Editor’s Note:
This month, we welcome
guest columnist Molly Stemwedel, who will be writing about strides and
challenges within the LGBTQIA2S+
community as it applies to business, finance, diversity and the world we live
in.
In honor of Pride, this month, Markets Group is highlighting
some amazing LGBTQ+ leaders in the finance industry. While great strides have
been made, this industry is still one in which there are very few out and proud
LGBTQ+ employees.
My name is Molly Stemwedel. I am a senior program manager at
Markets Group, and I identify as bisexual. I am thrilled to be interviewing
some outstanding industry leaders about their experiences, challenges, and
successes, as well as their advice for future generations.
Our first interviewee is Lisa Middleton. Lisa is the
Mayor of Palm Springs, Calif., and was appointed to the CalPERS Board of
Administration in 2019. She also chairs the risk and audit committee, as well
as the finance and administration committee for CalPERS. Lisa was the first
transgender person elected to political office in California, when she became a
city councilor for Palm Springs. When she was appointed mayor, Lisa became the
third transgender mayor in U.S. history.
Markets Group: Lisa, thank you so much for speaking with
me, and sharing your experiences with our readers. To start, could you share a
bit of personal background on yourself, your role, and your journey in the
industry?
LM: As you know, I am the mayor of Palm Springs. I
identify as a lesbian and a transgender woman, and was born and raised in East
Los Angeles. I was the first in my family to graduate college. When I came out
as transgender in 1995, at that point I had already been working in the
industry for a great deal of time. I had been at the State Compensation
Insurance Fund of California for about 20 years, where I spent most of my time
working on the claims side, covering workers comp, and was in a senior
management position. After coming out and transitioning, I remained with that
company for another 15 years.
In 2010, I retired to Palm Springs, then became very
involved in the community and joined several community organizations. In 2017,
I was elected to city council and became the first transgender person in
California elected to political office. In 2019, I was appointed to the CalPERS
Board of Administration by Gov. Gavin Newsom. I was appointed the Mayor of Palm
Springs in 2021.
Markets Group: In 2022, there are still very few
individuals in this industry who are openly out. Can you speak a little bit
about your coming out, and how it impacted your professional career?
LM: There were so many horror stories about
individuals coming out in the ’80s and ’90s, but in my mind, there is no more
important turning point in our progress as a community than to come out as an
individual. In the early 1990s, I had reached a point where the choice I was
faced with was coming out or perishing. I recall a conference I went to in
1993, where a panelist made a strong statement that it was a choice between
coming out or having a career, so there was a fear that coming out would be the
end of my career. I’ll never forget that statement.
I had met a few other individuals who came out successfully
in the mid-’90s, and luckily found a wonderful mentor to guide me through those
challenges, which is one of the most valuable things a young LGBT person can
have.
I came out as transgender in 1995, and, at that point, my
employer was initially very good. I ended up working for that company for
another 15 years, but in hindsight, coming out wasn’t the best career move I’ve
ever made. Promotions that I had been essentially promised before I came out, I
was no longer in the running for, and it took me 13 years to fight for that
promotion.
Markets Group: What advice would you give to leaders and
firms in the industry so that they can create environments in which LGBT
employees do feel comfortable coming out?
LM: Organizations must make clear that everyone is
welcome, because they are going to be assessed based on their results. If
organizations claim to be nondiscriminatory and open, their leadership should
look like their community. Where there is no representation in the leadership,
it becomes a question whether hiring and promotion is actually upholding those
claims. What is measured matters.
In the current environment, one of the most important things
is that organizations are welcoming. I heard a saying recently that stuck with
me, “Tolerance is being invited to the dance, but inclusion is being invited to
dance.”
Markets Group: Along these lines, many firms have
instituted Diversity,
Equity, and Inclusion (DEI) policies
in recent years, with varying success. Given the increasing prevalence of
“rainbow washing,” can you highlight some things that your firm has done right
on this front?
LM: In the financial industry, California is ahead of
the curve on this, and really advocating for inclusion for LGBT employees.
Having mentorship and individuals within your organization, who can provide
examples, support and help to members of workforce that are underrepresented in
leadership, is crucial. Having leaders who are out and open helps enormously.
It can’t be limited to the month of June, the commitment to diversity and
inclusion should be year-round. Pride Month should be a celebration of what you’ve
accomplished, and a rededication to the work to come.
Markets Group: Can you comment about these themes
might figure into the culture at CalPERS?
LM: Progress can never be taken for granted. Every generation does and should build on the
work of the previous generation. CalPERS has committed itself to nurturing not
only at CalPERS, but throughout our areas of influence to move workplaces to
fully realized opportunity, diversity, inclusion and accountability. The
generation after mine is not and should not be satisfied.
Markets Group: How are diversity initiatives
integrated into the investment strategies at CalPERS?
LM: We have taken a lead that fully inclusive Boards
are Boards that include women, people of color and members of the LGBTQ
community. We are going continue to advocate and to use our voting power to
support Boards that embrace diversity and inclusion and to counter those that
do not by their actions demonstrate a commitment to workplaces of equality and
opportunity. We are committed to ESG accountability. Board and workforce
diversity is a fundamental measure of ESG accountability.
Markets Group: Can you share some of your proudest
moments and accomplishments of your career? How did you make them happen and
ensure your work was fairly considered?
LM: I am very proud to be a member of the first out
LGBT generation. When I was born it was illegal for two people of the same sex
to express their love for one another in every state; Christine Jorgensen’s*
life was front page news across the globe and very little of it was
complimentary. We’ve changed our lives,
stood up for who we are and changed history.
My role in that is pretty small, but I am very proud of my generation of
LGBT people.
*Christine Jorgensen is regarded as the first
transgender celebrity, after she underwent gender reassignment surgeries in 1952
and was widely reported on. She went on to lecture frequently on the
experiences and issues faced by transgender people.
Markets Group: Is there anything you’d like to say to the
next generation of LGBT employees entering the industry? Advice, warnings,
words of inspiration …
LM: You must be open and be who you are in order to
bring about change. If you are holding back, that is an incredible amount of
useless energy you will never get back. However, it is important to feel
comfortable in the organization you are hoping to succeed in. The perfect
organization has yet to be created and may never be created. Additionally, I’ll
bring up the importance of mentorship again. If you want to win, be around
other winners, people who are out and successful.
MS: Who is your favorite real or fictional LGBT icon?
LM: Author Jan Morris. She wrote “Conundrum” about
her coming out as transgender in 1974. She joked many times in her life, that
no matter what she accomplished, the headline when she died would be “Trans
Author Dies,” and so when I was elected City Councilor, I laughed hysterically
when the headlines read “Trans Winner Makes History.”
Markets Group: And finally, how are you celebrating Pride
this year?
LM: This year, I’m really excited and deeply honored
to be celebrating at the White House. President and Dr. Biden invited me to
attend their annual Pride Celebration, which coincidentally falls on my 70th
birthday, and will recognize and celebrate the accomplishments of LGBTQIA+
citizens.