Press release from Business Wire
Time Warner Named a Top 50 Company for Diversity by DiversityInc
<p class='bwalignc'> <i><b>Fourth Consecutive Year Time Warner is Honored</b></i> </p>
Wednesday, April 24, 2013
Time Warner Named a Top 50 Company for Diversity by DiversityInc12:31 EDT Wednesday, April 24, 2013
NEW YORK (Business Wire) -- DiversityInc last night announced The 2013 DiversityInc Top 50 Companies for Diversity, with Time Warner ranking number 33 on the list. The DiversityInc Top 50 includes companies from a wide range of industries whose leadership, procurement practices, communications and training best reflect the reality of the rapidly changing face of America. The full list can be found at www.DiversityInc.com/top50.
"With the appointment of Lisa Quiroz as its first Chief Diversity Officer last year, Time Warner has made significant strides to create an inclusive workforce. Those efforts are demonstrated by its human-capital data. For example, the company's ratio of Black, Latino and Asian managers promoted compared with management demographics was higher than the DiversityInc Top 50 average (1.15-1, versus 0.99-1)," said DiversityInc CEO Luke Visconti.
This is the fourth year in a row Time Warner has been named one of the Top 50. Ranked at number 40 in 2012, Time Warner moved up in the rankings on the 2013 list. Time Warner also ranked in the top ten on DiversityInc's specialty lists:
- # 2 Company for Executive Women; and
- # 7 Company for LGBT Employees
“On the heels of the demographically revealing 2012 presidential election, it is clear that U.S. companies are increasingly conscious of the importance of diversity,” said Luke Visconti, CEO of DiversityInc. “We are very encouraged to see more companies applying for this distinction and embracing diversity more deeply than ever. We also note a continued positive correlation between achievement in diversity and overall positive stock performance.”
DiversityInc 2013 survey results show that Top 50 companies have:
- 76% more Blacks, Latinos and Asians on their boards of directors than the Fortune 500
- 54% more women on their boards of directors than the Fortune 500
- 43% more women in the top level (CEO and direct reports) than the Fortune 500
- 16.6% more Blacks, Latinos and Asians in the top level (CEO and direct reports) than the Fortune 500
- 14 times more CEOs who are Black, Latino or Asian than the Fortune 500 (16% of Top 50 CEOs are Black, Latino or Asian vs. 1.2% for the Fortune 500)
In addition, DiversityInc notes that Top 50 companies have 51% more employees in resource groups than they did five years ago and donated 53% more to multicultural charities than they did five years ago.
The process of determining The DiversityInc Top 50 Companies for Diversity is based completely on empirical data. Participation in the survey is free and companies that do business with DiversityInc receive no preferential treatment. In order to participate, an organization must have at least 1,000 employees and fill out a detailed, 300-question survey, which is divided into four equally weighted areas: CEO Commitment, Human Capital, Corporate and Organizational Communications, and Supplier Diversity. Each company is judged within its own industry and each application is vetted by DiversityInc staff. DiversityInc requires notarized CEO sign-offs on submissions from companies where it has not met with the CEO directly. For the 2013 survey, 893 companies participated. For more information, visit DiversityInc's survey FAQ. Companies interested in participating in 2014 should contact top50@DiversityInc.com.
DiversityInc is the leading source of information on diversity management. The company is a consultancy and publishes two websites, www.DiversityInc.com and www.DiversityIncBestPractices.com, as well as a magazine, published five times a year. DiversityInc also produces diversity events, which average more than 600 attendees from 200 companies and have featured more than 20 CEOs of major corporations.
About Time Warner Inc.
Time Warner Inc., a global leader in media and entertainment with businesses in television networks, film and TV entertainment and publishing, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution outlets.
Time Warner Inc.