Cummins Inc., Led by CEO Tim Solso '69, Among Fortune's 'Top 50 Companies for Minorities'
July 11, 2003
July 11, 2003, Greencastle, Ind. - "We are very pleased to be included in this ranking by Fortune magazine," says Tim Solso, chairman and CEO of Cummins Inc. and a 1969 graduate of DePauw University. Cummins is included in Fortune's annual ranking of the "Top 50 Companies for Minorities." Solso, a member of DePauw's Board of Trustees, adds that Cummins has "worked hard to foster an environment that is inclusive of all groups and embraces diversity at all levels of the organization."
Fortune ranked Cummins at number 43. This is the second time in three years that Cummins has been recognized as one of the top companies for minorities. The fourth annual listing of America's "100 Best Corporate Citizens," in the spring issue of Business Ethics magazine, ranked Cummins #2 (the company that topped that list, General Mills, is also headed by a DePauw alumnus, 1968 graduate Steve Sanger; read more here).
A Cummins news release states, "Cummins is committed to a diverse work force to remain competitive in a global and diverse market. Cummins tracks and measures initiatives dealing with under-represented groups for recruiting, retention and hiring, procurement and training. For example, all 23,700 Cummins employees have been required to take a diversity awareness training course which was designed exclusively for the company."
According to a story at CNN.com, Fortune "compiled the list from questionnaires that were sent to companies on the Fortune 1,000, as well as the 200 largest privately held US companies. In all, 141 companies responded to the survey, Fortune reported." Five criteria were judged: pay, managerial diversity, purchasing practices, and minority representation within a company's workforce and board. The article adds, "The survey also looked at other factors, including whether or not minority workers are promoted into management at the same rate as white workers, managers are held financially accountable for meeting diversity goals and what percentage of corporate charity went to programs that benefit minority groups."
The Fortune survey found that minority representation rose in nearly every category evaluated. In 2003, people of color make up 19% of boardrooms, a 1% increase from 2002; 26% of officers and managers are minorities versus 24% last year; and purchasing from minority-owned firms increased to 9% of the total purchasing budget compared with 7% in 2002. McDonald's tops this year's survey.
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, Cummins serves its customers through more than 500 company-owned and independent distributor locations in 131 countries and territories. With 23,700 employees worldwide, Cummins reported sales of $5.9 billion in 2002.
Read the CNN story by clicking here. Fortune's coverage is accessible here, but a subscription is required to view much of the material. Access a Cummins news release at Business Wire here. Visit Cummins' Web site by clicking here. Back