Billie Jean King and e.l.f. Highlight the Business and Community Benefits of Diverse Corporate Boards of Directors

Legendary tennis star and equity advocate Billie Jean King and e.l.f. Beauty (NYSE: ELF) are calling on U.S. business leaders and the wider community to “Change the Board Game” and put more women and diverse candidates on corporate boards.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240502043196/en/

Billie Jean King serving facts for e.l.f. Beauty to Change the Board Game to support inclusivity. (Graphic: Business Wire)

“Fighting for gender equality and inclusivity has been the driving force in my life for 70 years. Change is often a slow process and those in positions of power can bring about change quicker. e.l.f. Beauty is leading change in the boardroom and showing us investment in equality and inclusivity will ultimately be rewarded with tangible results,” said King.

King previously partnered with e.l.f. to commemorate the 50-year milestones of the “Battle of the Sexes” and equal prize money at the U.S. Open.

In a new campaign that supports e.l.f.’s wider “Board Game” initiative, King picks up her racket and launches fact-filled tennis balls at an in-progress board meeting. She serves up, for example:

  • Women make up only 27% of U.S. corporate boards*
  • The average U.S. corporate board is 88% white*

e.l.f.’s long-time partner agency for purpose work OBERLAND created these comical but impactful spots with O-Positive Production Company and Director Miranda Haymon to highlight the inequity at the top of America’s companies.

e.l.f. Beauty is one of only four publicly traded U.S. companies out of 4,200 with a board of directors composed of two-thirds women and one-third diverse representation.**

“e.l.f. Beauty believes it is important that it reflects the diverse communities we serve, and that means everywhere. We believe that the inclusivity of our Board of Directors and Executive Team has been a driving factor in our extraordinary business results over the last five years. Doing the right thing is good for our community - and good for business: e.l.f. has proven that with 20 consecutive quarters of net sales growth***,” said Kory Marchisotto, Chief Marketing Officer, e.l.f. Beauty. “We are asking our peers and partners to join us in increasing diversity in the highest seats of power. Change the board game, normalize diversity, change the world.”

“Serving Facts” also highlights e.l.f.’s partnership with the National Association of Corporate Boards (NACD) to create a trailblazing board accelerator program that trains and creates visibility for 20 women and/or diverse board-ready candidates. NACD Accelerated is a unique, two-year program that creates a pathway for executives to prepare for board service.

The “Serving Facts” spots were developed to complement an informative animated “Better Board” video, also produced by OBERLAND, with powerful, proprietary statistics about the inequality that still exists on corporate boards in 2024. This initiative is part of an ongoing awareness-and-action campaign with additional activations to come.

Lisa Topol, Executive Creative Director and Managing Partner at OBERLAND says, "Billie Jean King is the perfect partner for this initiative. Not only is she a tireless warrior for equality in sports, but she takes the fight wherever it's needed, even if that means packing up her racket and serving some cold, hard facts in the middle of a board meeting. Every ball Billie Jean King hits serves up a real disparity, like the fact that the average U.S. corporate board is only 12% diverse and 88% white. This has to change. And if there's one thing about Billie Jean King and e.l.f., it's that they won't stop fighting for what's right until it's game, set, match."

Learn more at changetheboardgame.com/bjk.

*Source: 2023 BoardEx Non-Executive Director Database analysis of UD publicly traded companies on NASDAQ + NYSE **Source: SSRN/ S&P 500 Global Marketing Intelligence ***As of e.l.f. Beauty’s most recent earnings report for 3Q Fiscal Year 2024

About e.l.f. Beauty

e.l.f. Beauty (NYSE: ELF) is fueled by a vision to be a different kind of company that disrupts norms, shapes culture and connects communities through positivity, inclusivity and accessibility. Our mission is to make the best of beauty accessible to every eye, lip, face and skin concern, through our brands e.l.f. Cosmetics, e.l.f. SKIN, Keys Soulcare, Well People and Naturium. We are committed to our superpowers of delivering premium-quality products at accessible prices with universal appeal that are clean, vegan, cruelty free and Fair Trade certified. Learn more at www.elfbeauty.com

About OBERLAND

Launched in 2014 by acclaimed marketing professionals Bill Oberlander and Drew Train, OBERLAND, is a Certified B Corp and Public Benefit Corporation, providing public sector, private sector, and non-profit organizations with fully integrated, purpose-driven solutions. (www.thisisoberland.com) has become the new face of the advertising: dedicated to helping brands Make Good Money. Winner of Ad Age’s 2024 Purpose Driven Agency of the Year Award, it combines the expertise of its team with passionate social advocacy, creating work that makes conscious capitalism the new standard.

Media Inquiries: Melinda Fried mfried@elfbeauty.com

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