Latest news with #ThasundaBrownDuckett
Forbes
a day ago
- Business
- Forbes
Rethinking Wealth And Inclusion In Financial Planning
How Empathy and Innovation Can Close the Retirement Gap, Breaking Barriers to Retirement Security for Every American A picture taken on December 7, 2021 in Istanbul shows US dollars banknotes. - Turkey's annual ... More inflation rate jumped over 20 percent in November, official data showed on December 3, 2021, after a currency crisis last month in which the Turkish lira hit record lows against the dollar. (Photo by Ozan KOSE / AFP) (Photo by OZAN KOSE/AFP via Getty Images)When it comes to building wealth and security in America, too many families — especially those living paycheck to paycheck — are left out of the conversation. For low-income households, retirement planning often feels like a distant luxury, and the pathways to financial empowerment can seem inaccessible. In this candid Forbes Q&A, I speak to Thasunda Brown Duckett, President and CEO of TIAA and one of just two Black women to helm a Fortune 500 company currently, to discuss the systemic barriers that keep millions from building a secure future and to share actionable strategies for closing the retirement gap. Our conversation offers insights and practical advice for individuals, organizations, and policymakers committed to making retirement security a reality for all Americans. Q: In my work with low-income families through the Magnolia Mother's Trust, I often hear that retirement planning feels like a luxury they can't afford. How do we change this mindset and make retirement security accessible for all income levels? A: When we talk about retirement security for low-income families, particularly those living in poverty, we have to acknowledge a fundamental challenge: our retirement system is built around earned income and workplace benefits. The majority of low-income Americans lack access to workplace retirement plans. So this isn't just about saving more — it's about addressing systemic barriers. We need innovative policy solutions that help all Americans build financial security, whether through expanded access to retirement plans for small businesses, state-sponsored programs or other approaches that recognize different economic realities. Q: Financial know-how has traditionally been a privilege of those who are in higher income brackets. From your perspective, what role should financial education play in closing economic gaps, and how early should it start?" A: Financial education isn't just for those with wealth — today's technology helps make it more accessible to everyone. What matters is starting early with practical moments: discussing grocery prices with children or opening their first savings account, which research shows correlates with college attendance. 29 states now require financial education for graduation. But education alone isn't enough. We also need policies that make saving easier and more accessible. Q: When I speak with young people, especially those just graduating college, retirement often feels too far away to prioritize. You've spoken about the power of compounding — can you break down why starting to save early is so crucial, even if it's just a small amount? A: Your first paycheck is your first opportunity to invest in your future self. I tell young people one word they need to know: compounding. When you start that first job, you're making more than you did before — so start saving before you get used to spending that money. And if you are working at a company that offers a retirement match, take full advantage. Because otherwise, that's free money you're leaving on the table. Q: What are the biggest challenges and opportunities that your clients face in the current economic climate, especially regarding inflation and retirement security? A: Today's economic headwinds — from inflation to market volatility — create real challenges for retirement savers. But here's what's most important and where I see the opportunity for our clients: stay the course with your retirement contributions and ensure part of your allocation includes protection through guaranteed lifetime income. This is a good time to meet with your financial advisor, review your portfolio, and reaffirm your long-term strategy. Because while market volatility isn't new — it's how you respond that matters. It's important to maintain a long-term perspective and stay invested. Q: What specific strategies is TIAA using to promote financial inclusion and close the wealth gap, particularly for underserved communities? A: Let me share what we're doing to make retirement security accessible to everyone. With 57 million Americans lacking access to workplace retirement plans, we're advocating for policies that help more employers offer these benefits. We're working to make saving automatic through features like auto-enrollment, which can increase participation rates from 60% to over 90%. And crucially, we're ensuring guaranteed lifetime income is available in retirement plans. Because this isn't just about saving — it's about making sure people can retire with dignity and not outlive their savings. LOS ANGELES, CALIFORNIA - NOVEMBER 15: President/CEO of TIAA Thasunda Brown Duckett speaks onstage ... More during the 'My Leadership Journey' discussion during The Range Rover Leadership Summit at the Academy Museum of Motion Pictures on November 15, 2021 in Los Angeles, California. (Photo byfor Jaguar Land Rover) Q: As a champion of financial empowerment, what initiatives are you most proud of, and what impact have you seen so far? A: What I'm most proud of is seeing the retirement security movement gain real momentum at scale, with unprecedented bipartisan support and public-private partnerships driving change. That's why we launched our Retirement Bill of Rights initiative — because solving the retirement crisis requires all of us working together. We're seeing concrete progress: more employers offering workplace plans, increased adoption of auto-enrollment features, and growing recognition that guaranteed lifetime income is essential. This isn't about individual programs — it's about transforming the retirement system to work for all Americans. Q: Can you share actionable advice for organizations seeking to build more equitable and inclusive cultures? A: Building inclusive organizations isn't just about initiatives — it's about creating environments where people can thrive long-term. Research shows companies with inclusive cultures see higher retention rates and stronger employee engagement. When people feel they can bring their authentic selves to work and share diverse perspectives, they're more likely to stay, grow, and build financial security. That's why at TIAA our Business Resource Groups — which are employee networks organized around shared identities or experiences — are so powerful. They're not just support systems; they foster intellectual curiosity and innovation while creating pathways for career growth and long-term success. Q: How did your upbringing and early career experiences influence your leadership style and vision? A: Growing up, my family was long on love but short on money. My parents taught me grit and perseverance — showing me that obstacles are opportunities to grow stronger. But what truly shaped my leadership style was seeing my parents and our community working incredibly hard, sometimes still coming up short. That taught me real empathy — not the soft kind, but the kind that drives you to truly see people, connect with their potential, and fight on their behalf. For me, leadership isn't just about personal success — it's about creating connections that help others unlock their own potential. Q: What does 'human capital transformation' mean to you, and how is TIAA preparing for the future of work? A: Human capital transformation means creating a workplace ready for tomorrow's opportunities. It's about being at the forefront of meeting our clients' needs while taking our culture forward. At TIAA, we're transforming how we operate with a focus on modernization that excites and engages our people. I'm particularly proud of our Guild Network, where thousands of employees are embracing new skills and technologies. Because true transformation happens when mindset and technology work together to fuel curiosity, growth, and opportunity. This is how we prepare our employees for today while building for tomorrow. Q: Beyond your executive roles, you serve on several influential boards. How do these experiences inform your leadership at TIAA and your broader vision for social impact? A: Board service, from public companies to startups to nonprofits, fuels my intellectual curiosity about how different people and organizations solve complex challenges. I'm constantly learning from diverse thinkers and different approaches to problem-solving. These varied perspectives and conversations strengthen my leadership muscle daily, depositing new insights into my skill set that make me a better CEO at TIAA. Q: How do you advise individuals who do not have a culture of planning for retirement to get started? How can you make planning and saving for the future seem possible when you barely get by financially? A: When you're living paycheck to paycheck, the message 'just save more' isn't helpful. Money is emotional, and retirement planning can feel overwhelming when you're focused on getting by today. But let's take the judgment out of it and just get started. Maybe it's asking your HR department about retirement benefits you might not know about. Maybe it's learning about budgeting from free online resources. Maybe it's setting up a small automatic transfer each payday. Start where you are — even small amounts matter. Small steps today can create meaningful security tomorrow. The key is taking that first step. Q: I did a TED Talk about redefining wealth to come up with a more inclusive version that applies to communities often left out of the conversation. So I'd like to ask you, how do you define wealth? A: Wealth isn't just about money or hitting a certain number. True wealth is about joy — enriching your life in meaningful ways. It's about security — having confidence in your future. Most importantly, it's about legacy — not just the financial assets you pass on, but the knowledge you've accumulated, the lessons you've learned, and how you use them to impact others. Just like financial wealth requires both accumulation and distribution, life's wealth comes from gathering experiences and sharing them forward.
Newsweek
23-06-2025
- Business
- Newsweek
TIAA CEO Thasunda Brown Duckett on Addressing Representation Among Fortune 500 Executives
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. In February of 2021, Thasunda Brown Duckett became the second Black woman ever to serve as CEO of a Fortune 500 company when she was tapped to lead financial services giant TIAA. One month later, Rosalind Brewer became the second active Black female CEO in the Fortune 500, when she was named to lead Walgreens Boots Alliance. Four years later, the number of active Black female Fortune 500 CEOs is the same, even though many U.S.-based companies have promoted expansive DEI strategies. Brewer left Walgreens in September 2023, just before SAIC named Toni Townes-Whitley CEO in October, which kept the number at two. "I think there is an opportunity to acknowledge the progress but also say there's more work to do," Duckett said in a recent appearance at the Jobs for the Future 2025 Horizons conference in New Orleans. This is the precarity of progress when the sample size is two, and female representation among Fortune 500 CEOs only recently crossed 10 percent. Black people make up 13 percent of the U.S. population but hold just nine Fortune 500 CEO positions (1.8 percent), and Black representation in senior management positions is estimated by McKinsey to be around 5 percent. Women make up half the population but represent just 12 percent of Fortune 500 CEOs. "I believe that talent is created equally, opportunity is not. We are still in pursuit of meritocracy," Duckett said at the conference. "It's hard to say we've accomplished meritocracy when there's only two Black women, and there's only 12 percent female in the Fortune 500." Thasunda Brown Duckett at the 2025 JFF Horizons conference in New Orleans. Thasunda Brown Duckett at the 2025 JFF Horizons conference in New Orleans. Jobs for the Future The story of racial and gender progress in executive representation is an uneven one, with slight growth over time but little in the way of meaningful progress. Duckett believes the solution comes down to smarter succession planning and developing representation in roles that have been known to be a pipeline to the C-suite or CEO position. "When it comes to becoming a CEO ... we have to look at What's the path? ... You have to understand What is it that this company looks for and values?" Duckett said. "We have to look at the pipeline, and we have to make sure the pipeline is in areas of the business that have a higher propensity to ascend to the C-suite." Duckett also challenged business leaders to interrogate their hiring, promotion and succession strategies, to determine where barriers to representation exist. She described profit and loss responsibility, revenue leadership and central business strategy as areas where greater representation is needed in order to drive stronger executive representation, specifying that allyship must include more than just the populations affected by exclusionary and biased hiring and promotion practices. "When and as we become a more inclusive workforce, when and as we become more open to the possibility that talent can look different than how we looked historically, that will unlock more GDP growth, more innovation," Duckett said. For people who feel they experience downward pressure on their career paths, Duckett pointed to a mindset of bravery and connecting to your purpose in pursuit of senior leadership. "On our worst day, it is better than [that of] the shoulders of those on which we stand," Duckett said. "We have to preserve that optimism in order to make change moving forward."
Yahoo
17-06-2025
- Business
- Yahoo
Women CEOs Reach Record High On 2025 Fortune 500 List, But With Only 2 Black Women Listed Representation Is Still Lacking
For the first time in its 71-year history, the 2025 Fortune 500 list shows that women lead 11% of the largest U.S. companies by revenue. Surpassing the 10% mark is a historic milestone in corporate leadership, Fortune reports. Now 55 women serve as CEOs of Fortune 500 companies, up from 52 in both 2023 and 2024. While this is positive news, only two of the 55 women are Black: Thasunda Brown Duckett, CEO of TIAA, and Toni Townes-Whitley, CEO of Science Applications International Corp. The rise in women-led companies is largely due to internal promotions. Per Fortune, companies such as Freeport-McMoRan, Principal Financial Group, Ulta Beauty, U.S. Bancorp, J.B. Hunt Transport, and Marathon Petroleum Corp. all appointed women from within their executive ranks to the CEO role. Notably: Kathleen Quirk was promoted from CFO to CEO at Freeport-McMoRan. Deanna Strable-Soethout now leads Principal Financial Group. Kecia Steelman was elevated to CEO at Ulta Beauty. Gunjan Kedia is taking the reins at U.S. Bancorp. Shelley Simpson stands at the top of J.B. Hunt Transport. Maryann Mannen now heads Marathon Petroleum Corp. Other significant appointments include Susan Morris at Albertsons and Marina Cheung, who became CEO of S&P Global after serving as president of S&P Global Ratings. Further adding to the record-breaking figures this year is SiriusXM, making its debut on the Fortune 500 for the first time. Even with these advancements, Black women are still glaringly underrepresented in corporate leadership positions. The only Black women on the 2025 list are the same two CEOs, Duckett and Townes-Whitley. The persistent disparity in racial equity highlights more general issues, particularly as some businesses turn away from diversity, equity, and inclusion (DEI) initiatives, as AFROTECH previously reported. Jennifer McCollum, president and CEO of Catalyst, a workplace gender equity organization, shines some light on the matter in an article from People of Color in Tech (POCIT). '…We're seeing more companies roll back on DEI initiatives at large companies. If companies reduce their commitment to these policies, there is great risk of progress stalling or even reversing, impacting opportunities for generations of talent to come,' McCollum said. As Fortune reports, the 2025 Fortune 500 businesses generate $19.9 trillion in revenue between them, two-thirds of the U.S. gross domestic product (GDP). The importance of who runs these businesses extends well beyond representation. As more women step into top leadership roles, racial equity and inclusive leadership are equally important. The Fortune 500's future hinges on recommitting to DEI initiatives, developing robust talent pipelines, and elevating diverse leaders. These actions are essential to guarantee that the nation's diversity is accurately reflected in the next generation of corporate leadership. The post Women CEOs Reach Record High On 2025 Fortune 500 List, But With Only 2 Black Women Listed Representation Is Still Lacking appeared first on post Women CEOs Reach Record High On 2025 Fortune 500 List, But With Only 2 Black Women Listed Representation Is Still Lacking appeared first on AfroTech. Sign in to access your portfolio
Bloomberg
05-03-2025
- Business
- Bloomberg
TIAA CEO Advises Young People to Max Out 401(k) Contributions
Thasunda Brown Duckett, president and CEO of TIAA, discusses her retirement-planning advice to young people at the Bloomberg Invest conference in New York. (Source: Bloomberg)
Bloomberg
05-03-2025
- Business
- Bloomberg
Closing Retirement Gap Calls for Cooperation, TIAA CEO Says
Thasunda Brown Duckett, president and CEO of TIAA, says a private-public partnership is needed to close the retirement gap at the Bloomberg Invest conference in New York. (Source: Bloomberg)
