A new analysis shows the impact of last year’s Black Lives Matter movement on the makeup of newly chosen corporate directors.
Amazon's board of directors elected former Goldman Sachs human resources executive Edith Cooper to join its ranks in September after Roz Brewer, who left to become CEO of Walgreens Boots Alliance, departed earlier this year. She also serves on the board of PepsiCo and is a prior director of Etsy and Slack Technologies.
The increase, she says, was not as high for Hispanic or Asian directors, which each made up just 7% of independent directors boards added this year. “The real focus was on Black directors. That’s a reflection of what’s going on in society.” Still, such diverse groups of newcomers will be needed to make a dent in the overall diversity of corporate boards because the rate of turnover at the top is still slow. Just 21% of all S&P 500 board seats are actually held by racial or ethnic minorities. Women, meanwhile, make up 30% of all board seats, a new milestone but still an underrepresentation.
“It is a group of equals and I think that makes things difficult,” she says. “You can see it in the turnover number: There’s no way every director who makes it to 75 is a great director.”
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