Tag: JP Morgan Chase

Mellody Hobson to Become Starbucks Vice Chair

Mellody Hobson climbed another rung on the ladder of success in the Fortune 500 business world, as she solidified her role on Starbucks’ board while holding down two other top board memberships. Few African-Americans have multiple board membership on the nation’s wealthiest companies.

Hobson, a graduate of Princeton University and considered an expert on matters of personal finance, often speaking on panels and featured on television news shows.

Starbucks’ board of directors on Monday appointed Hobson as its vice chair shortly after longtime chairman Howard Schultz announced his retirement, the company said in a statement on Monday.

Hobson’s promotion to the number two position came as Starbucks has been in the throes of damage control following a high-profile episode of racial profiling when two Black men were arrested at a Philadelphia store in April because they didn’t order anything. Last Tuesday, the company closed 8,000 stores nationwide for an afternoon of anti-bias training.

Fortune 500 boards are dominated by white men, but Hobson, who has served on Starbucks’ board since 2005, has defied the odds. JP Morgan Chase & Co. also appointed her to its board  and she has been on Estee Lauder‘s board since 2004.

Still, African-Americans have made small gains in diversifying corporate boards. Black men increased their boardroom presence by 2 percent and Black women by 18.4 from 2012 to 2016, according to a multi-year study by the Alliance for Board Diversity (ABD).

The ABD report found that Blacks had the highest rate among all demographics of serving on multiple boards, which falls right in step with Hobson’s professional achievements, according to Ronald C. Parker, ABD’s chairman.

It’s an indication “that companies are going to the same individuals rather than expanding the pool of African-American candidates for board membership,” Parker told the New York Times last year.

Source: https://blackamericaweb.com/2018/06/05/mellody-hobson-will-become-starbucks-vice-chair/

Former JP Morgan Chase Managing Director Kim Davis Joins NHL as Executive Vice President

NHL EVP Kim Davis (photo via pinterest.com)

via nhl.com

NEW YORK – The National Hockey League announced today that Kim Davis has been named Executive Vice President, Social Impact, Growth Initiatives & Legislative Affairs. Ms. Davis will join the NHL on Dec. 4, and will be based in the League’s New York office, reporting to Commissioner Gary Bettman and collaborating across the League’s clubs and stakeholders.

Ms. Davis is a highly respected leader in the corporate and philanthropic community, and joins the NHL from leading CEO advisory firm Teneo. As a Senior Managing Director, she built and ran the firm’s Corporate Responsibility and Inclusive Leadership practice, advising CEOs and Fortune 500 companies daily.

Prior to Teneo, Ms. Davis enjoyed a 20-plus year career at JPMorgan Chase, where she most recently served as Managing Director of Global CSR, President of the JPMorgan Chase Foundation and as a member of the firm’s Executive Committee. Her responsibilities included leading and managing approximately $300 million in annual giving, employee and civic engagement, and strategic corporate marketing sponsorship programs.

“Kim’s professional experience uniquely qualifies her to ensure that our League is continuing to improve lives and strengthen and build vibrant communities through hockey as well as provide a safe, positive and inclusive environment for anyone associated with our League,” said Commissioner Bettman. “We are thrilled to have Kim join the NHL family.”

“The impact of sports on community development can be powerful,” said Ms. Davis. “Sport can, and does, make a profound and positive impact on individuals, communities and has the opportunity to drive positive social change. Having had the privilege of advising the NHL on its CSR practices, I’ve experienced an organization that is truly committed to contributing positively to society and fostering inclusiveness. I’m looking forward to advancing the League’s mission and working with Commissioner Bettman and the executive leadership team to help drive the continued growth and success of the NHL.”

Ms. Davis’ passion for equity and leadership led her to build the first women of color affinity group at Chase Manhattan Bank, developing a mentoring program for senior women that became an industry best practice in investment banking, and later developing the initial corporate sponsorship model for Women Moving Millions.

Ms. Davis has been named to The Business Journal’s 100 Most Influential Women and Fast Company’s 100 Most Creative People in Business. In 2012, she was profiled with Michelle Obama in Essence magazine’s “28 Most Influential Black Women in America.”

Source: https://www.nhl.com/news/kim-davis-appointed-as-nhl-executive-vice-president/c-293406100

New $5 Million Program Via Non-Profit Company, Capital Impact Partners, Helps Black Developers Rebuild Detroit

Developer Cliff Brown and Melinda Clemons from Capital Impact Partners. (Image: Courtesy of Capital Impact Partners)

by Jeffrey McKinney via blackenterprise.com

African American real estate developers in Detroit will get financing and training opportunities to grow their businesses courtesy of a $5 million program being offered by Capital Impact Partners. JPMorgan Chase & Co. is investing $500,000 into Capital Impact Partner’s Equitable Development Initiative to increase the number of minority developers in Detroit.

The pilot program is part of a larger move to encourage small diverse developers to work on larger products and give them the resources to be successful. The two-year initiative will allow black developers to take part in Detroit’s economic recovery by providing them flexible capital, one-on-one mentorships with local experts, and formalized training to support real estate companies they own and operate.

Capital Impact Partners is an Arlington, Virginia-based nonprofit community development financial institution that offers loans, grants, and other financial services to underserved U.S. cities. It also has offices in Detroit and Oakland. The program is geared to spur the development of small-and mid-sized mixed-use, multifamily residential projects in the city’s mixed-use corridors.

Capital Impact Partners stated in a news release that of the $152 million loaned in Detroit between 2006 and 2015, projects led by minority developers received only 10% of the financing. Detroit has nearly 50,000 minority-owned small businesses, making it the nation’s fourth-largest city for minority entrepreneurship.

Melinda Clemons, Detroit Market Lead at Capital Impact Partners, says stumbling blocks for African American real estate developers are experience, knowledge of upcoming developments, and access to financing. She says Capital Impact Partners is in the process of raising $5 million to support the program. “We’re trying to remove the barriers that have hindered African American developers in Detroit from participating in the city’s revitalization.”

Officials hope the Detroit initiative will mirror successful efforts in other areas. “We’ve seen success in the implementation of similar type programs in other cities like Milwaukee and Los Angeles and are confident this new effort will ensure that the brick-and-mortar development component of Detroit’s economic growth continues to be inclusive,” Clemons said in a press release.

To be eligible, program participants must be developers of color from the Detroit area with some real estate development experience. Developers planning to build a 6 to 20 residential unit, multifamily or mixed-use development in Detroit’s targeted redevelopment areas will be given priority. Developers that don’t have a planned project will also be considered for the program. Participants will get help in several areas, including project budgeting, real estate finance, project and contractor management, legal services, and community engagement.Applications must be completed by the end of November.

For more details and where to apply visit: www.capitalimpact.org/focus/place-based-revitalization/detroit-program/equitable-development-initiative.

To read full article, go to: New $5 Million Program Helps Black Developers Rebuild Detroit – Black Enterprise

Tech Giant Apple Appoints former Boeing CEO James A. Bell to its Board of Directors

James A. Bell (photo via macdaily.com)
James A. Bell (photo via macdaily.com)

Technology companies have been the target of questioning when it comes to hiring minorities. In fact, with the lack of adequate minority representation in companies like Facebook and Google, civil rights activists such as the Rev. Jesse Jackson along with the Rev. Al Sharpton have called out these companies. By calling out major technology companies with regard to their hiring practices of minorities to managerial and upper management positions, some companies are listening.

In a recent development, Apple has elected James, A. Bell to its board of directors. This move is without a doubt, a move in the right direction for a company as powerful as Apple.

Bell is the former chief financial officer and corporate president of the Boeing Company. With a 38-year tenure at Boeing, Bell served as the interim CEO of the the company in 2005.

When asked about his election to the board of directors for Apple, Bell said “I am an avid user of Apple products and have a tremendous respect for the company’s ability to innovate. I am delighted to join the Apple board and look forward to contributing to its continued success in any way I can.” according to The Root.

With all of his vast experience in corporate America, Bell brings quality leadership and strategic planning to the board. In addition to that, his experience in finance will definitely be a huge contributing factor.

“In August, Apple said it was making efforts to hire more women and underrepresented minorities, recruiting more diverse candidates in the past 12 months than in any previous year, but overall there was little change in the demographics of the company, which is overwhelmingly male and white, USA Today reported Thursday.”

Apple isn’t the only board appointment Bell has. He’s a board member of the following: Dow Chemical, JP Morgan Chase, and CDW. He’s also a trustee of the Chicago’s Rush University Medical Center
.

article via financialjuneteenth.com

$400,000 Awarded to 43 Black Fathers, Nonprofit Leaders and Businessmen in Akron, Baltimore, Detroit, Philadelphia and Pittsburgh

(Washington, DC) – This month, forty-three black fathers, nonprofit leaders and businessmen in Akron, Baltimore, Detroit, Philadelphia and Pittsburgh will receive $400,000 in grants to help them strengthen their communities. The grants are presented by BMe Community, a growing national network of 12,000 black men and others of all races and genders who are committed to building better communities across the U.S.

According to BMe Community, the 43 men, called “BMe Leaders”, were nominated by local residents and chosen because they were already consistently helping thousands of their neighbors. Each of the men has also agreed to stand up for important values in America’s evolving dialogue on race, community and our nation’s future.

Specifically, BMe Community believes that the most prosperous way forward for America is to value all its people, recognize black men as assets, reject stories that denigrate people, and work together for our common interests in caring and prosperous communities. The BMe Leaders embody those values. Their personal stories and leadership inspires others to reach for those values as well. Participants in BMe Community use the hashtag #ReachWithUs to share, inspire, and empower each other with words of congratulation, useful information, images, and event invites.

BMe started honoring these 43 “Community Fathers” in local ceremonies that began June 18 and end tomorrow in Detroit on June 27th. The events and BMe Community are backed by private donations, leading foundations and corporations including the John S. and James L. Knight Foundation, Open Society Foundations, The Heinz Endowments, JP Morgan Chase, and the W.K. Kellogg Foundation. Since 2012, BMe has named 143 BMe Leaders in five cities, sponsored over 100 community events and produced countless stories of solutions and the inspiring people behind them.

One of the first to ever be named a BMe Leader is Shaka Senghor, an author, speaker and leader in criminal justice reform who was named a BMe Leader in 2012 for his efforts in Detroit to increase literacy and decrease violence. The honor came less than two years after he was released from serving 19 years in prison for a crime he committed as a teenager. In the three years since BMe recognized him, Shaka has rattled off an impressive list of accomplishments including being named an MIT Media Lab Fellow, a Kellogg Foundation Community Fellow, being featured in BMe’s bestselling book “REACH: 40 Black Men Speak on Living, Leading and Succeeding” and producing a popular TED Talk titled “Why Your Worst Deeds Shouldn’t Define You.” He currently serves as BMe’s National Outreach Representative.  To see his Ted Talk, watch below:

BMe encourages anyone who shares its values to register for the events or become a participant in the network. www.bmecommunity.org.

BMe Leaders come from all walks of life, ranging in age from 21 to over 80. They are black men who are often unheralded yet lead by example on matters ranging from creating businesses to educating children to protecting human rights. The BMe Leaders work with men and women of all races who also want cities that are prosperous, safe, and provide hope and opportunity to future generations.

“America is at another one of those historic moments where we can choose chaos or community” says Shorters, “These men have always been here. We just admit their existence and invite people of all races and genders to reach with us to build assets, build community and give our children a better story of America’s future.”

The next Induction Ceremony is open to the public tomorrow in Detroit at the University of Michigan Detroit Center, Michigan Room at 1:00 p.m.  RSVP: www.bmecommunity.org/detroit2015

article by Lori Lakin Hutcherson (follow @lakinhutcherson)

 

 

The Good Things Black People Do, Give and Receive All Over The World
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