Taylor Morrison Homes Corp. has scored another first in the home building business, and business in general. It now has more women on its board of directors than men. MarketWatch reports:
National homebuilder and developer Taylor Morrison Home Corporation TMHC, -0.77% today announced the appointment of veteran New York Times executive Denise Warren and former Banana Republic Global President Andrea (Andi) Owen to its board of directors, creating the first majority female board among public homebuilders.
Together with the board's two existing female directors—longtime homebuilding executive Anne Mariucci and Chairman and CEO Sheryl Palmer—the appointment of Warren and Owen brings Taylor Morrison's current board makeup to a 4:3 female-to-male ratio, a figure only shared by a handful of U.S publicly traded companies. Among the nearly 4,800 companies listed on the NYSE and Nasdaq, fewer than one percent (0.4 percent) have majority-female boards, while approximately 14 percent have only one female director and 29 percent have zero. What's more, recent studies show that companies with a higher representation of female board directors attained significantly higher financial performance, on average, than those with the lowest representation.
"Becoming a fully floated company earlier this year brought forward many exciting opportunities, but chief among them was designing our board with independent leaders," said Taylor Morrison Chairman and CEO Sheryl Palmer. "We never set out to meet quotas when it comes to recruiting and diversity, but as Denise and Andi emerged as the top candidates in our board search, not only do we benefit from their expertise in reaching customers in the digital age and making homebuilding the ultimate retail experience, we make a dent in the lack of boardroom diversity in corporate America at large."