October 11, 2018

California’s Bold Mandate for Women on Corporate Boards

Posted on October 11, 2018April 11, 2024 by Staff Writer

The state of California has often been at the forefront of technological innovation and social trends, and now you can add corporate diversity to that list. With Governor Jerry Brown’s signature, Senate Bill #829 has become law, and it mandates that all publicly held corporations with executive offices in the state must have women on corporate boards

In other words, California has just made corporate diversity at the highest levels a legal requirement. There is also a nationwide movement to have 20 percent of board positions on all companies fulfilled by women.

It is a bold move by the Golden State. And while the new law has yet to face constitutional challenges in the courtroom—and those challenges will surely come—it’s worth noting the impact this gesture could have on making the business world more diverse.

Understanding the Mandate for Women on Corporate Boards

Among California-based corporations, a quarter have no women on corporate boards. Of those that do, female board members comprise only 15 percent of all board executives. The two state senators who introduced SB #829, Senators Hannah-Beth Jackson and Toni Atkins, wanted to remedy that. Senator Jackson noted that it’s time to shatter California’s glass ceiling.

By the end of 2019, any publicly traded corporation headquartered in California will be required to have at least one female board member. Corporations with six or more board members must have at least three female board members by the end of 2021. Those who are non-compliant will be fined $100,000 for the first offense. Continued violations will incur fines of $300,000.

And the identity of violators will be made public. In an effort to be transparent, the California Secretary of State will publish annual reports identifying which companies failed to adhere to the law.

California takes a bold step in leading the nation in diversity in the business world.

Controversy Over the New Legislation

Not everyone in California’s legislature was happy with the new law. Specifically, some Republican members believe the mandated quota for women on corporate boards was disrespectful to women.

Senator Joel Anderson stated the new law underestimated the power and accomplishments of existing female board members.

Others suggest the new law violates the independent voting rights of corporate boards. Some suggest requiring a specific number of female board members leads to discrimination of other groups.

Those in support of the new legislation cite the importance female board members have on the state’s economy. Having greater gender diversity on corporate boards correlates with higher levels of productivity and performance. In addition, enhanced diversity and inclusion of women support innovation and progress by challenging the status quo.

While female board members exist, they continue to be severely underrepresented despite their qualifications and achievements. Proponents believe the new legislation is required to not only promote better economic health but to overcome institutionalized gender barriers.

“Given all the special privileges that corporations have enjoyed for so long, it’s high time corporate boards include the people who constitute more than half the ‘persons’ in America.” – California Governor Jerry Brown

Challenges Ahead for Both Corporations and the New Law

Without question, California-based companies face serious challenges in complying with the new law concerning female board members. Based on the 2021 requirements of the law, nearly four in every five corporations would currently be non-compliant. Given the time required to identify, vet, and elect a new board member, the deadlines impose serious constraints.

Likewise, companies filing their IPO are subject to these requirements for women on corporate boards immediately. California companies need to act fast if they are to avoid hefty fines and unwanted publicity.

The new legislation may also face its own set of legal challenges. One major issue relates to its Constitutionality. Opponents believe requiring female board members violates the Equal Protection Clause.

In addition, the legislation applies to all corporations headquartered in California. But this may violate the Internal Affairs Doctrine. As per the doctrine, the state of incorporation directs corporate board requirements. Thus, companies headquartered in California but incorporated elsewhere may not be required to abide by the legislation.

Future Ramifications for California Women and Female Board Directors

While California is the first U.S. state to require corporations to have female board members, this is not an unheard of notion.

Some countries in Europe have similar laws, like Norway, which requires 40 percent of corporate boards to have female board members.

Likewise, Massachusetts, Illinois, and Colorado have already passed non-binding resolutions to promote gender equity among corporate boards. These states may be among the first to follow in California’s footsteps.

It’s likely the new California law will face judicial challenges. If the law withstands these challenges, other states will certainly follow suit. And if not, the top bold businesses who are promoting women to the top may realize that gender diversity on their boards is actually in their best interest regardless.

How CRISPR Technology in Agriculture and Farming Will Change Our Lives

Posted on October 11, 2018April 11, 2024 by Staff Writer

The world is facing some pretty hefty challenges in the future where agriculture is concerned. For one, over nine billion inhabitants will need adequate nutrition to promote health and well-being. Likewise, climate change threatens to hinder agricultural food production in specific regions and specific crops. The number of herbicides and pesticides used in the agricultural industry raises concerns about long-term health effects. With this in mind, there is a need for a new technology in agriculture to address these problems. Perhaps, CRISPR technology in agriculture will provide the answer.

How Does CRISPR Technology in Agriculture Work?

CRISPR stands for Clustered Regularly Interspaced Short Palindromic Repeats. This new technology in agriculture is more popular by its acronym for obvious reasons. But how does it actually work? In essence, CRISPR technology in agriculture, and in other areas, involves editing pieces of unwanted DNA from a genome. By using a piece of RNA to guide a DNA-cutting enzyme, CRISPR allows editing of a DNA sequence. In doing so, CRISPR can eliminate unwanted characteristics of the final outcome.

CRISPR is part of many health experiments today involving precision medicine explorations. By eliminating a bad segment of DNA, there is a possibility of effective treatment for genetic diseases. Insertions of “good” DNA might also provide normal health function. But health is not the only area of interest for CRISPR. Agriculture also utilizes CRISPR technology, and the new technology is beginning to make some big waves in agriculture.

Innovations in Agriculture Using CRISPR

It might be fairly simple to appreciate the usage of CRISPR in genetic health conditions. But how can CRISPR technology in agriculture make a difference in our future? The possibilities seem endless. Consider editing genes within plants to enhance their resistance to disease. Likewise, crop DNA could be edited to produce larger fruit, reduce bruising, and resist damage in harsh climates. This new technology in agriculture could even enhance taste while making foods healthier.

While the first thought might be to liken CRISPR technology in agriculture to GMO foods, a major difference exists. GMO creates new foods by placing foreign DNA material from one plant into another plant species. In contrast, CRISPR simply edits a plant’s own DNA for enhanced effects.

As a result, the USDA has stated that CRISPR foods do not need regulating like GMO foods. CRISPR is believed to accelerate natural genetic alterations that would normally occur over time. Therefore, the USDA does not see a need to regulate such practices or resulting products.

Private and Public Sector Leaders in CRISPR Technology in Agriculture

Companies focused on CRISPR Technology in Agriculture

With the USDA’s recent statement, the door for entry-level startups is wide open. Likewise, the two major patent holders for CRISPR technology in agriculture, the Broad Institute, and Dupont Pioneer, are helping. They now allow startups to use a non-exclusive CRISPR license for an upfront fee and annual sales royalties. And public researchers can use CRISPR without charge. Understanding this, here is a list of some of the current players exploring CRISPR technology in agriculture.

Yield 10 Bioscience — Based in Woburn, Massachusetts, this small company is using CRISPR to develop flax seed with a higher Omega-3 fatty acid content. This and increased CO2 fixation in plants represent key pursuits to improve human and global health.
Cold Spring Harbor Laboratory — This New York laboratory uses expertise in genetics and plant development to explore innovative crops. Specifically, the lab invested heavily in using CRISPR to develop “jointless” tomatoes that are more easily harvested and transported.
Cibus — Cibus uses CRISPR technology in agriculture to enhance weed and disease tolerance while also producing higher yields. Specifically, it has developed canola plants that are resistant to commonly used herbicides.
Calyxt — Using new technology in agriculture, including CRISPR, Calyxt has an array of plant developments. These include soybeans that produce heat-tolerant oils without trans-fat production. Likewise, they produce low-gluten wheat varieties and higher fiber potatoes.
Innovative Genetics Institute — A part of the University of California Berkeley, this laboratory is experimenting with CRISPR in the cacao plant. The cacao plant is more resistant to viruses and fungi through gene editing. This may be highly relevant to global warming concerns.

Pairwise — Pairwise is has gained recognition for its gene-editing pursuits after its recent $125 million financial infusions from Monsanto. Among other plant products, Pairwise is using CRISPR to produce sweeter tasting strawberries.

From the Lab to the Market

With several startups entering the market, and with active research ongoing, CRISPR technology in agriculture will undoubtedly make an impact. Without USDA regulation required, consumers will not likely know which foods on the produce aisle have been gene-edited. Clearly, regulatory support for innovation is being welcomed through this new technology in agriculture. This is great for small businesses and may well be the answer to many food-related problems in the future. In fact, CRISPR technology in agriculture may very well challenge the bold impacts CRISPR may make in medicine and health.

The Home Depot: Bold Dominance in the Home Improvement Industry

Posted on October 11, 2018March 29, 2024 by Staff Writer

The Home Depot is an iconic household name whose products and services are among the top ten perceived brands of any retailer by consumers. It’s hard to believe that this dominant home improvement retailer is barely 40 years old. The Home Depot business strategy has been one that has demanded constant change in some ways. But at the same time, the strategy maintains its focus on core values. Despite dynamic environments, Home Depot’s growth continues to exceed expectations. And in the process, customer loyalty and market share continue to expand.

Home Depot Market Cap

The Home Depot’s Secret to Success: A People-Focused Vision

The Home Depot was founded in 1978, with two stores opening that year in Atlanta, GA. The vision Bernard Marcus and Arthur Blank had for the Home Depot business strategy was a simple one: Provide high-quality service with a vast selection of products at great value.

These continue to be the primary components of the Home Depot business strategy today.

One unique aspect of this vision, however, involved the use of “do it yourself” (DIY) and “do it for me” (DIFM) enthusiasts to assist customers with their projects. As such, the Home Depot business strategy invests in associate training and development.

“Do-it-yourself standard-bearer Home Depot jumped on the DIFM bandwagon years ago as they saw consumers becoming contractors.” – TechCrunch.com

Customer service is what strengthens brand loyalty over time for Home Depot products and services. Thus, Home Depot was able to distinguish itself from other competitors by its focus on people. Certainly, Home Depot product selection and market saturation have been profound. But the continued commitment to meet consumer needs is what sets Home Depot apart. This focus is having a profound impact on society and the customers whose home improvement projects depend on The Home Depot’s expertise.

Home Depot CEO and Chairman Craig Menear believes strongly in the company culture and value base.

Navigating Through Challenges and Change

The recession of 2008 had an impact on the entire home improvement retail industry. But the Home Depot business strategy allowed the company to show steady growth despite these setbacks.

Over the last ten years, Home Depot growth has seen their share price go from $20 to around $200 per share. A large part of the Home Depot business strategy was to invest heavily in e-commerce while controlling costs. In fact, in recent years Home Depot has rarely opened a new brick-and-mortar store.

In the last several years, the Home Depot business strategy has sought to make online and offline retail experiences more integrated. For DIY and DIFM customers, a number of “buy online” programs have been implemented. Products can be bought online and returned to the store. Online purchases may be shipped to a store, picked up in a store, or scheduled for home delivery. Home Depot products through e-commerce now represent 6.1 percent of Home Depot’s $104.32 billion annual revenues.

In an effort to reach professional contractors, the Home Depot business strategy is purposely different than competitors. Though professional contractors only represent 3 percent of all customers, their purchases comprise 40 percent of all sales. However, meeting the needs of professional contractors differs from traditional DIY customers. As a result, Home Depot has developed a Professional Referral program to better connect contractors with consumers.

Home Depot also provides tools to help professionals better manage and grow their businesses. By constantly assessing its target market, the Home Depot business strategy is always adapting to whatever changes occur.

The Home Depot: Bold Dominance in the Home Improvement Industry

Leveraging Success to Make Society Stronger

Bold businesses not only enhance the lives of their employees and their customers, but they also improve their communities. The Home Depot business strategy in this regard has also been consistent since its inception.

Integral to the company is the Home Depot Foundation. This non-profit arm of the corporation routinely organizes volunteer events to help a number of communities. Since 2011, the Foundation has improved over 37,000 homes of veterans through volunteer efforts. The Foundation plans to train 50,000 tradespeople over the next decade.

The Home Depot also holds itself accountable for being socially responsible. Each year, it publishes its Responsibility Report, which highlights its commitment to communities. The report addresses Home Depot products as well as sustainable operations, environmentally friendly practices, and its code of ethics.

Home Depot founder Arthur Blank sees the respect and social conscientiousness as cornerstones of the company.

A Strategy of Integration

As demographics shift and social trends change, the Home Depot business strategy changes too.

This strategy will mean investing $11.1 billion in the “One Home Depot” concept. One Home Depot will see the near-seamless integration of online shopping channels with the in-person store experience. From an improved e-commerce interface to upgrades to distribution and delivery, the vision will ultimately see the two modes of shopping become one. In fact, the home improvement retailer is hiring 1,000 new IT associates to build the platform, which is a similar concept to the Services Platform its rival Lowe’s worked on in the late 2000s in conjunction with their patented Total Closed Loop customer engagement strategy, a brainchild of Lowe’s CIO at the time Steve Stone.

Home Depot is also leveraging their supply chain and exploring fulfillment centers as part of their Market Delivery Operation. Much the way Amazon stores and ships products, this enables customers to have their Home Depot purchases sent to them directly. Ann Marie Campbell, EVP Stores, a recent Bold Leader Spotlight recipient is driving much of the changes to the stores. According to Ms. Campbell, “The store is still the hub, so we must invest to keep them relevant.”

In addition, new digital tools are being created to enhance the consumer experience. These tools include augmented reality (AR) mobile apps to see how Home Depot products might look in customer homes. These also include buying guides, know-how instructions, and expert advice for a number of customer needs. Such tools are very appealing to millennials who represent a growing home improvement consumer segment of today and tomorrow.

Home Depot CEO and Chairman Craig Menear is bullish on the One Home Depot vision.

Home Depot CEO and Chairman Craig Menear is Leading A Bold Future

At the current time, Home Depot has a market cap of nearly $224.69 billion and has over 400,000 employees. And despite a slowing housing market, Home Depot sales for the second quarter 2018 were up 8.4 percent from last year—a $30.5 billion uptick.

With the push for One Home Depot and the rise of “interconnected” sales that mesh online shopping with in-store shipping and pick-up, the company’s bold moves are keeping it ahead of the curve.

Home Depot growth will likely continue for some time to come and is truly a bold business.

Bold Leader Spotlight: Ann-Marie Campbell, EVP Stores for the Home Depot Inc.

Posted on October 11, 2018April 11, 2024 by Staff Writer

Leadership talent is sometimes found in the most unsuspecting places, and often, it may even go unnoticed. Fortunately, that was not the Home Depot Inc. boss Lynn Martin’s mindset when he came across part-time cashier Ann-Marie Campbell in 1989. Something about Campbell piqued his interest in her bold leadership. So he took it upon himself to serve as her mentor.

Fast-forward thirty years later. Ann-Marie Campbell is now Home Depot’s Executive Vice President for their U.S. stores, overseeing more than 2,000 stores and 400,000 employees and 90 percent of the company’s revenues. She is regarded as one of the world’s most successful businesswomen. And at the same time, she continues to embrace the same bold leadership that recognized her talents several decades earlier.

From championing change and diversity to showing confidence in others to empowering others to succeed, Campbell embodies many traits that make a bold leader.

“People know my story—how I started like they did and that I struggled with things, like being a working mom. They ask me things they wouldn’t ask anyone else.” – Ann-Marie Campbell

Cartoon of Bold Leader Ann Marie Campbell of Home Depot leaning on a trolley. — *Bold Leader Ann Marie Campbell has proven that hard work and perseverance make a bold leader.*

Humble Beginnings and Bold Aspirations

Campbell worked as a cashier in the North Miami Beach store in 1985 to help support her education. A Jamaican immigrant with little but a belief in herself, she was determined to succeed. However, she likely never expected to become a central figure in the Home Depot leadership team.

With encouragement from Martin, Campbell pursued opportunities in every area of the company, from operations to sales, to merchandising. Before long, she found herself moving from department manager all the way to regional vice president. With every advance in Home Depot leadership roles, Campbell continued to exceed expectations and showcase why she was a bold leader.

Her big move came in 2009 when Home Depot leadership decided to make her president of its southern division. Campbell was now in charge of nearly 700 stores and 100,000 employees.

Six years later, she was again promoted, this time to Executive Vice President of U.S. stores. She is now one of three women executives on the Home Depot leadership team. Additionally, the leader of retail stores is one of the most important positions in any retailer and the Home Depot is one of the worlds largest, making the complexity of her job one of the toughest in the industry.

Not bad for someone who started out as a part-time cashier.

“I learned that you can accomplish so much, no matter what the limitations may be. You just gotta believe to achieve.” – Ann-Marie Campbell

Ann-Marie Campbell’s Bold Leadership Approach

What made Campbell so intriguing to Home Depot leadership executives? Interestingly, it’s the same things that make her a vital part of the Home Depot leadership team today.

Above all else, Campbell believes in empowering others to succeed. Every time she performs a store walk-through, she is looking for opportunities to advance others. From one-on-one conversations to townhall meetings with associates, Campbell is constantly coaching. She understands firsthand what it’s like to serve in their roles, and she also appreciates their potential.

Secondly, Campbell is a change leader. Not only is she unafraid to challenge the status quo, but she is quick to learn from failures. The retail industry is highly dynamic and currently exploring new ways to merge online and brick-and-mortar services. Campbell excels in this area and accounts for much of the Home Depot leadership success.

Lastly, Campbell embraces diversity and inclusion. As a Jamaican-American female, she has had her own struggles in her career. As part of the Home Depot leadership team, she makes sure all associates know they are important and valued. She constantly encourages associates to ask for help, as she believes this to be an inclusionary tool. And she routinely tweets with workers and writes letters recognizing efforts of individual employees.

“Ann-Marie really knows how to drive change… She’s naturally iterative and understands how to fail fast and move on.” – Tom Wrobleski, EVP of Chainalytics

Campbell’s Bold Social Impact

Bold leaders can make societal impacts at a number of different levels. This is certainly the case for Campbell.

Without question, her boldest social impact has been at an individual level. Through authenticity, she engages each associate at her stores with genuine interest and empathy. She awards recognition and appreciation for their efforts, and she empowers everyone to excel to their greatest potential.

She is a notable reason why Home Depot’s market shares rose more than 500 percent over the last decade.

But her bold leadership extends well beyond her Home Depot role. Campbell serves on the advisory board for Catalyst, a global nonprofit organization focused on empowering women in business. She is also a board member at J. Mack Robinson College of Business at Georgia State University, where she received her MBA. Campbell appreciates the importance of giving back.

Through these efforts, Campbell has touched thousands of lives. In the process, she has not only empowered a global corporation but has also advanced society one person at a time.

And she has accomplished this by leading with humility, authenticity and strong personal values. These traits make Ann-Marie Campbell one of the boldest leaders today.

Day: October 11, 2018

California’s Bold Mandate for Women on Corporate Boards