Derica Rice grew up in Alabama as one of seven children raised by a single mother after his father passed away when he was 11. He was the first in his family to attend college, originally pursuing Law before switching to Engineering. He later earned his MBA through a program focused on diversity. Rice spent 27-28 years working at Eli Lilly, including 11 abroad, rising to become CFO. He joined his first board at age 41 after becoming CFO, seeking an opportunity to learn about consumer business to benefit Lilly. He has since served on the boards of Target, Disney, The Carlyle Group, and Bristol-Myers Squibb.
Rice emphasizes joining boards to learn and contribute rather than for compensation. He pursued committee roles involving strategy rather than the expected finance/audit assignment. He establishes himself as an equal among board peers despite tendencies to discount new, diverse members. Rice contributes through broad experience managing crises plus resilience developed through his upbringing. He believes diversity brings indispensable perspectives – his own and those of other groups.
Rice urges helping high-potential diverse talent progress toward CEO through early exposure, networking, and emphasis on longterm career growth. He wants Black directors to engage emerging minority leaders at their companies. He feels search firms should effectively expand minority candidate vetting but should look deeper into organizations. Rice considers integrity, humility, and principles over self-interest – as well as business judgement – as central to effective board membership. He argues that diversity will advance through committed leaders focused on stakeholders over personal status.
