NACD member since 2003
Born in south Georgia more than 70 years ago, Dr. Reatha Clark King has overcome many obstacles in compiling stunning achievements in the fields of science, education, philanthropy and corporate governance. In this interview with NACD Directorship’s Jeffrey M. Cunningham, King describes how she got started toward long tenures on five public company boards. Prior to her retirement last year, she served on the ExxonMobil board for 13 years. She also served for many years on the boards of Wells Fargo, HB Fuller, Minnesota Life and Lenox Group. She earned master’s and doctoral degrees in chemistry from the University of Chicago before securing an MBA at Columbia in 1977, and has since been awarded 14 honorary degrees. She ran the General Mills Foundation for 14 years. She is a life trustee at the University of Chicago, and a member of the Allina Health System and NACD boards of directors.
Dr. Reatha Clark King
How did your background contribute to your career and achievements?
I grew up in rural south Georgia and was taught in a one-room schoolhouse in Moultrie. Like everyone in my family, I picked cotton and worked on tobacco farms for a living until age 17—and I am proud to say I was good at it, too. That upbringing taught me that to keep your sanity, you must be a student of change. The second thing was that helping to improve circumstances for people and organizations is what really motivates me.
Did you ever imagine you would become a college president and then a renowned corporate board director? Not even in my dreams.
What was the turning point?
It was 1954, the same year as the Brown v. Topeka Supreme Court decision, which desegregated schools. Although my father was illiterate and my mother had only finished third grade, they both believed strongly in education. So when I finished high school, I entered Clark College in Atlanta, a Methodist institution that was started to help children descended from black slaves. I graduated in 1958 with degrees in chemistry and math.
How did you pay for college?
My scholarship plus a summer job as a live-in maid in upstate New York each summer allowed me to earn the money to pay the tuition. Unlike the movie The Help, I worked for a wonderful and truly enlightened woman, Mrs. Dann, who led me to see myself with dignity and introduced me to the public library, Rockefeller Center, Yankee Stadium, the opera house and Riverside Church.
Then came your academic career?
After graduating with my PhD in chemistry from the University of Chicago—as one of only two women—my first job was as a research chemist at the National Bureau of Standards in D.C. Then I moved to York College, where I rose through the ranks to became a professor of chemistry and academic dean. In 1977, I took a sabbatical and enrolled in Columbia’s MBA program, as I wanted to be sure that I had some background in business. Finally, I was nominated for the presidency of Metropolitan State University in the Twin Cities in Minnesota.
How did your corporate career begin?
Two phone calls in particular marked my ascendance into corporate life. The first was from H. Brewster Atwater, CEO of General Mills, who asked me to consider the role of president of the General Mills Foundation. Ultimately, I spent 14 years leading the company’s efforts to promote positive social changes in communities.
What was the second call?
That would be from Lee Raymond, CEO of Exxon, in 1997 (the merger with Mobil came later, in 1999), asking me via an executive recruiter to meet him to discuss joining the Exxon board.
Was diversity a factor?
As with everything Exxon did, the process was methodical and thorough. My guess is that diversity was one of several attributes. Exxon had already appointed a black man to the board and they had a woman, Marilyn Carlson Nelson, although I would be the first black woman. More important was the fact that I had several advanced degrees in chemistry. Few people realize an oil company is like the academic department of a major university. Lee Raymond has a doctorate degree and Rex Tillerson, currently ExxonMobil’s CEO, has an advanced degree, so we were very simpatico.
Board searches are usually confidential, so when did you become aware this was for the Exxon board?
Along the way, the executive recruiter told me he wanted to discuss my joining the board of one of the world’s three largest companies. He may have thought that would make my head spin, but frankly it didn’t. I already sat on three boards and I was afraid of becoming overloaded.
What were some of the most significant experiences you had while serving on the Exxon board?
My first ExxonMobil board meeting, which took place in Malaysia, was so memorable. After being elected, I was welcomed into the meeting and immediately participated in the business. Through my comments and questions, and my comfort level with the topics, I knew immediately that the fit with the board culture was excellent. All of my board experiences have taught me that effective and exemplary board members bring all their intellectual capacity, emotional toughness and societal concerns to bear to help their companies be top-performing. I have observed this to be true for world-scale petroleum companies like ExxonMobil and also much smaller retail companies like Lenox Group.
Who impressed you most in your board career?
A range of wonderful people—many fellow board members and several CEOs I have worked with. I would name Exxon CEOs Lee Raymond and later Rex Tillerson, Wells Fargo CEOs and others. I find that the best CEOs have to be tough-minded and focused without wavering on enhancing shareholder values and decision making for sustainable success. And do you know what? Effective board members must have the same kind of focus.
What were the most impressive developments you encountered?
Certainly, the key mergers stand out such as Exxon and Mobil and Norwest and Wells Fargo. Industry-changing practices like online banking are another high point. Then there is the personal aspect. Little things like employees meeting you at community events and saying, “I saw your picture in the company’s annual report and that really made me feel so good.” All of my many site visits to company plants and facilities were more meaningful to me in my board work than anyone could ever realize.
What concerns you about boards these days?
I am a very strong proponent of self-regulation. Too many boards nowadays must spend an inordinate amount of time having to deal with government regulation and enforcements that hinder rather than help the company’s progress. To be successful, companies must focus their time on innovations and improvements that contribute to long-term and sustainable success, rather than use resources to deal with unnecessary bureaucracy.
What about NACD’s role in educating and advocating for directors?
NACD supports boards developing best practices, and it represents boards of directors in policy discussions where our voice needs to be heard. How often does regulation take into account the views of the one who must oversee the implementation? NACD plays a crucial role in ensuring that regulation is reviewed carefully, and that directors are given the tools to understand it. NACD is at the center of the ecosystem we call corporate governance.
After all of your accomplishments, what motivates you these days?
My ambition these days is only to show my grandchildren that in this country even a black girl who grew up in the fields of south Georgia can make a difference in the lives of people and organizations. You have to believe in yourself and show that you want to serve. Others will help you.
What would you say to your parents if they were here?
First, I would thank them for their sacrifice, of which I can never adequately repay. Literacy may have skipped their generation, but intelligence, courage and determination had no better clients. My parents loved to hear compliments about their three daughters. They would love to hear the qualities people cite to characterize my corporate board work. My success in corporate and educational life represented the change my parents wanted to see happen, not just in our family, but in America.