When the company's balance sheet collapsed, diversity went from "must do" to "nice to do." The outfit needed diverse employees to design and market innovative products. But those employees saw the corporate commitment falter as cash flow ebbed. They knew their market value as executive men and women of color. And they fled.
When you have black and Hispanic directors on your corporate board, and your CEO and chief of diversity are people of color, you should be able to make diversity work. But membership in the external organizations that validate your commitment to diversity isn't free. And those expenditures were among the first to be cut.
I've saved those publications as professional samples of how diversity can be done well. Professionally, however, they haven't impressed would-be hiring managers. Diversity as a career skill seems less valued if you're not a candidate of color.