3 minute read
Fred Diaz
After more than three decades as an itinerant top-level automobile industry executive, Fred Diaz could have chosen to spend his retirement playing golf with his wife and friends, keeping in shape and doing some traveling. And to some extent, this is a path that Diaz has been able to since he retired about a year and a half ago as CEO and chairman of the Board for Mitsubishi Motors North America. However, chasing the little white ball and waiting for his first grandchild, he has two sons, hardly sums up who Diaz is. "I want to keep active."
And that he has. Diaz now holds independent directorships with Archer Aviation & Aerospace, Smith & Wesson and SiteOne Landscape. He is determined be more than an average board member. "I take my directorships very seriously," he said, and even takes courses about being an effective director. Another prominent aspect of his career with Chrysler, Nissan and Mitsubishi, is that he has been a proponent of bringing greater diversity to corporate boards. "I love giving back," he said.
This altruism includes being a strong advocate for Latinos to gain a greater role in corporate governance. "They are now getting a lot of opportunities, but not enough yet," he said.
Diaz recalled that when he joined Mitsubishi Motors North America its board was ten percent diverse. "When I retired it was fifty percent diverse, including multiple women on the board." he said. "Every time that I brought a person of diversity on board it was a proud moment," he remembers.
Diaz, who grew up in heavily Hispanic San Antonio, found that his ethic background helped him achieve his goal of board membership. During his career he had a lot of interaction with boards, especially when he was a Chrysler CEO, so he decided when he was in his late 40's to take a shot at sitting on one. Diaz put out some feelers and eventually Spencer Stuart, contacted him and as it worked out he was given an opportunity to get a board seat.
"Most boards that are progressive, like the SiteOne board, naturally want someone with a great executive presence, an operational background, someone who has run a company. They are also looking to have greater diversity," he said. He fit the bill on all counts. Diaz considers that his board experience has been an evolving one. Initially, there was the learning process in terms of differentiating between being a CEO and running a company and the oversight role of being a director. Diaz said the help he received from board members in making the adjustment to his new role was "fantastic." For his part, Diaz said he is making sure that in giving advice he understands the nuances of what is happening and can be articulate about the subject. "Your experiences definitely add to the conversation," he said. In addition, Diaz makes sure he is well prepared for board meetings and said; education "is the foundation of not wanting to be just mediocre."
Diaz is a fellow with the National Association of Corporate Directors and is currently studying for his NACD director’s certification, which he said should make him an even more of a well-rounded board director. One of the growing priorities that Diaz sees for company boards is ESG: Environmental Social Governance. Companies have focused their efforts to show stakeholders and shareholders that they are committed to this growing concern and to taking care of their employees. Like the one recently created at Smith & Wesson, in which he is part of.
