Wachovia Helps Women Rise to the Top
Leaving a troubled history of discrimination behind (2004’s $5.5 million settlement on unfair labor practices), Wachovia is now regularly recognized as one of the top places to work as a woman, mother, or as someone from a non-traditional background.
Working Mother, Essence, and Military Spouse magazines have all lauded Wachovia for the company’s progressive policies toward women and minorities including the disabled. Former CEO Ken Thomson spearheaded this effort by creating a mission statement that centers on inclusiveness and work/life balance, as well as policies that ensure that women who want to return to work after maternity leave can do so without losing their seniority or status. Some of Wachovia’s other best practices include use of flexible work options such as telecommuting and flexible hours, support for working parents through in-house and partner childcare centers, and long leave for infant and critical care.
The seeds of that effort are bearing fruit in the company and in the financial world at large. Last week, Wachovia alumnae Theresa LaPlaca and Elizabeth Duke were both given new positions: LaPlaca as CFO of Wachovia’s Capital Management Group and Duke as a new appointee to the Federal Reserve Board.
Ms. LaPlaca’s appointment to this position comes as Wachovia is completing its merger with A.G. Edwards. In her new role, Ms. LaPlaca will capitalize on her experience as the CFO for the Wachovia’s Retirement and Investment Group and, prior to that, at CitiStreet, and will oversee the third largest full service brokerage in the nation with revenues of over $7 billion.
Ms. Duke served as an executive vice president at Wachovia. She has held several other leadership positions, uncluding having been the first woman to chair the American Bankers Association. However, she comes from a background that is somewhat untraditional for the banking industry. She earned an undergraduate degree in theatre from University of North Carolina before graduating with an MBA from Old Dominion University. Senate Democrats allowed Ms. Duke’s appointment to the Federal Reserve Board; however, her lack of formal economics training, as well as her position in favor of further deregulation of banks has caused some controversy.
Still, it’s clear that the company’s commitment to celebrating individual differences has had a hand in the success of these women and of the company. “I am proud that our company not only understands the pressures working mothers face, but also keeps individuals’ career goals in mind,” says Shannon McFayden, Wachovia’s Head of Human Resources and Corporate Relations. “As a working mother myself, and a leader of Wachovia, it is important to me that all employees have the resources and support needed to find meaning and success in their careers, while also having rich, full lives outside of work.”
The Glass Hammer applauds Wachovia for turning their company from a hallmark of gender discrimination to one of the models of gender equity.
