saluting companies leading the way to gender …...domino’s pizza, inc. domtar corporation dow...

1 2019 BREAKFAST OF CORPORATE CHAMPIONS

2019 BREAKFAST OF

CORPORATECHAMPIONS

WOMEN’S FORUM OF NEW YORK

SALUTING COMPANIES LEADING THE WAY TO GENDER BALANCE ON CORPORATE BOARDS

NOVEMBER 7, 2019 / 7:00AMCIPRIANI 42ND STREET / NYC

3 2019 BREAKFAST OF CORPORATE CHAMPIONS

Marquis Sponsors Accenture, Bank of America, Citi, Ellig Group

Diamond Sponsors Bloomberg L.P., BNY Mellon, GenWorth, The Guardian Life Insurance Company of America, Horizon Healthcare Services, Inc., Macy’s and Bloomingdale’s, Marsh & McLennan Companies, MetLife, Morgan Stanley, Sanderson Farms, Inc., State Street Corporation, Teneo, TIAA, U.S. Bancorp, Voya Financial, Ward Howell International

Platinum Sponsors AIG, Assurant, Brighthouse Financial, Globe Life Inc., Quest Diagnostics Inc., Viacom

Gold Sponsors Aflac, American Water Works, Inc., Best Buy Companies Inc., Broadridge Financial Solutions, CIT Group, General Mills, Inc., Lincoln Financial, MSCI, New Mountain Capital, New York Life

Silver Sponsors AptarGroup, The Blackstone Group, Brown Brothers Harriman & Co., Con Edison, 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

Welcome to the fifth biennial Breakfast of Corporate Champions – a unique event that salutes the companies and CEOs accelerating gender balance on corporate boards. Today we honor S&P 500/F1000 companies that exceed the national average with at least 30% of board seats held by women. These progressive companies and their leaders are leading the way to gender parity in the boardroom by 2025.

Janice Reals Ellig Chair, 2019 Breakfast of Corporate Champions CEO, Ellig Group

2019 Breakfast of Corporate Champions Sponsors

We want to encourage all public companies to put more women on their boards, because more diverse boards deliver better decisions collectively for shareholders, customers and employees.

Maggie Wilderotter Chairman and CEO, Grand Reserve Inn Former Executive Chairman and CEO, Frontier Communications 2019 Breakfast of Corporate Champions Honorary Co-Chair

As CEOs we must be purposeful and intentional in how we approach gender diversity and inclusion. It must be core to our values, that we insist on diversity and not settle for less.

Roger W. Ferguson, Jr. President and CEO, TIAA 2019 Breakfast of Corporate Champions Honorary Co-Chair

We are honored to shine a light on Champion CEOs who lead from the top – making gender equity on corporate boards a personal commit-ment, a company focus and a cultural value.

Carolyn Carter Co Chair, 2019 Breakfast of Corporate Champions Former CEO, Grey Group, Europe Middle East & Africa

The Women’s Forum of New York is an organization of more than 500 of the city’s most 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 opportunities should be as well. We are delighted to salute companies and leaders

accelerating the advancement of women onto corporate boards and reaping the rewards.

Linda A. Willett President, Women’s Forum of New York

Senior Vice President, General Counsel and Corporate Secretary Horizon Blue Cross Blue Shield of New Jersey

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2019 Breakfast of Corporate ChampionsWelcome▶ Linda A. Willett, President, Women’s Forum of New York

What Makes a Champion?▶ Janice Reals Ellig, Chair, 2019 Breakfast of Corporate Champions▶ Carolyn Carter, Co Chair, 2019 Breakfast of Corporate Champions

Champions Challenge: Where We Are/What’s Next?▶ Roger W. Ferguson, Jr., President and CEO, TIAA▶ Ilene Gordon, Retired Chairman, President and CEO, Ingredion Inc.▶ Peter T. Grauer, Chairman, Bloomberg LP and Founder, U.S. 30% Club▶ Moderator: Janice Reals Ellig, CEO, Ellig Group

Celebration of Corporate Champions Companies exceeding 30% of board seats held by women. ▶ Roger W. Ferguson, Jr., President and CEO, TIAA ▶ Maggie Wilderotter, Chairman and CEO, Grand Reserve Inn, Former Executive Chairman and CEO, Frontier Communications▶ Peter T. Grauer, Chairman, Bloomberg LP and Founder, U.S. 30% Club

Presentation of the Muriel F. Siebert Leadership Award Award Recipient: ▶ Susan N. Story, President and CEO, American Water Works, Inc. Presented by: ▶ Ronald P. O’Hanley, President and CEO, State Street Corporation

Champions of Shareholder Value: Women in the Lead▶ Patricia F. Russo, Non-Executive Chairman, Hewlett Packard Enterprise ▶ Meg Whitman, CEO, Quibi, Former CEO, Hewlett Packard Enterprise, Former Chairman and CEO, Hewlett Packard Inc. ▶ Maggie Wilderotter, Director, Hewlett Packard Enterprise▶ Moderator: Carol Massar, Co-Anchor, Bloomberg Businessweek, Bloomberg Television/Radio Special Introduction by: ▶ Brian Moynihan, Chairman and CEO, Bank of America

CEO Champion Panel: Why Gender Balanced Boards is a Business Imperative and How to Make it Happen▶ Michele G. Buck, President and CEO, The Hershey Company▶ Michael Corbat, CEO, Citi▶ Hubert Joly, Executive Chairman and former CEO, Best Buy Co. Inc.▶ Margaret M. Keane, CEO, Synchrony▶ Eileen C. McDonnell, Chairman and CEO, The Penn Mutual Life Insurance Company▶ Christian Ulbrich, President and CEO, JLL▶ Moderator: Maria Bartiromo, Anchor and Global Markets Editor, FOX Business Network – FOX News Channel Special Introduction by: ▶ Joshua Bolten, President and CEO, Business Roundtable


50%+Alliant EnergyAmazon.com, Inc.American Water Works, Inc.Ascena Retail Group Inc.Bed, Bath & Beyond, Inc.Best Buy Companies Inc.Bloomin’ Brands, Inc.Brookdale Senior Living, Inc.Caleres, Inc.Capri Holdings, Ltd.Casey’s General Stores, Inc.CBS Corp.Chico’s Fas, Inc.General Motors Co.JC Penney Companies Inc.Navient CorporationOmnicom Group Inc.The Progressive CorporationTaylor Morrison Home Corp.Thrivent FinancialTIAATupperware Brands CorporationULTA Beauty Inc.Valhi, Inc.Viacom, Inc.Williams-Sonoma, Inc.

40%+Abercrombie & Fitch Co.AccentureAlaska Air Group, Inc.Amica Mutual Insurance CompanyAnnaly Capital ManagementAnthem, Inc.AptarGroupAutodesk, Inc.Ball Corp.Big Lots Inc.Booz Allen Hamilton Holding Corp.Brighthouse Financial, Inc.Cardinal Health Inc.Celanese CorporationCitiCMS Energy Corp.Designer Brands, Inc.Entergy CorporationThe Estée Lauder Companies IncExpress CompanyFoot Locker, Inc.Freeport-McMoran, Inc.General Electric CompanyGeneral Mills, Inc.Globe Life Inc.The Hartford Financial Services Group, Inc.

HCP, Inc.Herman Miller, Inc.The Hershey CompaniesHewlett Packard EnterpriseHilton Worldwide Holdings, Inc.HNI CorporationHP Inc.JLLKellogg CompanyKraton CorporationL Brands, Inc.Macy’s, Inc.ManpowerGroupMassachusetts Mutual Life Insurance Co. Inc.Newmont Mining CorporationNordstrom, Inc.PC Connection, Inc.Penn MutualPitney Bowes, Inc.Principal Financial Group Inc.Quest Diagnostics Inc.RR Donnelly & Sons Co.Sally Beauty Holdings, Inc.Sanderson Farms, Inc.Shutterfly, Inc.Spire, Inc.Starbucks Corp.

Stericycle, Inc.Stryker CorporationSynchrony FinancialTexas Instruments Inc.The TJX CompaniesTravelCenters of America LLCTrueBlue Inc.Varian Medical Systems, Inc.Voya FinancialThe Walt Disney CompanyWells Fargo & CompanyWelltower Inc.Wynn Resorts Ltd.

30%+3M CompanyAarons, Inc.Abbott LaboratoriesABM Industries Inc.AflacAIGAimcoAlcoa Corp.The Allstate CorporationAlly Financial Inc.American Eagle OutfittersAmerican Electric Power Company Inc.American Tower CorporationAmerisourceBergen Corporation

AMETEK, Inc.AMN HealthcareAnsys Inc.Apache Corp.Aramark Corp.ArcBest CorporationArrow ElectronicsAsbury Automotive Group Inc.Assurant Inc.Atlas Air Worldwide Holdings Inc.AvnetAT&TBank of AmericaBB&T Corp.Becton, Dickinson and CompanyBemis Company, Inc.Bio-Rad Laboratories, Inc.The Boeing CompanyBoston Properties Inc.Boston Scientific Corp.The Brunswick CorporationBurlington Stores Inc.Campbell Soup CompanyCarnival Corporation & PLCCarter’s, Inc.Cboe Global Markets, Inc.CDW Corp.CenturyLink Inc.Cerner Corp.C.H. Robinson Worldwide, Inc.

Chevron CorporationChildren’s Place Inc.Ciena CorporationCinemark Holdings, Inc.CIT GroupThe Clorox Co.The Coca-Cola CompanyColgate-Palmolive CompanyColumbia Sportswear Co.Commercial Metals CompanyConocoPhillipsCon EdisonCooper Tire & Rubber CompanyCracker Barrel Old Country Store, Inc.CSX Corp.CUNA Mutual GroupDarling Ingredients Inc.DaVitaDomino’s Pizza, Inc.Domtar CorporationDow Inc.eBay Inc.Ecolab Inc.Edison InternationalEli Lilly & CompanyThe Emerson Electric Co.Encompass Health CorporationEquifax Inc.Essex Property Trust

2019 Corporate Champions Percentage of Board Seats Held by Women* S&P 500 and F1000 Companies

List Continues >>

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Exxon Mobil Corp.Facebook Inc.Fannie MaeFedEx CorporationFifth Third BancorpFirst Republic BankFirstEnergy Corp.Fossil Group, Inc.Gannett Co., Inc.The Gap, Inc.Gartner, Inc.General Dynamics CorporationGilead Sciences, Inc.The Goldman Sachs Group, Inc.Group 1 Automotive, Inc.The Guardian Life Insurance Company of AmericaH&R Block, Inc.Halliburton CompanyHanover Insurance Group Inc.Hasbro, Inc.Hawaiian Electric Industries Inc.Hexcel CorporationHill-Rom Holdings Inc.Hologic, Inc.Host Hotels & Resorts, Inc.Huntington Bancshares Inc.IDEXX Laboratories, Inc.

Owens CorningOwens & Minor Inc.PayPal Holdings, Inc.The Pacific Gas and Electric CompanyPhilips 66 CompanyPNC Financial Services GroupPolaris IndustriesPolyOne CorporationPopular, Inc.Portland General ElectricPPG Industries, Inc.The Procter & Gamble Co.Public Service Enterprise GroupPVH Corp.Quorum Health CorporationThe Raytheon CompanyRealogy Holdings Corp.Reinsurance Group of America, Inc.Republic Services, IncResMedRevlon, Inc.Rite AidRH Inc.Roper Technologies, Inc.S&P GlobalSchlumberger Ltd.Schnitzer Steel Industries, Inc.Sempra EnergySentry InsuranceService Corporation International

Illumina, Inc.Ingersoll-Rand PLC.IngredionInsight Enterprises Inc.Intercontinental Exchange Inc.International Business Machines CorporationIntuit Inc.ITT Inc.Jack Henry & Associates, Inc.JetBlue Airways CorporationThe J.M. Smucker CompanyJohnson & JohnsonJuniper Networks, Inc.Kelly Services Inc.Kemper CorporationKeyCorpKimberly-Clark Corp.Kimco Realty CorporationKohl’s CorporationLam Research Corp.Legg Mason, Inc.Lennox International Inc.Lockheed Martin CorporationLowe’s Companies Inc.LPL Financial LLCLSC Communications, IncLyft, Inc.

ServiceNow, Inc.SpartanNashSteelcase Inc.Summit Materials, LLCT. Rowe PriceTailored Brands, Inc.Tapestry, Inc.Target Corp.Tech DataTEGNA Inc.Tenet Healthcare CorporationTetra Tech, Inc.The Travelers Companies, Inc.Tiffany & Co.TopBuild Corp.Tractor Supply CompanyTreeHouse Foods Inc.Trimble Inc.Twitter Inc.UGI CorporationUDR Inc.Unisys CorporationUnited Natural Foods, Inc.United Parcel Service, Inc.United Rentals, Inc.United Technologies CorporationUnitedHealth Group Inc.Unum GroupUrban Outfitters, Inc.U.S. BancorpVail Resorts, Inc.

The Macerich CompanyMarriott International, Inc.Martin Marietta Materials, Inc.Mattel, Inc.Maxar Technologies Inc.McCormick & Company, Inc.McKesson CorporationMDU Resources Group, Inc.Merck & Co., Inc.Meredith Corp.MetLifeMGM Resorts InternationalThe Middleby CorporationMKS Instruments, Inc.Moody’s CorporationMorgan StanleyMSCIMylan NVNASDAQNetflix Inc.New York LifeNorthrop Grumman CorporationNorwegian Cruise Line Holding – Corp.Occidental Petroleum CorporationOffice Depot, Inc.O’Reilly Automotive, Inc.Oshkosh Corporation

Valero Energy CorporationVentas Inc.Veritiv Corp.Verizon Communications Inc.Vertex Pharmaceuticals Inc.VF CorporationVisa Inc.W. R. Berkley CorporationWaters CorporationWestern Digital CorporationThe Western Union CompanyWeyerhaeuser CompanyWillis Towers WatsonWolverine World Wide, Inc.XPO Logistics, Inc.Zayo Group Holdings, Inc.

Thank you to Board Ex for providing all board gender analysis research.

2019 Corporate Champions (continued) Percentage of Board Seats Held by Women* S&P 500 and F1000 Companies

*All company names are the trademarks™ or registered® trademarks of their respective owners. The use of such names herein does not constitute or imply any affiliation with the Women’s Forum of New York or any sponsorship or endorsement of the Women’s Forum of New York (or any of its activities) by such owners.All information herein was obtained from publicly available disclosures made by such companies with 30% or above women on their board as reported on 12/31/18 and 5/31/19 and indicated here with the higher percentage, and the accuracy thereof has not been verified.

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Joshua Bolten is President & CEO of the Business Roundtable (BRT), an associa-tion of CEOs of leading US companies. Before joining BRT in January 2017, Bolten was Managing Director of Rock Creek Global Advisors, a consulting firm that he co-founded in 2011. Bolten spent the preceding two years as a visiting professor in the Woodrow Wilson School at Princeton University.

Bolten’s twenty years of government service includes eight years in the White House under President George W. Bush as Chief of Staff (2006-09), Director of the Office of Management & Budget (2003-06), and Deputy Chief of Staff for Policy (2001-03). For the preceding two years, he was Policy Director of the Bush 2000 presidential campaign. Bolten’s previous private sector experience includes work at Goldman Sachs in London and O’Melveny & Myers in Washington, DC.

Bolten received his undergraduate degree from Princeton in 1976 and his law degree from Stanford in 1980. He is a member of the board of Emerson Electric Co. He also serves on the boards of the US Holocaust Memorial Museum, the ONE Campaign, and Princeton University.■

Maria Bartiromo joined FOX Business Network (FBN) as Global Markets Editor in January 2014, after 20 years at CNBC. She is the anchor of Mornings with Maria on FBN (6-9 AM/ET) and anchors Sunday Morning Futures, the most watched Sunday morning program on cable (10 AM/ET) on FOX News Channel (FNC). Bartiromo was also named the new anchor for Maria Bartiromo’s Wall Street on FBN (airing Fridays at 8 PM/ET) as of April 27, 2017. Bartiromo has been a pioneer in her industry. In 1995, she became the first journalist to report live from the floor of the New York Stock Exchange on a daily basis. She has covered business and the economy for more than 25 years and was one of the building blocks of business cable network CNBC. Honors include Emmys for her “Bailout Talks Collapse” and “Inside the Mind of Google” pro-grams and a Gracie Award for “Green-span: Power, Money & the American Dream.” In 2009, the Financial Times named Bartiromo one of the “50 Faces That Shaped the Decade.” She was the first female journalist inducted into the Cable Hall of Fame.■

Joshua BoltenPresident and CEO Business Roundtable

Maria BartiromoAnchor and Global Markets Editor FOX Business Network – FOX News Channel

Michele G. BuckPresident and CEO The Hershey Company

Michele G. Buck is President and Chief Executive Officer for The Hershey Company, the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confection-ary. She is a proven leader with 30 years of consumer packaged goods experience and a demonstrated track record of build-ing brands consumers love, developing high performing teams and creating sustainable businesses in a rapidly evolving economic and social marketplace.

As its first female CEO, Buck is responsible for Hershey’s global operations and commercial activities. She joined Hershey in April 2005 as Senior Vice President, Global Chief Marketing Officer and has held roles with increasing responsibility including Global Chief Growth Officer; President, North America; and most recently, EVP and Chief Operating Officer.

Prior to Hershey, Buck was an officer of Kraft Foods and, during her 17-year tenure at Kraft/Nabisco, she held senior positions in marketing and management, working with various brands including Altoids, LifeSavers, Planters and Snackwell’s. She started her career at the Frito-Lay division of PepsiCo.

Buck serves on the Board of Directors at The Hershey Company; and New York Life, a Fortune 100 financial services company. She resides in Hershey, Pa. with her husband and three children. ■

Michael L. Corbat is Chief Executive Officer of Citigroup, the world’s global bank, with approximately 200 million customer accounts and activities in more than 160 countries and jurisdictions.

Since becoming CEO in 2012, he has focused on leveraging Citi’s unique global network to serve its institutional and con-sumer banking clients with an emphasis on strong execution and the highest ethical standards. In the process, Mr. Corbat has made Citi a simpler, smaller, safer and stronger institution. Citi has improved the quality and consistency of earnings, and Mr. Corbat is committed to creating shareholder value by serving Citi’s stakeholders and fulfilling Citi’s mission of enabling economic growth and progress.

Mr. Corbat has been at Citi and its prede-cessor companies since his graduation from Harvard University with a bachelor’s degree in economics in 1983.■

Michael CorbatCEO Citi

Carolyn Carter’s career in advertising spanned 35 years culminating in her position as CEO of Grey Group, Europe, Middle East and Africa from 2000-2010. Grey became part of WPP, the world leader in communications services in 2005. Carolyn’s career concentrated in managing global teams for leading global brands, expanding network operations into developing markets and building and evolving creative capabilities. Grey EMEA was named Agency Network of the Year for communications effectiveness by the EACA a record five consecutive times during her tenure. Carolyn served domestically on the industry’s self regulatory body, the National Advertising Review Board and was a regular speaker at international conferences. She has served on non-profit boards of HeartShare Human Services, Spoleto USA and The Actors Fund. She is a current director of the International Women’s Forum.■

Carolyn CarterFormer CEOGrey Group, Europe Middle East & Africa

Named by Business Week as one of “The World’s Most Influential Headhunters,” Janice focuses her search practice on recruiting board directors, C-suite executives and divisional heads. Janice’s corporate experience includes Pfizer, Citibank and Ambac Financial Group. Janice co-authored two books: Driving The Career Highway, 20 Road Signs You Can’t Afford To Miss and What Every Successful Woman Knows: 12 Break-through Strategies to Get the Power and Ignite Your Career. She also writes numerous professional articles focusing on gender balance on boards. Janice appears on network television and moderates panels on building stronger boards, gender diversity and career management. Janice is a Board Director of the National YMCA, Past Chair of the YMCA Board of Greater NY; Trustee of the Actors Fund, Committee For Economic Development (CED) of the Conference Board; University of Iowa Foundation, Executive Committee; Past President Women’s Forum of New York and current Chair of the Corporate Board Initiative; Harvard Kennedy School Women in Public Policy Program; Edison Innovation Foundation Advisory Board and Economic Club of NY.■

Janice Reals ElligCEOEllig Group


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Peter T. Grauer is Chairman of Bloomberg L.P., a board member since 1996, he became Chairman in 2001, succeeding Michael R. Bloomberg, and then Chairman, President and CEO a year later. From 2000 to 2002, he was managing director and senior partner of Credit Suisse First Boston, founding both DLJ Merchant Banking Partners and DLJ Investment Partners. He was managing director of Donaldson, Lufkin & Jenrette from 1992 until CSFB acquired it in 2000. Peter graduated from the University of North Carolina at Chapel Hill.

Mr. Grauer serves as lead director of DaVita, Inc. He is founding Chairman of the Com-munity of Chairmen at the World Economic Forum and serves on the WEF Media, Entertainment and Information, Financial Services and Gender Parity Board of Gov-ernors. He is a member of the McKinsey Advisory Council, the British American Business International Advisory Board and the Asia Business Council. Grauer is the President of the Board of Trustees of the Inner-City Scholarship Fund and a member of the Partnership for Inner City Education Board of Directors. He is a member of the Board of The Economic Club of New York, Rockefeller University, and Prostate Cancer Foundation. Grauer is Founding Chair of the U.S. 30% Club and Chairman of the College Advising Corps. ■

Hubert Joly is executive chairman of Best Buy Co. Inc. In this role, he leads the board of directors while advising and supporting the CEO on key matters, such as strategy, capability building, M&A and external relationships. He also may assume certain responsibilities at the request of the CEO, in areas such as government relations, community relations and leadership development.

Hubert joined Best Buy in 2012 and served as the company’s CEO until June 2019. He led the company through its Renew Blue transformation, which resulted in improvements in customer satisfaction, market share gains, revenue growth and improved margins.

Hubert then led Best Buy into its next phase, Building the New Blue. This growth strategy aims to enrich lives through tech-nology by addressing key human needs in entertainment, productivity, commu-nication, food, security and health and wellness. Under Hubert’s leadership, Best Buy committed to preparing youth from underserved communities for the tech- reliant jobs of the future. Additionally, the company is on a path to reduce its carbon footprint by 60 percent.

Prior to joining Best Buy, Hubert was CEO of Carlson, a global hospitality and travel company. ■

Margaret Keane is CEO of Synchrony, one of the nation’s premier consumer financial services companies. She led the company’s successful initial public offering in July 2014 and split-off from GE in November 2015.

Her passion for emerging technology and employee development has solidified Margaret’s reputation as a leader. She has been recognized as one of American Banker’s “Top 25 Most Powerful Women in Finance” for 11 consecutive years (#4 in 2017) and one of Fortune’s “Most Powerful Women” for the past three years (#25 in 2017).

During an 18-year career with GE Capital, Margaret led the Retail Card platform as President and CEO beginning in 2004. She expanded her responsibilities in 2011 to become President and CEO of their North American Retail Finance business. Margaret also held various leadership roles during 16 years with Citibank.■

Carol Massar is co-host of “Bloomberg Businessweek,” airing on Bloomberg Radio daily from 2pm-5pm ET and weekly on Bloomberg Television.

An award-winning journalist with more than 25 years of experience, Massar joined Bloomberg Television in 1999. During her time at Bloomberg, Massar has anchored and reported around the globe including from the World Economic Forum in India, APEC Women and the Economy Summit, the World Business Forum, the Milken Institute Global Conference and more.

Massar began her career as a producer at the Financial News Network. She later served as a producer, reporter and anchor for Dow Jones Television which aired in the U.S., Asia and Europe. Massar was a correspondent for “The Asian Wall Street Journal Report” and “The Wall Street Journal Report” produced by Dow Jones and later by CNBC.

Massar earned a degree in economics from Barnard College/Columbia University, where she also delivered business news over Columbia’s radio waves, edited WKCR’s program guide and served on the station’s board.■

Peter T. GrauerChairman, Bloomberg LP and Founder, U.S. 30% Club

Hubert JolyExecutive Chairman and former CEOBest Buy Co. Inc.

Margaret M. KeaneCEOSynchrony

Carol MassarCo-Anchor, Bloomberg Businessweek, Bloomberg Television/Radio

Ilene Gordon is the retired chairman, president and CEO of Ingredion Incorpo-rated (NYSE:INGR).

Currently she is presiding director of International Paper and a director of Lockheed Martin.

Ms. Gordon was the first female director of five different public companies: Arthur J. Gallagher & Company, United Stationers Inc., Outboard Marine Corporation, Sundstrand Corporation and Zenith Electronics.

Ms. Gordon holds a Bachelor of Science degree in mathematics, Phi Beta Kappa, from the Massachusetts Institute of Tech-nology (MIT) in Cambridge, Mass., and a Master of Science degree in management from MIT’s Sloan School of Management.

She is among Forbes Global Game Changers and was Fortune’s Most Power Women for five consecutive years on the U.S. list and two years on the global list. ■

Ilene Gordon Retired Chairman, President and CEOIngredion Incorporated

Roger W. Ferguson, Jr., is President and CEO of TIAA, the leading provider of retirement services in the academic, research, medical, and cultural fields and a Fortune 100 financial services organization.

Mr. Ferguson is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System. As the only Gov-ernor in Washington, D.C. on 9/11, he led the Fed’s initial response to the terrorist attacks, taking actions that kept the U.S. financial system functioning while reassur-ing the global financial community that the U.S. economy would not be paralyzed.

Prior to joining TIAA, Mr. Ferguson was head of financial services for Swiss Re. He was also previously an Associate and Partner at McKinsey & Company and an attorney at Davis Polk & Wardwell.

Mr. Ferguson is a member of the Smith-sonian Institution’s Board of Regents and serves on the New York State Insurance Advisory Board. He is a fellow of the American Academy of Arts & Sciences and co-chairs its Commission on the Future of Undergraduate Education. He is Chairman of The Conference Board and serves on the boards of Alphabet, General Mills, and International Flavors & Fragrances.

Mr. Ferguson holds a B.A., J.D., and a Ph.D. in economics, all from Harvard University.■

Roger W. Ferguson, Jr.President and CEO TIAA


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Ronald P. O’Hanley is president and chief executive officer of State Street Corporation.

Previously, he served as president and chief operating officer of State Street Corporation and president and chief executive officer of State Street Global Advisors. Prior to joining State Street, he served as president of asset management and corporate services for Fidelity Invest-ments. Prior to Fidelity, Mr. O’Hanley was president and chief executive officer of BNY Mellon Asset Management and vice chairman of Bank of New York Mellon. Mr. O’Hanley began his career at McKinsey & Company, where he was a partner.

Mr. O’Hanley is a director of Unum Corp. He also serves on the boards of The Boston Foundation, WBUR, Syracuse University, and the IYRS School of Technology and Trades.

Mr. O’Hanley received his BA from Syracuse University and MBA from Harvard University.■

Pat Russo has spent her career in the com-puting and communications technology industries. Currently Chairman of Hewlett Packard Enterprise (HPE), a global industry leader in providing information manage-ment solutions to businesses around the world, she also serves on the boards of Merck, KKR, and General Motors, where she chairs the Governance Committee. She recently stepped off the board of Arconic after ten years of service where she most recently served as Interim Chair and chaired the Governance Committee.

Pat was the Chairman and CEO of Lucent Technologies where she led the company’s return to profitability and growth after the telecom industry downturn and later led the company through its cross border strategic merger with Alcatel. Pat served as CEO of the combined company (Alcatel-Lucent) through the end of 2008.

Pat is Chairman Emeritus of the Board of the Partnership for DrugFree Kids, a national non-profit dedicated to prevent-ing drug and alcohol abuse among youth. She serves as a Senior Advisor to World 50, an organization dedicated to the development of senior executives across all industries. She also teaches two semi-nars at the Wharton Business School Executive Education Program, one focused on Leading through Crises and the other on Mergers and Acquisitions.■

Susan Story is President & CEO of American Water Works, Inc. (NYSE: AWK), the largest publicly traded U.S. water and wastewater utility. Story leads a team of 7,100 dedicated professionals who provide service to more than 14 million people in 46 states.

Story has served as CEO of American Water since May 2014, and served as Chief Financial Officer for one year before assuming the CEO role. Prior to her move to AWK in 2013, she spent 31 years at Southern Company (NYSE: SO), serving as CEO, Southern Company Services, Inc.; President & CEO, Gulf Power Company, Inc. from 2003-2010; and Executive Vice President, Southern Company Engineer-ing and Construction Services, 2001-2003. She began her utility career as a nuclear power plant engineer.

She serves as the independent lead director for Raymond James Financial, Inc. where she has been a director since 2008, and on the board of directors of Dominion Resources, Inc.

Story recently served on the boards of the Bipartisan Policy Center, the US Water Alliance, the Alliance to Save Energy, United Way of Greater Philadelphia and Southern New Jersey. She is currently on the board of the Moffitt Cancer Center and Research Institute Board of Advisors in Tampa, FL.■

Alongside senior leadership, Christian is steering a strategy that positions JLL among the world’s leading companies. The vision calls for embracing market- leading digital solutions to help drive success for clients, employees and shareholders.

Christian has been in leadership roles at JLL for over a decade. He joined the company in 2005 as managing director for Germany. In 2009, he became CEO for the Europe, Middle East and Africa region, and a member of the GEB. Prior to that, Christian spent seven years as CEO of the Hamburg-based HIH group of companies, following 10 years in senior roles with German and international banks.

Christian is a passionate advocate for a sustainable, diverse and inclusive global future. He is a Vanguard board member of the World Economic Forum’s Partnering Against Corruption Initiative. He is also a member of the board of directors of Vonovia SE, Europe’s largest residential real estate company.

Christian earned a senior degree in business administration from the University of Hamburg, and attended the Stanford University GSB program. He lives near Frankfurt, Germany.■

Ronald P. O’HanleyPresident and CEOState Street Corporation

Patricia F. RussoNon-Executive ChairmanHewlett Packard Enterprise

Susan N. StoryPresident and CEOAmerican Water Works, Inc.

Christian UlbrichPresident and CEO JLL

Brian Moynihan leads a team of more than 200,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world.

Moynihan participates in several organiza-tions that focus on economic and market trends, including as chairman of the World Economic Forum International Business Council, the Financial Services Forum, the Bank Policy Institute (chair), the Business Roundtable, the Clearing House, the American Heart Association CEO Round-table (co-chair) and the Business Council. He is a member of the Federal Advisory Council of the Federal Reserve Board.

Moynihan leads the company’s Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonian’s National Museum of African American History and Culture, the Brown University Corporation’s Board of Fellows, the Catalyst Board of Directors, the Council on Competitiveness Board of Directors, the Congressional Medal of Honor Foundation Board and the Appeal of Conscience Board of Trustees.

Moynihan works with public officials, busi-nesses and civic leaders at the local level through his participation on the Charlotte Executive Leadership Council (chair), the Massachusetts Competitive Partnership and the Partnership for Rhode Island. ■

Brian MoynihanChairman and CEO Bank of America

Eileen C. McDonnell is chairman and chief executive officer. She joined Penn Mutual in 2008 as its Chief Marketing Officer. Before joining Penn Mutual, she was president of New England Financial, a wholly owned subsidiary of MetLife, and senior vice president of the Guardian Life Insurance Company. Ms. McDonnell serves on the Board of Universal Health Services, Inc. (NYSE: UHS) and is Chair of the Audit and Compensation Committees.

A graduate of Molloy College, Rockville Centre, N.Y., Ms. McDonnell majored in mathematics and computer science, and received an honorary doctor of laws (LL.D.) degree in 2011. She earned her MBA in finance and investments from Adelphi University, Garden City, N.Y.

In 2016 Eileen was honored by Drexel University LeBow College of Business as the 2016 “Business Leader of the Year.” Also, Eileen has been awarded the honor of being inducted into The Business Excellence Institute’s Hall of Fame in Dublin, Ireland.

In 2017 Eileen was the recipient of the Ernst and Young Entrepreneur Of The Year, Greater Philadelphia award in the area of Transformation.

In 2019, Eileen was honored with the Women Corporate Directors’ 2019 Vision-ary Award for Strategic Leadership. ■

Eileen C. McDonnellChairman and CEO The Penn Mutual Life Insurance Company

17 2019 BREAKFAST OF CORPORATE CHAMPIONS16 THE WOMEN’S FORUM OF NEW YORK

Linda Willett is the Senior Vice President, General Counsel and Secretary of Horizon Blue Cross Blue Shield of New Jersey. She leads the teams responsible for: Commu-nications; Corporate Affairs; Compliance; Enterprise Risk Management; Government Affairs; Public Affairs and Legal Affairs. The Horizon Foundation for New Jersey also reports to her and focuses on charitable giving in the state of New Jersey.

Ms. Willett received her J.D. from Rutgers School of Law in Newark. Prior to attend-ing law school, she worked at the Shulton, Inc., subsidiary of the American Cyanamid Company where she managed new prod-uct development for the consumer prod-ucts business. After law school, she joined the firm of McCarter & English in 1990 and became a Partner in 1994. She later joined Bristol-Myers Squibb, as President and Deputy General Counsel, supervising all of the company’s lawyers worldwide.

Ms. Willett has served on a number of not-for-profit boards as either Chair of the Board or as a Committee Chair. She currently is President of the Women’s Forum of New York and was recently ap-pointed to the Newark Regional Business Partnership Board. Ms. Willett is a member of the Association of the New York City Bar, the Economic Club of New York and the Metropolitan Club.■

Linda A. WillettSenior Vice President, General Counsel and Secretary, Horizon Blue Cross Blue Shield of New Jersey

Maggie Wilderotter has led both F500 companies and start-ups and has served on 36 public and 14 private company Boards of Directors.

Currently on public boards of Costco Wholesale Corporation, Hewlett Packard Enterprise, Cadence Design Systems, Lyft, and Board Chair at DocuSign. She is also on the private boards of Tanium and Cake-bread Cellars, numerous non-profit orga-nizations, and is a Senior Advisor to Okta; Blackstone and Atairos Private Equity.

During her Eleven years as CEO and Executive Chairman, Frontier Commu-nications grew from a Fortune 1000 to a Fortune 500 national broadband, voice and video provider with operations in 29 states and annualized revenues in excess of $10 billion.

She served on the President’s National Security Telecommunications Advisory Committee (NSTAC) as Vice Chairman and Chairman and in 2017 on the President’s Special Commission responsible for a recommendation report for the incoming U.S. President on Enhancing National Cybersecurity.

Mrs. Wilderotter holds a bachelor’s in eco-nomics from the College of the Holy Cross. She has been awarded an Honorary Doc-tor of Engineering degree from Stevens Institute of Technology and an Honorary Doctor of Laws degree from University of Rochester.■

Maggie WilderotterChairman and CEOGrand Reserve Inn

Meg Whitman is the CEO of Quibi, a mobile only media technology platform bringing together the best of Silicon Valley and Hollywood. Headquartered in Los Angeles, Quibi is the first entertain-ment platform built for easy, on-the-go mobile viewing, allowing today’s leading studios and creative talent to tell original stories in an entirely new way. Prior to Quibi, she served as CEO of Hewlett Packard Enterprise and President and CEO for the Hewlett-Packard Company. Whitman was President and CEO of eBay Inc. where she oversaw its growth from 30 employees and $4 million in annual revenue to more than 15,000 employees and $8 billion in annual revenue. She has also held executive-level positions at Procter and Gamble Company, Hasbro Inc., The Walt Disney Company, and Bain & Company. Meg is the national board chair of Teach for America.■

Meg WhitmanCEOQuibi

We are proud to commemorate the fifth biennial Breakfast of Corporate Champions with a collection of inspiring testimonials from CEO Champions. These outstanding leaders share their views on why gender parity in the boardroom is a strategic business imperative and how to make it happen. The views captured in What Makes a Champion? are powerful, persuasive and practical. We invite you to access a digital version of this collection to share with peers to accelerate change at womensforumny.org/corporate-board-initiative.

{RAISE THE BAR, DEMAND RESULTS

Adena FriedmanNasdaq

Bill McNabb Vanguard

Ronald O’HanleyState Street Corporation

Roger FergusonTIAA

The investment community and exchange organizations have a unique role to play in accelerating gender balance in the board-room. In the case of Nasdaq, there’s a unique opportunity to “walk the talk” in front of member companies as a demonstration of what best practice looks like. In the case of investors, the opportunity is even greater. They can demand transparency and strongly encourage gender balance for one simple reason – better ROI.

C H A P T E R 7

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Women’s Forum of New York76 What Makes a Champion? Learning from CEOs Who are Accelerating Gender Balance in the Boardroom 77

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

Roger FergusonPresident and CEO, TIAA

Roger Ferguson, President and CEO of TIAA, says, “We are very purposeful and intentional in how we approach diversity and inclusion. It’s core to our values and part of who we are. But we don’t leave it to chance – in fact just the opposite – we work on it daily.”

“We insist on diversity and we will not settle for less. For example, in our most recentsearches,wewereshownareallygoodslateoffirst-rateprospects,butwelookedatitandsaidnotenoughdiversity–gobackandfindusgreaterdiversityandthesearchfirmdid.”

“40% of TIAA’s board is comprised of women, and I think over the next few years we may be one of thefirstFortune100companiesinourindustrywithover50%ofboardseatsheldbywomen.”

“I look at my now 23-year-old daughter and know she’s talented with much to offer any employer. I certainly want to make sure she grows up in a professional world where she has choices and sees others like her in positions of management and in the boardroom.”

“We insist on diversity and will not settle for less.”

“For too long, corporations have sought out only recently retired CEOs to join their boards. But the fact is C-suite positions,especiallytheCEOrole,arenotwellrepresentedbywomen.Therefore,beingmoreflexibleandlookingatawiderrangeofC-suiteindividuals(andtheirdirectreports)isawisewaytoapproachboarddiversification.Forsomeoftheseindividualsitmaybeherfirstboardexperience,solet’stakeabitofarisk.It’sasmartriskbecausewhenyougettotheC-suiteoflargecompanies,thewomenwhoworktherearefirstratebusinessthinkers,strongbusiness leaders, and they’ve all had many relevant experiences that will make them a good board member.”

“If you open the aperture just a little, in no way reducing your standards, you will access a world of highly talented board candidates.”

“Most companies know when their directors plan to step aside or retire, so they are always planning ahead. They know what their strategy is and what the skill gaps might be. You have to work a multi-year view of the likely transitions and what your organization is going to need. It requires thinking two or three years ahead.” ■

Women’s Forum of New York8

LEARNING FROM CEOS WHO ARE ACCELERATING GENDER BALANCEIN THE BOARDROOM

W H AT M A K E S A C H A M P I O N ?

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, forboardswithfiveormoredirectors,atleasttwoorthreewomenbyyear-end2021.Whileseveralotherstatesareconsidering 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.

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 genderdiverseboardsandfinancialperformance,fewcompaniesaretakingaction.

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 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 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 onboardsandseniormanagementteams.Sinceinceptionin2016,thosecompanieshavesignificantlyand consistently outperformed the market. So the reality gap is puzzling: why isn’t there more traction with a strategy that clearly delivers results?

[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 board and 22 more have committed to doing so. Sculpture by Kristen Visbal, commissioned by State Street Global Advisors

What Makes a Champion? was generously underwritten by Accenture.


Breakfast of Corporate ChampionsThe Breakfast of Corporate Champions is a biennial salute by the Women’s Forum of New York to companies who recognize that gender balance in the Boardroom is a strategic business imperative. 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.

Chair: Janice Reals Ellig

Co-Chair: Carolyn Carter

Committee: Kiersten Barnet, Pamela J. Craig, Joan Haffenreffer, Kate Swann, Barbara Van Allen, Linda A. Willett

Sponsor a Woman for a Corporate Board

PWC’s annual Corporate Director’s survey tells us 90% of new Board Directors come from the “board’s networks”. That’s why the Women’s Forum of New York calls on all Champion CEOs to bring more women into those networks by sponsoring a board ready woman for our database. Just go to the Women’s Forum website womensforumny.org and click on Corporate Board Initiative.

Our candidates are added to the Equilar Diversity Network in Board Edge. Women’s Forum partners—including all honored Corporate Champion companies and search firms—who do not already subscribe to Equilar can request member profiles at no cost through the Women’s Forum website.

Women’s Forum of New YorkThe Women’s Forum of New York is the city’s premier organization of women leaders. Our invitation- only membership of more than 500 women represents the highest levels of achievement across all professional sectors from finance to fine arts. We are dedicated to the advancement of women’s leadership through:

▶ Programs which enrich our members lives personally and professionally

▶Our Education Fund which enables talented women whose potential has been disrupted by extreme adversity to resume their education

▶Our Corporate Board Initiative which extends and expands the contribution of women leaders through corporate board participation

Women’s Forum Board of DirectorsLinda 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

Carolyn Carter, Ex-Officio, Ami Kaplan, Ex-Officio,

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Support the Women’s Forum of New York on social media & post photos using the hashtag:

#BreakfastCorporateChampions

@WomensForumNY

@WomensForumNY

@WomensForumNewYork

Suzy Brown Executive Director 59 E 54th Street, Suite 81, New York, NY 10022 212-447-9107 [email protected] womensforumny.org

20 THE WOMEN’S FORUM OF NEW YORK

“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

“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 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

“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 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

saluting companies leading the way to gender …...domino’s pizza, inc. domtar corporation dow...

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