Thompson became interested in corporate governance through exposure to his father’s entrepreneurial ventures like a dry cleaning business and a bank. His first public company board role came through relationships when he was around 35-36 years old. He was attractive to boards as a successful black entrepreneur at a time when there were few black executives, even though he didn’t have domain expertise in those industries. He served on major boards like McDonnell Douglas, Ralston Purina, Chrysler, and TIAA-CREF, mostly through personal connections rather than search firms.
He believes being effective, asking thoughtful questions, understanding strategy, and pushing companies on diversity brought opportunities and leadership roles on boards. He advocates that aspiring directors prepare through classes, respond to opportunities when they arise, and not get discouraged by initial difficulties. On race, he says it got him in the door but was never the sole or selection criteria – effectiveness mattered more. Diverse boards with different perspectives perform better. He disagrees with board mandates but thinks companies should be challenged on poor diversity outcomes tied to performance. Search firms should incentivize sharing minority candidates across the firm. Sitting directors should advocate for diversity.
He is unsure about pre-populating candidate slates between searches. Institutional investors should challenge poor diversity outcomes tied to performance. Business should focus on the clear business case that diverse boards enhance shareholder value rather than just making a moral argument. Aspiring directors should do it for the right reasons, not for money or glamour, be prepared to work hard and commit time during crises, and persist through early difficulties. Thompson received the 2021 Kenneth West Lifetime Achievement Award from the National Association of Corporate Directors.
