Hard work, commitment, passion and leadership have paid off, as State Street Financial has appointed Paul Francisco as its first-ever Chief Diversity Officer!
Francisco previously held the title of Managing Director of the Diversity Consulting and Sourcing Office at State Street (NYSE: STT), a role in which he worked to make the Fortune 500 company an appealing place for people of color and other minorities to work.
Paul Francisco is now State Street’s Chief Diversity Officer, what does that mean?
He will continue to focus on that goal in the new position, but will now have a more powerful platform from which to do so, said Mike Scannell, senior vice president of corporate citizenship. “By creating this role and this title, we’re trying to put that much greater emphasis on just how important this is to our business”
In the new role, Francisco aims to focus not only on drawing more diverse employees into State Street, but to find mentors for them to help advance their careers at the company. He will also work with and train executives on diversity issues. One of the biggest challenges he sees at State Street, he said, is diversifying the company’s executive ranks.
Today, Paul oversees and will continue State Street’s diversity efforts not just in the U.S., but in its offices in Europe and Asia, where it has more than 10,000 employees. “Even the definition of diversity, is different” in other countries, he said, adding that age diversity often receives more attention abroad than it does in the U.S. The company will be adding more employees focused on diversity globally.
Before joining State Street in 2011 from his consulting business, Foster & Francisco, which he cofounded with Emerson Foster, Paul previously worked for Fidelity’s temporary staffing agency, Veritude, and served in executive roles at Bank of America and Gillette.
A football star at BU, he also played along football great Ray Lewis for the Baltimore Ravens and briefly for the Patriots and Cleveland Browns. No doubt the experience on the grid iron, where team work and discipline are staples to success, has provided Paul with a great foundation to become a great leader at State Street Financial.
The timing of Paul’s promotion couldn’t have come at a better time!
Francisco’s promotion comes a week after the Boston-based company drew international attention by placing a statue of a young girl in front of the famed “Wall Street Bull” statue in New York City, part of a new campaign to put pressure on companies whose boards contain few to no women.
Did you know that 3 of the 11 members of State Street’s board are women, while two of the 14 executives on its management committee are women? With Paul’s leadership and working with top executives at State Street, we should see those numbers change over the years!
State Street Financial has consistently been voted one of the top 50 companies to work for around the globe for years, and now under the leadership of Paul Francisco as the Chief Diversity Officer, State Street will now be a leader when it comes to true diversity across the board!
So when you are out and about please join Ethnic Online in congratulating Paul Francisco, as the first ever newly appointed Chief Diversity Officer at Stat Street Financial!