e.l.f. Beauty’s Change the Board Game Expands Coalition for Corporate Board Inclusivity

10/02/2025 – 12:01 AM

New research supports Change the Board Game’s premise that inclusive boardrooms can deliver stronger business performance

OAKLAND, Calif. — e.l.f. Beauty (NYSE: ELF) is gaining traction with its Change the Board Game initiative, fueled by an expanding network of partners and compelling new data that underscore the strategic advantage of boardroom inclusivity. This initiative posits that a diverse and representative board is not just a matter of social responsibility, but a key driver of business success.

Change the Board Game seeks to unite change agents who champion both inclusivity and high performance. The coalition has grown to encompass over 70 individual leaders and more than 20 organizations, all dedicated to fostering more accessible boardrooms. Their collective efforts focus on increasing the representation of qualified board members and candidates through strategic initiatives, board readiness programs, placement partnerships, and proactive advocacy.

At the heart of Change the Board Game is e.l.f. Beauty’s own experience. The company attributes its consistent financial performance, including 26 consecutive quarters of net-sales growth and market-share gains, to its inclusive Board of Directors. CEO Tarang Amin aims to demonstrate the tangible benefits of greater representation in boardrooms across the corporate landscape.

e.l.f. Beauty stands out as one of only five publicly traded companies, out of approximately 4,000 in the U.S., boasting a Board of Directors that is comprised of 67% women and 44% diverse members, according to data retrieved from Institutional Shareholder Services, Board Composition Database, April 01, 2025. This contrasts sharply with the broader corporate landscape, where women hold only 28% of public company board seats and a significant 74% of public company directors are white, based on the Institutional Shareholder Services, Board Composition Database, January 10, 2025.

“e.l.f. Beauty operates on the principles of positivity, inclusivity, and accessibility, and these values inform our leadership approach. We firmly believe that diverse perspectives, especially those mirroring the communities we serve, create a win-win environment,” stated Amin. “We are proud of the diversity within our Board and want to encourage other public companies to get to our level.”

The coalition is a mix of leaders, organizations and non-profits committed to championing inclusive Boards of Directors. Partners include Pink Chip, Latino Corporate Directors Association (LCDA), Black Corporate Board Readiness (BCBR), 50/50 Women on Boards and Gaingels, a global investor dedicated to equity of access and representation in venture capital, many others.

“We launched Pink Chip to spotlight the strength of women-led companies,” said Sam Rowlands, Founder and CEO, Pink Chip. “With Pink Chip we are on a mission to unlock women’s economic power through data-driven financial products. Joining the Change the Board Game Coalition is a proud moment for us as it’s an extension of our mission to shape a financial system where inclusion drives proven performance.”

“Collective action is essential to build better boards in service to shareholders, stakeholders, and society,” said Thane Kreiner, PhD, Co-Founder, BCBR. “Now more than ever, we need excellence through authentically inclusive governance.”

Groundbreaking research from North Carolina A&T State University (N.C. A&T) which is a historically Black university, adds significant weight to the argument. The study revealed a strong correlation between gender diversity on U.S. publicly traded Boards of Directors and Return on Equity (RoE). N.C. A&T’s analysis shows that from 2018 to 2024, U.S.-headquartered companies publicly listed on the NYSE or NASDAQ. Those with above-average gender diversity on their boards consistently outperformed those with below-average gender diversity. On average, the annual outperformance was significant around 256%. according to the Institutional Shareholder Services, Board Composition Database, June 30, 2025. This data includes U.S. Headquartered companies traded on NYSE and NASDAQ.

The average gender diversity of Boards of Directors from 2018 to 2024 for all public companies headquartered in the U.S. and traded on NYSE and NASDAQ was 24.59%.

Amin emphasizes, “We’ve witnessed firsthand the transformative power of inclusivity in our own boardroom. By forging alliances with like-minded companies, nonprofits, and universities, we can collectively Change the Board Game.”

e.l.f. Beauty has extended an open invitation to companies, corporate board members, and organizations to join the Change the Board Game coalition. This is a call to democratize access to the highest levels of corporate leadership.

e.l.f. Beauty (NYSE: ELF) is built upon the core belief that anything is possible. e.l.f. disrupts norms, shapes culture and connects communities, through positivity, inclusivity and accessibility. e.l.f. strives to make beauty accessible to every eye, lip and face. e.l.f. Beauty and its brands, e.l.f. Cosmetics, e.l.f. SKIN, Keys Soulcare, Well People, NATURIUM and rhode, are led by purpose, driven by results and elevated by superpowers. e.l.f. Beauty offers e.l.f. clean and vegan products, all double-certified by PETA and Leaping Bunny as cruelty free, and proudly stands as the first beauty company with Fair Trade Certified™ facilities. With a kind heart at the center of e.l.f.’s ethos, the company donates 2% of net profits to organizations that make positive impacts.