In the months after George Floyd’s murder, at least 60 public companies appointed their first-ever diversity leader, according to executive search firm Russell Reynolds Associates.
But the position to lead corporate diversity, equity and inclusion efforts has seen rapid turnover. The average tenure for a CDO is about three years, compared with six years for a CEO, according to LinkedIn. Last month, Nike lost its second DEI head in three years when Felicia Mayo, who held a similar role at Tesla, left the company after less than two years. Gucci’s first global DEI head, Renée Tirado, resigned in 2020 after one year.
The root of the problem, experts say, is that many companies hastily designed CDO roles as they faced pressure from employees and customers, as well as outside activists. One result: responsibilities have often lacked clarity and focus at best. At worst, CEOs and corporate boards prioritised the rapid hiring of an ethnically diverse internal candidate — who often ended up serving as more of a figurehead — rather than carrying out a thorough search both internally and externally.
BoF’s Sheena Butler Young explores the challenges facing fashion’s CDO. Read the full story on BoF. [Link in bio]
✍🏻 @sheena.butler.young
📷 Shutterstock
#diversityequityinclusion #diversityandinclusion #dei
But the position to lead corporate diversity, equity and inclusion efforts has seen rapid turnover. The average tenure for a CDO is about three years, compared with six years for a CEO, according to LinkedIn. Last month, Nike lost its second DEI head in three years when Felicia Mayo, who held a similar role at Tesla, left the company after less than two years. Gucci’s first global DEI head, Renée Tirado, resigned in 2020 after one year.
The root of the problem, experts say, is that many companies hastily designed CDO roles as they faced pressure from employees and customers, as well as outside activists. One result: responsibilities have often lacked clarity and focus at best. At worst, CEOs and corporate boards prioritised the rapid hiring of an ethnically diverse internal candidate — who often ended up serving as more of a figurehead — rather than carrying out a thorough search both internally and externally.
BoF’s Sheena Butler Young explores the challenges facing fashion’s CDO. Read the full story on BoF. [Link in bio]
✍🏻 @sheena.butler.young
📷 Shutterstock
#diversityequityinclusion #diversityandinclusion #dei
