Pioneers of Progress

Toigo gratefully acknowledges the following Pioneers of Progress for their groundbreaking leadership in the finance industry—and support of Toigo’s mission.

Sue Toigo

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Sue Toigo

Sheri B. Bronstein

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Sheri B. Bronstein

Raudline Etienne

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Raudline Etienne

Carla Harris

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Carla Harris

Mellody Hobson

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Mellody Hobson

Sandra Horbach

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Sandra Horbach

Ginger Lew

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Ginger Lew

The Honorable
Denise L. Nappier

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The Honorable Denise L. Nappier

Judith Samuelson

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Judith Samuelson

Elizabeth M. Smith

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Elizabeth M. Smith

Shelley Smith

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Shelley Smith

Kelly M. Williams, J.D.

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Kelly M. Williams, J.D.

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Become A Pioneer

Sue Toigo

Sue Toigo

Founder and Board Member
Robert Toigo Foundation

Sue Toigo, Chairman of Fitzgibbon Toigo Associates, has over 20 years of experience building relationships with plan sponsors, consultants, and investment managers. Sue was a founder and Chairman of The Institute for Fiduciary Education (IFE). Since 1985, IFE has provided both educational seminars and informational services to large institutional investors worldwide. The leading pension fund consultants have also participated, and sponsorship has been provided by the world’s premier investment managers. Sue has developed strong relationships with many of the more than 3000 IFE seminar participants from around the world, including Australia, Belgium, Canada, Finland, Germany, Italy, The Netherlands, New Zealand, Singapore, South Africa, Sweden, Switzerland, The United Kingdom, and the United States. She is also a founder and Board member of the Robert Toigo Foundation, which supports 120 minority students each year in the nation’s top business schools and has over 1,000 alumni in the financial services industry globally. Her work with the Foundation gives her significant industry presence.

A graduate with honors from the University of California at Berkeley, she has been inducted into the Berkeley Women’s Hall of Fame.

Raudline Etienne

Raudline Etienne

Senior Director
Albright Stonebridge Group

Etienne joined the Albright Stonebridge Group in October 2011 to focus on expanding the global strategy firm’s ability to respond to market dynamics and opportunities in the investment sector.

In her previous employment, Etienne served as Chief Investment Officer (CIO) for the New York State Common Retirement Fund (CRF). Selected by the New York State Comptroller, the Honorable Thomas DiNapoli, to become his Deputy Comptroller for Pension Investment and Cash Management in March 2008, Etienne managed the nation’s third largest public pension fund with assets of approximately $140 billion. In her capacity as CIO, Ms. Etienne had decision-making responsibilities on all aspects of the CRF’s investment strategy and operations. These responsibilities included asset allocation, investment policy and governance, partner selection, and risk management. Her management responsibilities included the oversight of 60 professionals responsible for the daily management of a portfolio invested across the globe, and inclusive of equity, fixed income, hedge funds, real estate, and private equity. She also had oversight responsibility for CRF investment operations, including internal portfolio management, custodial services, and securities lending, as well as management of external investment managers, and investment consultants. Her team was also responsible for the College Savings Program with assets of $8 billion, and the State’s short-term investment pool of $9 billion that consists largely of tax-revenue collections and federal aid.

Prior to the CRF, Etienne was a Managing Director at Rogerscasey in Darien, Connecticut, responsible for investment consulting for a series of both large and small public retirement systems. During her more than 11 year tenure with Rogerscasey, she developed broad experience in a wide variety of asset classes and investment strategies. Etienne has a Bachelors of Science from the Massachusetts Institute of Technology and also holds an MBA in finance from the University of California at Berkeley where she was a Robert A. Toigo Foundation Fellow, and President of the Black Business Student Association.

Etienne was instrumental in the creation of the Connecticut Hedge Fund Association where she formerly served as a board member, as well as the Robert A. Toigo Alumni Endowment Board where she was elected the first president and is a former board member. Ms. Etienne was also appointed to the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB)’s “Financial Crisis Advisory Group (FCAG)” which was created to consider how improvements in financial reporting could help enhance investor confidence in financial markets.

Carla Harris

Carla Harris

Managing Director
Morgan Stanley Investment Management

Carla Harris is a Managing Director and heads the Emerging Manager Platform at Morgan Stanley Investment Management where she also provides investment advice to corporations, public pension plans, foundations and endowments. Prior to this role, she led Morgan Stanley’s equity capital markets effort for the consumer and retail industries and was responsible for equity private placements. Carla has extensive industry experiences in the technology, media, retail, telecommunications, transportation, industrial, and healthcare sectors.

For more than a decade, Carla was a senior member of the equity syndicate desk and executed such transactions as initial public offerings for UPS, Martha Stewart Living Omnimedia, Ariba, Redback, the General Motors sub-IPO of Delphi

Automotive, and the $3.2 Billion common stock transaction for Immunex Corporation, one of the largest biotechnology common stock transactions in U.S. history.

Carla was recently named to Fortune Magazine’s list of “The 50 Most Powerful Black Executives in Corporate America”, U. S. Bankers Top 25 Most Powerful Women in Non-Bank Finance (2009), Black Enterprise’s Top 75 Most Powerful Women in Business (2010), to Black Enterprise Magazine’s “Top 50 African Americans on Wall Street”, and to Essence Magazine’s list of “The 50 Women Who are Shaping the World”, Ebony’s list of “15 Corporate Women at the Top” and was named “Woman of the Year 2004” by the Harvard Black Men’s Forum. She is also the author Expect to Win and a new CD entitled “Unceasing Praise”.

Carla began her career with Morgan Stanley in the Mergers & Acquisitions department in 1987. She holds an MBA from Harvard Business School and AB in economics (Magna Cum Laude) from Harvard University. Carla has received Honorary Doctorates of laws, humanities and business from Marymount Manhattan College, Bloomfield College and Jacksonville University, respectively.

Sandra Horbach

Sandra Horbach

Managing Director and Co-Head of U.S. Buyout
The Carlyle Group

Sandra Horbach is a Managing Director and Co-Head of Carlyle’s U.S. Buyout group, the firm’s largest investment fund. Ms. Horbach is based in New York.

Ms. Horbach joined Carlyle in 2005 to launch the Consumer & Retail Group and has since led all of Carlyle’s US consumer investments, including Acosta Sales & Marketing, Beats Electronics, CVC Brasil Operadora e Agencia de Viagens S.A., Dunkin’ Brands, NBTY, philosophy and Vogue International.

Prior to joining Carlyle, Ms. Horbach was a General Partner with Forstmann Little & Co. for 18 years. Ms. Horbach earned her M.B.A. from Stanford University and her B.A. from Wellesley College.

Ms. Horbach currently serves as a director on the Boards of Acosta, Dunkin’ Brands, NBTY and CVC. She also serves as Chair of the Stanford University Graduate School of Business Advisory Council and is a Trustee at Rockefeller University.

Ginger Lew

Ginger Lew

CEO
Three Oaks, LLC

Ms. Lew is the CEO of Three Oaks Investments LLC which provides consulting services to a broad range of companies. From 2009 to 2011, she served as Senior Counselor to the White House National Economic Council. She provided economic policy advice on a broad range of matters, including innovation, commercialization, small business, capital access and formation, and entrepreneurship policies, working across a spectrum of federal agencies.

Under the Clinton Administration, Ms. Lew was the Deputy Administrator and Chief Operating Officer of the U.S. Small Business Administration where she provided day to day management and operational oversight of a $42 billion loan portfolio. Before joining SBA, Ms. Lew was the General Counsel at the U.S. Department of Commerce where she specialized in international trade issues. Ms. Lew was unanimously confirmed by the United State Senate for both positions.

From 1998 to 2009, Ms. Lew was the CEO of TDF, a communications venture fund, and a venture advisor to Amplifier Venture Partners. During this time, Ms. Lew was the chairman and board member of an investment fund based in Europe. She also was a member and co-chair of the NASDAQ Listing Council. She has served on the boards of publicly traded companies, private companies and not for profit organizations.

In 2011, Ms. Lew was appointed by Secretary Clinton to serve on the Board of Governors of the East West Center, a think tank focused on U.S - Asia policies. She was also appointed by the National Academies of Science to serve as an expert advisor on innovation and advanced manufacturing policies.

The Honorable Denise L. Nappier

The Honorable Denise L. Nappier

Treasurer
State of Connecticut

Denise Lynn Nappier, the 82nd Treasurer of the State of Connecticut, is the first African-American woman elected to serve as a State Treasurer in the United States and the first African-American woman elected to a statewide office in Connecticut. Elected in 1998 and re-elected in 2002 and 2006, Treasurer Nappier is the only woman to be elected Treasurer in Connecticut history.

As Connecticut’s chief elected financial officer, she is principal fiduciary of the $20 billion Connecticut Retirement Plans and Trust Funds (CRPTF), and oversees the state’s $16 billion debt management program and $5 billion Short-Term Investment Fund. Treasurer Nappier is the architect of wide-ranging reforms to Connecticut’s system of pension fund governance; her high standards and financial expertise brought integrity back to the Treasurer’s office and professionalism to the management of state resources, resulting in record growth of the state’s investment funds.

Treasurer Nappier is one of the nation’s leading institutional investors working for corporate reform on issues including executive compensation, independence and diversity of board members, financial reporting and auditing, and disclosure of financial risks of climate change.

A strong advocate for diversity and expanding economic opportunity Treasurer Nappier has used the financial clout of the Treasury to bring more diverse players to the Wall Street table. She established the $800 million Connecticut Horizon Fund investment program aimed at increasing opportunities for women- and minority-owned, and emerging firms in the financial industry. During the Nappier administration, the number of minority-owned and women-owned investment banking and financial advisory firms doing business with the Treasurer’s office has dramatically increased.

Widely respected by her peers, Treasurer Nappier was re-elected as Treasurer of the National Association of State Treasurers and is a board member of the CT Chapter of the National Association of Corporate Directors, the first public fund investor to serve in that capacity.

In addition to more than ten years as State Treasurer, Denise Nappier previously served as Hartford City Treasurer for nearly ten years. She has received the Good Housekeeping Award for Women in Government, was named one of the nation’s “100 Most Influential People in Finance” by Treasury & Risk Management Magazine and one of the “50 Most Powerful Black Women in Business” by Black Enterprise.

Judith Samuelson

Judith Samuelson

Executive Director
The Aspen Institute Business and Society Program

Judith Samuelson is a leading public policy advocate with a background in business, public-private partnerships, and philanthropy. Since the mid-1980s, her work has focused on the role and impact of business in society.

In 1998, Judith created The Aspen Institute Business and Society Program (Aspen BSP), which employs research and dialogue among business leaders to build a sustainable global society. Aspen BSP targets innovators and works with business managers at all levels, from MBA students to Fortune 500 CEOs. Among its signature programs are Beyond Grey Pinstripes (a global data base and report card on MBA business education), CasePlace.org (a teaching case clearinghouse), and the Corporate Values Strategy Group (a forum for business leaders to promote change in policy and business practice in pursuit of long-term value creation). Judith recently helped spearhead the creation of the Aspen Principles, a set of guidelines for long-term value creation for companies and institutional investors.

From 1989 to 1996, Judith led the Ford Foundation’s office of Program Related-Investments and created the Corporate Involvement Initiative, a comprehensive effort to encourage private-nonprofit partnerships and facilitate social “intrepreneurship.” From 1982 – 1989 Judith managed a sales and lending team at Bankers Trust Company. From 1974 – 1980 she worked in Sacramento as a lobbyist and legislative aid on California state health and education issues and in the Governor’s office of Planning and Research.

Judith holds a BA from UCLA and Masters Degree from the Yale School of Management. She was a member of the Advisory Board to ACCION-New York and is Chair Emeritus of Net Impact, a network of business students.

Elizabeth M. Smith

Elizabeth M. Smith

Senior Managing Director – Public Funds
AllianceBernstein

Elizabeth M. Smith is Senior Managing Director of Public Funds at AllianceBernstein. She joined the firm in 1986 and was initially responsible for advertising, public relations and marketing for Alliance Mutual Funds. Smith moved to the institutional division in 1990 to work with public retirement systems. She was previously VP of investor relations at J & W Seligman & Co. and director of corporate communications at the Lionel Corp. Smith is on the Foundation Board of the National Association of Security Professionals (NASP) and is an associate board member of the National Association of State Retirement Administrators (NASRA). She earned a BA from the University of California, Los Angeles, and completed courses in finance and economics at the New York University Graduate School of Business Administration. Location: New York

Shelley Smith

Shelley Smith

President & General Counsel
GrayShell Consulting

Shelley Smith is President and General Counsel of GrayShell Consulting which offers strategic advisory services and training to institutional investors, with a special focus on infrastructure investing, corporate governance, and fiduciary education. Prior to launching GrayShell, Shelley served as Chair of the Los Angeles City Employees Retirement System (LACERS). She served as an elected trustee on the LACERS Board for 15 years and as Chair of the City’s Defined Contribution Plan Board for 20 years. She additionally served as a senior legal advisor to the City of Los Angeles, holding the title of Assistant City Attorney, where her responsibilities included service as General Counsel to the City’s Department of Transportation, Board of Public Works, Personnel Department, Civil Service Commission, and Employee Relations Board.

Shelly served as President of the Los Angeles City Attorneys Association and re-elected to successive terms in that position for 20 years. She continues to serve on the Executive Committee of the Los Angeles County Bar Association's Labor & Employee Law Section. Shelley was elected to the Board of Directors of the Council of Institutional Investors in 2002, and served in that capacity for seven years. She has also been a member of the Pacific Pension Institute's Board of Directors for ten years. More recently, she was appointed to the Governing Board of the Robert Toigo Foundation and to the Board of Directors of the Exceptional Children’s Foundation.

Shelley is a Phi Beta Kappa graduate of the University of California at Los Angeles. She received her JD from the UCLA School of Law and holds an Investment Management Certification from the Wharton School of Business at the University of Pennsylvania and a Board Director Certification from the UCLA Anderson School of Management, NASDAQ, and Institutional Shareholder Services.

Kelly Williams

Kelly M. Williams, J.D.

President, GCM Grosvenor Private Markets
Investment Committee Member, Managing Director

Ms. Williams joined GCM Grosvenor in 2014. She is President of GCM Grosvenor Private Markets, a member of its Management Committee and also a member of its Investment Committee. Prior to joining GCM Grosvenor, Ms. Williams was a Managing Director and the Group Head of the Customized Fund Investment Group of Credit Suisse Group AG from 2000 to 2013. Ms. Williams joined Donaldson, Lufkin and Jenrette (acquired by Credit Suisse in 2000) as a Director of the Customized Fund Investment Group. She was with The Prudential Insurance Company of America from 1993 to 2000. She was an Executive Director with Prudential’s private equity group, where she was a founder of the Customized Fund Investment Group in 1999. Prior to joining Prudential, Ms. Williams was an associate with Milbank, Tweed, Hadley & McCloy LLP, where she specialized in global project finance. She graduated magna cum laude from Union College in 1986 with a Bachelor of Arts degree in Political Science and Mathematics and received her Juris Doctor from New York University School of Law in 1989. Ms. Williams has served as a mentor to fellows of the Robert Toigo Foundation since 2006 and was the 2010 recipient of its Leading by Example award and joined its board in 2011. She was elected to the YWCA Academy of Women Leaders in 2007 and is the founding board chair of the Private Equity Women Investor Network. In addition, she is chair of the LP Advisory Board for the Sponsors for Educational Opportunity Program and received the SEO Leadership Award in 2013. She also serves on the advisory board of the Association of Asian American Investment Managers (AAAIM) and is the 2013 AAAIM Trailblazer Award Recipient. Ms. Williams is a member of the Metro Chapter of the Young Presidents Organization, and a member of the Board of Trustees of Union College where she is a member of the Executive Committee, the investment committee and also chairs the Finance Committee. Ms. Williams is a board member of the Nantucket Historical Association and Springboard Enterprises. She is a member of the New York Bar. Ms. Williams was recognized by the New York Chapter of the National Organization for Women in 2012 with its Women of Power and Influence Award. She was also named in 2011, 2012, 2013 and 2014 as one of The Most Powerful Women in Finance by American Banker Magazine.

Mellody Hobson

Mellody Hobson

President
Ariel Investments

Mellody Hobson is president of Ariel Investments. Headquartered in Chicago, the firm offers six no-load mutual funds for individual investors and defined contribution plans as well as separately managed accounts for institutions and high net worth individuals. As president, Mellody is responsible for firm-wide management and strategic planning, overseeing all operations outside of research and portfolio management. Additionally, she serves as chairman of the board of trustees for Ariel Investment Trust.

Beyond her work at Ariel, Mellody has become a nationally recognized voice on financial literacy and investor education. She is a regular contributor and analyst on finance, the markets and economic trends for CBS News. She also contributes weekly money tips on the Tom Joyner Morning Show and pens a regular column for Black Enterprise magazine. As a passionate advocate for investor education, she is a spokesperson for the Ariel/Hewitt Study: 401(k) Plans in Living Color and the Ariel Black Investor Survey, both of which examine investing patterns among minorities.

Mellody is chairman of the board for DreamWorks Animation SKG, Inc., as well as director of The Estée Lauder Companies Inc. and Starbucks Corporation. Her community outreach includes serving as chairman of After School Matters, a non-profit that provides Chicago teens with high-quality, out-of-school time programs. She is a board member of The Chicago Public Education Fund, George Lucas Education Foundation, Lucas Museum of Narrative Art, and Sundance Institute, where she has been appointed emeritus trustee. She is also on the executive committee of the Investment Company Institute’s board of governors. In 2015, she was named to Time magazine’s annual list of the one hundred most influential people in the world. Mellody earned her AB from Princeton’s Woodrow Wilson School of International Relations and Public Policy. She has also received honorary doctorate degrees from Howard University, St. Mary’s College and the University of Southern California.

Become A Pioneer



Become A Pioneer

Become a Pioneer of Progress by joining a group of women leaders who wish to make tremendous impact on the expansion of the Groundbreakers initiative to include education and support to our next generation of women leaders.

Pioneers of Progress are an esteemed group of women professionals representing various industries who care about the future success of the young professionals that follow their lead.

We invite you to make a pledge of $50,000 (which may be payable over multiple years) to forward Toigo’s work in advancing women throughout their careers.

If you have questions about becoming a Pioneer, please contact, Nerissa.Thomas@toigofoundation.org.

Sheri B. Bronstein

Sheri B. Bronstein

Global Human Resources Executive
Bank of America

Sheri B. Bronsteinis the global human resources executive for Bank of America and a member of the company’s executive management team. In this role, Bronstein leads a global team of human resources professionals responsible for recruiting, leadership development, learning, compensation, benefits, diversity and inclusion, and employee relations for employees in more than 35 countries.

Bronstein joined Bank of America in 2000 and has held various roles supporting Global Markets, Global Investment Banking and the international regions. She served most recently as global human resources executive for Global Banking and Markets. Prior to joining Bank of America, Bronstein worked at JP Morgan in a variety of human resources capacities.

Bronstein is executive sponsor of domestic violence awareness initiatives for the company. She previously served a member of Bank of America’s Global Diversity and Inclusion Council, which works to keep diversity and inclusion at the forefront for managers, and was selected as a Global Ambassador for the company’s partnership with Vital Voices in Poland. The program brings together influential global women leaders from public and private sectors to mentor women from emerging markets engaged in small businesses and social enterprises.

Bronstein is a member of the governing board of directors of the Robert Toigo Foundation and was selected as a 2015 participant in Next Women 50, an executive development network for female leaders around the world.


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