Amazon added Starbucks COO Rosalind Brewer to its board earlier this month. With other directors Jamie Gorelik, Judith McGrath, and Patricia Stonesifer, and Nooyi becomes the fifth female member, that brings the number of women on the Amazon board to five out of a total of 11, or 45%.
That is an unusually high percentage for the tech industry. Overall, women make up less than a fifthof board members for S&P 500 companies, according to the Kellogg School of Management at Northwestern University.
Multiple studies have shown that having a higher percentage of women on boards has a correlation with better financial performance for businesses. There have been some efforts to bring more women onto boards in the last few years, with 38.3% of newly-named directors being female, according to Quartz. However, that still means it will take years for major corporations to achieve even representation.
Last year, Amazon pledged to include women and minority candidates in its board search, following shareholder complaints about the company's lack of diversity.
Nooyi served as Pepsi CEO from 2006 to 2018, and remained chairman until she stepped down from that role on Feb. 1.
Nooyi was awarded 549 shares of common stock as part of her appointment, which will vest in three equal annual installments beginning on May 15, 2020. Amazon shares closed at $1,633 per share on Monday.
Here's the full list of Amazon's board of directors:
- Jeff Bezos (Amazon CEO and Chairman)
- Tom Alberg (Founder of Madrona Venture Group)
- Rosalind Brewer (COO of Starbucks)
- Jamie Gorelick (Former U.S. Deputy Attorney General and vice chair of Fannie Mae)
- Daniel Huttenlocher (Founding Dean of Cornell Tech)
- Judith McGrath (Former CEO of MTV Networks)
- Jonathan Rubinstein (Former Apple executive and Palm CEO)
- Thomas Ryder (Former CEO of The Reader's Digest Association)
- Patricia Stonesifer (CEO of Martha's Table)
- Wendell Weeks (CEO of Corning)
- Indra Nooyi (Former CEO of Pepsi)
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