Executive Derek Cantey Contributes and Creates Supplier Diversity Results - Black EOE Journal by Edward Cates

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Black EOE Journal magazine article written and published in Fall 2008 profiling Wachovia executive Derek Cantey. Derek is a committed professional that has dedicated his career to developing Minority and Women Business Enterprises nationally.

I also wrote the copy text for the attached Wachovia advertisement.

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Executive Derek Cantey Contributes and Creates Supplier Diversity Results - Black EOE Journal by Edward Cates

  1. 1. Fall 2008 www.blackeoejournal.com $4.50US 04 7 25274 93813 1
  2. 2. Wachovia Executive Derek Cantey Contributes Context and Strategy to Create Supplier Diversity Results By Edward Cates “Derek Cantey is a valued leader and resource Wachovia combined the two teams to create a to our team. He has the wisdom that comes centralized approach toward integrating suppli- from laying the foundation of Wachovia’s ini- er diversity and development enterprise wide- tial supplier diversity approach, the vision to throughout the company. push for continuous improvement, and passion “Derek Cantey is a valued leader and resource to create results.” - Sonya Dukes, SVP Direc- to our team. He has the wisdom that comes tor of Corporate Supplier Diversity from laying the foundation of Wachovia’s ini- When the vision of equal access to career tial supplier diversity approach, the vision to opportunities in corporate America works, push for continuous improvement, and passion leadership and passion are combined to create to create results,” said Sonya Dukes, Senior leaders that impact change and long-term suc- Vice President and Director of Corporate Sup- cess. Wachovia executive Derek Cantey repre- plier Diversity. sents the aforementioned unique combination Derek leads the strategic management team with supply chain expertise and a passion for within CSD responsible for identifying supplier diversity and development. Wachovia sourcing opportunities by working As Senior Vice President and Senior Business between the various lines of business and sup- Manager for Corporate Supplier Diversity pliers. Under Derek’s leadership, a team of (CSD), Derek has been with Wachovia for 20 strategic business managers consults with years based in Charlotte, NC. During his Global Supply Chain commodity representa- career he has been through a field of mergers tives to match spending opportunities with and acquisitions as his predecessor employer diverse suppliers. First Union grew into the national franchise “We also interface with various community that is now known nationwide in 22 states as groups and organizations. We work with those the banking goliath Wachovia. organizations to communicate where we are going with our commitment to the growth of “Supplier diversity was initially a a grassroots the community and the relationship,” adds effort at the companythat was initially man- Cantey. aged by our Community Development Group. Bertges, Director of Corporate Real Estate, There’s a saying in the financial service indus- As our bank continued to expand was growing was very supportive of the company’s Supplier try that the only constant is change due to the through acquisitions, the company developed a Diversity efforts.. nature of the industry and history for mergers business case for diversity and formalized its “Bob really understood why we needed to and acquisitions. Derek’s passion and commit- efforts to strengthen the minority and women- include diverse suppliers as part of our pro- ment to diversity has been a constant through owned business efforts in the communities we curement effortsin these opportunities and change and has created a legacy that has serve so was our realization that this had to be served as a primary champion that helped us impacted affected countless diverse suppliers more than a community effort and had to have develop a comprehensive programform what it and the diversity strategy at one of the largest a business case,” said Derek. would look like. With his support and leader- financial institutions in the country. Derek was a career supply chain and procure- ship, he helped us get CEO level engagement “Bringing the right supplier relationships to ment specialist and was tapped to get involved and commitment to supplier diversity” Wachovia means a great deal to me. I’ve in building the business case for supplier diver- On July 9, 2008 Robert Steel was named the worked to build relationships with suppliers by sity at Wachovia. His early work pushed to new CEO of Wachovia and he has reinforced telling them the truth and creating an open dia- gain the support of Corporate Real Estate, a the commitment to supplier diversity from the logue between them and Wachovia,” said line of business that had viable procurement top. Wachovia ’s has grown their annual spend- Derek humbly about his contributions. “Seeing opportunities for qualified suppliers. With ing with Minority and Women Business Enter- suppliers that I have worked with years ago every merger and acquisition there were prises from $10-15 million to over $350 mil- still doing business with us today as customers rebranding projects and contract opportunities lion in 2007. Wachovia’s evolution in supplier and suppliers makes me feel good. When I available for qualified suppliers. After not get- diversity continues today with new leadership leave I will have helped suppliers create ting much traction initially, he found executive and a centralized strategic approach toward longevity in this organization and that’s a lega- sponsorship at the top of the house in Bob developing businesses. Earlier in the year cy I’m proud of.”
  3. 3. OUR PARTNERSHIPS HELP COMMUNITIES PROSPER W ITH WACHOVIA At Wachovia, we believe that the success of our organization — and our communities — depends on providing opportunities for Minority/Women Business Enterprises (M/WBEs). Since 2002, Wachovia has spent more than $1.5 billion in partnering with M/WBEs in an array of areas and industries, and it is our pledge to increase our sourceable spend with M/WBEs. Our promise is to sponsor programs and share resources that enable M/WBEs to grow through education and awareness, partnership development, and measurement and accountability. ©2008 Wachovia Corporation 083948

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