Financial Services Diversity Contact: Emmanuel Bailey, VP & Chief Diversity Officer
Despite an accounting scandal that led to the resignation of CEO Franklin Raines, one of corporate America’s top black executives, Fannie Mae still boasts a strong showing of minorities among senior management—nearly 25%. Moreover, people of colo
r make up close to 50% of Fannie Mae’s workforce. Since 1995, the company has established business relationships with more than 200 minority-owned mortgage lenders. The leading residential mortgage holder continues to increase its discretionary spending to minority-owned vendors. In 2004, about 13% of contracts went to minority suppliers.
Strengths
- SUPPLIER DIVERSITY
- SR. MANAGEMENT
- EMPLOYEE BASE
FEDEX EXPRESS Location: Memphis, TN Type of Business: Mail, package, and freight delivery Diversity Contact: R. Larry Brown, Senior VP & Chief HR Officer
FedEx Express is the second largest delivery company in the country with about $24.7 billion in revenues. Of its 116,369 employees, a little less than half—50,326—are ethnic minorities, including 34,479 African Americans. FedEx Express is also relatively strong in board representation with two black board members out of 13 total. The company did show strength in senior management representation: 15 of its 74 senior managers are ethnic minorities. Eight of those minorities are African Americans, including two who appeared on our list of “75 Most Powerful Blacks in Corporate America.”
Strengths
- SR. MANAGEMENT
- EMPLOYEE BASE
GENERAL MOTORS CORP. Location: Detroit Type of Business: Automotive Diversity Contact: Roderick D. Gillum, VP, Corporate Responsibility & Diversity
GM was the first automotive company to establish minority supplier and dealership programs in 1968 and 1972, respectively. But what landed this company on our list was continued first-tier and second-tier spending with minority vendors. These businesses are providing critical parts and services to some of GM’s most prestigious staples, says V. Diane Freeman, senior manager of supplier diversity. The new Chevrolet Corvette (C6) had 28 minority suppliers, including The Bing Group, (No. 8 on the BE INDUSTRIAL/SERVICE 100 list with $372 million in gross sales), which provided seats. “Spending is important,” Freeman adds, “but we also want to make sure that we are developing good suppliers with strong performing capabilities.”
Strengths SUPPLIER DIVERSITY
MARRIOTT INTERNATIONAL INC. Location: Washington, DC Type of Business: Hotels, casinos, resorts Diversity Contact: Dave Sampson, Senior VP, Diversity Initiatives
Marriott International has more than 2,600 individual properties located in the U.S. and 65 other countries and territories. Marriott added Debra Lee, president and chief operating officer of BET, to its board of directors last year, giving it two African Americans on its 11-member board. Sampson says Marriott has pledged to spend more than $1 billion with women and minority suppliers and to double the number of women and minority owners and franchisees over the next five years. “For over 16 years, our proactive diversity programs have added to our competitive advantage,” says Sampson.
Strengths
- SUPPLIER DIVERSITY
- EMPLOYEE BASE
- BOARD OF DIRECTORS
XEROX CORP. Location: Stamford, CT Type of Business: Computer, office equipment Chief Diversity Contact: Phillip Harlow, Chief Diversity & Industrial Relations Officer
Xerox Corp. is best known as a manufacturer of copiers, printers, and fax machines. However, the $15.7 billion enterprise also offers