Shulou(Shulou.com)11/24 Report--

AMD, an American chipmaker, is believed to be the first large American company to appoint an Asian woman as chairman, CEO and CFO, for the first time in the S & P 500. The move is significant given the obstacles Asian-American women face in entering the top management.

▲ AMD CEO Su Zifeng and CFO Hu Jinjin AMD announced Wednesday afternoon local time that they would hire Jean Hu as their new CFO from chipmaker Marvell Technology. Hu Jin holds a doctorate in economics from Clermont University and graduated from the Chemical Engineering Department of Beijing University of Chemical Technology. Mr Hu will start work on January 23 this year to replace retiring Devinder Kumar, who will work at AMD until April to ensure a smooth transition, AMD said.

▲ Hu Jin is currently headed by Lisa Su, AMD, who holds both the chairman and CEO positions of the company. So are there any other companies where Asian or Asian women hold both CEO and CFO positions in the S & P 500? According to DiversIQ, a provider of diversification, equity and inclusive data for listed companies, AMD is the only one.

"it is undoubtedly rare for an Asian woman to have a CEO in the S & P 500, and it is also unique for an Asian woman to serve as a CFO!" "We are very confident about this," DiversIQ representative Blake Eastman said in an email.

▲ Arista CEO Ural Eastman points out that of the 507 CEO in the S & P 500, only three are Asian women, including Su Zifeng, a Chinese-American at AMD, Jayshree Ullal, an Indian-American at Arista Networks, and Reshma Kewalramani, an Indian-American at Vertex Pharmaceutical. Only two other companies' CEO and CFO are Asian, but only one of them is CFO by an Asian woman: the energy company Enphase, which is CFO by Ms. Mandy Yang, and whose CEO is an Asian man, Badri Badri Kothandaraman. CEO and CFO of Waters, a professional measuring instrument company, are both Asian men.

▲ Mandy Young as Enphase CFODiversIQ also mentioned some previous Asian women CEO, including Indra Nooyi of PepsiCo and Sonia Syngal of Gap, but did not find that the CFO of these companies were also Asian women. Only 10 Asian women have served as CFO of S & P 500 companies since 2016, and only five women continue to hold the position.

Recent research shows that less than 10% of companies in the s & p 500 are led by women. Fortune magazine reported this week that the proportion of female CEO in the Fortune 500 list exceeded 10 per cent for the first time. A recent McKinsey study found that only 1.8% of top management is held by Asian-American women, and the representation and promotion rate of Asian-American employees in senior positions has declined. According to McKinsey research, less than 1% of Asian women were promoted from senior vice president to top management in 2021.

A spokesman for AMD said the company could not confirm the milestone because it was not something they were tracking and had no comment. A representative of S & P Global said the company could not confirm the report because it did not track such data.

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