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2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
2
About Asian and Pacific Islanders
People of Asian and Pacific Islander (API) descent make up more than half the world’s population and 6 percent1 (18.5 million) of the total U.S. population. According to the 2010 Census, the Asian American population in the United States grew 46 percent between 2000 and 2010, faster than any other major race group in the country, including Hispanics. The Census Bureau’s latest population projections estimate APIs to reach 41 million by 20502.
There are several terms that are used referring to this community: Asian, Asian American, Asian Pacific Island-
er, Asian Pacific Islander American, Asian Pacific American and Asian American and Pacific Islander American to name a few. There are two major groups that com-prise the community: Asian and Native Hawaiian or other Pacific Islander.
The U.S. Census Bureau defines the Asian category as “a person having origins in any of the original peoples of the Far East, Southeast Asia, or the Indian subconti-nent,” which includes over 20 different ethnic groups. Southeast Asian generally includes Cambodian, Hmong, Laotian and Vietnamese. South Asian generally includes Asian Indian, Bangladeshi, Bhuta-nese, Nepalese, Pakistani, and Sri Lankan. According to the U.S. Census Bureau’s 2010 American Community Survey, the largest Asian groups in the U.S. include: Chinese (23.5%), Asian Indian (18.8%), Filipino (17.1%), Vietnamese (11%), Korean (9.9%) and Japanese (5.3%).
The Native Hawaiian or Other Pacific Islander category is defined by the U.S. Census Bureau as “a person having origins in any of the original peoples of Hawaii, Guam, Samoa, or other Pacific Islands,” which includes 20 different ethnic groups. Native Hawaiian (30.9%), Samoan (22.6%) and Chamorro or Guamanian (14.3%) are the largest Pacific Islander groups in the country.
1 U.S. Census Bureau, 2010 Census. Summary File 1, Tables P3 and P6.
2 Population Projections of the United States by Age, Sex and Hispanic Origin: 1993–2050.
Partial funding support for LEAP’s 2011 Fortune 500 API Executive Officers and Top Earners report was provided by AT&T
Background
As part of our mission to inform society and empower communities, Leadership
Education for Asian Pacifics, Inc. (LEAP) launched a research initiative in 2009 to assess the current Asian and Pacific Islander (API) representation at the highest levels of leadership positions in different sectors of our society. The objective of this research initiative is to establish a baseline from which to measure and compare the progress (or lack thereof) of different sectors’ diversity and inclusion efforts with respect to the API community.
It is our hope that the research will en-able businesses, public institutions, as well as political, community and educa-tional leaders to develop and implement strategies for sustainable growth and ad-vocacy in this arena as an effective way to highlight the critical need for further work in the area. 2011 Fortune 500 API Executive Officers and Top Earners marks the sixth report in the series and the first edition of research focusing on Executive Officers.
Through these reports and our direct involvement with companies to develop a robust pipeline of leaders through our training programs, LEAP will continue to do its part to shed light on the need for more representation of APIs in leadership roles.
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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Methodology
LEAP collected data between January and April of 2012. The primary research collection included a thorough examination of publicly available data from annual reports and proxy statements from the U.S. Securities and Exchange Commission (SEC) to determine the total number of executive officers at each of the largest 500 companies in America as reported by Fortune magazine on May 23, 2011.
For the purposes of this report, the term “executive officer” refers to those corporate executives who
were elected or appointed by their com-pany’s board of directors. The following definition from the Electronic Code of Federal Regulations, Title 17: Commod-ity and Securities Exchange of section 240.3b-7 was strictly used to define these individuals:
“The term executive officer, when used with reference to a registrant, means its president, any vice presi-dent of the registrant in charge of a principal business unit, division or function (such as sales, administra-tion or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant. Execu-tive officers of subsidiaries may be deemed executive officers of the registrant if they perform such policy making functions for the registrant.”
Also, companies are required to publicly report their top five highest paid execu-tive officers referred in this report as “top earners” and they include: the principal executive officer, the principal financial officer, and the three most highly compen-sated executive officers as of the end of the company’s last completed fiscal year1.
To help ensure accuracy in the reporting of executive officers’ race and ethnicity, LEAP utilized the U.S. Census Bureau’s defini-tions:
The Asian category is defined as “a person having origins in any of the original peoples of the Far East, South-east Asia, or the Indian subcontinent.” The Native Hawaiian or Other Pacific Islander category is defined as “a per-son having origins in any of the original peoples of Hawaii, Guam, Samoa, or other Pacific Islands.”
LEAP contacted all 500 companies re-questing 1) the total number of individuals serving as section 16 executive officers of the company, as reported to the SEC and described in the company’s Annual Report (10-K), and 2) to identify those of Asian and Pacific Islander descent2.
Extensive research was conducted to confirm executive officers’ title, race, ethnic-ity and gender. Phone interviews or email communications were conducted with companies’ investor relations, office of the CEO, human resources, corporate com-munications departments and/or informa-tion desk for data confirmation. In some instances, phone or email communications were exchanged with individual executive officers.
LEAP compared all response data provid-ed to companies with information provided to the SEC. Where discrepancies were found, LEAP contacted companies to verify information, or otherwise used data as submitted to the SEC. For companies that did not respond to LEAP’s request for infor-mation, LEAP has reported total executive officer data as submitted to the SEC.
LEAP utilized the following sources in sup-port of its research efforts:
The May 23, 2011 issue of Fortune magazine that identified the 2010 Fortune 500;Public information from company an-nual reports (10-K), web sites, press releases and news articles;SEC filings submitted as of April 30, 2012 of company’s most recent proxy statements (DEF14A). For insurance companies that do not submit annual filings to the SEC, LEAP obtained data from the National Association of Insur-ance Commissioner’s (NAIC) regulatory database of key annual statements.
LEAP made every effort to achieve a high degree of accuracy. Information on race, ethnicity and gender composition of execu-tive officers is not always publicly avail-able. If errors or omissions are discovered, LEAP will make necessary adjustments. Please contact the report author, Rima K. Matsumoto, Vice President of Research and Strategic Alliances at (202) 412-4190 or via email at [email protected].
1 Source: Electronic Code of Federal Regulations, Title 17: Commodity and Securities Exchange, section 229.402(a)(3).
2 May include foreign nationals.
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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Only 79 companies in the Fortune 500 had API representation at the executive officer level.
There were 99 executive officers (2 percent) of API descent.
Thirteen API executive officers served as Chief Executive Officer at their company. Of those, three were women.
Only 51 APIs were identified by their company as one of the top five highest compensated executive officers (top earners). Of those, four were women.
Fifteen Fortune 500 companies had two or more API executive officers in their company: PepsiCo, Merck, Aflac, Jabil Circuit, Consolidated Edison, Yum Brands, Applied Materials, Synnex, Stanley Black & Decker, Boston Scientific, Dover, Broadcom, Franklin Resources, SanDisk and Cognizant Technology Solutions.
Fifty percent of Cognizant Technology Solutions executive officers were of API descent. Of those, three were also identified as top earners, more than any other company in the Fortune 500.
Key Findings
IN 2011:
SOURCE: LEAP 2010
FIGURE 1
# OF API CEOs # OF API TOP EARNERS
# OF API EXECUTIVE OFFICERS
# OF COMPANIES
WITH API EXECUTIVE OFFICERS
FORTUNE 500 API EXECUTIVE OFFICERS COMPOSITION: 2011
120
100
80
60
40
20
0
13
79
99
51
SOURCE: LEAP 2012
# OF WOMEN
3
4
FIGURE 2
API REPRESENTATION BY ETHNIC GROUP: 2011(99 APIs SERVED AS CORPORATE EXECUTIVES IN THE FORTUNE 500)
SOURCE: LEAP 2012
ASIAN INDIAN: 51
CHINESE: 24
KOREAN: 11
JAPANESE: 8
PAKISTANI: 2
VIETNAMESE: 2
FILIPINO: 1
51
24
11
82 2 1
11
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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FIGURE 3
API EXECUTIVE OFFICERS: 2011(99 OUT OF 5,028 IN THE FORTUNE 500)
API: 2%
OTHER: 98%
SOURCE: LEAP 2012
98%
2%
Alphabetical Listing of Fortune 500 Companies with API Executive Officers: 20113MAdvanced Micro DevicesAECOM TechnologyAESAflacAgilent TechnologiesAllstateAmerisourceBergenApplied MaterialsArrow ElectronicsAutomatic Data ProcessingAvnetAvon ProductsBJ’s Wholesale ClubBoston ScientificBristol-Myers SquibbBroadcomCampbell SoupCIT GroupCitigroup
Cognizant Technology SolutionsColgate-PalmoliveConocoPhillipsConsolidated EdisonDarden RestaurantsDellDiscover Financial ServicesDISH Network Dominion ResourcesDoverEastman ChemicalEMCExpeditors International of WashingtonFranklin ResourcesGoogleHalliburtonHertz Global HoldingsHewlett-Packard CompanyHost Hotels & ResortsHumana
IBM CorporationIllinois Tool WorksITTJabil CircuitKelly ServicesKraft FoodsLiberty GlobalMasterCardMerckMorgan StanleyMylanNavistar InternationalNII HoldingsOfficeMaxOmnicarePacific LifeParker HannifinPepsiCoPG&E Corp.QualcommQuest DiagnosticsRockwell AutomationSanDiskSempra EnergySmithfield FoodsSt. Jude MedicalStanley Black & DeckerStarwood Hotels & ResortsStrykerSynnexTarga ResourcesTennecoUGIUnited StationersWaste ManagementWestern UnionWeyerhaeuser XeroxYum Brands
SOURCE: LEAP 2012
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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API Executive Officers and Top Earners in the Fortune 500: 2011The following is an alphabetical listing of the Fortune 500 executive officers of API descent. Highlighted in bold red are executive officers considered among the top five highest paid (top earner) in the company’s proxy statement as reported to the U.S. Securities and Exchange Commission.
Minaz B. AbjiEVP, Asset Management Host Hotels & Resorts
Vijay C. AdvaniEVP, Global Advisory ServicesFranklin Resources
Rajesh K. AgrawalEVP and President, Western Union Business SolutionsWestern Union
Koji Aiyoshi EVP, Director of Marketing and Sales-Aflac Japan Aflac
Yuji Arai SVP, Compliance Officer-Aflac JapanAflac
Nikesh AroraSVP and Chief Business Officer Google
Davinder S. AthwalVP, Accounting & Financial Control and Chief Risk OfficerUGI
Ajaypal S. BangaPresident and CEO MasterCard
Puneet BhasinSVP and Chief Information OfficerWaste Management
Supratim BoseEVP and President, Asia-PacificBoston Scientific
Nelson J. ChaiPresident CIT Group
Sujeet ChandSVP and Chief Technology OfficerRockwell Automation
Ramakrishnan ChandrasekaranGroup Chief Executive, Technology and OperationsCognizant Technology Solutions
Srinivasan ChandrasekaranSVP, Cellulose FibersWeyerhaeuser
Irene Chang BrittSVP and Chief Strategy Officer Campbell Soup
Javade ChaudhriEVP and General CounselSempra Energy
Jeff Hung-Tse ChenVice President and President, AsiaStanley Black & Decker
Hai Hwai ChiangEVP, CEO-Materials Technology GroupJabil Circuit
Willie C.W. ChiangSVP, Refining, Marketing, Transportation and Commercial ConocoPhillips
Arthur ChongEVP, General Counsel and SecretaryBroadcom
John G. ChouEVP, General Counsel and Secretary AmerisourceBergen
Michael H.K. ChungSVP and Chief International Ventures OfficerEastman Chemical
Paul W. ChungEVP, General Counsel and SecretaryTarga Resources
Yoon “Michael” ChungVP and President, Asia Pacific GroupParker Hannifin
Michael DastoorSVP, ControllerJabil Circuit
Cuong Viet Do EVP and Chief Strategy Officer Merck
Francisco D’SouzaCEO Cognizant Technology Solutions
Christian A. Garcia SVP and Treasurer Halliburton
Suren Gupta EVP, Technology and Operations Allstate
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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Richard P. Hamada CEO Avnet
Bernard L. HanEVP and Chief Operating OfficerDISH Network
Gokul HemmadyEVP and Chief Financial OfficerNII Holdings
Keishi HotsukiChief Risk OfficerMorgan Stanley
Marie Oh HuberSVP, General Counsel and SecretaryAgilent Technologies
Jun Isonaka First SVP, Chief AdministrativeOfficer-Aflac Japan Aflac
Jon C. IwataSVP, Marketing and CommunicationsIBM Corporation
Vyomesh I. Joshi EVP, Imaging and Printing Group Hewlett-Packard Company
Andrea Jung Chairman and CEO Avon
Deepak T. KapurPresident, Truck GroupNavistar International
Jatindar S. KapurSVP, Finance and Corporate ControllerHertz Global Holdings
Fareed A. KhanSVP and Chief Financial OfficerUnited Stationers
Mehmood Khan EVP, PepsiCo Chief Scientific Officer, Global Research and Development PepsiCo
Sanjay Khosla EVP and President, Developing Markets Kraft Foods
Neil Y. KimEVP, Operations and Central EngineeringBroadcom
Peter S. Kim EVP and President, Merck Research Laboratories Merck
Peter T. Kong President, Arrow Global Components Arrow Electronics
Sandra Leung General Counsel and Secretary Bristol-Myers Squibb
Simon Leung SVP, General Counsel and Secretary Synnex
Don H. LiuSVP, General Cousel and SecretaryXerox
V. Rajamannar Madabhushi SVP and Chief Innovation and Marketing Officer Humana
Rajiv MalikEVP and COOMylan
Sanjay Mehrotra President and CEO SanDisk
Rajeev Mehta Group Chief Executive, Industries and Markets Cognizant Technology Solutions
Surya N. Mohapatra Chairman, President and CEO Quest Diagnostics
Kevin M. Murai President and CEO Synnex
Gurudatta Nadkarni Vice President of Strategic Planning Consolidated Edison
Sundraram NagarajanEVPIllinois Tool Works
Balan NairEVP and Chief Technology OfficerLiberty Global
Hari N. NairCOOTenneco
Omkaram NalamasuChief Technology OfficerApplied Materials
Maulik Nanavaty SVP and President, Neuronomodulation Boston Scientific
Munish NandaPresident, Control TechnologiesITT
Lakshmi Narayanan Vice Chairman Cognizant Technology Solutions
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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Daisy NgSVP, Chief Human Resources OfficerDarden Restaurants
Indra K. Nooyi Chairman and CEO PepsiCo
Elaine C. PaikVice President and Corporate TreasurerColgate-Palmolive
Vikram S. Pandit CEO Citigroup
Muktesh PantCEO, Yum! Restaurants InternationalYum Brands
Hyun ParkSVP and General Counsel PG&E
Vasant M. Prabhu Vice Chairman and CFO Starwood Hotels & Resorts Worldwide
Anish D. RajpariaPresident, Small Business Services, TotalSource, and Retirement ServicesAutomatic Data Processing
Rajiv RamaswamiEVP and General Manager, Infrastructure and Networking GroupBroadcom
Sumit SadanaSVP and Chief Strategy OfficerSanDisk
Nitin SahneyEVP and President, Specialty Care DivisionOmnicare
Ravichandra K. SaligramPresident and CEO OfficeMax
Ashwini SawhneyVP, Accounting and ControllerDominion Resources
Laura J. SenPresident and CEO BJ’s Wholesale Club
Dhirendra ShantilalSVP and General Manager, APACKelly Services
Hak Cheol Shin EVP, International Operations 3M
Anthony C.K. Shum Chairman, Asia AECOM Technology
Ben S. SihotaPresident, Emerging Markets GroupStanley Black & Decker
Sivasankaran SomasundaramEVP, Dover EnergyDover
Jane J. SongPresident, Atrial Fibrillation DivisionSt. Jude Medical
Jing-Shyh Samuel SuVice Chairman of the Board; President and CEO, China Division Yum Brands
Lisa SuSVP and General Manager, Global Business UnitsAdvanced Micro Devices
Ramesh SubrahmanianGroup President, InternationalStryker
Luther Tai SVP, Enterprise Shared Services of CECONY Consolidated Edison
Harit TalwarEVP, President-US CardsDiscover Financial Services
Randhir ThakurEVP, General Manager Silicon Systems GroupApplied Materials
Dhamu ThamadaranEVP and Chief Commodity Hedging OfficerSmithfield Foods
Tohru TonoikePresident and COO-Aflac Japan Aflac
Khanh Thien Tran President Pacific Life
Rita Trehan VP, HR and Internal Communications, Safety and APEX AES
Lawrence P. TuSVP, General Counsel and SecretaryDell
James L.K. WangPresident, Asia PacificExpeditors International of Washington
Jing WangEVP and President of Global Business OperationsQualcomm
Harry L. YouEVP, Strategy and Business DevelopmentEMC
William Y. YunEVP, Alternative StrategiesFranklin Resources
Michael Y. ZhangPresident, AsiaDover
SOURCE: LEAP 2012
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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About LEAP
L eadership Education for Asian Pacifics, Inc. (LEAP) is a national organization founded in 1982 with
a mission to achieve full participation and equality for APIs through leadership, empowerment and policy. With original programs in leadership training, public policy research and community education, LEAP raises the impact and visibility of APIs in all sectors of our society. LEAP is headquartered in Los Angeles and has an office in Washington, DC. Through the creation of culturally relevant workshops and programs, 125,000 people across the nation have participated in over 3,000 LEAP leadership development workshops and presentations from an extensive roster of clients, including colleges and universities, community and student organizations, federal and state government agencies and Fortune 1,000 companies across the country.
OFFICERS
Margaret Ashida | ChairEmpire State STEM Learning NetworkState University of New York
Bradley H.K. Cooper | Vice ChairCooper Morrison & Associates, LLC
Thelma Kailiwai | Vice ChairRaytheon Company
Susan Jin Davis | SecretaryComcast
Kenneth Kasamatsu | TreasurerPacific Commerce Bank
John T. Nagai | Legal Counsel (ex-officio)Squire, Sanders & Dempsey L.L.P.
Linda Akutagawa | President and CEOLeadership Education for Asian Pacifics, Inc.
DIRECTORS
Jason K. BatraFusionStorm
Willie W.C. ChiangOccidental Petroleum
K.C. ChoiHewlett-Packard Company
Kenneth Y. Chung Chubb Group of Insurance Companies
David LinAT&T
Giancarlo A. PachecoPlan C Group Inc.
Karen ParkTEN Advertising
Grant SunooCoalition for Responsible Community Development
Anh TranCFY
Rena Miwako WheatonThe Wheaton Group
LEAP Board of Directors
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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J.T. (Ted) Childs, Jr.PrincipalTed Childs, LLC
Vishakha N. DesaiPresident and CEOAsia Society
Abe FoxmanNational DirectorAnti-Defamation League
Glen S. FukushimaChairman and DirectorAirbus Japan KK
Irene Hirano InouyePresidentU.S.-Japan Council
Neil HorikoshiPresident and Executive DirectorAsian and Pacific Islander American Scholarship Fund
Bill ImadaChairman and CEOIW Group, Inc.
Jon C. IwataSenior Vice President, Marketing and CommunicationsIBM Corporation
Ilene H. LangPresident and CEOCatalyst
William T. MerrittPresident and CEONational Black United Fund
Hon. Norman Y. MinetaVice ChairHill and Knowlton
Tomio MoriguchiChairmanUwajimaya, Inc.
Angela OhPartnerOh & Barrera LLP
Antonio TagubaMajor GeneralU.S. Army (Ret.)
Leslie E. WongPresidentNorthern Michigan University
LEAP Leadership Council
2011 FORTUNE 500 API EXECUTIVE OFFICERS AND TOP EARNERS
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LEAP 2012 Annual Contributors
LEAP is proud to introduce and thank a special group of companies that have joined with LEAP in partnership to show their commitment to diversity and inclusion in the workplace.
LEADERSHIP EDUCATION FOR ASIAN PACIFICS, INC.327 E. 2nd Street, Suite 226Los Angeles, CA 90012-4210Telephone: 213/485.1422Fax: 213/485.0050E-mail: [email protected] site: www.leap.org