In 2004, the percentage was 8.1%. in 2008, this study found that the number had dipped to 7.4%.

Dr. Ancella B. Livers, The Executive Leadership Council’s Institute for Leadership Development & Research’s executive director, believes that the current economic downturn should allow for companies to take another look at their board of directors.

Said Livers: “African Americans lost ground in the boardrooms of corporate America between 2004 and 2008. The total number of board seats during the period declined as well, but not nearly as much as the number of seats held by African Americans. In light of current economic conditions and board reviews, there is an opportunity for companies to increase board diversity and reverse the downward trend.”

The The Executive Leadership Council commissioned study found some proof that having a diverse board of directors is good for business. According to the study, the higher a corporation is on the Fortune 500, the more likely that company is to have a board of directors that features at least one African-American.

Carl Brooks, the CEO of The Executive Leadership Council, believes that the above statistic is no accident.

Said Brooks: “It’s been proven again and again that companies with board members who reflect gender & ethnic diversity also tend to have better returns on equity and sales. Businesses understand the economic benefits of diversity. They talk about it, but not all of them have a plan for achieving it. We expect this report to spur meaningful progress in this important area of management and governance.”

Fortune 500 (Image: Flickr)

Post from: EveryJoe

Fewer African-Americans in Fortune 500?

Image: Flickr

Although NCR has been in the Ohio area for about 100 years, it plans to move to Georgia and open a manufacturing facility in the southern state. Ohio has already been struggling with an employment rate steadily increasing past the national average, and the collapse of the auto industry has not helped the state either.

Ohio politicians have largely condemned the decision and expressed their concern about the company’s decision to relocate. There were reportedly several tries for negotiation between Ohio government officials and NCR executives, but according to Ohio Lt. Gov. Lee Fisher, neither party had much chance to work out a deal before the decision was made.

Post from: EveryJoe

NCR Makes Landmark Move to Georgia

The Fortune 500 is released by Fortune magazine on a yearly basis and it lists the 500 richest corporations in the United States by using gross revenue as the measure. This year, Exxon Mobile topped the list with more than $440 billion in revenue. Wal-Mart was second with revenue of more than $405 billion.

Overall, the national economic woes was felt in the Fortune 500 rankings. The magazine reported that the earnings of the companies on the list fell by more than 80%. According to Fortune, that is the largest drop in a single year since it began putting together the rankings.

The top five on the Fortune 500 were rounded out by Chevron at three, ConocoPhillips at four and General Electric at five.

Exxon Mobil racking in the billions (Image: Flickr)

Post from: EveryJoe

Exxon Mobil Tops the Fortune 500

Arrow Electronics (Image: Flickr)

A company that deals in computer and electronic products, Arrow Electronics is yet another company adversely affected by the global financial downturn. It earlier unveiled a report that showed that the company’s net income fell more than 30% in the final quarter of 2008.

Paul Reilly, the CFO of Arrow Electronics, said that the company’s plan of mandatory time-off will affect approximately 60% of their North American employees. In total, the company has around 6,000 employees in North America.

Currently based in Melville, New York, Arrow Electronics is regarded as one of the biggest businesses on Long Island. In 2007, the company had a net income of more than $400 million. Over the last year, Arrow Electronics has seen shrinking income that some experts believe may ultimately lead to layoffs.

Source: Wire Reports

Post from: EveryJoe

Arrow Electronics Cuts Pay to Avoid Layoffs