmington Trust
Bronze Sponsors ArcBest, Asbury Automotive Group, Ascena Retail Group, C.H. Robinson, Circle Wealth
Management, DaVita, Designer Brands Inc., Domtar Corporation, FedEx Corporation, Hologic, Inc.,
KeyCorp, McKissack & McKissack, Pitney Bowes, Inc., Public Service Enterprise Group, PVH Corp., Rite Aid,
Tech Data, The TJX Companies, TravelCenters of America, Willis Towers Watson
Patrons Marsha Askins, Carolyn Carter, Chevron Corporation, Computershare, Rita B. Crotty, DirectWomen,
Chitra Nawbatt, Ann Misiaszek Sarnoff, Ulta Beauty, Inc.
Strategic Partners Business Roundtable, Catalyst, Committee for Economic Development of The Conference
Board, C200, Equilar, National Association of Corporate Directors, Paradigm for Parity®, U.S. 30% Club,
WomenCorporateDirectors
List as of 10/28/19
We want to encourage all public companies to As CEOs we must be purposeful and intentional
put more women on their boards, because more in how we approach gender diversity and
diverse boards deliver better decisions collectively inclusion. It must be core to our values, that
The Women’s Forum of New York is an organization of more than 500 of the city’s most for shareholders, customers and employees. we insist on diversity and not settle for less.
accomplished women leaders in every professional sector from finance to fine arts -
all unified by the shared belief that the potential for women is unlimited and
Maggie Wilderotter Roger W. Ferguson, Jr.
opportunities should be as well. We are delighted to salute companies and leaders
Chairman and CEO, Grand Reserve Inn President and CEO, TIAA
accelerating the advancement of women onto corporate boards and reaping the rewards. Former Executive Chairman and CEO, 2019 Breakfast of Corporate Champions
Linda A. Willett Frontier Communications Honorary Co-Chair
President, Women’s Forum of New York 2019 Breakfast of Corporate Champions
Senior Vice President, General Counsel and Corporate Secretary Honorary Co-Chair
Horizon Blue Cross Blue Shield of New Jersey
2019 BREAKFAST OF CORPORATE CHAMPIONS 3
2019 Breakfast of Corporate Champions
AGENDA
Welcome Champions of Shareholder Value: Women in the Lead
▶ Linda A. Willett, President, Women’s Forum of New York ▶ Patricia F. Russo, Non-Executive Chairman, Hewlett Packard Enterprise
▶ Meg Whitman, CEO, Quibi, Former CEO, Hewlett Packard Enterprise,
What Makes a Champion? Former Chairman and CEO, Hewlett Packard Inc.
▶ Janice Reals Ellig, Chair, 2019 Breakfast of Corporate Champions ▶ Maggie Wilderotter, Director, Hewlett Packard Enterprise
▶ Carolyn Carter, Co Chair, 2019 Breakfast of Corporate Champions ▶ Moderator: Carol Massar, Co-Anchor,
Bloomberg Businessweek, Bloomberg Television/Radio
Champions Challenge: Where We Are/What’s Next? Special Introduction by:
▶ Roger W. Ferguson, Jr., President and CEO, TIAA ▶ Brian Moynihan, Chairman and CEO, Bank of America
▶ Ilene Gordon, Retired Chairman, President and CEO, Ingredion Inc.
▶ Peter T. Grauer, Chairman, Bloomberg LP and Founder, U.S. 30% Club
CEO Champion Panel: Why Gender Balanced Boards is
▶ Moderator: Janice Reals Ellig, CEO, Ellig Group
a Business Imperative and How to Make it Happen
▶ Michele G. Buck, President and CEO, The Hershey Company
Celebration of Corporate Champions ▶ Michael Corbat, CEO, Citi
Companies exceeding 30% of board seats held by women. ▶ Hubert Joly, Executive Chairman and former CEO, Best Buy Co. Inc.
▶ Roger W. Ferguson, Jr., President and CEO, TIAA ▶ Margaret M. Keane, CEO, Synchrony
▶ Maggie Wilderotter, Chairman and CEO, Grand Reserve Inn, ▶ Eileen C. McDonnell, Chairman and CEO, The Penn Mutual Life Insurance Company
Former Executive Chairman and CEO, Frontier Communications ▶ Christian Ulbrich, President and CEO, JLL
▶ Peter T. Grauer, Chairman, Bloomberg LP and Founder, U.S. 30% Club ▶ Moderator: Maria Bartiromo, Anchor and Global Markets Editor,
FOX Business Network – FOX News Channel
Presentation of the Muriel F. Siebert Leadership Award Special Introduction by:
Award Recipient: ▶ Joshua Bolten, President and CEO, Business Roundtable
▶ Susan N. Story, President and CEO, American Water Works, Inc.
Presented by:
▶ Ronald P. O’Hanley, President and CEO,
State Street Corporation
4 THE WOMEN’S FORUM OF NEW YORK 2019 BREAKFAST OF CORPORATE CHAMPIONS 5
2019 Corporate Champions Stericycle, Inc. AMETEK, Inc. Chevron Corporation
Percentage of Board Seats Held by Women* S&P 500 and F1000 Companies Stryker Corporation AMN Healthcare Children’s Place Inc.
2019 CHAMPIONS
Synchrony Financial Ansys Inc. Ciena Corporation
50%+ 40%+ HCP, Inc.
Texas Instruments Inc. Apache Corp. Cinemark Holdings, Inc.
Alliant Energy Abercrombie & Fitch Co. Herman Miller, Inc.
The TJX Companies Aramark Corp. CIT Group
Amazon.com, Inc. Accenture The Hershey Companies
TravelCenters of America LLC ArcBest Corporation The Clorox Co.
American Water Works, Inc. Alaska Air Group, Inc. Hewlett Packard Enterprise
TrueBlue Inc. Arrow Electronics The Coca-Cola Company
Ascena Retail Group Inc. Amica Mutual Insurance Company Hilton Worldwide Holdings, Inc.
Varian Medical Systems, Inc. Asbury Automotive Group Inc. Colgate-Palmolive Company
Bed, Bath & Beyond, Inc. Annaly Capital Management HNI Corporation
Voya Financial Assurant Inc. Columbia Sportswear Co.
Best Buy Companies Inc. Anthem, Inc. HP Inc.
The Walt Disney Company Atlas Air Worldwide Holdings Inc. Commercial Metals Company
Bloomin’ Brands, Inc. AptarGroup JLL
Wells Fargo & Company Avnet ConocoPhillips
Brookdale Senior Living, Inc. Autodesk, Inc. Kellogg Company
Welltower Inc. AT&T Con Edison
Caleres, Inc. Ball Corp. Kraton Corporation
Wynn Resorts Ltd. Bank of America Cooper Tire & Rubber Company
Capri Holdings, Ltd. Big Lots Inc. L Brands, Inc.
BB&T Corp. Cracker Barrel Old Country Store,
Casey’s General Stores, Inc. Booz Allen Hamilton Holding Corp. Macy’s, Inc. Inc.
Becton, Dickinson and Company
CBS Corp. Brighthouse Financial, Inc. ManpowerGroup 30%+ Bemis Company, Inc.
CSX Corp.
Chico’s Fas, Inc. Cardinal Health Inc. Massachusetts Mutual Life Insurance 3M Company CUNA Mutual Group
Co. Inc. Bio-Rad Laboratories, Inc.
General Motors Co. Celanese Corporation Aarons, Inc. Darling Ingredients Inc.
Newmont Mining Corporation The Boeing Company
JC Penney Companies Inc. Citi Abbott Laboratories DaVita
Nordstrom, Inc. Boston Properties Inc.
Navient Corporation CMS Energy Corp. ABM Industries Inc. Domino’s Pizza, Inc.
PC Connection, Inc. Boston Scientific Corp.
Omnicom Group Inc. Designer Brands, Inc. Aflac Domtar Corporation
Penn Mutual The Brunswick Corporation
The Progressive Corporation Entergy Corporation AIG Dow Inc.
Pitney Bowes, Inc. Burlington Stores Inc.
Taylor Morrison Home Corp. The Estée Lauder Companies Inc Aimco eBay Inc.
Principal Financial Group Inc. Campbell Soup Company
Thrivent Financial Express Company Alcoa Corp. Ecolab Inc.
Quest Diagnostics Inc. Carnival Corporation & PLC
TIAA Foot Locker, Inc. The Allstate Corporation Edison International
RR Donnelly & Sons Co. Carter’s, Inc.
Tupperware Brands Corporation Freeport-McMoran, Inc. Ally Financial Inc. Eli Lilly & Company
Sally Beauty Holdings, Inc. Cboe Global Markets, Inc.
ULTA Beauty Inc. General Electric Company American Eagle Outfitters The Emerson Electric Co.
Sanderson Farms, Inc. CDW Corp.
Valhi, Inc. General Mills, Inc. American Electric Power Company Encompass Health Corporation
Shutterfly, Inc. CenturyLink Inc.
Inc.
Viacom, Inc. Globe Life Inc. Equifax Inc.
Spire, Inc. Cerner Corp.
American Tower Corporation
Williams-Sonoma, Inc. The Hartford Financial Services Essex Property Trust
Starbucks Corp. C.H. Robinson Worldwide, Inc.
Group, Inc. AmerisourceBergen Corporation
List Continues >>
6 THE WOMEN’S FORUM OF NEW YORK 2019 BREAKFAST OF CORPORATE CHAMPIONS 7
2019 Corporate Champions (continued) Owens Corning ServiceNow, Inc. Valero Energy Corporation
Percentage of Board Seats Held by Women* S&P 500 and F1000 Companies Owens & Minor Inc. SpartanNash Ventas Inc.
2019 CHAMPIONS
PayPal Holdings, Inc. Steelcase Inc. Veritiv Corp.
Exxon Mobil Corp. Illumina, Inc. The Macerich Company
The Pacific Gas and Summit Materials, LLC Verizon Communications Inc.
Facebook Inc. Ingersoll-Rand PLC. Marriott International, Inc. Electric Company
T. Rowe Price Vertex Pharmaceuticals Inc.
Fannie Mae Ingredion Martin Marietta Materials, Inc. Philips 66 Company
Tailored Brands, Inc. VF Corporation
FedEx Corporation Insight Enterprises Inc. Mattel, Inc. PNC Financial Services Group
Tapestry, Inc. Visa Inc.
Fifth Third Bancorp Intercontinental Exchange Inc. Maxar Technologies Inc. Polaris Industries
Target Corp. W. R. Berkley Corporation
First Republic Bank International Business McCormick & Company, Inc. PolyOne Corporation
Machines Corporation Tech Data Waters Corporation
FirstEnergy Corp. McKesson Corporation Popular, Inc.
Intuit Inc. TEGNA Inc. Western Digital Corporation
Fossil Group, Inc. MDU Resources Group, Inc. Portland General Electric
ITT Inc. Tenet Healthcare Corporation The Western Union Company
Gannett Co., Inc. Merck & Co., Inc. PPG Industries, Inc.
Jack Henry & Associates, Inc. Tetra Tech, Inc. Weyerhaeuser Company
The Gap, Inc. Meredith Corp. The Procter & Gamble Co.
JetBlue Airways Corporation The Travelers Companies, Inc. Willis Towers Watson
Gartner, Inc. MetLife Public Service Enterprise Group
The J.M. Smucker Company Tiffany & Co. Wolverine World Wide, Inc.
General Dynamics Corporation MGM Resorts International PVH Corp.
Johnson & Johnson TopBuild Corp. XPO Logistics, Inc.
Gilead Sciences, Inc. The Middleby Corporation Quorum Health Corporation
Juniper Networks, Inc. Tractor Supply Company Zayo Group Holdings, Inc.
The Goldman Sachs Group, Inc. MKS Instruments, Inc. The Raytheon Company
Kelly Services Inc. TreeHouse Foods Inc.
Group 1 Automotive, Inc. Moody’s Corporation Realogy Holdings Corp.
Kemper Corporation Trimble Inc. Thank you to Board Ex for providing
The Guardian Life Insurance Morgan Stanley Reinsurance Group of America, Inc. all board gender analysis research.
Company of America KeyCorp Twitter Inc.
MSCI Republic Services, Inc *All company names are the trademarks™ or registered®
H&R Block, Inc. Kimberly-Clark Corp. UGI Corporation trademarks of their respective owners. The use of such
Mylan NV ResMed names herein does not constitute or imply any affiliation
Halliburton Company Kimco Realty Corporation UDR Inc. with the Women’s Forum of New York or any sponsorship
NASDAQ Revlon, Inc. or endorsement of the Women’s Forum of New York (or
Hanover Insurance Group Inc. Kohl’s Corporation Unisys Corporation
Netflix Inc. Rite Aid
any of its activities) by such owners.All information herein
was obtained from publicly available disclosures made by
Hasbro, Inc. Lam Research Corp. United Natural Foods, Inc.
New York Life RH Inc.
such companies with 30% or above women on their board
Hawaiian Electric Industries Inc. Legg Mason, Inc. United Parcel Service, Inc. as reported on 12/31/18 and 5/31/19 and indicated here
Northrop Grumman Corporation Roper Technologies, Inc.
with the higher percentage, and the accuracy thereof has
Hexcel Corporation Lennox International Inc. United Rentals, Inc. not been verified.
Norwegian Cruise Line Holding – S&P Global
Hill-Rom Holdings Inc. Lockheed Martin Corporation Corp. United Technologies Corporation
Schlumberger Ltd.
Hologic, Inc. Lowe’s Companies Inc. Occidental Petroleum Corporation UnitedHealth Group Inc.
Schnitzer Steel Industries, Inc.
Host Hotels & Resorts, Inc. LPL Financial LLC Office Depot, Inc. Unum Group
Sempra Energy
Huntington Bancshares Inc. LSC Communications, Inc O’Reilly Automotive, Inc. Urban Outfitters, Inc.
Sentry Insurance
IDEXX Laboratories, Inc. Lyft, Inc. Oshkosh Corporation U.S. Bancorp
Service Corporation International
Vail Resorts, Inc.
8 THE WOMEN’S FORUM OF NEW YORK 2019 BREAKFAST OF CORPORATE CHAMPIONS 9
SPEAKER BIOS
Maria Bartiromo Joshua Bolten Michele G. Buck Carolyn Carter Michael Corbat Janice Reals Ellig
Anchor and Global Markets Editor President and CEO President and CEO Former CEO CEO CEO
FOX Business Network – Business Roundtable The Hershey Company Grey Group, Europe Middle East & Africa Citi Ellig Group
FOX News Channel
Maria Bartiromo joined FOX Business Joshua Bolten is President & CEO of the Michele G. Buck is President and Chief Carolyn Carter’s career in advertising Michael L. Corbat is Chief Executive Named by Business Week as one of “The
Network (FBN) as Global Markets Editor Business Roundtable (BRT), an associa- Executive Officer for The Hershey spanned 35 years culminating in her Officer of Citigroup, the world’s global World’s Most Influential Headhunters,”
in January 2014, after 20 years at CNBC. tion of CEOs of leading US companies. Company, the largest producer of quality position as CEO of Grey Group, Europe, bank, with approximately 200 million Janice focuses her search practice on
She is the anchor of Mornings with Maria Before joining BRT in January 2017, Bolten chocolate in North America and a global Middle East and Africa from 2000-2010. customer accounts and activities in more recruiting board directors, C-suite
on FBN (6-9 AM/ET) and anchors Sunday was Managing Director of Rock Creek leader in chocolate and sugar confection- Grey became part of WPP, the world than 160 countries and jurisdictions. executives and divisional heads. Janice’s
Morning Futures, the most watched Global Advisors, a consulting firm that he ary. She is a proven leader with 30 years leader in communications services in corporate experience includes Pfizer,
Since becoming CEO in 2012, he has
Sunday morning program on cable co-founded in 2011. Bolten spent the of consumer packaged goods experience 2005. Carolyn’s career concentrated in Citibank and Ambac Financial Group.
focused on leveraging Citi’s unique global
(10 AM/ET) on FOX News Channel (FNC). preceding two years as a visiting professor and a demonstrated track record of build- managing global teams for leading global Janice co-authored two books: Driving
network to serve its institutional and con-
Bartiromo was also named the new anchor in the Woodrow Wilson School at ing brands consumers love, developing brands, expanding network operations The Career Highway, 20 Road Signs You
sumer banking clients with an emphasis
for Maria Bartiromo’s Wall Street on FBN Princeton University. high performing teams and creating into developing markets and building Can’t Afford To Miss and What Every
on strong execution and the highest
(airing Fridays at 8 PM/ET) as of April 27, sustainable businesses in a rapidly and evolving creative capabilities. Grey Successful Woman Knows: 12 Break-
Bolten’s twenty years of government ethical standards. In the process, Mr.
2017. Bartiromo has been a pioneer in evolving economic and social marketplace. EMEA was named Agency Network of the through Strategies to Get the Power
service includes eight years in the White Corbat has made Citi a simpler, smaller,
her industry. In 1995, she became the first Year for communications effectiveness by and Ignite Your Career. She also writes
House under President George W. Bush As its first female CEO, Buck is responsible safer and stronger institution. Citi has
journalist to report live from the floor of the EACA a record five consecutive times numerous professional articles focusing
as Chief of Staff (2006-09), Director of the for Hershey’s global operations and improved the quality and consistency of
the New York Stock Exchange on a daily during her tenure. Carolyn served on gender balance on boards. Janice
Office of Management & Budget (2003- commercial activities. She joined Hershey earnings, and Mr. Corbat is committed
basis. She has covered business and the domestically on the industry’s self appears on network television and
06), and Deputy Chief of Staff for Policy in April 2005 as Senior Vice President, to creating shareholder value by serving
economy for more than 25 years and was regulatory body, the National Advertising moderates panels on building stronger
(2001-03). For the preceding two years, Global Chief Marketing Officer and has Citi’s stakeholders and fulfilling Citi’s
one of the building blocks of business Review Board and was a regular speaker boards, gender diversity and career
he was Policy Director of the Bush 2000 held roles with increasing responsibility mission of enabling economic growth
cable network CNBC. Honors include at international conferences. She has management. Janice is a Board Director
presidential campaign. Bolten’s previous including Global Chief Growth Officer; and progress.
Emmys for her “Bailout Talks Collapse” served on non-profit boards of HeartShare of the National YMCA, Past Chair of the
private sector experience includes work at President, North America; and most
and “Inside the Mind of Google” pro- Human Services, Spoleto USA and The Mr. Corbat has been at Citi and its prede- YMCA Board of Greater NY; Trustee of the
Goldman Sachs in London and O’Melveny recently, EVP and Chief Operating Officer.
grams and a Gracie Award for “Green- Actors Fund. She is a current director of cessor companies since his graduation Actors Fund, Committee For Economic
& Myers in Washington, DC.
span: Power, Money & the American Prior to Hershey, Buck was an officer of the International Women’s Forum. ■ from Harvard University with a bachelor’s Development (CED) of the Conference
Dream.” In 2009, the Financial Times Bolten received his undergraduate degree Kraft Foods and, during her 17-year tenure degree in economics in 1983. ■ Board; University of Iowa Foundation,
named Bartiromo one of the “50 Faces from Princeton in 1976 and his law degree at Kraft/Nabisco, she held senior positions Executive Committee; Past President
That Shaped the Decade.” She was the first from Stanford in 1980. He is a member of in marketing and management, working Women’s Forum of New York and current
female journalist inducted into the Cable the board of Emerson Electric Co. He also with various brands including Altoids, Chair of the Corporate Board Initiative;
Hall of Fame. ■ serves on the boards of the US Holocaust LifeSavers, Planters and Snackwell’s. She Harvard Kennedy School Women in
Memorial Museum, the ONE Campaign, started her career at the Frito-Lay division Public Policy Program; Edison Innovation
and Princeton University. ■ of PepsiCo. Foundation Advisory Board and Economic
Buck serves on the Board of Directors at Club of NY. ■
The Hershey Company; and New York Life,
a Fortune 100 financial services company.
She resides in Hershey, Pa. with her
husband and three children. ■
10 THE WOMEN’S FORUM OF NEW YORK 2019 BREAKFAST OF CORPORATE CHAMPIONS 11
SPEAKER BIOS
Roger W. Ferguson, Jr. Ilene Gordon Peter T. Grauer Hubert Joly Margaret M. Keane Carol Massar
President and CEO Retired Chairman, President and CEO Chairman, Bloomberg LP and Executive Chairman and former CEO CEO Co-Anchor, Bloomberg Businessweek,
TIAA Ingredion Incorporated Founder, U.S. 30% Club Best Buy Co. Inc. Synchrony Bloomberg Television/Radio
Roger W. Ferguson, Jr., is President and Ilene Gordon is the retired chairman, Peter T. Grauer is Chairman of Bloomberg Hubert Joly is executive chairman of Best Margaret Keane is CEO of Synchrony, one Carol Massar is co-host of “Bloomberg
CEO of TIAA, the leading provider of president and CEO of Ingredion Incorpo- L.P., a board member since 1996, he Buy Co. Inc. In this role, he leads the board of the nation’s premier consumer financial Businessweek,” airing on Bloomberg
retirement services in the academic, rated (NYSE:INGR). became Chairman in 2001, succeeding of directors while advising and supporting services companies. She led the company’s Radio daily from 2pm-5pm ET and weekly
research, medical, and cultural fields and a Michael R. Bloomberg, and then Chairman, the CEO on key matters, such as strategy, successful initial public offering in July on Bloomberg Television.
Currently she is presiding director of
Fortune 100 financial services organization. President and CEO a year later. From 2000 capability building, M&A and external 2014 and split-off from GE in November
International Paper and a director of An award-winning journalist with more
to 2002, he was managing director and relationships. He also may assume certain 2015.
Mr. Ferguson is the former Vice Chairman Lockheed Martin. than 25 years of experience, Massar
senior partner of Credit Suisse First Boston, responsibilities at the request of the CEO,
of the Board of Governors of the U.S. Her passion for emerging technology and joined Bloomberg Television in 1999.
Ms. Gordon was the first female director of founding both DLJ Merchant Banking in areas such as government relations,
Federal Reserve System. As the only Gov- employee development has solidified During her time at Bloomberg, Massar
five different public companies: Arthur J. Partners and DLJ Investment Partners. community relations and leadership
ernor in Washington, D.C. on 9/11, he led Margaret’s reputation as a leader. She has anchored and reported around the
Gallagher & Company, United Stationers He was managing director of Donaldson, development.
the Fed’s initial response to the terrorist has been recognized as one of American globe including from the World Economic
Inc., Outboard Marine Corporation, Lufkin & Jenrette from 1992 until CSFB
attacks, taking actions that kept the U.S. Hubert joined Best Buy in 2012 and Banker’s “Top 25 Most Powerful Women Forum in India, APEC Women and the
Sundstrand Corporation and Zenith acquired it in 2000. Peter graduated
financial system functioning while reassur- served as the company’s CEO until June in Finance” for 11 consecutive years Economy Summit, the World Business
Electronics. from the University of North Carolina at
ing the global financial community that 2019. He led the company through its (#4 in 2017) and one of Fortune’s “Most Forum, the Milken Institute Global
Ms. Gordon holds a Bachelor of Science Chapel Hill.
the U.S. economy would not be paralyzed. Renew Blue transformation, which resulted Powerful Women” for the past three years Conference and more.
degree in mathematics, Phi Beta Kappa, Mr. Grauer serves as lead director of DaVita, in improvements in customer satisfaction, (#25 in 2017).
Prior to joining TIAA, Mr. Ferguson was Massar began her career as a producer
from the Massachusetts Institute of Tech- Inc. He is founding Chairman of the Com- market share gains, revenue growth and
head of financial services for Swiss Re. During an 18-year career with GE Capital, at the Financial News Network. She later
nology (MIT) in Cambridge, Mass., and a munity of Chairmen at the World Economic improved margins.
He was also previously an Associate and Margaret led the Retail Card platform as served as a producer, reporter and anchor
Master of Science degree in management Forum and serves on the WEF Media,
Partner at McKinsey & Company and an Hubert then led Best Buy into its next President and CEO beginning in 2004. for Dow Jones Television which aired in
from MIT’s Sloan School of Management. Entertainment and Information, Financial
attorney at Davis Polk & Wardwell. phase, Building the New Blue. This growth She expanded her responsibilities in 2011 the U.S., Asia and Europe. Massar was a
She is among Forbes Global Game Services and Gender Parity Board of Gov-
strategy aims to enrich lives through tech- to become President and CEO of their correspondent for “The Asian Wall Street
Mr. Ferguson is a member of the Smith- ernors. He is a member of the McKinsey
Changers and was Fortune’s Most Power nology by addressing key human needs North American Retail Finance business. Journal Report” and “The Wall Street
sonian Institution’s Board of Regents and Advisory Council, the British American
Women for five consecutive years on the in entertainment, productivity, commu- Margaret also held various leadership Journal Report” produced by Dow Jones
serves on the New York State Insurance Business International Advisory Board and
U.S. list and two years on the global list. ■ nication, food, security and health and roles during 16 years with Citibank. ■ and later by CNBC.
Advisory Board. He is a fellow of the the Asia Business Council. Grauer is the
wellness. Under Hubert’s leadership, Best
American Academy of Arts & Sciences and President of the Board of Trustees of the Massar earned a degree in economics
Buy committed to preparing youth from
co-chairs its Commission on the Future of Inner-City Scholarship Fund and a member from Barnard College/Columbia University,
underserved communities for the tech-
Undergraduate Education. He is Chairman of the Partnership for Inner City Education where she also delivered business news
reliant jobs of the future. Additionally,
of The Conference Board and serves on Board of Directors. He is a member of the over Columbia’s radio waves, edited
the company is on a path to reduce its
the boards of Alphabet, General Mills, and Board of The Economic Club of New York, WKCR’s program guide and served on the
carbon footprint by 60 percent.
International Flavors & Fragrances. Rockefeller University, and Prostate Cancer station’s board. ■
Foundation. Grauer is Founding Chair of Prior to joining Best Buy, Hubert was
Mr. Ferguson holds a B.A., J.D., and a Ph.D.
the U.S. 30% Club and Chairman of the CEO of Carlson, a global hospitality and
in economics, all from Harvard University. ■
College Advising Corps. ■ travel company. ■
12 THE WOMEN’S FORUM OF NEW YORK 2019 BREAKFAST OF CORPORATE CHAMPIONS 13
SPEAKER BIOS
Eileen C. McDonnell Brian Moynihan Ronald P. O’Hanley Patricia F. Russo Susan N. Story Christian Ulbrich
Chairman and CEO Chairman and CEO President and CEO Non-Executive Chairman President and CEO President and CEO
The Penn Mutual Life Insurance Company Bank of America State Street Corporation Hewlett Packard Enterprise American Water Works, Inc. JLL
Eileen C. McDonnell is chairman and Brian Moynihan leads a team of more Ronald P. O’Hanley is president and Pat Russo has spent her career in the com- Susan Story is President & CEO of Alongside senior leadership, Christian
chief executive officer. She joined Penn than 200,000 employees dedicated to chief executive officer of State Street puting and communications technology American Water Works, Inc. (NYSE: AWK), is steering a strategy that positions JLL
Mutual in 2008 as its Chief Marketing making financial lives better for people, Corporation. industries. Currently Chairman of Hewlett the largest publicly traded U.S. water and among the world’s leading companies.
Officer. Before joining Penn Mutual, she companies of every size, and institutional Packard Enterprise (HPE), a global industry wastewater utility. Story leads a team The vision calls for embracing market-
Previously, he served as president and
was president of New England Financial, investors across the United States and leader in providing information manage- of 7,100 dedicated professionals who leading digital solutions to help drive
chief operating officer of State Street
a wholly owned subsidiary of MetLife, and around the world. ment solutions to businesses around the provide service to more than 14 million success for clients, employees and
Corporation and president and chief
senior vice president of the Guardian world, she also serves on the boards of people in 46 states. shareholders.
Moynihan participates in several organiza- executive officer of State Street Global
Life Insurance Company. Ms. McDonnell Merck, KKR, and General Motors, where
tions that focus on economic and market Advisors. Prior to joining State Street, he Story has served as CEO of American Christian has been in leadership roles
serves on the Board of Universal Health she chairs the Governance Committee.
trends, including as chairman of the World served as president of asset management Water since May 2014, and served as at JLL for over a decade. He joined the
Services, Inc. (NYSE: UHS) and is Chair of She recently stepped off the board of
Economic Forum International Business and corporate services for Fidelity Invest- Chief Financial Officer for one year before company in 2005 as managing director
the Audit and Compensation Committees. Arconic after ten years of service where
Council, the Financial Services Forum, the ments. Prior to Fidelity, Mr. O’Hanley was assuming the CEO role. Prior to her move for Germany. In 2009, he became CEO for
she most recently served as Interim Chair
A graduate of Molloy College, Rockville Bank Policy Institute (chair), the Business president and chief executive officer of to AWK in 2013, she spent 31 years at the Europe, Middle East and Africa region,
and chaired the Governance Committee.
Centre, N.Y., Ms. McDonnell majored in Roundtable, the Clearing House, the BNY Mellon Asset Management and vice Southern Company (NYSE: SO), serving and a member of the GEB. Prior to that,
mathematics and computer science, and American Heart Association CEO Round- chairman of Bank of New York Mellon. Pat was the Chairman and CEO of Lucent as CEO, Southern Company Services, Inc.; Christian spent seven years as CEO of the
received an honorary doctor of laws table (co-chair) and the Business Council. Mr. O’Hanley began his career at Technologies where she led the company’s President & CEO, Gulf Power Company, Hamburg-based HIH group of companies,
(LL.D.) degree in 2011. She earned her He is a member of the Federal Advisory McKinsey & Company, where he was return to profitability and growth after the Inc. from 2003-2010; and Executive Vice following 10 years in senior roles with
MBA in finance and investments from Council of the Federal Reserve Board. a partner. telecom industry downturn and later led President, Southern Company Engineer- German and international banks.
Adelphi University, Garden City, N.Y. the company through its cross border ing and Construction Services, 2001-2003.
Moynihan leads the company’s Global Mr. O’Hanley is a director of Unum Corp. Christian is a passionate advocate for a
strategic merger with Alcatel. Pat served She began her utility career as a nuclear
In 2016 Eileen was honored by Drexel Diversity and Inclusion Council and is He also serves on the boards of The sustainable, diverse and inclusive global
as CEO of the combined company power plant engineer.
University LeBow College of Business as a member of the museum council for Boston Foundation, WBUR, Syracuse future. He is a Vanguard board member of
(Alcatel-Lucent) through the end of 2008.
the 2016 “Business Leader of the Year.” the Smithsonian’s National Museum of University, and the IYRS School of She serves as the independent lead the World Economic Forum’s Partnering
Also, Eileen has been awarded the honor African American History and Culture, the Technology and Trades. Pat is Chairman Emeritus of the Board director for Raymond James Financial, Inc. Against Corruption Initiative. He is also
of being inducted into The Business Brown University Corporation’s Board of of the Partnership for DrugFree Kids, a where she has been a director since 2008, a member of the board of directors of
Mr. O’Hanley received his BA from
Excellence Institute’s Hall of Fame in Fellows, the Catalyst Board of Directors, national non-profit dedicated to prevent- and on the board of directors of Dominion Vonovia SE, Europe’s largest residential
Syracuse University and MBA from
Dublin, Ireland. the Council on Competitiveness Board ing drug and alcohol abuse among youth. Resources, Inc. real estate company.
Harvard University. ■
of Directors, the Congressional Medal of She serves as a Senior Advisor to World
In 2017 Eileen was the recipient of the Story recently served on the boards of Christian earned a senior degree in
Honor Foundation Board and the Appeal 50, an organization dedicated to the
Ernst and Young Entrepreneur Of The Year, the Bipartisan Policy Center, the US Water business administration from the
of Conscience Board of Trustees. development of senior executives across
Greater Philadelphia award in the area of Alliance, the Alliance to Save Energy, University of Hamburg, and attended the
all industries. She also teaches two semi-
Transformation. Moynihan works with public officials, busi- United Way of Greater Philadelphia and Stanford University GSB program. He lives
nars at the Wharton Business School
nesses and civic leaders at the local level Southern New Jersey. She is currently on near Frankfurt, Germany. ■
In 2019, Eileen was honored with the Executive Education Program, one
through his participation on the Charlotte the board of the Moffitt Cancer Center
Women Corporate Directors’ 2019 Vision- focused on Leading through Crises and
Executive Leadership Council (chair), the and Research Institute Board of Advisors
ary Award for Strategic Leadership. ■ the other on Mergers and Acquisitions. ■
Massachusetts Competitive Partnership in Tampa, FL. ■
and the Partnership for Rhode Island. ■
14 THE WOMEN’S FORUM OF NEW YORK 2019 BREAKFAST OF CORPORATE CHAMPIONS 15
Meg Whitman Maggie Wilderotter Linda A. Willett
CEO Chairman and CEO Senior Vice President, General Counsel
W H AT M A K E S A C H A M P I O N ?
Quibi Grand Reserve Inn and Secretary, Horizon Blue Cross Blue LEARNING FROM CEOS
WHO ARE ACCELERATING
Shield of New Jersey GENDER BALANCE
IN THE BOARDROOM
Meg Whitman is the CEO of Quibi, a Maggie Wilderotter has led both F500 Linda Willett is the Senior Vice President,
In the last days of his governorship, Jerry Brown signed landmark legislation that requires all publicly traded corpo-
rations headquartered in California to have at least one woman on their board of directors by year-end 2019 and,
for boards with five or more directors, at least two or three women by year-end 2021. While several other states are
considering similar legislation, as of today no other state has signed such a bill and numerous objections to Brown’s
legislation have been raised – including its constitutionality.
mobile only media technology platform companies and start-ups and has served General Counsel and Secretary of Horizon
In the U.S., there is something distinctly bristling about “quotas.” Brown’s defense is that despite quotas overseas and
numerous studies (by McKinsey, Peterson Institute, Credit Suisse, and others) that show a strong correlation between
gender diverse boards and financial performance, few companies are taking action.
Some view California’s legislation as a test case to see if it will impact the glacial pace of change in achieving gender
parity on corporate boards. Catalyst research from 1995, when women held 10% of S&P 500 board seats, to 2018,
when women held just over 23%, shows that the average pace of improvement is less than 1% annually. Particularly
bringing together the best of Silicon on 36 public and 14 private company Blue Cross Blue Shield of New Jersey. She
disturbing to the pipeline of outstanding female talent in the United States, is that the U.S. ranks seventeenth among
nations in terms of board seats held by women, behind Norway, France, Sweden, Italy, Australia, United Kingdom
and others.*
Ronald O’Hanley, President and CEO of State Street Corporation and former President and CEO of State Street
Global Advisors, the company that brought global attention to the issue of gender parity when its “Fearless Girl”
faced off against the famous Wall Street Bull, is a proponent of more women on boards because it results in better
Valley and Hollywood. Headquartered Boards of Directors. leads the teams responsible for: Commu-
outcomes and better long-term value creation. In fact, State Street Global Advisors created the Gender Diversity
Index ETF (ticker symbol SHE) which tracks the performance of companies with the highest levels of gender diversity
on boards and senior management teams. Since inception in 2016, those companies have significantly and
consistently outperformed the market. So the reality gap is puzzling: why isn’t there more traction with a strategy
that clearly delivers results?
in Los Angeles, Quibi is the first entertain- nications; Corporate Affairs; Compliance;
[OPPOSITE PAGE] State Street Global Advisors ignited a global conversation about the power of women in leadership with Fearless Girl® and
called on 1,200+ companies with no women on their boards to take action. Now, 423 of those companies have added a woman to their
Currently on public boards of Costco
board and 22 more have committed to doing so. Sculpture by Kristen Visbal, commissioned by State Street Global Advisors
8 Women’s Forum of New York
ment platform built for easy, on-the-go Enterprise Risk Management; Government
Wholesale Corporation, Hewlett Packard
mobile viewing, allowing today’s leading Affairs; Public Affairs and Legal Affairs. The
Enterprise, Cadence Design Systems, Lyft,
CHAPTER 7
studios and creative talent to tell original Horizon Foundation for New Jersey also
{
and Board Chair at DocuSign. She is also RAISE THE
stories in an entirely new way. Prior to reports to her and focuses on charitable
on the private boards of Tanium and Cake-
BAR, DEMAND Adena Friedman
RESULTS Nasdaq
Quibi, she served as CEO of Hewlett giving in the state of New Jersey. Bill McNabb
bread Cellars, numerous non-profit orga-
The investment community and exchange Vanguard
organizations have a unique role to play in
Packard Enterprise and President and
accelerating gender balance in the board- Ronald O’Hanley
room. In the case of Nasdaq, there’s a unique State Street Corporation
nizations, and is a Senior Advisor to Okta; Ms. Willett received her J.D. from Rutgers
opportunity to “walk the talk” in front of
member companies as a demonstration of
Roger Ferguson
what best practice looks like. In the case
TIAA
CEO for the Hewlett-Packard Company.
of investors, the opportunity is even greater.
They can demand transparency and strongly
Blackstone and Atairos Private Equity. School of Law in Newark. Prior to attend-
encourage gender balance for one simple
reason – better ROI.
Whitman was President and CEO of eBay
ing law school, she worked at the Shulton,
Inc. where she oversaw its growth from During her Eleven years as CEO and
Inc., subsidiary of the American Cyanamid
70 Women’s Forum of New York
30 employees and $4 million in annual Executive Chairman, Frontier Commu-
Company where she managed new prod-
revenue to more than 15,000 employees nications grew from a Fortune 1000 to a
uct development for the consumer prod-
R A I S E T H E B A R , D E M A N D R E S U LT S R A I S E T H E B A R , D E M A N D R E S U LT S
and $8 billion in annual revenue. She Fortune 500 national broadband, voice
ucts business. After law school, she joined
and video provider with operations in 29
Roger Ferguson “For too long, corporations have sought out only recently retired CEOs to join their boards. But the fact is C-suite
has also held executive-level positions at
positions, especially the CEO role, are not well represented by women. Therefore, being more flexible and looking
President and CEO, TIAA at a wider range of C-suite individuals (and their direct reports) is a wise way to approach board diversification. For
the firm of McCarter & English in 1990
some of these individuals it may be her first board experience, so let’s take a bit of a risk. It’s a smart risk because
Roger Ferguson, President and CEO of TIAA, says, “We are very purposeful when you get to the C-suite of large companies, the women who work there are first rate business thinkers, strong
and intentional in how we approach diversity and inclusion. It’s core to our business leaders, and they’ve all had many relevant experiences that will make them a good board member.”
states and annualized revenues in excess
values and part of who we are. But we don’t leave it to chance – in fact just the
Procter and Gamble Company, Hasbro
opposite – we work on it daily.”
“We insist on diversity and we will not settle for less. For example, in our most
“We insist on diversity and will not settle for less.”
and became a Partner in 1994. She later
recent searches, we were shown a really good slate of first-rate prospects, but
we looked at it and said not enough diversity – go back and find us greater
diversity and the search firm did.”
Inc., The Walt Disney Company, and Bain of $10 billion.
“40% of TIAA’s board is comprised of women, and I think over the next few years we may be one of
“If you open the aperture just a little, in no way reducing your standards, you will access a world of highly talented
the first Fortune 100 companies in our industry with over 50% of board seats held by women.”
board candidates.”
joined Bristol-Myers Squibb, as President We are proud to commemorate the fifth biennial Breakfast
“I look at my now 23-year-old daughter and know she’s talented with much to offer any employer.
“Most companies know when their directors plan to step aside or retire, so they are always planning ahead. They
I certainly want to make sure she grows up in a professional world where she has choices and sees
know what their strategy is and what the skill gaps might be. You have to work a multi-year view of the likely
others like her in positions of management and in the boardroom.”
transitions and what your organization is going to need. It requires thinking two or three years ahead.” ■
& Company. Meg is the national board She served on the President’s National and Deputy General Counsel, supervising of Corporate Champions with a collection of inspiring
chair of Teach for America. ■ Security Telecommunications Advisory all of the company’s lawyers worldwide.
Committee (NSTAC) as Vice Chairman and
testimonials from CEO Champions. These outstanding
Ms. Willett has served on a number of
76 Women’s Forum of New York What Makes a Champion? Learning from CEOs Who are Accelerating Gender Balance in the Boardroom 77
Chairman and in 2017 on the President’s leaders share their views on why gender parity in the
not-for-profit boards as either Chair of
Special Commission responsible for a boardroom is a strategic business imperative and how
the Board or as a Committee Chair. She
recommendation report for the incoming to make it happen. The views captured in What Makes
currently is President of the Women’s
U.S. President on Enhancing National a Champion? are powerful, persuasive and practical.
Forum of New York and was recently ap-
Cybersecurity.
pointed to the Newark Regional Business We invite you to access a digital version of this
Mrs. Wilderotter holds a bachelor’s in eco- Partnership Board. Ms. Willett is a member collection to share with peers to accelerate change at
nomics from the College of the Holy Cross. of the Association of the New York City Bar, womensforumny.org/corporate-board-initiative.
She has been awarded an Honorary Doc- the Economic Club of New York and the
tor of Engineering degree from Stevens Metropolitan Club. ■ What Makes a Champion? was generously underwritten by Accenture.
Institute of Technology and an Honorary
Doctor of Laws degree from University of
Rochester. ■
16 THE WOMEN’S FORUM OF NEW YORK 2019 BREAKFAST OF CORPORATE CHAMPIONS 17
Sponsor a Woman for a Corporate Board Women’s Forum of New York
The Women’s Forum of New York is the city’s premier organization of women leaders. Our invitation-
PWC’s annual Corporate Director’s survey tells us 90% of new Board Directors
WOMEN ’S FORUM
only membership of more than 500 women represents the highest levels of achievement across all
come from the “board’s networks”. That’s why the Women’s Forum of New York
professional sectors from finance to fine arts. We are dedicated to the advancement of women’s
calls on all Champion CEOs to bring more women into those networks by leadership through:
sponsoring a board ready woman for our database. Just go to the Women’s
▶ Programs which enrich our members lives personally and professionally
Forum website womensforumny.org and click on Corporate Board Initiative.
▶ Our Education Fund which enables talented women whose potential has been disrupted by
Our candidates are added to the Equilar Diversity Network in Board Edge. extreme adversity to resume their education
Women’s Forum partners—including all honored Corporate Champion ▶ Our Corporate Board Initiative which extends and expands the contribution of women leaders
companies and search firms—who do not already subscribe to Equilar can through corporate board participation
request member profiles at no cost through the Women’s Forum website.
Women’s Forum Board of Directors
Linda A. Willett, President; Marcy Syms, Vice President; Susan Davenport Austin, Treasurer;
Sarah Beatty Buller, Secretary
Felice Forer Axelrod, Nancy Calderon, Laura Clayton McDonnell, Kay Ellen Consolver,
Pamela J. Craig, Marlene Debel, Joan Haffenreffer, Leila Heckman, Melissa James,
Ceci Kurzman, Cheryl McKissack Daniel, Wendy Mendenhall, MBE, Carol Robles-Román,
Marissa Shorenstein, Kate Swann
Breakfast of Corporate Champions Support the Women’s Forum
Carolyn Carter, Ex-Officio, Ami Kaplan, Ex-Officio,
of New York on social media &
The Breakfast of Corporate Champions is a biennial salute by the
post photos using the hashtag:
Women’s Forum of New York to companies who recognize that
gender balance in the Boardroom is a strategic business imperative. #BreakfastCorporateChampions
In 2019 we honor F1000 and S&P 500 companies with at least 30%
of board seats held by women. These Corporate Champions are an
inspiration for other companies to accelerate positive change. @WomensForumNY
Suzy Brown
Chair: Janice Reals Ellig Executive Director
Co-Chair: Carolyn Carter @WomensForumNY 59 E 54th Street, Suite 81, New York, NY 10022
Committee: Kiersten Barnet, Pamela J. Craig, Joan Haffenreffer, 212-447-9107
Kate Swann, Barbara Van Allen, Linda A. Willett info@womensforumny.org
@WomensForumNewYork womensforumny.org
18 THE WOMEN’S FORUM OF NEW YORK 2019 BREAKFAST OF CORPORATE CHAMPIONS 19“I deeply believe that we need to drive more gender diversity in the C-Suite
and Corporate Board levels because diversity in every form drives new
thinking, better decision making and really leads to business growth.”
▶ Michele G. Buck, President and CEO, The Hershey Company
“Whether you’re a woman or a U.S. minority, you want to be able to
look up and see that people have pierced that glass ceiling, that the
trail has been blazed and you can follow.”
▶ Michael Corbat, CEO, Citi
“There’s a relentless move towards equality of opportunity and gender parity
in all levels of organizations. When it comes to boards, it’s up to CEOs and
board chairs to make it happen.”
▶ Peter T. Grauer, Chairman, Bloomberg LP
“Women just bring different perspectives to a board. They ask different
questions and they push the organization to have conversations I’m not
so sure would have happened if they had not been on the board.”
▶ Margaret M. Keane, CEO, Synchrony
“It makes no logical sense to me that more companies are
not moving toward a gender-balanced board.”
▶ Eileen C. McDonnell, Chairman and CEO,
The Penn Mutual Life Insurance Company
“There’s real empirical data that shows conclusively that more women
on boards and more women in senior leadership roles results in better
outcomes and better long term value creation for companies.”
▶ Ronald P. O’Hanley, President and CEO,
State Street Corporation
20 THE WOMEN’S FORUM OF NEW YORKYou can also read
