The 2023 CNBC Equity and Opportunity event will focus on bridging the wealth gap.
According to 2022 research by the U.S. Chamber of Commerce, the median net worth of white families is almost eight times the net worth as Black families, and almost six times as much as Latino families. The reasons for this are myriad and interconnected – and not only does this take a toll on individual families, it’s also a drag on the larger economy.
In this edition of Equity and Opportunity, we’ll dig into the ways business and government can work together to build a stronger national economy by making sure all Americans are living up to their full economic potential and help bridge the wealth gap.
Thasunda Brown Duckett is President and Chief Executive Officer of TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions.
As TIAA’s CEO, Duckett leads a company whose mission is defined by financial inclusion and opportunity – goals and values she has upheld throughout her career.
Duckett joined TIAA in 2021 after serving as Chief Executive Officer of Chase Consumer Banking, where she oversaw a banking network with more than $600 billion in deposits and 50,000 employees. Previously, she was CEO of Chase Auto Finance and National Retail Sales Executive for Chase Mortgage Banking. Earlier in her career, she was Director of Emerging Markets at Fannie Mae.
Duckett serves on the boards of NIKE, Inc., Brex Inc., Robert F. Kennedy Human Rights, Sesame Workshop, National Medal of Honor Museum, Economic Club of New York, University of Houston Board of Visitors and Dean’s Advisory Board for Baylor University’s Hankamer School of Business.
She sits on the President’s Board of Advisors on Historically Black Colleges and Universities (HBCUs), The Business Council, Business Roundtable and the Committee for Economic Development of The Conference Board. Duckett is also a member of the Executive Leadership Council, Delta Sigma Theta Sorority, Inc. and Jack and Jill of America, Inc.
She founded the Otis and Rosie Brown Foundation, in honor of her parents, to recognize and reward people who use ordinary means to empower and uplift their community in extraordinary ways. She is passionate about helping communities of color close achievement gaps in wealth creation, educational outcomes and career success.
Duckett grew up in Texas and lives in Connecticut with her husband and their four children. She holds a bachelor’s degree in finance and marketing from the University of Houston and an MBA from Baylor University.
Michael C. Hyter is President and CEO of The Executive Leadership Council (ELC), the preeminent membership organization for Black CEOs, board directors, and the most senior Black executives at Fortune 1000, Global 500 and equivalent companies. He leads the organization’s efforts to increase the number of global Black executives in C-Suites, on corporate boards, and in global enterprises.
An accomplished senior executive, leadership consultant, author and thought leader, Hyter is widely known for his success in developing enterprise leaders and their next generation successors. For more than 25 years, Hyter has served as a trusted advisor to senior leaders in a variety of industries. He brings a wealth of leadership experience to The ELC in the areas of CEO succession, chief executive and executive to leadership development, and strategic Diversity and Inclusion consulting.
Prior to leading The ELC, Hyter was Chief Diversity Officer of global organizational consulting firm Korn Ferry. He also led the firm’s Washington, DC office.
Hyter’s work is guided by the belief that one of the most effective ways to positively impact an organization’s bottom line is by growing and developing the talent within the organization.
His work with executives in Fortune 1000 companies has helped those organizations grow and enhance their businesses through innovative talent management strategies and programs.
A successful author, Hyter’s most recent publication is The Power of Choice: Embracing Efficacy to Drive Your Career (2020). He is also co-author of The Power of Inclusion: Unlock the Potential and Productivity of Your Workforce, published by Wiley in 2005.
Hyter serves on the board of directors of Dine Brands Global Inc. (NYSE:DIN), sitting on the Nominating and Governance Committee. He is a member of The Executive Leadership Council (ELC) and the Economic Club of Washington, DC. He was recognized by Savoy Magazine in 2018 as one of the most influential Blacks in Corporate America.
Rick C. Wade is senior vice president of Strategic Alliances and Outreach at the U.S. Chamber of Commerce. Wade develops and implements programs and initiatives to help the Chamber create new business relationships and partnerships across diverse audiences. He also provides counsel on policy issues and leads special projects. Wade’s wealth of knowledge and experience in both the public and private sectors enable him to give a megaphone to the voice of business across the country and share the positive impacts of the free enterprise system.
Before joining the Chamber, Wade was principal of The Wade Group, a strategic communications and global business development firm, and was a partner at Harves Investment Group, a consultancy that facilitated foreign direct investment into the U.S.
Previously, Wade was a senior adviser and deputy chief of staff to former Secretary of Commerce Gary Locke where he was a liaison to the White House, businesses, trade associations, civic organizations, and local governments. He was a member of the White House task forces on Puerto Rico, Small Business Contracting, Automobile Recovery, Military Families, and Historically Black Colleges & Universities. He also served on the Interagency Business Council and former Vice President Joe Biden’s Task Force on Middle Class America and worked with the White House on implementing the American Recovery and Reinvestment Act.
Wade also worked with Commerce’s Economic Development Administration to foster regional economic development in distressed areas, the National Telecommunications and Information Administration on expanding broadband to rural and urban America, the Minority Business Development Agency to create jobs through the growth of minority-owned businesses, and the Census Bureau on executing the 2010 decennial census.
In addition, Wade was instrumental in expanding opportunities for U.S. companies to sell their products in the global market. He represented the U.S. at international trade forums including the U.S.-China Joint Commission on Commerce and Trade, the Asian-Pacific Economic Cooperation, the African Growth and Opportunity Act Forum, and the Conference on the Caribbean and Central America. He served as special envoy to the Caribbean, oversaw private sector initiatives in Haiti following the 2010 devastating earthquake, and led trade missions around the world.
He was a senior adviser to the 2008 Obama for America campaign and is a member of the Democratic National Committee. He was an executive at Hoffman-La Roche and Blue Cross Blue Shield of South Carolina. He also had experience at the South Carolina House of Representatives, the Cabinet of the Governor, and the Office of the President at the University of South Carolina.
Wade received his B.S. from the University of South Carolina and an M.P.A. from Harvard University. He was awarded honorary doctorates from Benedict College and South Carolina State University and has received numerous awards for exemplary leadership and public service.
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