Good morning, Broadsheet readers! Gold medalist gymnasts sue the FBI for mishandling its Larry Nassar investigation, a TikTok exec is out over comments critical of maternity leave, and women leaders saw everything from a Spanx board meeting to a COVID test factory with the Fortune-U.S. Department of State mentoring program. Have a thoughtful Thursday.
– The power of mentorship. Last month, I joined 15 women from around the world for breakfast at a hotel restaurant overlooking New York City’s Times Square. We gathered bright and early to hear about their experiences participating in the Fortune-U.S. Department of State Global Women’s Mentoring Partnership.
The founders, mid-career executives, attorneys, and other leaders had just spent two weeks working alongside and learning from the top brass at various American businesses. For more than 15 years, Fortune has collaborated with the State Department and women’s empowerment nonprofit Vital Voices to match mentees and mentorsfor an experience that provides the mentee with knowledge about corporate America and running a company at scale; the mentor often learns about a new industry or region, too.
Natalia Arango, executive director for the Colombian conservation organization Fondo Acción, spent most of her mentorship experience in New York with Blackstone head of asset management Kelley Morrell. Both executives have spent portions of their careers working in or with the government sector—Morrell, leading the Obama administration’s work on auto bailouts. As luck would have it, Morrell was scheduled to attend a board meeting for Blackstone-backed Spanx in Atlanta, Georgia that week, so Arango traveled with her. Board members, including Spanx founder Sara Blakely, discussed Spanx’s financials, Arango says, and viewed the brand’s latest undergarments and apparel. The all-female board even ended the meeting with a singalong.
The meeting was in stark contrast to the next major event on Arango’s Blackstone itinerary: an annual gathering of private equity investors. “It was a 100% change,” she reflects. “A highlight [of the program] was seeing the contrast in how a company works. Even one business can have different flavors.”
Kawa Moka founder Emi-Beth Quantson at a Fortune Most Powerful Women dinner in New York. Rebecca Greenfield/Fortune Emi-Beth Aku Quantson, the founder of the Ghanaian coffee company Kawa Moka, spent the duration of her mentorship at Match Group working with chief strategy officer Faye Iosotaluno, OkCupid chief marketing officer Melissa Hobley, and other executives. Quantson’s business is centered on bolstering Ghana’s economy by not just exporting raw materials, but roasting and selling coffee within the country. One of her primary goals is securing U.S. distribution. She spent time polishing her pitch—and managed to score a meeting with Target’s startup incubator at the culmination of her program.
Govinda Rivera runsLa Huerta, a chain of organic and natural foods stores in Bolivia. She spent her mentorship period at Abbott, with executive vice president of rapid molecular diagnostics Andrea Wainer. It was an interesting time to enter the Abbott workplace, which has been at the center of the national infant formula shortage. While Rivera didn’t spend much time on that issue, per se, she says she learned the importance of making all team members feel valued and like they are contributing to an organization’s success. Rivera visited a facility where workers manufacture COVID-19 rapid tests. Leaders brought in patients who had used Abbott-manufactured COVID tests to diagnose themselves, and those users shared with Abbott employees how their work—down to identifying which worker manufactured the exact test used—helped them stay healthy. “That’s so motivating,” Rivera says. “And that’s something I want to work on with my team: always trying to help my people remember, ‘Why is this important?'”
These are just three of the experiences from this year’s mentees. Other women spent time at businesses like AARP, Accenture, Beam Suntory, and Morgan Lewis, among others. Next year, we’ll bring a new class of mentors and mentees together—let us know if you’re interested in participating. For more information about the mentoring program, check out our fact sheet here.
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Paige McGlauflin. Subscribe here.
|
|
|
Bridging the Pay Equity Gap: Virtual Conversation, June 9 As companies talk about their diversity, equity, and inclusion strategies, how can leadership and boards be persuaded to adopt role-based compensation structures and address areas of bias in the recruiting and promotions process? Register here to learn more. |
|
|
- Failure with consequences. Victims of Larry Nassar, the former USA Gymnastics physician who was convicted of sexually assaulting his patients in 2018, are suing the FBI for failing to investigate him after receiving credible information about his crimes. Simone Biles, Aly Raisman, and McKayla Maroney are among the 90 plaintiffs in the suit, who are seeking damages over $1 billion. Last month, the Justice Department declined to prosecute two former FBI agents accused of mishandling the investigation into Nassar. New York Times
- On leave. A TikTok senior executive is stepping back from his role at the company after reportedly making comments criticizing maternity leave, according to an internal email sent Wednesday. Joshua Ma, head of TikTok Europe's e-commerce division, enraged staffers when he allegedly said at a dinner this year that as a capitalist, he didn’t believe companies should offer maternity leave. Financial Times
- Short supply. Have you noticed the tampon shortage? Increased demand for the product, and supply chain snags, have left shelves bare, with shoppers struggling to find their preferred brands. I Support the Girls, a nonprofit network that provides bras and menstrual products to those experiencing homelessness, said it's only received 213,000 tampon donations in the first half of 2022, 61% fewer than what was donated in 2020. Time
- Hard-fought victory. The European Commission reached an agreement requiring 40% of a company’s non-executive director seats to be filled by women by 2026, following a 10-year push for the measure to be passed. European companies often operate via a two-tier corporate governance structure, which includes management boards responsible for the day-to-day operations of a company; both tiers will need to meet a benchmark of 33% female representation. Fortune
MOVERS AND SHAKERS: Juana Summers has been named host of NPR’s flagship news program All Things Considered and daily news podcast Consider This. Communications and consulting firm RF|Binder has promoted Rebecca Binder, formerly senior managing director of strategic initiatives, to president of the firm. MassChallenge has appointed Cait Brumme CEO. Miriam Sheril is joining Form3 as senior product manager. Jennifer Wynn, NYU assistant adjunct professor and former director of education of the Obama Foundation, joins education platform OutSchool’s board of directors.
|
|
|
- Goal-setting. Ariel Investments co-CEO Mellody Hobson is among a group of investors who are buying the NFL’s Denver Broncos. The group is led by Walmart Inc. founder Sam Walton’s son Rob Walton and his daughter Carrie. While the terms of the deal weren’t disclosed, it’s likely to be the highest offer ever paid for a football team. Hobson’s presence in the group coincides with a push for Black ownership of NFL teams. Seven out of 10 players are Black but no Black person has ever held a majority stake in a team. Crain’s Chicago Business
- Painful testimonies. Survivors of gun violence, including the recent mass shootings in Buffalo, New York, and Uvalde, Texas, testified to lawmakers in a House hearing on gun violence on Wednesday. Zeneta Everhart, the mother of Zaire Goodman who was shot at Tops market in Buffalo, said the bullets from the shooter's AR-15 rifle left multiple holes on her son’s neck, back, and right leg. "I want you to picture that exact scenario for one of your children. This should not be your story or mine," Everhart told lawmakers. New York Times
- Revised estimates. New data released Tuesday by the Pew Research Center estimates that about 1.6% of the U.S. population, and 5% of people younger than 30, identify as transgender or nonbinary. The findings indicate the number of transgender or nonbinary individuals in the U.S. is far higher than originally estimated. A 2016 UCLA study estimated that 0.6% of U.S. adults identified as transgender. Young adults were the only age group where a majority (52%) reported knowing a transgender person. Washington Post
|
|
|
The power behind Oklahoma’s home run queen Wall Street Journal
How gender-neutral language is shaping the fight for abortion rights New York Times
She helped create the big lie. Records suggest she turned it into a big grift Reveal
Tom Perrotta couldn’t let go of Tracy Flick Vanity Fair
|
|
|
Thanks for reading. If you liked this email, pay it forward. Share it with someone you know: |
|
|
Did someone share this with you? Sign up here. For previous editions, click here.
To view all of Fortune's newsletters on the latest in business, go here.
|
|
|
|
