In the age of COVID-19, in states across the country, pawnshops are considered an essential business, helping credit-constrained consumers turn their unused possessions into much-needed cash. It surprises us that FirstCash, Inc. (NASDAQ, FCFS) the leading operator of pawnshops in the US and Latin America, with 2700 retail locations and 20,000 employees, has no women on its board. This Fort Worth, TX company doesn’t realize that women directors help companies make better decisions, minimize risk, and strengthen the bottom line. FirstCash, please make the essential decision to put women on your board so that your board will reflect the diversity of your customers, employees, and shareholders.
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In 2018, California passed the first-ever law to require companies headquartered in the state to add women to their boards. Still, as of June 2019, 36 of the 444 California companies on the Russell 3000 Index had no women directors. Today, 31 of those companies have now complied with the law, adding 34 women to their boards. But these five California companies still do not have a woman director on board: A10 Networks, Inc., Cryoport, Inc., Dasan Zhone Solutions, Inc.; Enphase Energy, Inc. and Sigma Designs, Inc. These companies defy best governance practices and disregard the law at great cost to shareholders. We wonder why?
Please send the attached email to these four companies urging them to add women to their boards. It’s not just the right thing to do, it’s the business-smart thing to do.
Ebix (NASDAQ:EBIX) is a global supplier of on-demand software and e-commerce solutions to the insurance, financial and health care industries. Founded in 1976, Ebix employs over 9,000 professionals and provides products and services to thousands of customers on six continents. Its technology may be forward thinking, but its all male board and senior leadership team demonstrate the company’s outdated governance practices. Ebix: join the ranks of enlightened companies and diversify your company’s leadership. It’s time to put women on your board.
Chances are, if your mother cooked with an electric coffee maker, blender or toaster, it was made by Hamilton Beach, the well-known household products company. Founded in 1910, the company now designs, markets, and distributes small electric appliances and commercial products for restaurants, bars, and hotels under the brands Hamilton Beach and Proctor Silex. It prides itself on its “Good Thinking Culture” but apparently they haven’t thought about putting women on their 11-member all male board. Like all companies whose primary customers and users are women, it only makes sense to have women directors. Gentlemen, please think again. It’s time Hamilton Beach joined the 21st Century and put women on your board.
Seaboard Corporation (NYSE: SEB) is a diverse agriculture business and shipping conglomerate celebrating 100 years of operation. From its humble roots in Atchison, Kansas, where it first operated a flour mill, the company has grown its milling operations throughout the world and today is the second-largest pork producer in the United States. What it’s not producing is women leaders. With no women directors and only one woman corporate officer, we urge Seaboard to place women on board and provide pathways for women to succeed as executives.
Half of all radio listeners are women, but that hasn’t motivated Saga Communications (SGA: NASDAQ) to diversify its board of directors. The broadcast company, with its all-male board, owns over 100 top-billing radio stations across the country. Saga’s board should reflect its audience. It’s time Saga Communications put women on its board.
Amerco (UHAL: NASDAQ), the parent company of U-Haul, is the leader in do-it-yourself moving. The company, co-founded by a woman, has an all-male board of directors. Legend has it that in 1945 Anna Marty Carty Shoen and her husband Sam tried to rent a trailer to move their belongings from Los Angeles, CA to Portland, OR. When they couldn’t find one, they started U-Haul. Today U-Haul has more than 21,000 locations in all 50 states and 10 Canadian provinces. U-Haul, honor Anna and do the right thing. Put women on your board.
Cogent Communications is one of the top five Internet service providers in the world, doing business in over 202 major markets and 43 countries. Despite their huge reach, they are not reaching out to women. There are no women on the Cogent Communications board of directors, and according to their website, no women on their management team. Gender diversity in the boardroom is a global issue. Cogent needs to abandon its good old boy culture and create one that’s inclusive, diverse, and reflects the world we live in.
GreenSky, Inc., one of the top 25 IPOs of 2018, helps businesses grow by allowing them to offer credit to their customers for things like home improvements and solar installations. It provides a link between contractors, consumers and banks and has helped finance over one million home improvement projects. GreenSky needs to do its own home improvement: it needs to add women to its board. The company says that it wants to be able to listen and learn, adapt and change. It’s time to adapt to good governance practices and change the composition of its board. Let’s see if they listen.
REV Group (NYSE:REVG) is a leading designer, manufacturer and distributor of fire, commercial, and recreational vehicles. From fire engines to ambulances, school busses to street sweepers, they build some of the most recognizable names within their served markets. Rev Group says it “drives to lead the way.” With an all male board and leadership team we think they’re asleep at the wheel. Rev Group, put the pedal to the metal and add women to your board.
Immunomedics (NASDAQ: IMMU) is a pharmaceutical company dedicated to innovative immunotherapies in the treatment of cancer, autoimmune, and other serious diseases. The company, committed to scientific excellence, says that a diverse, skilled, and creative workforce drives its success. Another success driver would be the addition of women to its all-male board. Women directors may be just the therapy IMMU needs to successfully bring its products to market.
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