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April 23, 2021

Supplier diversity champion Terrez Thompson exits Coca-Cola after three decades

By Melissa Lowery

Terrez Thompson never intended to become a leader in supplier diversity, but that experience ended up being the most important of her 35-year career at The Coca-Cola Co.

She retired from the global beverage company at the end of 2020 as the vice president of global supplier diversity. She admits to feeling less than enthusiastic when she accepted the position in 2012, thinking it was not where she was supposed to be.

“I was a little bit reluctant,” Thompson recalled. “It wasn’t really a natural fit — in my opinion — but as I came in, I realized it was sort of a perfect fit for someone with my skills and experience. I had a reputation as being successful in business operations, of being a straight shooter. I was always about high-impact value return, about doing things that positively impact the bottom line. I quickly realized the impact I could have in supplier diversity.”

Her credentials for the job included more than 25 years of increasing responsibility within Coca-Cola, including executive assistant to the president of the Africa group, controller of The Coca-Cola Trading Co. LLC and company liaison in national and international communication arenas such as the World Economic Forum, The Prince of Wales International Business Leaders Forum and International Chamber of Commerce.

This background in business operations and analyzing opportunities with respect to the company’s bottom line informed Thompson’s approach to supplier diversity. Her perspective helped shift the image of supplier diversity from a social cause to a tool for economic empowerment and competitive advantage.

“Supplier diversity is not a social cause,” she said. “It really is something that — if done right — can empower the business through the supply chain, through innovation, increased competition, social impact and also as a marketing and branding tool.”

During Thompson’s tenure, Coca-Cola committed to spending $1 billion with diverse suppliers by 2021. Last year, in one of her final actions with Coca-Cola, Thompson announced the company’s commitment to spend an additional $500 million with Black-owned businesses over the next five years. The latter commitment recognizes the fact that Black-owned businesses bore the economic brunt of both the coronavirus pandemic and systemic racial injustice.