Alphabet, Google’s parent company, hired finance heavyweight Roger Ferguson to their executive board, USA Today reports.
Ferguson is the first Black board member hired under the tutelage of finance chief, Ruth Porat – who is resolved to reign in company spending.
In his role, Ferguson will serve on the audit board and will receive a $1 million equity grant, according to a filing with the Securities and Exchange Commission.
“He has a long record of distinguished and thoughtful service in the private and public sectors, and deeply understands how technology can improve the lives of people around the world,” Alphabet’s executive chairman Eric Schmidt said in a statement.
USA Today writes:
“As president and CEO of financial services giant TIAA, Ferguson manages the retirement investments for university professors and employees from a variety of educational, medical, government and cultural institutions. Prior to TIAA, Ferguson was head of financial services for insurance company Swiss Re. He sat on the governing board of the Federal Reserve from 1997 to 2006, and for seven years was its vice chairman, the first African-American in that position.”
Ferguson also currently sits on the board of General Mills and International Flavor & Fragrances Inc.
The hiring announcement is coupled with a report released on Google’s Blog Thursday that showed the company worked to expand diversity efforts in 2015. Four percent of the overall hires were Black, while Hispanics made up 5 percent.
The search engine giant became focused on diversity after reports from 2014 showed the company was composed of the following: 60 percent were White and 31 percent were Asian, while 3 percent were Hispanic and 2 percent were Black.
“In 2015 we challenged Google to release their EEO-1 workforce report, and execute a comprehensive diversity and inclusion plan that reached not only to the workforce, but to their board room and C-suite leadership team. With today’s appointment they have done just that,” said Rev. Jesse Jackson in an interview with USA Today.