2012 Survey of Fortune 500 Women & Minority General Counsel
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MCCA’S 13TH ANNUAL WOMEN GENERAL COUNSEL SURVEY MEASURING THE 18 PROGRESSof the NATION’s LEGAL LEADERS MCCA®’S 13TH ANNUAL GENERAL COUNSEL SURVEY by THOMAS THRELKELD FOR MOST AMERICANS IT HAS NOT BEEN THE BEST OF TIMES. UNEMPLOYMENT REmaINS STUBBORNLY HIGH, THE HOUSING maRKET IS BEGINNING TO EMERGE FROM THE DOLDRumS, AND CONSumER CONFIDENCE IS faLLING AGAIN. AMERICANS HAVE BECOME ACCUSTOMED TO RIP-ROARING RECOVERIES FROM RECESSION, BUT THAT DID NOT HAPPEN THIS TIME, ALTHOUGH THE ECONOMY HAS NOT BEEN IN RECESSION SINCE 2009. BuT IF ORDINARY AMERICANS ARE STRUGGLING WITH JOB WORRIES, RISING HEALTHCARE COSTS, AND DANGEROUSLY HIGH LEVELS OF HOUSEHOLD DEBT, THE BIGGEST COMPANIES IN THE UNITED STATES— THE famED FORTUNE 500—HAVE NEVER HAD IT SO GOOD. IN 2011, FORTUNE 500 19 $824.5 billion in earnings—an all-time record, and a 16 percent jump from the previousCOMPAN year.I “Corporate America is ES doing great right now,” Andy Serwer, Fortunegenerated a combined aging editor, said on “CBS This Morning.” He continued: “They’ve really come out of the downturn, doing things right. Walmart, which held the top spot the previous two years, fell to second on the list, with revenues of $447 billion. They’re in good shape. A lot of that has to do with magazine the fact man Exxon Mobil earned $41.1 billion in profits, compared to that they’ve cut back. They’ve cut costs during the downturn, - meaning layoffs quite frankly. That’s why profits are so high.” Walmart’s $15.7 billion. Well, that’s not the only reason. The historic 2011 profits The rest of the top ten of the Fortune 500 was remark represent 7 percent of total sales against an average of 5.14 ably stable, with only Bank of America falling out of the top percent over the 58 years Fortune ten from the previous year. Bank of America slipped from petroleum prices resulted in enormous profits for oil compa nine to thirteen on the list, but made a tidy $1.4 billion in profit, a huge improvement on the $2.2 billion loss it took - nies, led by Exxon Mobil and its astonishing has produced $453 its billion list. High in revenues. Wall Street is also doing nicely, with the financial the year before. services sector posting $150 billion in earnings, an increase Computer and office equipment maker Hewlett- of 9 percent over the previous year. Packard filled the opening in the top ten, moving up one - spot from eleven last year. The top ten also includes two High oil prices allowed Exxon Mobil to reclaim the top spot in the Fortune 500 after two years in second place. motor companies, General Motors at five and Ford at nine. That’s an improvement of three spots for GM and one spot for Ford, demonstrating the continued strength MCC A.COM of U.S. automakers after the industry’s brush with extinc tion during the economic crisis. Ford, in particular, had a good year, finishing fifth on the Fortune 500 list in - SEPTEMBER/OCT OBER 2012 DIVERSITY & THE BAR ® 20 THE 18 FORTUNE 500 COMPANIES RUN BY WOMEN, AN INCREASE OF SIX FROM 2011, TOPS THE LIST'S PREVIOUS RECORD OF 15, SET IN 2009. With more women profits, ahead of every Wall than ever running Fortune Street bank or financial 500 companies, it would institution in the country be unsettling if we did The rest of the top five most profitable companies on the not see progress in the number of women running the legal list were two oil companies, Exxon Mobil and Chevron, departments at the biggest companies in the United States. with Apple and Microsoft coming in as the third and Fortunately, we continue to see progress in that area and with a fourth most profitable companies on the Fortune 500 deep and talented pipeline of younger female lawyers climbing respectively. It’s a mark of how efficiently these high-tech the corporate ladder, there is no reason to think it will change. firms are run that Apple, 17th in terms of gross revenue, The economic difficulties of the past few years saw a slight halt- is third in terms of profits and Microsoft, 37th in gross ing of the progress women have made in corporate law offices, revenue, is fourth in profits. but it now seems as if they will continue to take over general The Fortune 500 didn’t just post record corporate counsel jobs in more and more top U.S. companies. earnings, it also set a record for most firms run by a The Fortune 500 is a list that attracts enormous attention woman. The 18 Fortune 500 companies run by women, from the media and the public because it provides not only an increase of six from 2011, tops the list’s previous record a snapshot of the financial health of corporate America, but of 15, set in 2009. Meg Whitman runs Hewlett-Packard, also a look at what successful companies are doing to stay tenth on the list and the highest-ranking company to be successful. The companies that help lead the way for the run by a woman. The list of women running Fortune 500 U.S. economy must also lead the way in demonstrating the companies includes Patricia Woertz at Archer Daniels success of the melting pot meritocracy America strives to Midland, Indra Nooyi at PepsiCo, Angela Braly at be. We watch the Fortune 500 and the progress made by WellPoint, Irene Rosenfeld at Kraft Foods, Ursula Burns women and minority lawyers at those companies because it at Xerox, and Ellen Kullman at DuPont. matters to women, to minorities, to America. DIVERSITY & THE BAR® SEPTEMBER/OCTOBER 2012 MCCA.COM and Colorado] with 20 women general counsel at Fortune 500 companies. There are 22 new women general counsel in the Fortune WOMEN 500 this year, an increase of nineteen newcomers over the previous year. Fourteen of these new GCs were named to existing Fortune 500 companies, seven lead the legal depart- L ments of companies new to the Fortune 500 or re-entering the list and, in one case, a company new to the Fortune 500 ENERA named a new woman general counsel—Julie Jackowski at G Casey’s General Stores [#473, up from 515 the previous year]. Three of the 22 new women GCs are African Americans [Teresa Wynn Roseborough at Home Depot, Maria Green L at Illinois Tool Works, Sharon Barner at Cummins], two are Latinas [Lisa Iglesias at WellCare Health Plans, Maria Pasquale at Celgene] and the rest are Caucasians. COUNSE Of the 15 women named general counsel at Fortune 500 companies in 2011, 10 replaced men [Teresa Wynn ONE HUNDRED EIGHT WOMEN served as top legal officers Roseborough at Home Depot, Maura Abeln Smith at in Fortune 500 companies in 2011, an increase of six over PepsiCo, Kristen Hewitt at Whirlpool, Maria Green at 2010 and 22 more than three years ago. The latest roster Illinois Tool Works, Sharon Barner at Cummins, Stacy consists of 90 white/Caucasians (non-Hispanic), 11 African Dore at Energy Future Holdings, Linda Epstein at Health Americans, four Hispanics, two Asian Americans, and one Management Associates, Monica Gaudiosi at UGI, Julie woman of Middle Eastern (Lebanese) origin. Last year’s Jackowski at Casey’s General Stores, Michelle Russell at 21 list included 86 white/Caucasian, nine African Americans, YRC Worldwide] and five replaced other women [Sharon three Hispanics, two Asian/Pacific Americans, and one Ryan at International Paper, Cynthia Pevehouse at Staples, Middle Eastern American. Laura Meagher at VF, Lisa Igelsias at WellCare Health This year’s increase in the total number of women GCs at Plans, and Jeanette Knudson at J.M. Smucker]. the nation’s 500 largest companies reverses the decrease reported Oil companies dominate the top of the Fortune 500 and the three years ago and continues the improvement from the previ- good news is that these massive multinationals are turning the ous two years. It is an indication that women will prosper in the leadership of their legal departments over to women. Four of legal departments of America’s largest companies. the top ten oil companies on the Fortune 500 list have women These corporate leaders run the legal offices of -com general counsel, including three of the top six. Big oil companies panies throughout the continental United States, but six with women general counsel include Janet Langford Kelly at states dominate, representing just over 50 percent of this ConocoPhillips [4], Kim Bowers at Valero Energy [12], Stacy year’s list. Leading the way is California, hosting twelve Fox at Sunoco [61], Denise McWatters at HollyFrontier [170], companies with women general counsel, unchanged from and Sylvia Kerrigan at Marathon Oil [173]. the previous year. New York is second with 11 and Texas is Some of the fastest-growing companies on the Fortune third with 10, both also unchanged. Fourth place belongs 500 list have women running their legal departments, such to Illinois, with eight women general counsel in the Fortune as HollyFrontier [Denise McWatters], Valero Energy [Kim 500, up one. New Jersey and Virginia boasted seven Bowers], Wynn Resorts [Kim Sinatra], and Las Vegas Sands Fortune 500 companies with women general counsel. [Gayle Hyman]. The most profitable companies on the Fortune The area of the country with the most women GC's on 500 list with women general counsel include ConocoPhillips this list is the South [Texas, Virginia, Georgia, Florida, [Janet Langford Kelly], Procter & Gamble [Deborah Majoras], Tennessee, North Carolina, and Kentucky] with 32 Fortune PepsiCo [Maura Abeln Smith], American Express [Louise 500 companies with women general counsel.