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Boardroom Diversity Without Marginalizing Anyone

By Janice Ellig, CEO, Ellig Group

boardroom diversity

C-suite and boardroom diversity in 2022 America

While women have come a long way, we still have far to go before we reach gender parity at the top levels of corporate America. As CEO of a certified women-owned search firm with an unparalleled 20-year track record of placing women and members of underrepresented groups in boardrooms and the C-suite (85% and 80%, respectively), I am deeply engaged with this particular struggle on a daily basis. Given that, what I am about to say may sound like an oxymoron, but it is not. While diversity must be considered a top priority in selecting corporate leadership, it should not be the sole criterion on which a selection is based. Rather, priorities have to be balanced to achieve the best outcomes for good corporate governance.  

Pendulums often swing far to the right and far to the left, spending little time in the center. With the death of George Floyd, a pandemic, a contentious presidential election, inflation, supply chain issues, and Russia’s invasion of Ukraine, social unrest has reached a high point, and companies are trying to do the right thing to level the playing field. Hiring of women, BIPOC, and other underrepresented groups is currently on the minds of all CEOs, boards, Chief Human Resources Officers, and other leaders – as it should be.  

Crawling towards gender parity

In 1995 there were only 10% women on boards; by 2021 the number had risen to 30%. In 26 years, that is a rise of less than 1% per year – hardly an impressive number. However, the greatest progress occurred recently, 2020-2021, with a 2% increase year over year. In short, change, but the pace is still far too slow.  

I have followed this progress closely and was heartened when in 2003 Norway became the first country to pass legislation mandating a 40% quota for women on corporate boards by 2008, and then in 2010, when Dame Helena Morrissey and Lord Davies spearheaded the launch of the 30% Club in the UK. As encouraged as I was at the time by these advances abroad, the fact remains that in the U.S., the pace of change over the past decade remains glacial with the U.S. slipping to #14 for women on boards. 

Lose the Boys’ Club, not the boys

Progress for women and underrepresented groups is something mostly everyone supports, at least in theory. Many, like me, would have preferred to see greater acceleration over the last decade rather than just over the past year. The time has come and I believe it is crucial that we continue to push for diversity, but we do so in a manner that prudently moves the needle without excluding any qualified candidates regardless of gender or background.

boardroom diversity

With Ellig Group’s diversity placement record, we welcome and are honored to work with progressive companies who want to change the landscape. That is our objective as well: diversity, equity and inclusion at all levels, starting with the boardroom and C-suite. That said, we also recognize that even the companies with the best intentions can push so hard as to create unintended, counterproductive consequences. Just as companies need to demand panels of highly qualified and diverse candidates, search consultants must have the courage to push back when they feel a more appropriate candidate is being overlooked due to diversity concerns. Our ethical obligation is to ensure that we present slates of exceptional and highly diverse candidates so that our clients have multiple choices, regardless of a candidate’s gender identity, race, national origin and/or sexual orientation. 

Parity in, parity out

In 2015, Steve Odland, now CEO of the Conference board, was a speaker at the Women’s Forum of New York Breakfast of Corporate Champions, an event I founded in 2011 when I was the President of the Women’s Forum of New York, to accelerate progress for Women on boards. Steve made a “clear and present danger” call to action to all CEOs and Board Directors: “The solution is simple […] select a woman for every other opening and your board will reach parity by 2025.” Steve’s math was simple and correct. With approximately 5000 board seats and ~19% held by women at that time, filling about 200 of the 400 S&P openings each year would get us beyond parity. Or, to put it another way, achieving gender parity is absolutely doable without shutting out men. As Deanna Mulligan said at the 2013 Breakfast of Corporate Champions, “This is not rocket science. If we can put a man on the moon, we ought to be able to put more women on boards.” 

What I have learned from my corporate career and from the past 20 years leading an executive search firm, is that achieving a goal is a matter of making it a personal objective. With focus and intentionality as our driver, we can reach gender parity and equitable representation of underrepresented groups in the boardroom and throughout an organization. It is not only the right thing to do, for our employees, our customers, our communities, and our investors, it is a business imperative and good corporate governance. Board diversity can absolutely be achieved without marginalizing anyone.   

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Tonie Leatherberry was at Deloitte for nearly three decades where she was the principal architect of The Board Leadership Forum and the NextGen CEO Academy, each of which has had a meaningful impact, ultimately placing more than 70 Black leaders into executive-level and board roles. As Chair Emeritus of the Executive Leadership Council, she created the Chairman’s Council of Academic Achievement to address achievement gaps for students of color in America’s educational systems, and as President of the Deloitte Foundation, the mission was to drive initiatives to develop future leaders through education. She is a passionate leader who has devoted much of her professional life to creating opportunities for women and people of color. Tonie is Lead director for Direct Digital Holdings, and a Board Director at Zoetis Inc. and American Family Insurance.

Cindie Jamison was elected Chair of the Darden Restaurants Board (NYSE: DRI) in September 2023, having served as a Director since October 2014 as part of a complete Board replacement slate through Starboard Value’s proxy fight. Since 2013, she has also served on the Office Depot Board (NASDAQ: ODP) where she Chairs the Audit Committee and is a member of the Compensation Committee. In May 2015, she joined the Big Lots, Inc (NYSE: BIG) Board, and became Chair in May 2022. In May 2023 Cindie stepped down from the Tractor Supply Company Board (NASDAQ:TSCO), a position she has held since 2002, where she was Chairman of the Board, after serving as Lead Director, and Chair of the Audit, Compensation & Corporate Governance Committees. Cindie joined the Board of Save the Children in February 2024.

David Chun, Founder and CEO, Equilar, Inc., has led Equilar since its inception to become one of the most trusted names in the corporate governance community. David has been recognized as one of the “100 Most Influential Players in Corporate Governance” by the National Association of Corporate Directors (NACD), the Disruptor Award by 2020 Women on Boards and Outstanding 50 Asian Americans in Business. David speaks publicly on corporate governance and board diversity matters, including events hosted by The Conference Board, Deloitte, EY, HR Policy Association, KPMG, NACD, NASDAQ, NYSE, The Society for Corporate Governance and Stanford’s Directors’ College. Prior to founding Equilar, David was a Vice President in the Investment Banking Division of Donaldson, Lufkin and Jenrette, a global investment bank that has since merged with Credit Suisse. Before DLJ, David was a management consultant with Bain & Company and also Kenan Systems, a telecom software developer acquired by Lucent Technologies. David serves on the boards of the Commonwealth Club of California, PGA Reach, the Silicon Valley Community Foundation (SVCF) and the Silicon Valley Leadership Group (SVLG). He is on Nasdaq’s Center for Board Excellence Advisory Board and Catalyst’s Women on Board Advisory Council. David is a member of Young Presidents’ Organization (YPO), Past Chair of the SF Bay Chapter, a founding member of the Council of Korean Americans (CKA) and a former board member of the Wharton Center for Entrepreneurship and the Asian Pacific Fund Community Foundation of San Francisco.

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Priscilla Sims Brown serves as President and CEO of Amalgamated Bank, a full-service bank, lender and investment manager with a century-long commitment to advancing positive social change. Amalgamated Financial Corp., the holding company for the Bank, is the first publicly traded (NASDAQ: AMAL) financial institution to be a public benefit corporation. Priscilla guides Amalgamated Bank in championing social responsibility through values-based banking, customer-centric services, and mission focused lending, serving individuals and organizations, including climate groups, foundations, labor unions, advocacy groups, political campaigns, and other socially responsible businesses, who care that their deposits are put to work for good. Priscilla is also dedicated to addressing environmental and social justice issues at Amalgamated Bank. More than 60% of the Bank’s lending and select balance sheet investments are high-impact through affordable housing, nonprofits, and climate solutions. Named one of the Most Powerful Women in Banking in 2023 by American Banker, Priscilla has been featured in The New York Times, TIME Magazine, PBS, and CNBC Changemakers, among others.

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Myra Biblowit is the President Emeritus of the Breast Cancer Research Foundation, the nation’s highest-rated breast cancer research organization with a mission focused exclusively on funding the world’s most promising research. Myra took the helm as BCRF President in 2001 and, after 22 years, retired in April 2023. During Myra’s tenure, BCRF funding enabled breakthroughs in breast cancer prevention, diagnosis, treatment, metastasis, and survivorship. Myra was widely recognized for leading one of the most impactful, financially efficient, and transparent nonprofits in the United States. Prior, Myra was Vice Dean for External Affairs at NYU Medical Center where she headed the Development, Alumni Relations and Public Relations departments. Previously she led the capital campaign as Senior Vice President of the American Museum of Natural History. Earlier, Myra served as Executive Vice President of the Central Park Conservancy. Myra is a member of the Board of Directors of Wyndham Hotels and Resorts, the Housewares Charity Foundation and the Historic House Trust of New York City. She is a member of the New York Women’s Forum, the Yellow for Pink National Council, Extraordinary Women on Boards and serves on the Advisory Board of Project Hope for Ovarian Cancer Research & Education.

Truett Tate is Chairman of a number of Boards, including Reference Point, TLC Lions, Thinkably and the recently retired Chairman of QBE, NA. Truett Tate is also Director of the DEVClever board. Truett has a long and esteemed global executive history including most recently as CEO of ANZ USA, Europe, Japan, Korea and the Middle East. Immediately prior, he was Group Executive (and Board member) at Lloyds Banking Group, responsible for Wholesale & International Banking (Including Global Wealth and International Retail) across the United Kingdom, the Americas and worldwide and prior spending 27 years at Citigroup where he held a variety of senior roles including corporate banking business across each of its regional geographies. Truett’s long board history includes Virgin Group, Ten Group, the BITC, BAB Inc along with many other charitable and academic organizations. A speaker, guest lecturer, philanthropist and professional coach/mentor, Truett has seemingly bottomless energy and passionate interest in a safer, more just, more humane and more sustainable world.

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Janice Reals Ellig

Chief Executive Officer

As the head of the Ellig Group, Janice is dedicated to increasing the placement of women and diverse candidates on corporate boards and in C-suites by 2025. Janice joined the legacy firm in 2000 and became Co-Chief Executive Officer in its transition to Chadick Ellig in 2007; she assumed sole ownership of the company as the Ellig Group in 2017 with a new focus on Reimagining Search. Prior to her career in executive search, Janice spent 20 years in corporate America at Pfizer, Citi and Ambac Financial Group, an IPO from Citibank, where she was responsible for Marketing, Human Resources, and Administration.

Heralded by Bloomberg Businessweek as one of “The World’s Most Influential Headhunters,” Janice is often consulted for her expertise and her commitment to gender parity, inclusion, and diversity. She frequently appears at speaking engagements and as a media guest, and she has penned multiple articles for outlets such as Directors & Boards, Directorship, Corporate Director, The Huffington Post, and Forbes.com. Janice also co-authored two books: Driving The Career Highway and What Every Successful Woman Knows, acknowledged by Bloomberg Businessweek as “the best of its genre.”

A tirelessly active member of the industry and champion of her causes, Janice is Founder of the Women’s Forum of New York’s Corporate Board Initiative and its signature event, Breakfast of Corporate Champions. Since 2011, Janice continues to spearhead this event to honor companies committed to board diversity and to encourage CEOs to sponsor board-ready women for the Women’s Forum database. (LINK: www.womensforumny.org).

Janice is personally committed to several NFP organizations: Board Director of the National YMCA and Past Chair of the YMCA Board of Greater New York; Trustee of the Actors Fund and Committee For Economic Development (CED); Incoming Chair, University of Iowa Foundation; Women’s Forum of New York Past President and Chair of the Corporate Board Initiative; member of the Steering Committee, US 30% Club and The Economic Club of New York.

In recognition for her many philanthropic activities, Janice received the University of Iowa Distinguished Alumni Award in 2011 and the Association of Executive Search Consultants (AESC) Eleanor Raynolds Award for Volunteerism in 2008. Named one of the “21 Leaders for the 21st Century” by Women’s eNews, she was also a recipient of the Channel 21 Award In Excellence for her contribution to “Excellence in the Economic Development for Women.”

“Listening to our clients’ needs, learning their business and understanding their culture is how we present the best talent and provide  a competitive advantage. We place candidates with the character, competencies, commitment, (intellectual) curiosity and courage to make a difference. Our goal is always to go beyond the expected and deliver valuable advice, measurable results and great talent!”

– Janice Reals Ellig

  • Champion of gender parity, diversity, and inclusion
  • Industry expert, speaker, and author
  • Founder of the Women’s Forum of New York’s Corporate Board Initiative
  • Committed board and committee member and philanthropist

T: (212) 688-8671 ext. 226
E: Janice@ElligGroup.com