Ruth J. Simmons.

• Author: McCARTHY, KELLY

Smith College's president, an advocate of women's opportunities in the workplace and the economy, joins the post-IPO board of Goldman Sachs.

THE SECOND TIME that Dr. Ruth J. Simmons turned down an invitation to join the board of Goldman Sachs Group Inc., Henry M. Paulson Jr. could have taken it personally. But he didn't. Instead, the CEO of the famed global investment bank redoubled his efforts to convince Simmons, the president of Smith College in Northampton, Mass., to join the group of initial outside directors that had been recruited for the firm's new era as a public corporation. (After 130 years as a private partnership, Goldman Sachs went public in May 1999 at $53 a share.)

Traditionally, what Goldman Sachs wants, Goldman Sachs gets. So, it really came as no surprise that Simmons eventually reconsidered and, in January 2000, joined the board of the prestigious financial services giant. Though her decision did not come easily. For when Paulson finally met face-to-face with the esteemed college president in December 1999, his job was cut out for him in turning around some of her trepidations.

And a good deal of persuasion it took. From the very beginning, Simmons was clearly hesitant of joining the board -- so much so that "Thanks, but no thanks" was her response when she was first approached earlier last year by a recruiting firm. Fate coincidentally stepped in when Simmons several months later literally "ended up at the table" with Goldman Sachs president and co-chief operating officer, John Thornton. She recalls, "I was at a Thanksgiving dinner at the residence of the Ambassador to The Court of St. James. John was there, and we met for the first time. Believe it or not, I didn't even raise the question of having been contacted."

Upon her return to the States, Simmons promptly received a follow-up call. The board was still interested. Thornton was equally impressed. And Paulson wasn't budging. The pressure was on. Yet, once again, she declined. "It's a wonderful company, but I simply don't have the time," she again told them, and then added, "Besides, I have absolutely nothing to offer you."

Candor, obviously, is one of her chief characteristics. She is also self-effacing. Where most prospective candidates would likely have salivated at the mere chance of sitting on such a much-coveted board, Simmons was primarily concerned with whether or not she could make a significant contribution. Forget wanting the prestige of being associated...