Brothers to Head Minority Business Development Group for Bank of America

Bank of America announced today the appointment of Dorothy Brothers as National Director and head of the bank's Minority Business Development Group (MBD). In her new national role, Brothers will lead the group's key strategic growth initiatives and have national responsibility for establishing and expanding relationships with minority, disabled and woman-owned businesses.

Brothers' primary responsibility will be managing Bank of America' s new commitment to spend 15% of its total procurement budget with woman and minority-owned businesses. In1998 without such a total commitment in place, the new company 's combined spending with minority, disabled and woman-owned businesses totaled more than $258 million.

A Norfolk State University alumnae, Brothers joined the NationsBank minority business development team in 1993 and has led it to increase its spending with minority and woman-owned businesses from $11 million in 1990 to over $144 million in 1998. The company since has also been instrumental in the creation of five minority-owned businesses through its MBD activities, a feat no other bank has accomplished.

"Dorothy's leadership and commitment to building the best minority business development team in the country has been invaluable over the past six years," said Hugh McColl chairman and CEO of Bank of America, "Without her drive and dedication we would not be the company we are today. We are all very pleased to have her in this critically important national role going forward."

Brothers, who began her Bank of America career in 1969 as a teller has served in a variety of positions in both consumer banking and corporate personnel. Most recently, she has served as manager of the NationsBank Minority Business Development group, responsible for developing its relationships with minority and women-owned businesses. Since being named head of NationsBank Minority Business Development in l 993. Brothers developed the operation into the premier program operated by any financial services company in the country.

Under Brothers' leadership, the NationsBank MBD initiative also established special education and executive development initiatives, which include a formal Vendor Development Program. The program also requires that businesses seeking to do business with Bank of America receive certification through a credible certifying agency such as the National Minority Supplier Development Council or the Women's Business Enterprise National Council.

In both 1996 and 1997 NationsBank was named the National Minority Supplier Development Council's Corporation of the Year. NationsBank was the first bank to ever win the coveted award for two consecutive years.

"Dorothy is an indisputable asset to the minority business development industry," said Harriet R. Michel, president of the NMSDC. "She is a tireless advocate for increasing the avenues and opportunities for minority and women businesses to get to the table and compete. "I can't wait to see the things she accomplishes in this new national role." In her new position, Brothers will remain based in Norfolk VA and will report directly to Tim Jarman, Bank of America procurement executive. The MBD Group is staffed with 17 professionals strategically located throughout the franchise who support the implementation of the initiative, both regionally and nationally.
Brothers to Head Minority Business Development Group for Bank of America Brothers to Head Minority Business Development Group for Bank of America Reviewed by darkmatticus on January 25, 2019 Rating: 5
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