Former Froedtert Health president and CEO William Petasnick dead at 76. 21% of all S&P 500 directors in 2021 were from underrepresented racial and ethnic groups (Black, Asian American, Latinx/Hispanic, Native American, Alaska Native, or multiracial). When it comes to educational attainment, roughly a quarter (23%) of single-race Black adults ages 25 and older have earned a bachelors degree or higher as of 2019. Email: jguynn@usatoday.com, Follow reporter Brent Schrotenboer @Schrotenboer. People see them and want to be them.. Still, the data here again suggests a long way to go before America reaches something resembling racial equity. These changes, in turn, may impact how many people identify as Black (or any other race). Why Are There Still So Few Black Executives in America?, McKinsey & Co. Understanding Organizational Barriers to a More Inclusive Workplace.. Chenault (who was only the third black CEO to run a Fortune 500 company) was eventually joined by Don Thompson at McDonald's, Ursula Burns at Xerox, Roger Ferguson at TIAA-CREF, Kenneth Frazier. The term multiracial Black is used to refer to people who self-identify as two or more races and do not identify as Hispanic or Latino. Three-in-ten Black Hispanic people (30%) lived in female-headed households and 5% lived in households headed by male householders. The History and Politics of Hispanic and Latino Panethnicities," in The New Latino Studies Reader: A Twenty-first Century Perspective, ed. Almost all of those for whom I could find information were, or had been, married, and most had children. [5] Yen Le Espiritu. She attended a Catholic high school, and received her BA in engineering from NYU. The peak year for representation was . But Facebook lists all-white executives for thefive it is required to nameon its proxy statement. This suggests that there is likely a discrepancy between the number of multiracial Black people in the U.S., as discovered through demographic data analysis, and the number of multiracial Black people who identify themselves in this way. Only 1% of the Fortune 500 CEOs are African-Americans, 2.4% are East Asians or South Asians, and 3.4% are Latinx. "Citigroup's Fraser to Be the First Woman to Lead a Big Wall Street Bank," New York Times, September 10; https://www.nytimes.com/2020/09/10/business/citigroup-ceo-jane-fraser.html, [26] Kate Kelly. [31] See Zweigenhaft and Domhoff. Ajay Banga has been the CEO at Mastercard since 2010. As Ramon Gutierrez explains in an essay titled "What's in a Name? Raines' father was a janitor, and Ward's father was at times a postman, at times a janitor, and he grew up in a small house with no running water. The lone Black CEO among the top 50 companies reviewed by USA TODAY is Kenneth Frazier of Merck, the pharmaceutical giant. In some cases, the original groupings that we used decades ago no longer suffice, for now we can see that those born into some subgroups are much more likely than those born into others to become Fortune 500 CEOs. Arnold and Marian wanted their daughter to have someone to play with, and they liked Jide and saw how bright he was, so they suggested to Jide's biological mother that Jide live with them and attend the same school as their daughter. In 2019, there were 46.8 million people who self-identified as Black, making up roughly 14% of the countrys population. When I emailed the Wall Street Journal reporter to alert her to the error I had made, I also noticed that at the end of the Fortune magazine article there was a correction indicating that the author of that article also had initially missed that Ren Jones is black ("Correction: This story originally omitted the CEO of M&T Bank in its list of Black CEOs"). In a statement, Netflix told USA TODAY that in the past three years in the U.S., it has made strides, increasingthe number of Black American vice presidents from three to nine and the percentage of Black executive-level managers from 0% to 13%. 2020. The American Class Structure in an Age of Growing Inequality, 9th Edition. Netflix, which has one Black board member, or 8% of its board,also committed another $100 million to support Black communities in the U.S. Crist|Kolder Associates. And some companies including Cisco and Oraclehave no Black board members or executive officers listed. Most interestingly, these concepts also apply to Jide Zeitlin, who was born in Nigeria but was adopted by an American family, spent three years of his childhood in Pakistan and then five more in the Philippines, and then came with his new family to Cambridge, Massachusetts, where he attended the prestigious Milton Academy, went to Amherst, and did graduate work at Harvard. One reason black professionals are struggling to scale the corporate ladder, according to the study: a lack of face time with senior leaders, which hinders building personal relationships with those within a company who oversee promotions. Crist|Kolder Associates Volatility Report 2021.. Very few African Americans make it within striking distance of the executive suite, two or three salary grades below Fraziers senior team. The number of Latinx/Hispanic CEOs during the period more than doubled, from nine in 2004 to 20 in 2021. In 1978, just before the Iranian Revolution, the family fled, first to France, and then to the USA. 2019. She worked there for more than a decade, worked for Ernst and Young, and then was hired by American Management Systems. The press release provided no information about her medical condition, and through a spokesman she requested that the information remain confidential. When it comes to educational attainment, almost a quarter (23%) of Black Hispanic adults ages 25 and older have earned a bachelors degree or higher as of 2019. In "The CEO Life Cycle," the recruiting firm Spencer Stuart discusses the results of a data-driven study that reveals a common pattern in how CEOs perform . [1] Dennis Gilbert. Diversity, inclusion and equity efforts inside major corporations are too often relegated to the sidelines, with few if any penalties for missing objectives, unlike other business initiatives, he said. But according to its most recent proxy statement, none of its top five executive officers is Black. More than 100 candidates from underrepresented groups were hired with no quotas. If you are still running a plantation internally, or if you are still running your company like the 1960s, consider this your wake-up call, she said. The median household income for multiracial Black households is $52,000, meaning half of Black households earn more than that and half earn less than that sum as of 2019. [1] The other one third were from middle- or working-class backgrounds. 2.1 million More than half of these households (55%) earn less than $50,000, with the other 44% making $50,000 or more. Roughly a third (32%) of the single-race Black population in the U.S. were either members of Gen Z or age 6 or younger, meaning they were 22 or younger in 2019. And we have expanded our list from 100 senior managersour number in 2009 and 2012to 300 top executives. This story has been updated to correct Ellison's new title. The vast majority of the multiracial Black population speaks English very well or only speaks English at home (99%), while about nine-in-ten (94%) speak only English at home as of 2019. So, too, in late July, when Jide Zeitlin resigned as CEO of Tapestry, did the author of a July 22 New York Times article make the same mistake. Equity means creating a level playing field through fair access and opportunities. So, too, is skin color important, especially for Latinx. The African-American CEO in office the longest was Kenneth Chenault, at American Express for 16 years, from 2001 through 2017 (#74 in 2001, #86 in 2017). He became the CEO of Uber in 2017, a company that first made the Fortune 500 list in 2020. The black CEOs on our list come from all corners of the country and lead public and private companies across all sectors of the economy. He grew up in a small town in Massachusetts, went to Boston College, and then earned an MBA from the University of Rochester. "[24], In September 2020, Citigroup announced that Jane Fraser, born in Scotland and educated at Cambridge University in England before attending the Harvard Business School, was to become their next CEO, starting in February 2021. For decades, corporate America has failedto hire, promote and fairly pay Black men and women, stalling many from rising above middle management, says Ella L.J. Finally, Joey Wat, who was born in southern China, became CEO of Yum China in 2018 (#397), and was still in office in 2020 (#361). Legal Statement. Efforts like these seem to be bearing fruit. 2019. Fortune reported in February 2014 that just over 4 percent of Fortune 500 . Based then on the appointments of New CEOs from 2000 through 2020, based on the very small number of New CEOs in the pipeline leading to the CEO office, and based on the academic research that suggests that those New CEOs who are appointed face more daunting challenges than their white male counterparts, and that they have shorter tenures as CEOs than do their white male counterparts, I can only conclude that the future does not look bright when it comes to diversity among Fortune 500 CEOs. ICE Limitations. Still, the white men, who make up about 35% of the population, continue to be very much over-represented, and the gap between them and the New CEOs is still immense. [12] The first was Cuban-born Geisha Williams, who became CEO at PG&E in March 2017 and held that position until the end of 2018 (#157 in 2017, #168 in 2018). Interestingly, although there have been relatively few African-American Fortune 500 CEOs, and the number at any given time has remained flat, a higher percentage of the African-American CEOs have been at larger rather than smaller Fortune 500 companies than any of the other groups in my sample. Diversity in the Power Elite: How it Happened, Why it Matters. In 2004, Michelle Ryan and Alexander Hasslam, two British academics, coined the term "glass cliff" to refer to their findings that women who had been appointed as CEOs were more likely than men to have taken over companies that had experienced especially poor performances during the previous months. For example, a 2021 report from executive recruiting firm Crist|Kolder Associates, which examined 682 S&P 500 and Fortune 500 companies, found that: According to the latest U.S. Census Bureau data, Latinx and Hispanic people represent the largest racial or ethnic minority group in the United States, comprising 18.5% of the total population. Like Hayward Donigan, the white woman who became CEO of Rite Aid in 2020, he attended the elite Hackley School in Westchester County outside of New York City (tuition in 2020: $44,000). "More importantly, there exists so many more opportunities for biases and discrimination to creep in as one attempts the ascent up the ladder to a top position.". Muhtar Kent is a Turkish American born in New York City when his father was the Turkish consul-general. Since 2000, there have been 151 white women and people of color appointed CEOs at Fortune 500 companies. More recently, many have adopted the term "Latinx" to acknowledge that not all people fall under the gender binary of male and female. However, an individuals racial and ethnic self-identification may not be fixed and instead can change over time. Carol Tome, UPS (#43), grew up in Jackson, Wyoming, where her father owned a bank. When I looked for biographical information about him, I learned, as noted above, that he is biracial, with an African-American father who was in the military, and a Belgian mother. In some cases, companies also list other top-paid officers who recently left. This is an increase from 2000, when 2.4 million people, or roughly 7%, among the Black population were foreign born. The total Black Hispanic population is young and growing. He developed a relationship with one of those women. On June 1, the company committed $10 million to aid organizations dedicated to "equality and social justice.". So why now? Broader analysis shows that more than half (54%) of Black households earn less than $50,000, while 46% make $50,000 or more. It now shows an expanded photo line-up of 16, including three Black executives who had been with Nike since at least 2019 but were not previously listed on that page as top executives. The question is whether such progress will be sustained over time. Ultimately, he revealed his actual identity to her, and the relationship ended. It is a subsidiary of The Pew Charitable Trusts. Fully 11 of the 20 African-American CEOs have been at companies in the top 100, including Franklin Raines, CEO at Fannie Mae from 1999-2004, Stanley O-Neal at Merrill Lynch from 2002-2007, Kenneth Chenault at American Express from 2001-2017, and Kenneth Frazier, CEO at Merck since 2011. But none of the fivetop executives listed on the company's proxy statement is Black. Today there are three: Kenneth Frazier of Merck, Roger Ferguson of TIAA and Marvin Ellison of home improvement giant Lowe's. Bank of America, Pfizer and McDonaldseach have two Black board members but also list no Black executive officers. [8] The British Raj, or the rule by the British Crown that lasted from 1858 to 1947, often called British India, included what is now considered India, Pakistan, Bangladesh, and Burma. Lets Close the Gap on Board Diversity. Fewer than one-in-five live in the West (17%), and 0ne-in-ten live in the Midwest (10%) as of 2019. And the overall number is down from 7 Black Fortune 500 CEOs almost a decade ago. The two longest-serving held their positions for 11 years: Paul Diaz, a Cuban-American lawyer who was the CEO of Kindred Health Care from 2004 to 2015, and George Paz, a Mexican American accountant who became the CEO of Express Scripts from 2005 to 2016. What Is DEI and Why Is it Important for Your Company Culture?, Ford Foundation. This marks a 29% increase since 2000, when there were roughly 36.2 million Black Americans. as you said, made up of African-American corporate executives, Fortune 1000 . It helps to explain why the wealth gap in this country has gotten so much worse in the last 40 years, Rogers said. ", "Its one thing to add a Black member to your board or to promote at least one African American to the (executive suite) so you have numerical cover," Dick Parsons, senior adviser at asset management firm Providence Equity, told USA TODAY. Last week, Merck CEO Kenneth C. Frazier announced his plans to retire in the spring. Additionally, 130,000 members of this population were born outside of the country, meaning that 4% of the multiracial Black population is foreign born. In the five-month period prior, they only hired 38. The Black population has grown by more than 10 million since 2000, when 36.2 million of the U.S. population identified as Black, marking a 29% increase over almost two decades. In 2015, heco-founded Hingeto, a platform to create and sell branded products such as Marshawn Lynchs Beast Mode and mall retailer PacSun. What Is DEI and Why Is it Important for Your Company Culture? Marvin Ellison became the CEO of J. C. Penney's in 2015 (#250), and then became the CEO of Lowe's in 2018 (#42). In 2021, 6.9% of companies were led by female CEOs, and 15.1% had female CFOs. Let's dive in and take a closer look at these leading Black American CEOs. As he grew up, he explained in this letter, he had learned photography from some of the photographers who worked with his father when his father was a journalist for Associated Press. He received his BA from the University of Memphis, and an MBA from Emory. See Lawrence Mishel and Jori Kandra, 2020. 20 Questions: Enrique Salem. Just 24 Black CEOs have made the Fortune 500 list in its roughly 68-year history. 124,004 The number of Black-owned employer businesses in the United States in 2017. She stayed with Xerox, working her way up through the management ranks. In addition, in this paper I'll compare these 151 New CEOs who have made it to the top of these giant, very hierarchical, corporations, with the similarly "new" members of Congress, the white women and people of color who have been elected to the Senate and the House. There are three CEOs who are not East Asians or South Asians, but they are not white men and their international backgrounds are both revealing and helpful as we seek to understand the pathways that lead to the CEO office. We have to be willing to take the position that, if we're not racist, we need to challenge a process, a system, a custom that allows African Americans to advance, not at the same rate as everybody else, Frazier said in the Harvard interview. There were five, not four."[19]. But now, 20 years later, the New CEOs are not so new, and there are enough of them so that it is possible to step back and look at the patterns that have emerged over these two decades. The fertility rate among single-race Black women in the U.S. ages 15 to 44 was 6.0% in 2019. "Verizon is fiercely committed to diversity and inclusion across all spectrums because it makes us and the world better,"Verizon Chairman and Chief Executive OfficerHans Vestberg said in a statement. More than one-third of black respondents said they plan to leave their company within two years, as opposed to 27% of whites. Sometimes Jide's mother brought her little boy with her, and he hit it off with the Zeitlins' daughter who was about the same age. Envos gratis en el da Compra online de manera segura con Compra Protegida The Lost: A Mace Reid K-9 Mystery (mace Reid K-9 Mystery, 3) Other top metropolitan areas for this subgroup include Washington D.C., Los Angeles and Philadelphia. Additionally, these three states are home to some of the urban areas with the highest shares of single-race Black people. When she was eight, Moammar Ghadaffi's Free Officers' Movement overthrew the Libyan government in a coup d'etat. Men's streetwear has been in style since the 1990s. What's Included and History, What Is the Equal Credit Opportunity Act (ECOA)? It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Meanwhile, Amazon pledged $10 million to nonprofits focusing on justice and equity. Employee donationsand the companys 100% matchraised an additional $17 million. This is an increase from 2000, when roughly 260,000 people, or about 27%, among the Black Hispanic population were foreign born. "The rise and fall of diversity at the top: The appointments of Fortune 500 CEOs from 2005 through 2015," Who Rules America? Longtime PepsiCo CEO Indra Nooyi will step down in October . As is the case when Fortune boards choose Asian CEOs, when they choose Latinx CEOs they are likely to select men and women who have grown up in the global elite. See Raquel Reichard. Hewlett Packard Enterprise. Technology company Cisco has no Black members on its board of directors or among its six executive officers, according to its website this week. E-mail: bschrotenb@usatoday.com, Less than 2% of top executives at the 50 largest companies are Black. The number of Black CFOs nearly doubled from 2020 to 2021 (the number of Black CEOs remained stagnant). 1976. Many are engineers with undergraduate and graduate degrees in chemical engineering, electrical engineering, and mechanical engineering. On July 14, 2020, she announced that she would not return as CEO, and resigned from the board as well. [33] Zweigenhaft and Domhoff. Numbers, Facts and Trends Shaping Your World, younger multiracial people are more likely, do not describe themselves as multiracial. The black CEOs on our list come from all corners of the country and lead public and private companies across all sectors of the economy. Historically, Black executives or high-ranking employees who are few in numbers have been viewed as a "token" by companies that fail to show a genuine concern or effort in providing equal. Read our research on: Election 2022 | Economy | Abortion | Russia | COVID-19. Six were born in Spain, five in Cuba (three more were Cuban Americans born in the USA), three in Argentina, three in Mexico, two in Venezuela, two in Brazil, two in Puerto Rico; other countries of origin include Chile, Colombia, Costa Rica, and Morocco. If anything, the ranks of those who have occupied the corner office appear to bethinning. There had been as many as seven for a few years, and the number dipped to three and four in some years. She received a BA from Wisconsin and an MBA from Northwestern. Laura Sen, a Chinese American born in the USA, was the CEO of BJ's Wholesale Club from 2009-2012 (#269 in 2009, #221 in 2012). Over the complete history of the Fortune 500, which dates back to 1999, there have only been a total of 18 Black CEOs leading America's Fortune 500 companies. Former American Express CEO Ken Chenault said "there are thousands of black people who are just as qualified or more qualified than I am," commenting on a report that found that less than 1% of Fortune 500 companies are led by an African-American CEO. How many stories from Black folks do you need?". The company executives page on Nikes website recently went through its own makeover. Also, notably, and certainly a sign that things not only have changed in the culture but in the corporate elite, in August 2018, the Board of Land O'Lakes (#212) announced the appointment of the first openly gay female Fortune 500 CEO, Beth Ford. First published on December 9, 2019 / 5:32 PM. The median age of Black people in 2019 was 32, six years younger than the U.S. populations median age of 38. In April 2020 she took a leave of absence for undisclosed health reasons. 2015. Her name then was Geisha Jimenez the name Geisha came from a John Wayne movie that her parents liked, "The Barbarian and the Geisha." A reporter was soon to break a story about this affair, and Zeitlin decided to try to control the narrative by telling the story himself in a letter to the Board of Directors that he posted on LinkedIn. [18] I had missed one: Ren Jones, the CEO of M&T Bank (#462). "The 14 longest-serving CEOs of the Fortune 500, Fortune, May 5; https://fortune.com/2015/05/05/14-longest-serving-ceos/. CGRP-82, Available at SSRN: https://ssrn.com/abstract=3587498, [35] Alison Cook and Christy Glass. "With blacks making up 10 percent of college graduates, you would think there. Therefore, it was not until 1999, when Franklin Raines became CEO of Fannie May (#26) and Lloyd Ward became CEO of Maytag (#379), that there were Black CEOs of Fortune 500 companies. [15] Zweigenhaft and Domhoff, 2014, The New CEOs, pp. Foreign born refers to persons born outside of the United States to parents neither of whom was a U.S. citizen. Companies with above-average diversity in their management teams generated significantly more income from products launched within the past three years than less diversified companies. Black lives matter. Within the 682 companies in the study, people of color held 73 CFO positionsan all-time high representation of 11%. Texas is home to the largest number of Black people of any state, with around 3.4 million single-race Black people. Figure 1: White male CEOs and "New CEOs" in the Fortune 500, 2000-2020, Table 1: New "New CEOs" (new appointments), by year, 2000-2020, Figure 3: Women, African-American, Asian-American, and Latinx CEOs, 2000-2020, Figure 4: Women CEOs, Women in the U.S. Senate, and Women in the U.S. House of Representatives, 2000-2020, Figure 5: Black CEOs, Black members of the U.S. Senate, and Black members of the U.S. House of Representatives, 2000-2020, Table 2: Potential "New CEOs" in the Pipeline, 2011 and 2020, Continuing Corporate Dominance (No, the Corporate Elite Is NOT Fractured), An Investment Manager's View on the Top 1%, How Corporate Moderates Created Social Security. It also puts corporations at a disadvantage. You can learn more about the standards we follow in producing accurate, unbiased content in our. Ford and her wife, Jill Schurtz (a West Point graduate, and a lawyer), are raising three teen-age daughters. Not counting the one interim appointment (Claire Babrowski at Radio Shack in 2007), and those who were still CEOs in 2020, the average length they were CEOs of Fortune-ranked companies was 6.1 years, with a range from 33 (Marian Sandler at Golden West from 1973 to 2006) to a few who lasted less than a year (Debra Crew at R. J. Reynolds in 2017, and Melissa Miller at Alliance Data Systems in 2019). [3] Jide Zeitlin's letter posted on LinkedIn can be seen here: https://www.linkedin.com/pulse/my-story-jide-zeitlin/. Washington, who in 2018 interviewed nearly 60 black female executives about the intersectional invisibility they experienced at work, said they were intentional about coming in with a plan and. "As a practical matter, it means taking from those who have privilege, privilege that they are sometimes not even aware of, and giving to those who have not had that privilege, who truly are on an unequal footing. Survey Reveals Top Concerns of HR Executives in America, Amazon Donates $10 Million to Organizations Supporting Justice and Equity, Employed Persons by Detailed Occupation, Sex, Race, and Hispanic or Latino Ethnicity. And there is no shortage of minority candidates who can compete for these jobs, Parsons said. An additional 24% were Millennials, meaning 56% of single-race Black people were age 38 or younger in 2019. But how to break through the Black ceiling? Proceedings of the National Academy of the Sciences, PNAS March 3, 117 (9) 4590-4600; first published February 18, 2020; https://doi.org/10.1073/pnas.1918896117. If a CEO does not value diversity, if there is no accountability, there will be no meeting of internal goals and there will be no change, Owens said. An additional 24% were Millennials, meaning 75% of the Black Hispanic population was 38 years of age or younger that year. As of mid-2021, just four Black CEOs are heading up companies in the Fortune 500. Many of these CEOs are helping to pave the way for others in minority communities to succeed. Strategic Management Journal, 35 (7), 1080-1089; https://doi.org/10.1002/smj.2161, [36] Scott DeCarlo and Anne Vandermey. Americans could be in for a tax refund shock next year, An alarming number of 2022 homebuyers are already underwater, Identical twins accused of cheating on a test awarded $1.5 million. A 2018 Boston Consulting Group study suggests that greater diversity on leadership teams improves financial performance and innovation. Take the Pledge. See What Census Calls Us for more details on how the racial and ethnic categories have changed throughout the years. Their international origins, the fact that many have lived all over the world heading up countries or regions for multinational corporations, their ability to speak more than one language, and their general worldliness reminds us that the Fortune 500 are very much a part of a global economy. 1. This yielded information on 240 people at 22 corporations. Board members who hail from a wide range of industries and backgroundsare appointed by the company and then voted on by the shareholders, but most senior leaders in corporate America come up through the ranks of the organization or from within the same industry, says Duke University'sAshleigh Shelby Rosette. The four East Asian women all have Chinese American backgrounds. Some key findings of the report: Blacks represent less than 1 percentage point (0.8 percent) of Fortune 500 CEOs. Before the turn of the century, and therefore before the flow of new Fortune 500 CEOs began, two social scientists put forth concepts that now may help us to predict future CEOs: "third culture kids" and the "flexible immigrant. Of the 83 women who have been CEOs of Fortune 500 companies since 2000, 72 have been white women. For example, a group of Silicon Valley leaders launched The Board Challenge, which calls for companies to appoint a Black director within the next year. She has a BA in mechanical engineering from Kettering University, and an MA from Stanford. Many of these megacompanies are still led by all-white executives in the top five slots listed on proxy statements the CEO, the chief financial officer and three other top-paid executives. You could have literally taken the headlines from those days and moved them forward 50 years to George Floyd and that reaction, he said. The median ranking has been #275 which means there has been a slight tendency for the white women to have been at the smaller rather than the larger companies. They dont get looked period.. The terms single-race Black and Black alone are used interchangeably throughout these fact sheets to refer to the same population. He received his BA from Penn State and went on to earn a JD from Harvard. In 2020, 7 of the 10 new appointments were white women. This stark racial divide has a cascading effect, stagnating income levels and helping worsen the race, class and wealth gap that is yawning even wider during the COVID-19 pandemic. 2010. About 65% of blacks in the study said they have to work harder to advance, compared with only 16% of white employees. Intermountain Healthcare names Robert Allen president and CEO. We have a platform, and we have a duty to our Black members, employees, creators and talent to speak up., Co-CEO Reed Hastings and wife Patty Quillinalso announced they were donating $120 million to historically Black colleges and universities to reverse generations of inequity in our country.. Equal Employment Opportunity Commission. Photos (left to right): NRG, Chief Executive, Fortune. Six were CEOs of Fortune 100 companies, including LaGarta, Nooyi's replacement at Pepsico, Enrique Lores, who became CEO at Hewlett Packard (#55 not to be confused with Hewlett Packard Enterprises, which was #109) in 2019, and Juan Luciano who became CEO at ADM in 2015 (#34 in 2015, #54 in 2020). At the same hearing, Bank of America CEO Brian Moynihan highlighted his company's diversity data. The fertility rate among multiracial Black women in the U.S. ages 15 to 44 is 5.5%. I know what you are wondering (well, as someone who has been studying Jews in the corporate elite for 40 years, I was wondering): is Jide Zeitlin Jewish? His father, Arnold, is Jewish, but his mother, Marian was not. Since then, this number rose by 5% to 41 as of 2021. Daniel has 10+ years of experience reporting on investments and personal finance for outlets like RothIRA.com, AARP Bulletin, and Exceptional magazine, in addition to being the "Bank of Dad" column writer for Fatherly.com. If we don't count Bell, the interim appointment, or the five African-Americans still in office in 2020, the 12 African-American male CEOs were in office for an average of 5.8 years (about the same as the white women), with a range from Chenault's 16 years to Lloyd Ward, who lasted at Maytag for a little over a year, from August 1999 through November 2000. Thats real, not just a show (of faces), said Rogers, who is Black. Building a, Left and Right in Thinking, Personality, and Politics, Alternative Theories: Pluralism, State Autonomy, Elite Theory, Marxism, C. Wright Mills, Floyd Hunter, and 50 Years of Power Structure Research, Teaching about Corporate Power (London et al. Besides English, roughly half (51%) of this population speaks Spanish. The average age of an employed chief executive officer is 52 years old. The recruiting platform BoardProspects reported that companies in the Russell 3000 index named 130 Black directors in the five months following Floyds death. The father of Josue Robles, Jr. (the CEO of United Services Automobile Association from 2007 to 2015, #122 in 2015) came to the USA from Puerto Rico with only a fourth grade education and worked in steel mills for 35 years (Robles' mother had a ninth-grade education). Black Americans are diverse. The late Katherine Graham, of The Washington Post Co., was the first female CEO to make the Fortune 500 list, in 1972. None of the 13 East Asian CEOs has led a company in the top 100 (the East Asian CEO who led the highest-ranking Fortune company was Richard Hamada, CEO of Avnet from 2011 through 2016 it was #132 in 2011, and #102 in 2016). The Victoria's Secret model dated Leo for 10 months from 2011 to 2012 but they are said to have broken up due to their conflicting, busy . That is, just as many Latinx CEOs probably see themselves as white, so, too, are they seen as white by others.[15]. Georgia and Florida are home to the next largest populations of this population, with roughly 3.3 million single-race Black people each. Figure 1: New CEOs by year: 2000 through January 2014 In order to update this earlier work on the pipeline, I once again turned to the photos of the leadership teams of Fortune 500 companies. 2014. The increases for white women and African-Americans are quite small, and the decreases for Asian-Americans and Latinos indicate that the executive ranks right below the CEO continue to be filled mostly with white men. How Diverse Leadership Teams Boost Innovation., Fortune. The goal of DEI is to hire a diverse workforce, give workers a voice, and include workers in business happenings. While a graduate student at Columbia, Burns participated in a summer internship for minorities at Xerox, and when she completed her degree she went to work for that company. Money is important but its not going to solve this problem all alone. Besides English, other commonly spoken languages by this part of the population ages 5 and older include French or Haitian Creole (2%), Spanish (1%) and Amharic and other Ethiopian languages (1%). For white people, the ratio of service workers and laborers compared withsenior-level management is roughly 7 to 1, according to 2018 statistics compiled by the U.S. And what about the boardrooms that help steer these enormously influential companies? And why do they accept these especially challenging jobs? In interviews, these women often emphasized how important being on teams had been for their development as leaders. Former Nike Brand President Trevor Edwards, who is Black, had been listed among Nike's top-paid elite leaders before he resigned in March 2018. Six S&P 500 and Fortune 500 companies had. There are 134,000 Black-owned businesses in the United States, employing 1.3 million people. Black people make up 13.4% of the population. This is an increase from 2000, when 250,000 people, or roughly 16%, among the multiracial non-Hispanic Black population were foreign born. The U.S. Black population is young and growing. Neither the data in the twenty-year trends nor the data on who now is (or is not) in the pipeline to the CEO office provide reason for optimism, Adding to this grim perspective, some research indicates that women and men of color who ascend to CEO positions in the Fortune 500 are faced with even greater uphill odds than their white male counterparts. Many are runners, and at least one has completed numerous triathlons (Kristin Peck, CEO of Zoetis, #472 in 2020). Perhaps even more important in terms of rising to the very top of U. S. corporations, they share a class and educational background with the privileged white men who sit on the boards of Fortune 500 companies who appoint them as CEOs. Roughly one-in-five (21%) are unaffiliated with any particular religion, while smaller shares of adults identify as Catholic (6%), other Christian denominations (3%) or non-Christian faiths (3%). Its not that they get overlooked. For example, the U.S. Bureau of Labor Statistics, which collects data across the entire economy, reported that in 2021, Latinx/Hispanic individuals comprised only 7.4% of all chief executives. The lack of diversity at the top of corporate America extends beyond black CEOs. The term Black Hispanic is used to refer to those who self-identify as Black and Hispanic or Latino, as well as those who self-identify as multiracial Black and Hispanic or Latino. Bell Smith, Dartmouth professor of business administration. I told her that slightly more than a decade earlier there had been as many as seven, but there were at that moment only four. There were roughly 2.4 million Black Hispanic people in the U.S. in 2019, which was 5% of the total Black population that year, making this subgroup the smallest population group included in this analysis. As can be seen in Figure 2, which shows the number of women CEOs each year over this 20-year period, by far most of the new women CEOs have been white. 201-202).[23]. [37] Are these differences statistically significant? Cisco said that means a 25% increase in representation of Black employees from entry-level through manager level and a 75% increase in representation of Black employees from director to vice president+ by 2023.. Its not that corporate America is lacking for Black executive talent, says Barry Lawson Williams, a retired Black businessman who has served on more than a dozen public company boards. Just four black CEOs run Fortune 500 companies in America, and three of them are speaking out about racial inequality following the death of George Floyd. Inclusion is the extent to which team members feel a sense of belonging and value within an organization. A majority (69%) of single-race Black adults identify as Protestant. Among racial and ethnic minority groups, only Asian American executives came close to their relative share of the U.S. population, with 6.8% of top leadership roles. When the Washington Post made the Fortune 500 list in 1972 (it was #479), she became the first woman CEO of a Fortune 500 company. The next wave of women included more who had played sports in high school and some who had played in college. Over a third (35%) make $75,000 or more, including almost a quarter (24%) that make $100,000 or more. There were 4.2 million black immigrants living in the U.S. in 2016, up from 816,000 in 1980, according to a Pew Research Center analysis of census data. In 2019, the compensation of the CEOs at the top 350 firms averaged $21.3 million, an increase of 14% from 2018. [23] Lois Weis, Kristin Cippoloni and Heather Jenkins. A third (33%) have completed some college as of 2019, and more than four-in-ten (44%) have, at most, graduated from high school (or earned an equivalent such as a GED certificate). Like Geisha Williams, and like so many CEOs who leave their jobs for one reason or another, she was given a nice parting gift, in her case a golden parachute of $5.4 million with the likelihood of additional bonuses as part of her severance.[14]. She then surprised her Brahmin parents by coming to the USA to study at the Yale School of Management (as she put it, "It was unheard of for a good, conservative, South Indian Brahmin girl to do this"),[6] and that led to jobs, first with the Boston Consulting Group, and then Motorola, before she went to work at Pepsico and began a climb through management ranks that led to the CEO office in 2006. In a distant second is Atlanta, with 2.2 million, and then the Washington, D.C., area, with 1.7 million Black residents. Although there is little research on how much companies spend on diversity recruitment in total, individual companies like Google andIntel report spending hundreds of millions annually to diversify their staff. The most common ethnicity of chief executive officers is White (81.1%), followed by Hispanic or Latino (7.0%), Asian (6.8%) and Black or African American (3.2%). ", Follow reporter Jessica Guynn @jguynn. In these fact sheets, we refer to several generations. Last year, 9.9% of its vice presidents were Black, according to Nike, which also recently announced a $100 million commitment to the Black community from Michael Jordan and Nikes Jordan Brand. (+1) 202-419-4300 | Main She was the first in her family to earn a college degree she received her BA in industrial engineering from the University of Miami, and then an MBA from Nova Southeastern. This marks a 29% increase since 2000, when there were roughly 36.2 million Black Americans. Regionally, Black Hispanic people are largely concentrated in the Northeast and South (72% in total). There were five African-American CEOs in 2004, and there were five in 2020. I was unable to obtain information about the class backgrounds for some of the white women CEOs in 2020, but for those I could I conclude that about two-thirds are from privileged or relatively privileged backgrounds where the parents were well-educated professionals, and in some cases, quite wealthy. Updated on: December 10, 2019 / 9:14 AM Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. In all, 20 African-Americans were Fortune 500 CEOs between 2000 and 2020, 18 men and two women (neither of whom was still in office in 2020). Last month, Netflixhired prominent Black executive Bozoma Saint John as its chief marketing officer. Again, this yielded information on 22 of these 25 companies, this time for 200 people. Unlike white men, they are more likely to be appointed to struggling firms, creating greater obstacles to successful leadership than their white male peers." "It's embarrassing because there are thousands of black people who are just as qualified or more qualified than I am who deserve the opportunity, but haven't been given the opportunity," retired American Express CEOKenneth Chenaulttold the researchers behind the study. 1992. A diverse workforce allows companies to benefit from a variety of perspectives. After various positions, mergers, and acquisitions, she emerged as the newly appointed CEO. U.S. Black population (which is inclusive of the following three demographic subgroups). The family moved to Baltimore when she was young, and her father worked for the postal service. In our larger project, in which we have looked at diversity in the power elite, we also have tracked diversity in the political elite, and this has included especially the executive branch, but also both the Senate and the House of Representatives. Now, looking at the patterns of the New CEOs over the last twenty years, it becomes clear that some flexible immigrants and third culture kids, especially those born to wealth and privilege in their home countries around the world, have emerged to lead multinational Fortune-level corporations. [8], Nazzic Keene took a much less traditional path to corporate power than Muhtar Kent. Its important to mention that there has been a growth in the share of people in the United States not just Black Americans who identify as multiracial in recent years. The other South Asian woman who has been a Fortune 500 CEO, Sonia Syngal, was born in India in 1971, but her parents moved to Canada when she was young, and then they relocated to the USA (I have not been able to find anything about her parents' education or careers, but the fact that they were able to emigrate to Canada suggests they were educated). When asked who the important mentors have been in his life, Mauricio Gutierrez, who became the CEO of NRG in 2015 (#196 in 2015, #324 in 2020), said that he got the best advice from his father, who was the CEO of a company in Mexico (the advice: first listen to others, but then be willing to make a decision). The peak year for representation was 2012, when a still-anemic total of six Black CEOs led corporate America's most prominent companies. 5 Anterior (a) and lateral (b) view of the cleft skull of an 18- to 23-year-old man . "Its another thing to understand why we need to do something extraordinary to get to where we need to be.. One is that it is hard to keep track of those we have called the New CEOs in part because the numbers are ever-changing, and in part because there now have been so many that it is not big news. Then, in an educational trajectory that has worked for so many white CEOs who grew up in privileged backgrounds, he went to the elite Milton Academy, to Amherst College (from which he graduated magna cum laude with a double major in Economics and English), and then earned an MBA from Harvard. Impact of George Floyds Murder and Black Lives Matter Movement on Board Diversity., USA Today. When Parsons took the helm of Time Warner as CEO in 2002 and of Citigroup as chairman in 2009, he became one of the most powerful African Americans in corporate America. The Black population of the United States is growing. News provided by The Associated Press. 2016. Roughly a quarter (24%) live in the Midwest, one-in-five live in the West and 16% live in the Northeast. They dont get looked period.. As can be seen in the far right column of Table 1, the number of white women and people of color appointed each year gradually increased to a peak in 2011, when there were 13, and then to another slightly higher peak in 2019, when there were 17. Thirty percent of Fraziers senior team is African American. All five were from privileged backgrounds. Some months earlier, the Board had begun an investigation based on an allegation about an inappropriate relationship he had with a woman a decade earlier. He left Coca-Cola to work in Turkey for six years, and then returned in 2005 where he was responsible for all of Coke's operations outside North America. The single-race Black population is young and growing. Jan Adams, JMA Solutions Adams founded JMA in 2005. Florida is home to the second-highest number of this population, with 260,000, and California comes in third with 240,000. 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