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About Spencer Stuart

Spencer Stuart is an executive search consulting firm. Spencer Stuart applies its knowledge of industries, functions and talent to advise select clients ranging from major multinationals to emerging companies to nonprofit organizations and address their leadership requirements. Spencer Stuart consultants focus on senior-level executive search, board director appointments, succession planning and in-depth senior executive management assessments.

Spencer Stuart Headquarter Location

353 N. Clark Suite 2400

Chicago, Illinois, 60654,

United States

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Latest Spencer Stuart News

A Third Of Newly Added Corporate Directors Were Black Last Year, Up From 11%

Oct 19, 2021

Amazon's board of directors elected former Goldman Sachs human resources executive Edith Cooper to join its ranks in September after Roz Brewer, who left to become CEO of Walgreens Boots Alliance, departed earlier this year. She also serves on the board of PepsiCo and is a prior director of Etsy and Slack Technologies. © 2012 Bloomberg Finance LP Last year’s racial reckoning had corporate America promising to boost the diversity of their management ranks, a broad group of executives that varies by company and is often hard to track. But among the highly visible and highly public seats on company boards, a new analysis shows the clear impact of last year’s Black Lives Matter movement on the makeup of newly chosen corporate directors. In its annual U.S. Board Index released Tuesday,­­­ the executive search firm Spencer Stuart found that 33% of newly added independent directors named to corporate boards were Black, a three-fold increase from the 11% of new directors who were Black in the year prior. “It was a pretty staggering number,” said Julie Daum, who leads Spencer Stuart’s North American Board Practice. The increase, she said, was not as high for Hispanic or Asian directors, which each made up just 7% of independent directors boards added this year. “The real focus was on Black directors. That’s a reflection of what’s going on in society.”  Add in new female board members, and the percentage of new independent directors who were women or men from historically underrepresented groups reached 72%, up from 59% the year prior. That means only about a quarter of new independent directors were white men. In total, a record 47% of new directors were from racially or ethnically diverse backgrounds, compared to just 22% the year before. This year’s analysis covered proxy statements released between May 2020 and May 2021. Still, such diverse groups of newcomers will be needed to make a dent in the overall diversity of corporate boards because the rate of turnover at the top is still slow. Just 21% of all S&P 500 board seats are actually held by racial or ethnic minorities. Women, meanwhile, make up 30% of all board seats, a new milestone but still an underrepresentation. Spencer Stuart’s analysis is a reminder that the biggest impediment to more diverse boards isn’t directors’ unwillingness to add diverse new members, but to increase the number of directors who depart. “It is the issue every year — turnover is slow,” Daum said. Just six percent of boards now have term limits, and most companies that do have them set them at 15 years or more, meaning they have little impact. Nearly three-quarters of boards have mandatory retirement ages, but that age has crept up, with more than half of boards setting it at 75 years old, compared to just 20 percent with the same limit a decade ago. And while the percentage of boards conducting individual performance evaluations is rising, companies don’t disclose when directors have been kicked off for poor performance. “It is a group of equals and I think that makes things difficult,” she said. “You can see it in the turnover number: There’s no way every director who makes it to 75 is a great director.” Even the one thing that may have allowed for more new directors this past year – boards increasing their overall size and going from, say, 10 to 11 members – won’t have a sustainable impact on composition, Daum said, because boards may not fill a spot later when someone leaves. Beyond last year’s racial reckoning, mandates by the state of California and the Nasdaq stock exchange to add diverse board members helped to draw a “line in the sand,” Daum said, as have efforts by institutional investors to press for more diversity. Shareholders don’t want to use mechanisms like term limits or retirement ages, she said, pressing instead for directors to make tough evaluations of their peers. But “it’s a great job, so I think there’s a little bit of ‘I’m not going to ask [another director] to leave because we know each other pretty well. We get along, we develop working relationships. They’re very uncomfortable discussions.”

Spencer Stuart Acquisitions

3 Acquisitions

Spencer Stuart acquired 3 companies. Their latest acquisition was Aon - Culture & Engagement, Leadership Development & Advisory Businesses on July 22, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

7/22/2019

Acquired Unit

1

7/9/2019

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$99M

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10

12/13/2000

Private Equity

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$99M

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10

Date

7/22/2019

7/9/2019

12/13/2000

Investment Stage

Private Equity

Companies

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Valuation

Total Funding

$99M

$99M

Note

Acquired Unit

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Sources

1

10

10

Spencer Stuart Partners & Customers

1 Partners and customers

Spencer Stuart has 1 strategic partners and customers. Spencer Stuart recently partnered with Wells Fargo & Company on April 4, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

4/26/2019

Client

Wells Fargo & Company

United States

Exclusive: Wells Fargo taps headhunter Spencer Stuart to find new CEO - sources

Exclusive : Wells Fargo taps headhunter Spencer Stuart to find new CEO - sources

1

Date

4/26/2019

Type

Client

Business Partner

Wells Fargo & Company

Country

United States

News Snippet

Exclusive: Wells Fargo taps headhunter Spencer Stuart to find new CEO - sources

Exclusive : Wells Fargo taps headhunter Spencer Stuart to find new CEO - sources

Sources

1

Spencer Stuart Team

23 Team Members

Spencer Stuart has 23 team members, including current Chief Executive Officer, Managing Partner, Kevin Connelly.

Name

Work History

Title

Status

Kevin Connelly

Chief Executive Officer, Managing Partner

Current

Robert Bob DeVries

Chief Executive Officer

Current

Susan Hart

Chief Executive Officer

Current

Claudius Alexander Hildebrand

Chief Executive Officer

Current

Jonathan S Smith

Somerfield, and J Sainsbury

Chief Executive Officer

Current

Name

Kevin Connelly

Robert Bob DeVries

Susan Hart

Claudius Alexander Hildebrand

Jonathan S Smith

Work History

Somerfield, and J Sainsbury

Title

Chief Executive Officer, Managing Partner

Chief Executive Officer

Chief Executive Officer

Chief Executive Officer

Chief Executive Officer

Status

Current

Current

Current

Current

Current

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