Paving the Way: An Interview with Thasunda Brown Duckett

By Melanie Minaya '24

The world of business is complicated, and can be even more daunting to women, as it is such a male-dominated industry. At least, this was how I felt until I spoke with Thasunda Brown Duckett. Duckett is the president and Chief Executive Officer of TIAA, which is a Fortune 500 company focused on investing and growing retirement accounts for educators. Duckett also holds the unique title of being one of two black female CEOs to lead a Fortune 500 company. We talked about how being a woman in business has changed in her time working in the industry. She remarked that, “at the Fortune 500 we [have] hit a record of 44 women CEOs, but that’s still 44 out of 500. It’s progress, but incomplete progress.” Duckett explained that there are increasingly higher numbers of women graduating from college and women working in asset management, but there remains much work to be done. One of the next steps in the fight for equality is for men to join in as allies and fight to have women integrated into every level of these companies. Hearing this, I was curious what advice Duckett had for young women who were considering pursuing a career in business, to which she responded, “Go for it! Please! Please and thank you!” The biggest issue Thasunda sees in women considering business is, as she calls it, ‘mental gymnastics.’ “Many young women want to be a CEO in corporate America, but they see so few examples in the world and they get in their heads,” she explained. Women will show up to college courses, see the ratio of men to women, and feel intimidated. However, she did point out that a male-dominated industry can allow young women the unique opportunity to be the “the 1st or the 2nd or the 10th” to hold certain roles and pave the way for others. Her one piece of advice was, “your voice is worthy and deserving.”

Speaking with Mrs. Duckett opened my eyes to how impactful a career in finance can be. When I asked her what the most interesting part of her career is, she immediately answered: the people. Thasunda has served as CEO of both Chase Consumer Banking and Chase Auto Finance, along with serving on multiple boards, such as Nike and The Economic Club of New York. She talked about how unique it is to be able to work with such a diverse group of people, from those newer to the industry to older executives, and see the passion they have for finance. “The diversity of humanity that I get to interact with is just so dope,” Duckett told me.

Along with her large presence in the business world, Thasunda is also a philanthropist. Getting to see finance through the eyes of a philanthropist showed me how important a job like hers is to millions of people. She explained that, “one of the best ways to change the world is to be a leader in financial services,” where you have the opportunity to “be at the table” and be a part of creating change. Hearing her enthusiasm for the job, I asked whether she felt being part of a minority group, both as a woman and as a person of color, was a hindrance to her success or something that would provide unique opportunities to her. While she did point out that the industry isn’t perfect, she also said “that doesn’t mean there aren’t still wonderful opportunities” for women and “both amazing women and men” who she gets to work alongside. We also talked about how being a woman in business means getting to contribute to making positive change and progress, and how she has been able to do this through bringing more women to the table and getting them involved in important conversations. From the way she spoke, it was clear her job meant so much more to her than just managing money. Duckett introduced her work as a philanthropist into her job in financial services, and the changes she has been able to invoke are truly inspiring.

As someone who has already accomplished so much in their career, I was curious what goals Thasunda has moving forward. She talked about the impact she hopes to continue to make through her career, foundation, and the boards she is on. She also stated, “I rent my title but I own my character,” which really speaks to her compassion for others. Regardless of the job she holds or the boards she’s on, Duckett will “continue to compound” on her passion for retiring inequality and focus on what she loves, which is “to continue to inspire and make an impact.” Thasunda’s campaign to “Retire Inequality” is one of the initiatives she has taken on in hopes of removing inequality from the business world. The campaign is focused on closing the wage gap between women and men, which, according to Duckett, is “a ‘we’ thing”, that everyone in the industry is responsible for working towards. Duckett explained that to work towards this, “women need to be educated to check compensation ranges” and make sure they are being offered the same salary as men applying or working in the same position. We discussed the fact that many times women don’t end up negotiating as much as men do, but she reminded me that “the worst that can happen is no.” For Duckett, this takeaway was crucial, and she pointed out that giving up can be a huge issue when trying to tackle issues as big as the wage-gap. Huge changes might not happen overnight, but making sure young women enter the industry educated is one step that can help begin to bridge the gap.

On behalf of the Women in Business group, thank you Mrs. Duckett for your time and thoughtful insights!

Image Credit: https://www.tiaa.org/public/about-tiaa/leadership-team/thasunda-brown-duckett