Innovating for Social Equity: The Responsibility of the Business Community

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Innovating for Social Equity: The Responsibility of the Business Community

Cohosted with the George J. Stigler Center for the Study of the Economy and the State, this third session in the Innovating for Social Equity event series will dig into the role of the business community — with a particular focus on public companies — in addressing economic and racial inequities.

In our democratic capitalist system, what roles can firms play in addressing inequities - or is this not a role they should play at all? What initiatives are firms driving forward today today that might change the current trajectory of inequality and structural racism? How have these efforts and arguments changed as a result of a global pandemic?

The new “Innovating for Social Equity” event series, hosted by the Rustandy Center for Social Sector Innovation at the University of Chicago Booth School of Business, examines efforts across the philanthropic and private sectors to tackle these seemingly intractable barriers to a society and economy that work for all. Through conversations with leaders across sectors, the series digs into what it will take to do more to achieve meaningful change.

Moderator:

• Brian Fabes, Managing Director, Corporate Coalition; Civic Impact Executive in Residence, The Rustandy Center for Social Sector Innovation

Panelists:

• Mark Hoplamazian, '89, President and CEO, Hyatt Hotels Corporation
• Paula Price, '88, Public and Private Company Independent Board Director & Strategic Advisor
• Luigi Zingales , Robert C, McCormack Distinguished Service Professor of Entrepreneurship and Finance; Faculty Director, George J. Stigler Center for the Study of the Economy and the State

About the Event Series:

From a global pandemic, economic devastation, and social unrest sparked by systemic racism, the past year has laid bare the deep disparities that persist in our country. These multilayered crises have not only moved segments of American society from complacency to action, but have also raised questions about the progress that the social sector has and has not made toward a more just society. With billions spent by the public, private, and philanthropic sectors, why do profound disparities persist? The Innovating for Social Equity event series will examine this question and more.

You can check out our two, previous sessions in the series below:

• INNOVATING FOR SOCIAL EQUITY: HOW PRIVATE MARKET INVESTORS AFFECT CHANGE
• INNOVATING FOR SOCIAL EQUITY: NEW APPROACHES IN PHILANTHROPY

About the Speakers:

Brian Fabes

Managing Director, Corporate Coalition; Civic Impact Executive in Residence, The Rustandy Center for Social Sector Innovation; Executive in Residence, Harris School of Public Policy

Brian Fabes is the managing director at the Corporate Coalition, a collaborative of more than 30 Chicago companies committed to using their assets, capabilities, and employees to address economic inequities in the region. For the past 15 years, Fabes served as chief executive officer of Civic Consulting Alliance, where he forged citywide collaborations with more than 300 organizations. Working with leaders of most major public sector institutions, CCA and its partners played a central role in many of the most significant public and civic efforts in Chicago. Before joining CCA, Fabes was senior vice president at National Louis University, associate principal at McKinsey & Company, and associate professor of materials science and engineering at the University of Arizona.

Mark Hoplamazian, '89

President and CEO, Hyatt Hotels Corporation

Mark Hoplamazian, '89, was appointed to Hyatt Hotels Corporation’s board of directors in November 2006 and subsequently named president and chief executive officer in December 2006. Prior to his present position, Hoplamazian served as president of The Pritzker Organization (TPO), the principal financial and investment adviser for Pritzker family business interests. During his 17-year tenure with TPO, he served as adviser to various Pritzker family-owned companies, including Hyatt Hotels Corporation and its predecessors. He previously worked in international mergers and acquisitions at The First Boston Corporation in New York. In January 2020, Hoplamazian assumed the role of vice chair of the board of Brand USA. Hoplamazian was also named vice chair of the American Hotel and Lodging Association (AHLA) board of directors in 2020. He serves on the VF Corporation board of directors, the executive committee of the board of directors of World Business Chicago, and the board of trustees of the Aspen Institute and the Latin School of Chicago. Hoplamazian is a member of the World Travel & Tourism Council and the Commercial Club of Chicago. He is a member of the Discovery Class of the Henry Crown Fellowship.

Paula Price, '88

Public and Private Company Independent Board Director & Strategic Advisor

Paula A. Price, ’88, currently serves as an independent director for public, private, and nonprofit companies and on the boards of publicly traded companies including Accenture, Bristol Myers Squibb, Western Digital, and DaVita. Price also serves as an advisor to Macy’s Inc., where she previously served as EVP and CFO. Prior to Macy’s Inc., Price was EVP and CFO of Ahold USA where she transformed the finance function; delivered a $1 billion cost savings program to fund strategic growth initiatives; and led a team of more than 1,000. Prior to joining Ahold, Price held positions at CVS Caremark Corporation, JP Morgan Chase, Prudential Insurance Co. of America, Diageo, and Kraft Foods. Price has also served on the boards of Dollar General, Newton-Wellesley Hospital, and Metropolitan College of NY and was previously board chair of Big Brothers Big Sisters of Massachusetts. Price has also been a visiting executive with Harvard Business School since July 2018, and was a full-time senior lecturer of business administration in the accounting and management unit. Price earned her MBA from Chicago Booth and her bachelor’s in science in accounting from DePaul University.

Luigi Zingales

Robert C, McCormack Distinguished Service Professor of Entrepreneurship and Finance, Chicago Booth; Faculty Director, George J. Stigler Center for the Study of the Economy and the State

Luigi Zingales is the Robert C, McCormack Distinguished Service Professor of Entrepreneurship and Finance at Chicago Booth and the faculty director of the George J. Stigler Center for the Study of the Economy and the State. His research interests span from corporate governance to financial development, from political economy to the economic effects of culture. He co-developed the Financial Trust Index, which is designed to monitor the level of trust that Americans have toward their financial system. In addition to holding his position at Chicago Booth, Zingales is currently a faculty research fellow for the National Bureau of Economic Research, a research fellow for the Center for Economic Policy Research, and a fellow of the European Governance Institute. He is also an editorialist for Il Sole 24 Ore, the Italian equivalent of the Financial Times. Zingales also serves on the Committee on Capital Markets Regulation, which has been examining the legislative, regulatory, and legal issues affecting how public companies function. In 2014 he was the President of the American Finance Association.