Assessing and Managing Operational and Investment Risk: glasshammer2.wpengine.com Seminar for Senior Women on the Buy-Side

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Women-working-on-a-computerTheglasshammer.com hosted the first in the series of invitation-only networking seminars for senior women on the Buy-Side at the Harvard Club in New York City on September 29th. Our intent: to create a peer-to-peer environment for CEOs, Principals and Managing Directors of traditional and alternative funds to enable them to interact with Chief Operating Officers, Chief Technology Officers, Heads of Risk Management, and Heads of Operations and discuss the how the industry has changed over the past two years. The result: 100 female leaders in investment management gathered to network and to hear Cynthia Steer, Chief Strategist of Rogerscasey, Marianne Brown, CEO of Omgeo, Liz Philipp, head of the NY office for PIMCO and Annie Morris, Head of Linedata’s North American Business weigh in on the predicted trends for the industry.

The panel represented a 360-degree view of industry issues from front office to back office and how the “New Normal” means that operational risk is now a primary concern for business leaders who want to continue to compete in 2010 and beyond. Inspired by thought provoking questions posed by moderator Holly Miller of Stone House Consulting, the panelists first addressed the issue of operational due diligence, emphasizing the importance of having a corporate culture which supports a consistent due diligence effort.

“There has been a revolution over the last two years,” said Steer, “[People are recognizing that] you need to read your prospectuses; you need to ‘do’ back office.”

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Field Trip: The History of Women on Wall Street Exhibit

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By Natalie Sabia (New York City)
Wall St
We’ve come a long way, baby. And we have a handful of highly-capable, courageous women to thank for it, according to the fascinating “Women on Wall Street” exhibit at the Museum of American Finance in New York City.

A Smithsonian affiliate, the Museum of American Finance is the nation’s only public museum of finance. Founded in 1988 after the 1987 stock market crash, the institution’s mission is to support financial literacy and to help people understand the history, as well as the current information about the financial markets. “We were trying to speak to different levels of interest,” said Leena Akhtar, Director of Exhibits & Archives.

The idea for the “Women of Wall Street” exhibit developed after the Lilly Ledbetter Fair Pay Act was passed in the early part of this year. “I’ve had this idea in back of my mind, and then, when the legislation was passed, it got the wheels turning,” said Akhtar. The interactive exhibit, which opened this summer, is important because, as the museum website notes: “The story of women on Wall Street is the story of women in America. Issues of self-determination, freedom and financial independence clashed with societal norms in the traditionally male domain of finance.” Said Akhtar, “It’s a story of independence and strength through the progression of women over different time periods. The idea behind the exhibit was to tell history that is not often told.”

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Conference Focuses Spotlight on Challenges & Successes for Multicultural Women in Corporate America

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By Pamela Weinsaft (New York City)

In New York City last week, Working Mother Media hosted its annual Multicultural Women’s National Conference and Gala Awards Luncheon to honor 20 companies, including PwC, Goldman Sachs, KPMG, Citi, and American Express, as being the best companies for multicultural women.  The event, which took place over two jam-packed days, featured powerful speakers, including the inspiring Irshad Manji, NYU professor and director of the Moral Courage Project, as well as multiple workshop sessions designed to assist attendees in their continued development into resilient and innovative leaders.

One of the more popular sessions, however, was the lunch session entitled “What about the White Guys?” at which the mostly multicultural, 99% female audience got to be “flies on the wall” and “eavesdrop” on a conversation among several male executives.  Moderator Fenimore Fisher, the vice president of diversity initiatives at Wal-Mart/Sam’s Club, lead the discussion, posing probing questions to the white male panelists about their paths to embracing diversity, the importance of diversity in today’s workplace and the challenges multicultural women may still face in Corporate America.

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W-Tech: More Than Just Jobs

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istock_000004185698xsmall1by Elizabeth Harrin (London)

More than 700 women gathered at W-Tech in London, UK, on June 24th to take part in the one day recruitment, career development and networking event for women interested in working (and staying) in IT.

“It was a really buzzy atmosphere,” said Maggie Berry, director of womenintechnology.co.uk.  She admits to being “frazzled” at the end of the event, and it’s hardly surprising given the amount of energy and effort poured into the planning.  This is the second time Berry has planned for W-Tech – although only the first time the event has taken place.  W-Tech was originally scheduled for February this year but it coincided with the heaviest snow fall London had seen for decades and unfortunately the event had to be cancelled as the capital shuddered to a freezing halt.

W-Tech aimed to connect the most well-known technology employers with women working in, or who are interested in working in, the IT profession. It was billed as “the networking event of 2009 for everyone wanting to learn out more about women working in, achieving in and staying in the IT workforce.”  Many major recruiters were in attendance including Microsoft, Bloomberg, the British Library, the BBC, HP, Sky and GCHQ. 

Berry had a chance to speak to most of the exhibitors and sponsors and said that many of them reported having “good conversations with interesting and intelligent women,” which she sees as testament to the high calibre of women who attended.

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Goldman Sachs Brings Together Multicultural Women on Wall Street

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By Pamela Weinsaft (New York City)

On June 30th, Goldman Sachs’ second annual “Brokering Change: A Wall Street Multicultural Women’s Exchange” brought together women of color from firms on the Street to discuss the current financial crisis, the future of financial services, and the role that multicultural women leaders can play in the recovery and beyond.

The conference began with an entertaining keynote address by Goldman Sachs’ Global Treasurer Liz Beshel, who shared the story of the impact of the financial crisis on Goldman and her role in Goldman’s response.   She talked of the two crucial weekends last September, saying that Goldman convened a team on the first weekend of the 13th and 14th to deal with what was going on “in other people’s firms”, i.e., Merrill Lynch and Lehman.  “I spent the weekend trying to figure out what was happening in our industry while writing my daughter’s applications for private school in NYC.   The juggling of work and life in action,” she laughed. 

The second weekend was different, however, because this time she had to deal with growing concerns about Goldman.  “Going from five investment banks to two is a pretty major reduction in an industry.  So we reconvened, this time to deal with the crisis for us.   I viewed the concerns as unwarranted at the time because we had way more cash than we thought we needed for the risk on our books and we were actually making money.”  Beshel continued, “But then our stock price started declining rapidly and you heard people on CNBC talking about our impeding demise, and some people started to believe it.” 

The firm had three teams involved: strategy, equity and liquidity; Beshel was on all three teams.  She joked, “I spent most of the weekend on the elevator going from one team meeting to another, which was great because part of the time I was hyperventilating in fear between meetings.”  

As to lessons learned from the crisis and Goldman’s response, Beshel said, “You have to understand, focus on and preserve what is most important to you. For us our independence as a firm is very important… if you know what is really important you try to find a solution that preserves that.” She also stressed the value of diversity and teamwork.  “We had people from all over the firm – every business, different experiences and backgrounds – and that is what I think is the critical and differentiating factor was for us: the power of the team.”  She acknowledged the importance of creativity and communication as well.

Beshel concluded her remarks with some thoughts on work/life balance, saying: “Your career is a marathon not a sprint. You’ve got to love [your job] but you’ve got to find ways to escape it because you can’t keep that level of intensity all the time.  You‘ve got to find something that is important to you outside of work. You cannot have it all.  You’ve got to prioritize ruthlessly in both your personal and professional life.”

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From Challenge to Opportunity: Leadership Advice for Current and Future Executive Women

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Businesswoman climbing ladder.by Pamela Weinsaft (New York City)

At the “Dialogue for Leadership – From Challenge to Opportunity: Leading to the Future” panel at the 2009 Forté MBA Women’s Conference held on the 26th and 27th of June at the New York University, two of Fortune 500’s 50 Most Powerful Women – Liz Smith, President of Avon Products Inc. and Cece Sutton, President of Retail Banking at Morgan Stanley – shared some words of wisdom on climbing the corporate ladder and living a meaningful life.  Inspired by the questions posed by moderator Pattie Sellers, Editor-at-Large at FORTUNE, as well as audience members, Smith and Sutton told the stories of their careers, their struggles, and their successes, and shared the following advice on how to become powerful women in business:

  1. Get Really, Really, Really Good at Your Job.
    “I didn’t chart my career out,” said Sutton, “but I always had a good view of what I loved doing and what the next career step might be.”   Sutton started her career in finance as a clerk with Wachovia and worked her way up through the organization over 35 years, until she left to establish the banking business for Morgan Stanley.    She added, “I’ve given advice to people I’ve mentored that if you are too focused on the next step, you are not going to do a very good job in the job you are in.  And I’ve seen that over and over again.  Get really, really, really good at the job you are in because if you are and you’ve mastered it, you will move from the next role to the next role to the next role, but if you look too far ahead, you probably won’t… People who seem to be really successful are great operators.  They get in the business and understand the business.” 
  2. Be Comfortable With Ambiguity.
    Said Smith, who, after 14 years of brand management and executive roles at Kraft Foods, was brought to Avon by Andrea Jung to help her transform the company:  “We are all taught that great leaders set the strategy and then set everybody off marching.  But, right now, nothing is more important than a general agile leader who is comfortable with ambiguity.  Let’s face it – it is going to be a bumpy and fascinating ride. We need people who are nimble and agile in their thinking who are, to some degree, comfortable with figuring it out as they go along.   We [at Avon] look for people who can handle change, who can handle the curve balls…understanding that you can’t possibly have it all figured out and being open to that.  Also, people that can communicate and inspire.  That’s always been important in leadership but now more than ever because you have to communicate and be really transparent and take people along on the journey, to say, ‘This is uncharted territory but this is where we are going.’”  Sutton agreed, adding that even her job at Morgan Stanley, which was created for her, changed shortly after she joined the company. “What I was hired to do changed in 6 months and that shifted because the environment changed.  [But it was OK because of] the belief I could make a difference.”
  3. Think of Your Career as a Jungle Gym Rather Than a Ladder.
    Moderator Pattie Sellers advised the audience of MBA women: “Don’t think of your career as a ladder, think of it as a jungle gym.  If you think of it as a ladder, you won’t have the peripheral vision to enable you see the lateral opportunities and especially today when you don’t know what the hot job is going to be tomorrow. You’ve got to keep yourself open and you’ve got to swing to the opportunities that come along.”  Smith agreed, “I believe the greatest plans are restrictive instead of instructive. Figure it out as you go along.  The only guiding principle I’ve had is to insist that my life and work have passion and purpose.  When I think about the pivotal jobs I took [like her move to Kraft’s Callard & Bowser-Suchard to handle the then-unknown Altoids brand for Kraft or the jump from being Group Vice President and President of the U.S. Beverages and Grocery Sectors in Kraft to Brand President for Avon], they really made no sense on paper.”  She continued: “Just go into everything saying – I’m going to be inspired and I’m never going to settle and go where that takes you. ”   And Sellers added, “I’m struck by women on the Fortune’s Most Powerful who’ve taken lateral moves or even taken downward moves because they wanted to expand their experiences. And that’s what pays off in the long term.”
  4. Live a Life of Passion and Purpose.
    “People see passion and purpose in other people,” said Sutton, “When I’m around others – you can see it.  So much of it rides on you and how you show up and do your job every day.”
  5. Don’t Underestimate the Value of Mentors.
    “Mentors play an important role in your career. Mentors introduce you to new ideas, new people and also provide you with great advice,” advised Sutton. Smith also attributes much of what she’s been able to accomplish to her mentors – male and female: “So when I think about the good fortune I’ve had to get to where I am, I’m very humble because I know it’s because I’ve had the mentors I’ve had – Andrea Jung, Irene Rosenfeld, Louis Camilleri, Jim Craigie.  So it is no surprise I got to where I am,” added Smith. 
  6. Find a Mentor Through Your Passion.
    Smith said that people often ask her how to find a mentor but she advises to try to find them not only in business settings.  “A mentor doesn’t have to be a professional person in the area that you think you’ll want to be in at a certain age.  Find the networking opportunities in areas that you do feel the passion and purpose. And it doesn’t have to be a business club. Get yourself involved and your authenticity will shine. Follow your heart and not just in a business sense and I promise you, you will make that connection.”  She added that she herself found a new employee via her volunteer work with Big Brothers, Big Sisters because she could see his passion for the cause.
  7. Your Destiny is in Your Hands.  Never Be a Victim.
    “There definitely have been challenges.  There definitely have been times when I’ve looked around me and felt like I was being treated differently because I was a woman versus a man.  But when that happened to me, I felt like I had to address it.  And so I didn’t let that stand in the way,” said Sutton.   Smith feels similarly: “I was launched in life by a very strong woman and a male figure who pounded into me: ‘Your destiny is in your hands.  Never be a victim.  If you don’t like something, change it.  If you think something is wrong, quit complaining and get into a position where you can do something about it.  If you don’t want to be pigeonholed, don’t pigeonhole yourself.’ I had this reinforced by a lot of terrific people growing up so I never felt like my success or failure was going to be limited or promoted by the fact that I was a woman.  The fact that I never let it enter into the equation helped.  Since I refused to, it was very hard for other people to make it an issue as well.” 
  8. Live a 360 Degree Life.
    “The first thing I decided early on was that I was going to live a 360 degree life, that I did not want work to define me and I am willing to make those tradeoffs,” said Smith. She continued, “Although I have the great privilege of having a really rewarding career that I love, my job is not the most important thing in my life – my [two kids and my husband] are.    My partner and I been juggling [work and life] for 20 years.  And some days it is like MacGyver back there with the duct tape and the paper clips to make it all appear seamless.   But I became a much better business leader when I became a mother because it forced me to be more decisive and more level headed.  I love my job but because my priority was outside the office, it made me a much more objective business leader and businessperson.  And in periods of my life of great stress, it is a great comfort to me because I always said to myself, ‘What’s the worst thing that could happen?’  If my kids are healthy, the rest is gravy.”
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Financial Technology Industry Leaders Gather in New York for SIFMA

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By Pamela Weinsaft (New York City)

Investor transparency, risk management, increased regulation, and “do more with less”: those were the buzz words on everyone’s lips when top executive women and men in financial technology gathered at the SIFMA Technology Management Conference and Exhibit held June 23rd – 25th at the Hilton in Midtown New York.

Over the three days, speakers and attendees alike examined the issues in depth, including:

  1. Balancing Conflicting Forces of Tighter IT Budgets and Ever-Increasing Demands for Greater Productivity. Noted industry powerhouses such as Anna Ewing, CIO of The NASDAWQ OMX Group, Robert W. Moffat, Jr., SVP and Group Executive of IBM Systems and Technology Group, and Michael Blum of World Wide Financial Services, TSG, all spoke to some degree on lessons learned from the current economic crisis and the effect on IT infrastructure. Don Hopkinds, VP and CIO of SunGard Availability Services gave specific examples of the many ways an IT departments can seek to reduce its costs through the streamlining of application portfolios and the managing the rate supply and demand for tech services, including managing the tiering of network capacity where applicable. The basic message was that companies need to take a long hard look at their IT expenditures and think creatively about their IT needs.
  2. Personalization and Consolidation as a Growth Area. Clare Hart, EVP of Dow Jones & Company spoke of what she sees as the future of financial technology, reminding the audience “not to forget the ‘I’s’ – information, innovation, and (self) interest. She spoke specifically of a still increasing trend of consolidation and personalization of the information presented in a visual way on a single screen. “What [people are] interested in is pulling more information from data [for example, for investment bankers a consolidation of client communication, financial markets, news, data prospecting, and other important information] and from mashup tech to create [one’s] own desktop.”
  3. Information Security Patrick F. Peck of Booz Allen Hamilton spoke of the new challenges in information security, which has been made much more difficult not only by the tightening budgets but also by an increasing threat from around the world. “Malicious attacks grow more serious and increase in volume and severity. In addition to this we have complex interconnected net that…increases vulnerabilities. This is too large and complex for any one authority [company, government, or society] to handle alone.” He added that we need tri-sector leadership to properly deal with the challenges. “Security framework is not just tech issue,” he added, “but is about the people and corporate culture, operations, policy and strategy, tech, management and budgeting… You are only as strong as your weakest link. You have to address cyber-security holistically.” But, he was quick to add that it is impossible to protect 100% so you must have a plan to contain and address the damage.

Perhaps the biggest story at SIFMA, though,was behind the scenes: the buzz about the significant reduction in the size of the event itself, which many saw as a sign of the hard economic times. Several SIFMA veterans took note of certain missing parties from small companies to some of the industry leaders. Said Joanne Kinsella, Managing Director of ITRS, “A lot of the big players aren’t here – Microsoft, Bloomberg, SunGard – and that is a big message. They seem to be having social events rather than having booths. Maybe it brings us back to the talking point– people want to do more with less – and if they can have a drinks party and still get a stack of business cards, that is as good a networking opportunity as any and of much lower cost than the booth.  With the increase in social networking upon us, maybe we will see more of this and fewer face-to-face opportunities.” Others noticed that the number of attendees was down as well. One industry leader who has been coming to the event for over 10 years noted that it felt like the number of attendees was down by about a 1/3.

Despite the difference from years past, Annie Morris, Managing Director of Linedata’s North American region, sees the event as having staying power. “It really is all the key players in the financial technology space, so in a way it is like an annual reunion.  Even though it is smaller this year, I think it will survive because it is the one event that brings together all the original financial technology players  in one place, to talk about what’s going on and what’s new and trendy.  The other shows that we go to are very niche. This is the only one that brings all of the different types of organizations together.”

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Being in the Right Room: Networking Professionally for Professional Women

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Businessteam wrapping up a meeting with handshakeby Elizabeth Harrin (London)

“It’s not what you know, or who you know but who knows you,” advised Gwen Rhys to the business women and men in attendance at the Chartered Management Institute’s City Branch meeting in London last week.  “Today’s flatter, leaner structures mean it’s not about the number of people you command but the sphere of your influence.” In other words: networking. 

Rhys was speaking on board HQS Wellington, moored alongside Temple on the Thames in London, England.  Around 100 people had come to the breakfast event, including the Lady Mayoress Lin Luder, and representatives from financial and consulting firms across the city. 

Rhys, founder of Women in the City, explained that leaders have a knack of knowing who to tap for information and when.  In today’s economy, successful networking is important, not least because research shows that women with strong networks earn more. 

Employees with effective networks can settle into new situations more easily because they have a global support framework.  This makes them easier to recruit, and it doesn’t take them as long before they are contributing to the organisation in a highly productive way. 

Rhys also explained how networking ensures you are on ‘the inside track’ and it will help you come to sound conclusions because you have open and useful communication channels.  For example, she cited the situation many women find themselves in when reaching senior positions: falling off the Glass Cliff, a term coined by Dr Michelle Ryan at Exeter University.  The Glass Cliff, an updated version of the glass ceiling concept, refers to the fact that women and members of other minority groups are more likely to get leadership positions in which it is hard to succeed.  Women do well to achieve these positions but fall at the last hurdle, and Rhys believes this is because men have already turned these opportunities down, knowing them to be “the job from hell.”  Women, who are less likely to have the insider information to make the same conclusions, say yes to the precarious management role and end up failing, with all the knock-on implications for their own confidence and the likelihood of their organisation to promote other women. 

Networking is also about being able to connect cross- and inter-departmentally, and trans-nationally.  Having a strong network allows you to benchmark your performance against other people and raise your profile at the same time.  In difficult times, breaking down organisational silos can be the right way to get things done, and networking can help with that.  Mentors and coaches can be sourced through networking, and you can find the right type of mentor for you.  Research shows that when women have female mentors the greatest benefit they report is the increase emotional support.  When women have male mentors, they report that the greatest benefit is access to his network and knowledge.  Having a wide network will mean you can choose different mentors for different reasons.  

In short, if you don’t network, you’re not likely to ever make it to the top. 

However, networking is not just handing out your business cards to everyone you meet.  While there is a social element, the overall objective is to seek out and become acquainted with new people for your professional goals. 

“It’s less about working the room and more about being in the right room,” said Rhys.  It’s the quality of the relationship which means you can leverage the opportunity, she explained.  A business card in your purse does not equal a relationship – but if you can sustain relationships with those people who are the best fit for your professional goals you will no doubt reap the rewards later. 

The language of networking can put people off: after all, who wants to be ‘networked’ by someone else?  Rhys herself tries to steer clear of the word, preferring to talk about “building and leveraging relationships.” 

The purpose of the breakfast event was to gather to listen to Rhys and the open Q&A session afterwards in which the attendees debated flexible working and the pay gap amongst other things, but also to network with the other people present.  From the sound of the conversations, some of the attendees – from completely different organisations and industry sectors – greeted each other as if they already had established professional relationships.  Notes were swapped and phone numbers of other people passed on, which just proves that a fat contacts book is only half the story when it comes to getting the most out of networking.

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Returning to the Practice of Law via New Directions

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iStock_000004428195XSmall_1_.jpgby Pamela Weinsaft (New York City)

Carol, an employment law attorney, stopped working for about 7 years after her third child was born, instead leading a life filled with childrearing and community involvement. When her youngest child started going to school, Carol decided to explore ways to use her law degree but realized that it might not be that easy to return to the practice of law. “[During my time at home], I really broke from the law…I did not feel like a lawyer.”

Virginia had a similar story. “I had worked at a big Wall Street firm and in-house at a large company. I had my first child and kept working. And then I just couldn’t keep it up anymore. I retired and stayed at home for 14 or 15 years. Then came a time when I felt I should get myself back to doing something. [I] had been great at raising funds for my children’s school [among other things]…but there is a certain confidence that you don’t always have. You may have lost touch with all those professional contacts you had before. I found myself feeling a little isolated and out of touch.”

Jeanette also started with a Wall Street practice but realized that that practice didn’t really “match” with [her] family so she became a stay-at-home mom. “I did always think I’d go back to the law eventually. I did a variety of pro bono matters while raising the kids. I even set up my own small practice doing small commercial matters but I wanted to be back in a more organized office setting.”

Jim had been working in labor relations since the 1970s, when he decided to go to law school. Upon graduation and the passing of the New York Bar, Jim continued to work in labor relations and human resources, using some of the legal skills he acquired in law school but never actually practicing law. When the management team at the company he worked for was changed, he decided to seize the opportunity and become a full-fledged practicing attorney 24 years after earning his law degree.

Carol, Virginia, Jeanette and Jim were among the panelists who spoke at a recent open house for the New Directions program offered by Pace University Law School. The program, on which we’ve reported before, assists admitted attorneys who’ve stepped away from the practice of law to develop the skills and connections they need to return to the profession.

The program begins with a “boot camp” at which the attorney participants learn (or re-learn) the necessary practical skills to enable them to jumpstart their legal careers, including how to navigate the computer based legal programs like Westlaw and Lexis, hone their legal writing skills and effective management their time and stress.

Said Virginia of the process, “One of the very first things we did in boot camp was create our elevator speech. We had to stand up and say ‘I am X and I am an attorney.’ It was very hard for a lot of us because we spent so many years saying, ‘I’m so-and-so’s mom.’”

The week-long “boot camp” is followed by 2 to 3 sessions per week for three months, at which participants are introduced to various practice areas and career paths. Attorneys are also given hands-on assistance with their résumés, cover letters, and interview skills.

Carol said, “It also taught me things that I never really needed to know before, like how to find a mentor, how to take all the things I’d been doing as a stay-at-home mom and figure out what the transferrable skills of those things were (and there were many) and put them on a résumé to make myself marketable. I also learned how to network – something I never had to do before because I went right from law school into a firm. So it taught me all these valuable things.”

Arguably the most valuable component, however, is the externship through which participant attorneys can gain recent work experience in the practice area of his/her choice. Amy Gerwitz, the director of the program, and her team work with each attorney participant to find a suitable externship, whether it is a government, law firm or in-house position the participant attorney desires. “When we first started this,” explained Amy, “we only contemplated one externship per person. As the program went on, however, there have actually been people doing externships concurrently. They’re trying different practice areas; some are doing complementary ones.”

“The externship is valuable for several reasons,” said Carol, “It is for an extended period of time (i.e., 10 weeks) during which you are developing knowledge, gaining a mentor perhaps and then you have current work experience and recent referrals. Without that externship piece, it is hard to move on.”

And while Amy and her team make no guarantees of employment upon the completion of the program, they will do what they can to help the participants get back to work in the legal world. “We view our mission as preparing [returning attorneys] to have the skills to get back into the legal workforce. Given uncertain economic times and the resultant effect on the legal profession, there is an understandable concern [about the lack of opportunities]. But while it is not our ‘mission’, we are happy that over half of the former participants in the New Directions program are now in permanent paid fulltime positions and many others are staying with their externships while they are looking for permanent positions.”

Virginia added, “Nobody gets to where they are on a straight shot. Maybe we’ve all taken a detour but there is a way to get back into the workplace and [Amy and the team at Pace] are there to help.”

Pace Law School will be offering its New Directions program in NYC this summer. Applications are being accepted on a rolling basis through June 15, 2009. Please visit the New Directions website for more details.

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Corporate Diversity & Inclusion Conference Addresses Work Life Balance

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By Jessica Titlebaum (Chicago)

The Exelon Corporation ’s chief executive officer, John Rowe, ruffled some feathers at the Corporate Diversity & Inclusion Conference in Chicago last week when he said in his keynote speech, “If you want work-life balance, you don’t belong on an executive board.” Just before saying that, he had explained that Exelon values diversity and that he has employees of a large variety of cultures and creeds. “It is hard to teach diversity when everyone looks like you,” he said. Which is why his prior statement came as such a surprise. When asked to clarify, he said that senior level jobs take a totality of time and that balance becomes impossible in certain professions.

Baraz Samiian, a diversity consultant in the Diversity Strategy and Development department at BlueCross BlueShield of Florida said that Rowe may not have been aware of the implications of what he said. She took from his speech that if you have younger children, parents who need to be taken care of or other personal and ethnic commitments, you need not apply.

“He is preaching about being open to change but he said that unless you assimilate to the old style corporate culture, there is no room for you on the executive board,” said Samiian.

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