But he has served on some boards and is currently a director at aluminum products maker Arconic. [A]tHome Depot, where he spent many years, he jumped to store management, giving him a P&L by which to measure him as he rose up, says Wahba. Munoz has been named among the "100 Most Influential Hispanics" by Hispanic Business magazine. The first was Ursula Burns, who served as CEO of Xerox from 2009 until 2016, and as chairwoman from 2010 to 2017. But the company struggled as rivals undercut Maytag prices on the lower end. In 2014, for the first time since 2002, the company reported a global decline in sales at outlets open for at least a year. Best Universities collected information on the schools that the top 10 women Fortune 500 CEOs attended, using company websites, news coverage, and LinkedIn. While interim CEOs often land the job permanently, Bed Bath & Beyond ultimately poached Targets former chief merchant to be its new chief executive. Terms & Conditions. In the history of the Fortune 500 list, there have only been 19 Black CEOs out of 1,800 chiefs. The finance executive is a powerhouse in the business environment in America. All rights reserved. But in the last two years of his stint, he was unable to quell market share losses as consumers started flocking to cheaper options such as Panera and Chipotle. In one of his biggest tests as CEO, Chenault led his company out of the crisis that followed 9/11: American Express had thousands of workers in the towers next to the World Trade Center. Shes the epitome of experiences, additional responsibilities, and demonstrated value, Hyter says. 1 on the list. Offers may be subject to change without notice. Her dad, Otis Brown, worked for Xerox in New Jersey as a truck driver. Powered and implemented by Interactive Data Managed Solutions. His A-list fans include Warren Buffett, whose Berkshire Hathaway was American Expresss largest shareholder when Chenault retired; Buffett went on to name Chenault to the Berkshire board, replacing Bill Gates last year. Most of these exits are due to high losses in the stock market and a recession on the way, with Fortune 500 companies collectively losing 18% . foundation, we have to bring people together," he claimed as he ushered everyone back to the office, one of the first CEOs to do so. His dealmaking acumen landed him a role as senior adviser to private equity firm Providence Equity Partners, and he cofounded Imagination Capital, a venture capital firm. In this audio-only course, adapted from the Thirty Minute Mentors podcast, leadership expert Adam Mendler sits down to talk with Deanna shortly before her retirement. Lewis was tasked in late 2004 with retails mission impossible: making sure that the union of Kmart, which hed led for over a year at that point, and Sears revitalized both iconic but struggling retailers. He sits on a number of boards, including that of Exxon Mobil. Hobson first joined the board in 2005 and was appointed vice-chair in 2018. In 2015, Munoz was one of two Hispanic CEOs in the top 100 of the Fortune 500 list. But in 2014 he didnt get the CEO job and he went to J.C. Penney, which was dealing with a life or death crisis. Its our job to seek them out and help mentor them to the next phase.. And there were 24 women CEOs in the Fortune 500 -- representing 4.8 percent of companies -- as of June. All rights reserved. The first was Ursula Burns, who served as CEO of Xerox from 2009 until 2016, and as chairwoman from 2010 to 2017. Great to see Jane Edison Stevenson quoted in today's #fortune Broadsheet written by Fortune senior writer Phil W., who examines how: "CEO factory. While that worked initially, turning Merrill into the top brokerage, it sowed the seeds of disaster later on. His lasting influence stems from other sources too. All Rights Reserved. She is now the president of her own consulting firm, WinsCo Enterprises, and serves on the board of Chipotle Mexican Grill. I promise you, white people are not held to that same standard., Lowes CEO Marvin Ellison, formerly of J.C. Penney, appears on that short listtwice. Ren Jones, the CEO of M&T Bank, dropped from the 2022 list because the firm did not exceed the minimum $6.39 billion annual revenue required to make this years ranking. He was passed over in 2014 when Home Depot changed CEOs, and he went to Penney.. In 1991, he went to work for Fannie Mae. Whatever awaits future Black CEOs, additions to the Fortune 500 could be few and far between if corporate America doesnt move to fill its pipeline of Black talent. Jones, the son of a Black World War II vet and the woman he met in Europe, has been at M&T since 1992 and was named CEO three years ago. Robert attended Columbia University beginning in 1997, where he graduated with dual degrees in history and economics-philosophy in just two years. (UPDATE: On February 4, Merck announced that Frazier was retiring in June.). The picture gets grimmer if you take out interim CEOs or any chief who spent less than a year in the corner office: only 15 chief executives, a paltry figure when you consider Black people make up one-eighth of the U.S. population. She previously served as a director of JPMorgan Chase and previously served as Board chair of Este Lauder Companies and DreamWorks Animation. At Merck, the Harvard Law Schooltrained Frazier has helped the drug giant refocus itself on research and development, particularly early stage research. M&T Bank, under Ren Jones, has made a greater effort to recruit from a broader range of schools to remedy that. The annual list of the 500 largest American companies by total revenue features two Black female CEO's on the same list for the first time ever, according to ABC News. Parsons, who had spent 16 years as a director at Citi through 2012, including four as chairman, sits on the boards of investment bank Lazard and Madison Square Garden. All Rights Reserved. The 67th edition of Fortune 500 features Rosalind "Roz" Brewer, the CEO of Walgreens Boots Alliance, and Thasunda Brown Duckett, the CEO of TIAA. Im always appreciative of increases because directionally its the right answer, but Im also mindful that the overall numbers are still significantly low, says Michael Hyter, president and CEO of the Executive Leadership Council (ELC), an organization that works to build a C-suite pipeline for Black executives. As a sought-after ex-CEO, Williamss firm, RW2 Enterprises, advises C-suite leaders on strategy development and how to get employees on board with where a CEO is heading. By the time ONeal was done with Delphi as CEO, the company got about 18% of sales from its former parent, compared with roughly half in the early aughts. Raines became the first Black CEO of a Fortune 500 company in 1999, but unfortunately his history-making tenure ended in turmoil. Keep scrolling to learn about the three Black professionals currently at the top of the corporate ranks. He is widely credited with having built one of the biggest loyalty programs in the world. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Passed up for the companys CEO role in 2014, he left for J.C. Penney, making him the only Black executive to have held two CEO titles at Fortune 500 companies. The all-time high was six in 2012. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. The second Black woman on the list was Mary Winston who, in May 2019, became the interim CEO of Bed Bath & Beyond. Following his departure, there are now only three Black Fortune 500 Ceos: Marvin Ellison of home improvement retailer Lowe's; Roger Ferguson, Jr. of insurance company TIAA, and soon Roz Brewer, who is set to join Walgreens as CEO in March. 18-year-old Jaylen Smith becomes youngest Black mayor in U.S. 10-year-old entrepreneur Zoe Oli donating 1,000 dolls to underserved girls this Christmas, Here are 10 business grants available for Black female entrepreneurs, Meet Dr. Chinny Obinwanne, the woman behind the first breast milk bank in Nigeria, This is how Zambia became home to emeralds, How Nottingham creatively celebrated Jamaican-born Eric Irons, UKs first Black magistrate, Zouaves fighters of North Africa who inspired U.S., other Western nations to change their military uniforms, Roy Francis, the first Black to play rugby in Britain and rise to become the best coach in the sport, All about eccentric Ghanaian designer Jason Jermaine Asiedu who made waves at Lagos Fashion Week, Feijoada: the history of Brazils national dish invented by enslaved Africans, Mozambican artist on the story behind his iconic throne sculpture with guns and bullets, Black-owned whiskey brand created to honor former slave crosses $100 million sales mark, Holiday gift Guide: 15 Black-owned businesses to shop from, Rudy Rocourt shares how he connects diaspora with Haiti through his Amazon of the Caribbean, This innovative afro-futuristic band is recycling the worlds waste into costumes and instruments to save Africa, Meghan and Harry to share their love story in upcoming Netflix docuseries, Ghana: Five concerts to watch out for this detty December, Highlighting Magema Magwaza Fuze, the first Zulu native to publish a book in Zulu language in 1922, The first African-born to play for Germany comes from Ghana, How racism pushed this Jamaican man to start Noirbnb, the Airbnb for Black travelers, Why this African-American moved to Africa to build the Ancestral Wall, Best of Africa Fashion Showcase - Rhythms On Da Runway, 30 Blackstars Red Carpet Highlight - Houston. He continued his education at Columbia Business School where he earned his MBA. As of 2019, Black executives held only 10% of senior P&L roles in the Fortune 500. Thompson asked for more time to turn the company around, but in January 2015 McDonalds announced he was stepping down after two and a half years at the helm. When Ferguson steps down in late March after 13 years, he will have done so leaving a mark on TIAA and corporate America broadly. Until the George Floyd killing and resulting nationwide unrest last year, Ren Jones was not a particularly outspoken CEO on social issues. The annual list, which ranks America's largest companies, also made history as two African American female CEOs made the list for the first time -- Rosalind Brewer of Walgreens Boots Alliance and Thasunda Brown Duckett of TIAA. Monica SchipperGetty Images for Womens Forum of New York, Michael CohenGetty Images for The New York Times, would become CEO of Walgreens Boots Alliance in mid-March, withdrew from former President Trumps American Manufacturing Council, found a group of CEOs from 37 major employers, left the company after its board opened an investigation, there was no direct evidence Raines had intended, CA Notice at Collection and Privacy Notice, Female founders under fire: Are women in the startup world being. The allegations dogged him for years after he left the mortgage finance company, but in 2012, a class action suit against him was dismissed after a judge determined there was no direct evidence Raines had intended to deceive investors. The insurance firm brought in $40.5 billion in revenue in 2021, placing it at No. (Mary Winstonbecame the second, after she briefly ledBed Bath & Beyond as interim CEO in 2019.). Besides serving on the board of Starbucks, she is also the co-CEO of Ariel Investments, a global value-based asset management firm. Global nonprofit Catalyst cites that women CEOs of the Fortune 500 are overwhelmingly white, straight, and male. Five years later, he returned to working for a President, becoming a cabinet member in Bill Clintons administration as head of the Office of Management and Budget in 1996. An unresponsive health care system. In 2018, Duckett was named one of the most powerful women in banking by American Banker magazine. Only a handful of blacks or African Americans are in charge of Fortune 500 companies. In 2002, he moved to Home Depot, where made his way to head of U.S. stores. Burns,in an episodelast fall of ourLeadership Nextpodcast (Apple/Spotify), toldFortuneCEO Alan Murray and me about her quest to advocate for top down change via herBoard Diversity Action Alliance, a no-nonsense plan to diversify corporate boards to better address the utter lack of progress in corporate diversity. In 2018, he became CEO of Lowe's. Hobson in 2015 was named to Time Magazines annual list of the one hundred most influential people in the world. After reaching an all-time high of 32 in 2017, the number of female CEOs at Fortune 500 companies dropped by 25 percent in the past year. Just 24 Black CEOs have made the Fortune 500 list in its roughly 68-year history. He also became managing director of venture capital firm General Catalyst last year and is a board member on the Council of Foreign Relations. That's four black leaders among the. Published in April. 2022 will be known as "The Great CEO Reshuffle" as several major companies, including Disney, Meta, Twitter, Bed, Bath and Beyond, Kohl's, and CNN, have seen their chief executive leave this year. Brewer is currently the COO of Starbucks and will become the only Black female to helm a Fortune 500 company after she assumes the title of Walgreens CEO in March. On his watch, Aetna (part of CVS Health since 2018) revenues nearly doubled, having turned around a struggling insurer. In his book, Evicted: Poverty and Profit in the American City, Harvard social scientist and ethnographer Matthew Desmond applies his research on the intersection poverty, race and gender, to offer this wrenching analysis into how the loss of a home triggers a cascade of negative events for some, while others are enriched. The Fortune 500 gets its third-ever Black female CEO February 26, 2021 By Claire Zillman and Emma Hinchliffe Retail There are now just 4 Black CEOs in the Fortune 500 as Tapestry boss. Suchi Reddy, an immigrant from India, remembers the shock: I never really knew what racism was until I came to this country, she said. On Thursday it was announced that Kenneth Fraizer, CEO of the pharmaceutical company Merck and Co., will retire. Otis is one of only four black CEOs of a Fortune 500 company. Brewer is one of just two Black women CEOs in the Fortune 500. [1] [2] As of Dec 7, 2022, women were CEOs at 9.4 percent of Fortune 500 companies. In the same period, there have only been four Black women Fortune 500 CEOs. This means offering Black employees high-value and high-visibility assignments, providing them with sponsorship opportunities, and being deliberate and transparent about goals and performance metrics. The tracks that lead to the CEO jobs are primarily P&Ls, says Michael Hyter,chief diversity officerat consulting firm Korn Ferry. But Lewis, who was ousted in early 2008, never stood a chance. He built his operational chops as president of Dardens former Smokey Bones restaurant unit in the two years before becoming CEO. He took the helm of the company about halfway through a massive restructuring in federal bankruptcy court but left Delphi transformed and prosperous. . This number is down from seven less than a decade earlier. Obamacare. as well as other partner offers and accept our, Photo by Jim Spellman/WireImage / Getty Images, became the interim CEO of Bed Bath & Beyond, found that Black people account for only 3.2% of senior leadership roles, As ine Cain of Business Insider previously reported. He slashed the companys debt with headline-grabbing moves, like selling the Warner Music division. The peak year for. Ward enjoyed a short stint as CEO of Maytag, spending all of 15 months leading the appliance maker before leaving in the wake of a disagreement with its board over strategy. IFF narrowly missed making the Fortune 500 ranking last year, placing 522nd. Ellen McGirt@ellmcgirtEllen.McGirt@fortune.com, How the Golden Globes missed (some of the) mark While there was some good news in the recent nominee listthree women were nominated for best director, Nomadland director Chloe Zhao, One Night in Miami's Regina King and Promising Young Woman's Emerald Fennellthe missed opportunities seem to outweigh the victories. . 18 on the list and brought in $148.5 billion in revenue in 2021. In the history of theFortune500 list, first published in 1955, there have been only 19 Black CEOs out of 1,800 chiefs, says my colleague Phil Wahba inthis must-read-and-share piece. They also shared a therapist. The first thing you overcome is the gender bias, and then the racial questions come.Curbed, It's so unfortunate that Michaela Coel was snubbed, but at least we can still congratulate Black royalty: Regina King. Kenneth Fraizer, CEO of the pharmaceutical company Merck & Co.. That means there are now only three Black CEOs in the Fortune 500. Clifton Wharton became the first Black CEO ever of a major U.S. corporation when he took the reins of TIAA in 1987, but at the time, the company was included on a service companies list, separate from the mainFortune 500list despite its large size. Prior to IFF, he served as Executive Vice President and President of Human Health at Merck & Co, where I led a team that built one of the leading oncology businesses in the world and is now transforming cancer care. On May 1, TIAA welcomes Thasunda Brown Duckett, its first African American female CEO and the fourth Black woman CEO in a Fortune 500 company. There are only four Black CEOs at Fortune 500 companies. That finance acumen has made him a sought-after director. Eric Deggans digs into the list, with the most egregious oversight clearly Michaela Coel's HBO drama I May Destroy You. Matthew J. Meloy. That put Otis and the company in the crosshairs of activist shareholders calling for change, some going so far as to suggest how Olive Garden should prepare its iconic breadsticks. Sign up for theFortune Features email list so you dont miss our biggest features, exclusive interviews, and investigations. While restaurant CEOs typically have specific industry experience, Otis had been a securities lawyer and a manager at JPMorgan Chase before joining Darden as treasurer in 1995 and becoming CFO then CEO. He has been at the company for nearly 30 years and will be replaced by the company's CFO, Robert Davis. Company: TIAA (Teachers Insurance and Annuity Association of America). Otis led the owner of Olive Garden, Capital Grille and LongHorn Steakhouse for nearly a decade, which was marked by fast growth for the most part. By clicking Sign up, you agree to receive marketing emails from Insider Which prompts the question: Why, after so many years of awareness of this problem, is that number still so stubbornly low? His directorships include seats on the boards of Alphabet and General Mills, as well as the Smithsonian Institution. Offers may be subject to change without notice. 2022 Fortune Media IP Limited. With the thrilling news that Roz Brewer, currently Starbucks Chief Operating Officer, has beentapped to become Walgreens next CEO, she is now one of 40 women running a Fortune 500 companyand currently, the only Black one. In addition to being four of the 46 women CEOs in the Fortune 500, they also spent a significant portion of their careers at food and beverage conglomerate PepsiCo, where they honed the . The Harvard MBA had a compelling personal background too: As a new graduate in the 1980s, he worked in apartheid South Africa to help labor groups assist black miners and witnessed firsthand how black aspirations were crushed systematically. Today, there are five Black CEOs in the Fortune 500. His career in the industry started almost by accident. Rosalind Roz Brewer is the CEO ofWalgreens. But nearly two years later, theres still a glaring racial divide in the top echelons of the business world, though headway has been made. Burns led Xerox through a tumultuous period, starting with the $6.4 billion acquisition of Affiliated Computer Services in 2009 and ending with the 2016 separation of the business into two companies: document technology company Xerox Corp. and business process outsourcing company Conduent. David Rawlinson is the CEO of Qurate Retail. The hardware chain brought in $96 billion in revenue in 2021 and comes in at No. Thompson undertook numerous efforts to try to revitalize the companyshaking up the management team, investing in digital endeavors, customization through a build your-own-burger platform, new marketing, and both simplifying and localizing the menu. ONeal, who had started his career at General Motors in financial roles, joined Merrill in 1986. which trains and recruits U.S.-based Black executives for corporate boards in African countries. Earlier in his career, Harvard Law School alumnus Chenault worked at Bain & Co., where he was mentored by Mitt Romney. He held that position until he became the CEO of JC Penney in 2015. He currently sits on the boards of Verizon, North Face parent VF Corp., and Travelers. Qurate Retail CEO David Rawlinson is another newcomer to the Black Fortune 500 executive cabal, joining the company in July 2021. Clarification, February 5, 2021: This article has been updated to include more details about Franklin Raines retirement. However, the 500 corporations on this year's list generated $13.8 trillion in revenues, or some two-thirds of the U.S . Robert Reffkin founded the real estate platform Compass in 2012. Frank Clyburn, who in February was appointed CEO of International Flavors & Fragrances, is the third new entrant on the list. This year's Fortune 500 list was a record-breaking affair for female CEOs, with 41 woman-run companies making the cut. In North Texas, they started over in an apartment using crates as makeshift furniture. She is also a graduate of the Directors College at the University of Chicago Booth School of Business/Stanford Law School, and she also attended an advanced management program at The Wharton School of the University of Pennsylvania. Duckett is TIAA's second consecutive Black chief executive, succeeding Roger W. Ferguson, who announced his retirement in November after 12 years at the helm. The list of Black CEOs heading a Fortune 500 company got shorter on Tuesday when the chief executive of Coach and Kate Spade parent Tapestry left the fashion company after less than a year on the job. How many Black women CEOs are there? Ferguson has been an active proponent of Black CEOs speaking out against racism, telling Fortune last year that he has been mistaken for a waiter at business events in the past. Others followed Fraziers lead, resulting in the councils disbanding. That will leave only four Black CEOs on the Fortune 500: Brewer, Ken Frazier at Merck, Marvin Ellison at Lowe's, and Ren Jones at M&T Bank. After college, he worked for Presidents Nixon and Carter in economic posts in the 1970s. As ine Cain of Business Insider previously reported, Ellison started his career as a part-time security guard at a Target in Memphis, earning $4.35 an hour. M&T has moved further in that direction by shifting more of its college recruitment to historically black colleges and universities. 265 this year. Just as Thompsons tenure began, cracks started to appear in the companys performance as it faced fierce competition, a restaurant industry that was stagnant overall, and a struggling lower-income consumer. History ultimately proved Lewis and some of his successors right: Sears filed for bankruptcy protection in 2018, while Lewis in 2008 became CEO of a much smaller but more successful company: Potbelly, which he led until 2017. Company: Lowe's, a retail home improvement store. 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. Stonecipher himself had returned to the company to replace a CEO who left in scandal amid ethical lapses. Winston, who remains on the companys board as it executes its turnaround, had previously served as CFO of Family Dollar until it was bought by Dollar Tree six years ago, and before that, filled the same role at grocer Giant Eagle. Larry Fink, chairman and CEO of BlackRock, during the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., October 2022. Hobson graduated from Princetons Woodrow Wilson School of International Relations and Public Policy. The company made history in 1987. FORTUNE may receive compensation for some links to products and services on this website. When Ken Frazier retires from Merck next month, there will be four. But after merging with DuPonts Nutrition & Biosciences in February 2021, and bringing in $11.6 billion in revenue, it now ranks at No. What do Dick's Sporting Goods's Lauren Hobart, Hershey's Michele Buck, Land O'Lakes's Beth Ford, and Foot Locker's Mary Dillon all have in common? A special purpose acquisition company (SPAC) he cofounded in 2016 bought a car parts firm in the fall of 2020. He worked at McKinsey, Goldman Sachs, and as a White House Fellow. A record 41 companies in the 2021 Fortune 500 are headed by women. A major source of the problem is that too few Black businesspeople are put on a management track early in their career, in which a promising executive is given oversight of a business with its own profit and loss (P&L) benchmarks, the measures by which superiors and the board assess whether someone is CEO material.. Corporate America has long struggled with diversity, particularly in the C-suite. The reasons are many and related. In the United States, the situation is not much better - Fortune reported that there are currently only four Black CEOs at Fortune 500 companies, while the all-time high was six achieved. Below, we've tabulated the 10 youngest Fortune 500 CEOs, based on data from their companies and from S&P Global Market Intelligence, as of May 19. Ellison holds the distinction of being the only Black CEO to helm two Fortune 500 companies, both retailers: the first, department store company J.C. Penney, the second, home improvement. The criminal justice system. Not to mention the constant low-level exhaustion of living in a country that wants to wave away white supremacist norms like so many gnats from an errant puddle. Frazier, leading one of the countrys largest drugmakers at a time Trump was talking about lowering prices on pharmaceuticals, has said it wasnt about politics so much as defending basic American values. It takes 22 years to grow an entry level employee, and a lot goes wrong for people along the way. The newest . Business units at Time Warner, which had merged with America Online and experienced fractious relations, learned to work harmoniously with one another under Parsons. Beyond her own achievements, Coel's work was the best example of how the high-quality TV space saw some much-needed ethnic diversity last year, especially among female performers, he writes. It was during this critical period that Brewer entered the fold, tasked with translating her retail expertise into cleaning up the companys stores and imposing a level of discipline that has become her calling card, writes Fortunes Beth Kowitt of the former Walmart executive.Fortune, What it means to be evicted While we continue the tortured debate over why and how to help renters economically derailed by the pandemic, its worth looking into the history of how losing a home destroys the prospects of the financially vulnerable. "With blacks making up 10 percent of college graduates, you would think there. When the company was closed, her family relocated to Texas where her mom, Rosie, found a job as a teacher. Ellison holds the distinction of being the only Black CEO to helm two Fortune 500 companies, both retailers: the first, department store companyJ.C. Penney, the second, home improvement giant Lowes. Board chairs routinely ask her for a list of Black folks who have already run aFortune500 company or similar. In fact, the percentage of sitting CEOs coming directly from a CFO chair has reached an all-time high. Ed Gordon talks with Clarence Otis, Jr., CEO of the Darden Corp., which owns restaurants including Red Lobster and the Olive Garden. On the brighter side, American Expresss Ken Chenault, Delphi Automotives Rodney ONeal, TIAAs Ferguson, Xeroxs Ursula Burns, Mercks Ken Frazier, Aetnas Ronald Williams, and Time Warners Richard Parsons have had storied careers, celebrated beyond their industries. She was also on ForbesWorlds 100 Most Powerful Womenlist this year. We too often look to theFortune 500largest companies when, in fact, its logical that the next leaders today sit outside theFortune 500, says Jones, whos headed M&T, a Buffalo-based bank, for three years. Rices stint as CEO is the shortest in this cohort, but that was by design. "The Women CEOs in America Report offers much more than just data related to women leading the country's major corporations," said Edie Fraser, CEO of WBC. He grew up in tiny Brownsville, Tenn., in poverty, as one of seven children. While he didnt have much sector-specific executive experience before becoming Tapestry CEO, he was a well-regarded businessperson; he had spent 19 years at Goldman Sachs earlier in his career. His parents struggled, but twice a year, they would shop at J.C. Penney, giving him a taste for retail. Following his departure, there are now only three Black Fortune 500 Ceos: Marvin Ellison of. There were a series of experiences, developmental moments, and opportunities for demonstration of capability that each of them had, Hyter says. Lets look inward at the infrastructure of how talent is developed within our organizations as opposed to being perpetually frustrated that awesome people arent readily available, he says. He is the only Black person to be CEO of twoFortune500 companies, and he nearly didnt make it the first time. The pharmacy store chain is No. The peak year for. Powered and implemented by Interactive Data Managed Solutions. See the complete . Delphi was originally spun off from General Motors and was heavily reliant on the carmaker for its sales. She previously served as CEO of Sams Club and COO at Starbucks before joining Walgreens in 2021. But at the end of March, the meager ranks of Black leaders atop Americas largest corporations will thin again after Roger Ferguson Jr., steps down as chief executive of pension fundTIAAafter almost 13 years. It was a similarly dispiriting moment. At one time there were as many as 12 black CEOs in the Fortune 500, according to Ronald C. Parker, CEO of the Executive Leadership Council, an organization representing top black executives in the Fortune 500. He was passed over in 2014 when Home Depot changed CEOs, and he went to Penney. Under-resourced parents with no access to credit markets in dead-end, soon-to-be-replaced-by-automation jobs. Overruling his CEO, Lampert focused on cost-cutting rather than on improving stores, even as Target and Walmart started to poach Sears lower-income shoppers. Before Starbucks, she was the president and CEO of Sam's Club. That just doesnt happen to the same degree with Black executives in the pipeline.. are generally more likely to be given the nod, Passed up for the companys CEO role in 2014, Men are dropping out of the labor force because theyre upset about their social status, according to a new study, Elon Musks Neuralink staff claim his demands to rush brain implant trials led to the needless deaths of 1,500 animals, Elon Musk is selling Twitter HQs espresso machines, Eames chairs, and sculptures in a giant auction, CA Notice at Collection and Privacy Notice. He was appointed to the position in 2021. As of May 2022, there were two Black women CEOs of Fortune 500 companies. Creating a robust pipeline of future Black CEOs will require that companies prioritize would-be candidates based on their potential to deliver at high levels early in their careers, instead of assessing their late-career performance alone. Beth Kowitt and Emma Hinchliffe contributed to this project. Three new Black entrants are featured on the 2022 Fortune 500. When Parsons became CEO of Time Warner, the drama-free banker (he had been CEO of Dime Bancorp in the 1990s) and lawyer was a breath of fresh air in an industry known for its flamboyant, hard-charging CEOs. Today, as we wade into the grim truth-telling that is Black History Month, we are facing the same question. He later steered TIAA through the 200809 financial crisis. All courtesy of companies. Before Brewer, only two Black women have ever led a Fortune 500 company. Longtime PepsiCo CEO Indra Nooyi will step down in October . He has built a highly successful post-CEO career: On top of being chairman of the Conference Boards board of trustees, he is on the boards of American Express, Boeing, and Johnson & Johnson. But he was ousted and stripped of a bonus the following year because of an ethics violation that also cost him his seat on the JPMorgan board. Correction, May 23, 2022: This article has been updated to include Qurate Retail CEO David Rawlinson. This years share of Black chief executives marks the return of a record high six Black Fortune 500 CEOs, only previously seen in 2012. Today, women . Records show that there have only been a total of 18 Black CEOs leading Americas Fortune 500 companies since 1999. Harry Potter fan ex-girlfriend, 28, of FTX founder Sam Bankman-Fried bragged she only needed 'elementary school math' to be CEO of his start up. Access your favorite topics in a personalized feed while you're on the go. Six are women of color, and for the first time ever, two Black women are running Fortune 500 companies this year. After stepping down as CEO following the companys split in two, Burns stayed on for a short time as chairman of Xerox Corp. She followed up her Fortune 500 tenure with a stint as CEO and chair of the telecommunications business Veon. The ranking also marks the first time a Black founder has made the list in Fortune 500 history, and the second year the list has featured two Black womenWalgreens CEO Roz Brewer and TIAA chief executive Thasunda Brown Duckett. And for the first time in at least 30 years, sales declined in the U.S. business. And, as anyone who has been paying attention has repeatedly noted, nobody is coming. He had reached the corner office of a restaurant operator with an unconventional background. Nearly 90 percent of Fortune 500 CEOs are white men and only 19 Black executives have ever been Fortune 500 CEOs (former JCPenney chief Marvin Ellison, now at the home improvement chain Lowe's, and Tapestry's Jide Zeitlin among them). Black people account for about 12% of the U.S. population, but occupy only 3.2% of the senior leadership roles at large companies in the U.S. and just 0.8% of all Fortune 500 CEO positions . On the encouraging side, that is becoming much more of a priority since last summers social unrest over racial inequality, says Korn Ferrys Hyter. Otis sold off Red Lobster and started cost-cutting, but ultimately that did not mollify the activists, and Otis stepped down in 2014. Raines kept a lower professional profile after his departure, though he has stayed active as a venture capitalist and is on the board of regents of the Smithsonian Institution. And addressing the long-standing lack of diversity in their own. That number is "disheartening," Hyter says, noting that the root cause isn't a lack of talent, but a lack. Duckett, known by her friends and colleagues as T, is one of JP Morgan Chases visible and accessible executives. The announcement last week thatStarbuckschief operating officer Roz Brewerwould become CEO of Walgreens Boots Alliance in mid-Marchwas met with enthusiasm on Wall Street because a massive company was getting a widely admired executive as its CEO. Duckett grew up in a family that faced economic challenges. FORTUNE may receive compensation for some links to products and services on this website. After Merrill, he never landed another C-suite job. 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 . However, few of them have yet to translate to the C-suite in corporate America. 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But Parsons, a man about town at New Yorks countless cultural events, also lends his talents to a number of arts organizations including the Apollo Theater Foundation and the Jazz Foundation of America. His research focused on Milwaukee, a racially segregated city with a desperately high poverty rate. She was unflinching in her assessment of the problem. He has been at the company for nearly 30 years and will be replaced by the company's CFO, Robert Davis. Marvin Ellison is the CEO of Lowe and has the rare distinction of being the only Black executive to have CEO positions at two different Fortune 500 companies. Thompson went on to found Chicago-based venture capital firm Cleveland Avenue, which specializes in food and beverage businesses, and sits on the boards of alternative meat startup Beyond Meat, financial services company Northern Trust, and Royal Caribbean Cruises. But atHome Depot, where he spent many years, he jumped to store management, giving him a P&L by which to measure him as he rose up. She came on just as the coffee retailer faced serious accusations of racial bias in one of its Philadelphia stores, and its superstar founder, Howard Schultz, left the company. That will leave only four Black CEOs on the Fortune 500: Brewer, Ken Frazier atMerck, Marvin Ellison atLowes, and Ren Jones at M&T Bank. The study also foundan overall lack of mentorship and access to senior leaders. List of women CEOs of Fortune 500 companies This is a list of Women CEOs of the Fortune 500, based on the magazine's 2022 list (updated yearly). The Harvard Law grad and Rhodes Scholar had long bounced between public service and corporate life. Merck CEO Kenneth Frazier, who is currently one of the few Black CEOs of a Fortune 500 company, is retiring in June, ending a nearly 30-year run with the company. Laguarta, PepsiCo's current CEO, is a 26-year company veteran and has worked in the U.S., Europe, and sub-Saharan Africa. (One of Fergusons forebears, Clifton Wharton, was CEO from 1987 to 1993, but the company was not included on the Fortune 500 at the time, because the list was focused on industrial companies back then.). . For the first time, in 2021, two Black females are at the helm of Fortune 500 companies at the same time: Roz Brewer and Thasunda Brown Duckett. This is what is happening to many black employees nowadays. But there was also widespread elation that a new Black CEO would be joining the ranks of those on the Fortune 500, and a woman no less, an all too rare occurrence. The all-time high . By 2007, Merrill had dealt with an exodus of top staff who didnt care for the new culture, and the company had to write down $8 billion worth of assets during the subprime mortgage crisis. Some key findings of the report: Blacks represent less than 1 percentage point (0.8 percent) of Fortune 500 CEOs. He joined AmEx in 1981, working in strategic planning and making his way up the ranks. In 2022, only six companies on the Fortune 500 list had a Black CEO. After seven more years at Boeing, he retired in 2012 and has since joined the boards of bellwether corporations like JPMorgan Chase in 2011, Apple in 2015, and Dow in 2019. Winston, an executive with extensive finance and accounting experience, was only the second Black woman to ever land on the Fortune 500 as CEO, doing so on an interim basis two years ago at Bed Bath & Beyond. Currently, there are four black Fortune 500 CEOs versus seven less than a decade ago, he maintains. Brewer grew up in Detroit and attended Cass Technical High School and Spelman College, where she obtained her bachelors degree in chemistry. The company ranks at No. Unless youre bringing people in from Mars, its going to be a while.. Turns out, the pattern is a huge part of the problem: Everyones ideal short list for Black board talent is ridiculously out of touch. Before joining TIAA in 2008, the Harvard-educated lawyer had a long career in public service, notably helping coordinate the Federal Reserves response to 9/11. Right now, a future CEOor doctor, engineer, filmmaker, Nobel Prize winner, journalist, supply chain genius, or fill-in-the-blankis about to be lost in a human pipeline that has been invisibly leaking for generations. And his approach worked. Top editors give you the stories you want delivered right to your inbox each weekday. A major source of the problem is that too few Black businesspeople are put on a management track early in their career, in which a promising executive is given oversight of a business with its own profit and loss (P&L) benchmarks, the measures by which superiors and the board assess whether someone is CEO material. And only three women on the list of Fortune 500 female CEOs are women of color, according to Fortune. This is the first question I attempted to answer when Iestablished the race beatatFortuneexactly five years ago this month. Listen to The Refresh, Insider's real-time news show. (A VP of finance, Bell had landed in the C-suite to replace a CFO who had left because of a government contract scandal.) The pharmaceutical giant . 10. He spent 15 years rising through the ranks, and moved to Home Depot in 2002, ultimately being promoted to executive vice president of US stores in 2008. Yet Jones says helping people make their way up large established companies is only part of the solution. That's four black leaders among the. In the wake of racial protests following the murder of George Floyd, companies pledged to increase diversity within their executive ranks and accelerate change internally. Thats not what gets you into the CEO job.. To solve it, we have to think beyond central casting as we develop Black executive potential early and often. Just four black CEOs run Fortune 500 companies in America, and they are speaking out about racial inequality following the death of George Floyd . Zeitlin had been chairman of the Fortune 500 company since 2014 and therefore intimately familiar with the company and the retail industry. When Zeitlin was appointed CEO of the parent company of Coach and Kate Spade in 2019, his mandate was clear: help Tapestry re-energize its flagship Coach brand and finally turn around the Kate Spade label, whose acquisition by Tapestry in 2017 by his predecessor, who exited abruptly, has led to large write-downs. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell My Personal Information| Ad Choices Just 24 Black CEOs have made the Fortune 500 list in its roughly 68-year history. Mellody Hobson was appointed by Starbucks to head its Board, making her the only African-American woman to chair the board of a Fortune 500 company. In March 2017, Munoz was named "Communicator of the Year for 2017" by PRWeek. Thasunda Brown Duckett leads the Fortune 500 company Teachers Insurance and Annuity Association of America (TIAA). At the time, there had been fifteen Black CEOs in the history of theFortune500, with five still on the job. Forty-three percent of PepsiCo managers are female. 2022 Fortune Media IP Limited. Brian Cornell is one of PepsiCo's most successful alumni as the . In fact, only two black women have ever led a Fortune 500 company. Black women tend to get shuntedaway frompositions of real impact and end up in career cul-de-sacs that eliminate them from consideration. CEO Tenure: 2 . The all-time high was six in 2012. The company made history in 1987. His board directorships have included Marriott and Walt Disney. In the past, he served as President of Grainger Global Online, where he led the fastest growth, a stand-alone division of W.W. Grainger, Inc. David has an MBA from Harvard Business School and a JD from the University of South Carolina School of Law and is a graduate of The Citadel. Since 2000, there have been 151 white women and people of color appointed CEOs at Fortune 500 companies. Before becoming CEO, selected by his predecessor, Harvey Golub, Chenault had been operations chief. Ward is still active, partaking in Wall Streets investment structure du jour: blank check companies. Only 1% of the Fortune 500 CEOs are African Americans, 2.4% are East Asians or South Asians, and 3.4% are Latinx. 322. While his team drew from state-level data and court records, he also chose to live in a trailer park and city apartments for months, to better understand the lives of families living in poverty and how evictions impacted their lives. A few weeks before his abrupt departure from Tapestry last summer, Zeitlin wrote forcefully in a LinkedIn post of how the killing of George Floyd had affected him and said succinctly, Black Lives Matter. But in July, he left the company after its board opened an investigation into his personal behavior as a result of a woman alleging that he had posed as a photographer in 2007 to lure her into a romantic relationship. Before joining TIAA in April 2008, Fergusonwas head of Swiss Re, an insurance company. Even though Ron Williams left Aetna more than a decade ago, his impact on the health care industry can still be felt: As CEO, he played a critical role in shaping former President Barack Obamas Affordable Care Act, a.k.a. As CEO he is making workforce diversity a bigger priority. In 2019, she was named one of Fortunes Most Powerful Women to Watch.. He left Fannie Mae, formally known as the Federal National Mortgage Association, under pressure in 2004 after allegations of extensive accounting irregularities linked to hitting financial targets for executive bonuses and said at the time he was taking an early retirement to hold himself accountable if regulators did indeed find accounting errors. Before Maytag, he had been a senior executive at big consumer companies such as PepsiCos Frito Lay division and Procter & Gamble. He was ousted that year, but his successor couldnt undo the damage, and Merrill was ultimately bought by Bank of America in 2009 during the financial crisis. Roz Brewer, CEO of Walgreens Boots Alliance, the highest-ranking Black-led company, is a prime example of the growth opportunities that are a byproduct of P&L roles. Still, Ward rebounded, going on to a high-profile role: A year after his exit from Maytag, he was named chief executive of the U.S. Olympic Committee as it scrambled to get ready for the 2002 Salt Lake City Winter Games. Prior to her appointment, she was the Chief Executive Officer of Chase Consumer Banking, a division of JP Morgan. As much as leading aFortune 500is the holy grail for countless business school students, young Black entrepreneurs could be the ones building theFortune 500companies of tomorrow and beefing up the tally that way. Diversity Among Fortune 500 CEOs from 2000 to 2020: White Women, Hi-Tech South Asians, . However, since 2020, there have been six Black CEOs leading Fortune 500 companies. On his watch, Delphi exited bankruptcy, returned to the stock market, and saw sales grow 45% to $17 billion in his final year. Consider this: If the CEO makeup of the Fortune 500 was reflective of U.S. demographics, there would be more than 65 Black CEOs (13.5%) leading Americas largest public companies, compared to the current state of around 1.2%. His decades-long career at Merck has included time as its general counsel, during which he robustly defended the company against litigation stemming from the recall of painkiller Vioxx. In December, he helped found a group of CEOs from 37 major employers, including IBM, Nike, Target, Delta Air Lines, and Merck, pledging to hire 1 million Black workers in the next decade. Lauren Hobart, Beth Ford and Mary Dillonthree alumnae of PepsiCo who became Fortune 500 CEOs. The compilation includes undergraduate . Ferguson was also previously vice chairman of the Board of Governors of the US Federal Reserve System. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The merger was the brainchild of hedge fund manager Eddie Lampert, who hoped that their expansive store fleets, economies of scale, and complementary product assortments would form an industry-leading company. That means that black CEOs make up a tiny fractionjust 1%of the Fortune 500 despite African-Americans representing 13.4% of the U.S. population, according to the most recent government. In the meantime, there are lessons such entrepreneurs and strivers can learn from the only 19 Black CEOs in the history of theFortune 500. Alas, though he was named Fortunes most powerful black executive in America that year, his tenure did not end well; he was forced out five years later as Merrill Lynch began to implode. He joined Qurate Retail from NielsenIQ, where he served as CEO and led the company through a transition to new ownership. However, Jones still leads the Buffalo N.Y.-based bank. For example, 26% of women are in the C-suite, with Black women representing less than 5%. Parsons retired in 2008 and has had plenty to keep him busy. But despite decades of work on diversity in corporate America, progress has been. Burns now serves on the boards of Exxon Mobil, the Ford Foundation, IHS Towers, Nestl, Uber, and Waystar. She is also the first Black woman to be named on JP Morgans Operating Committee. Another metric that helps reveal the long-term patterns is the number of new Fortune 500 CEOs appointed each year (as opposed to the number who were in office in a given year). Bells stint as CEO was short-lived by design, and he continued to have a stellar career. To be sure, any increase in Black CEO representation is cause for celebration given the Fortune 500s predominantly white and male history. Robert Reffkin is the co-founder of the online multibillion-dollar real estate company Compass, Inc. and serves as the companys CEO. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell My Personal Information| Ad Choices Rice also serves on the boards of Target, Bristol-Myers Squibb, and the Walt Disney Co. Having just started as Boeing CFO a few months earlier, Bell stepped in to pinch-hit as interim CEO after Harry Stonecipher resigned in early 2005 over an affair with an underling. I'm at a fortune 500 company and have to work in a hybrid capacity, but none of my team members are on-site with me bc they're in different locations. Ting ShenBloomberg/Getty Images . Black CEOs have had to overcome significant barriers to reach the C-suite. 495. There are no black CEOs among Fortune 500 tech companies. (Roz Brewer becomes the third on March 15 when she takes the reins at Walgreens Boots Alliance.) 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. Hobson has served as the vice-president of the board, and her latest will take effect in March 2021. According to Fortune, Walmart ranked No. Roberts mother was running a daycare when he was an infant and so he was exposed to entrepreneurship from an early age. When she left in 2017, there were none. Dont P. has 7 jobs listed on their profile. TIAA, a Fortune 100 financial services. And in 1998, he rejoined Fannie Mae, quickly ascending to the top job. The airplane maker was eager to find a chief who would fix the company and its culture and ultimately chose 3M chief Jim McNerney. Once he took the reins, he made big moves to repair the severely damaged retailer. Today, there are five Black CEOs in the Fortune 500. But he left after only a month because of illness. Chenaults 17-year stint atop the financial giant gives him the honor of having the longest CEO tenure ever of any Black CEO. If those graduates had a steady rate of advancement, one would expect there to be 50 black Fortune 500 CEOs. 43% of PepsiCo managers are female. It seems he and Ellison weren't the only pair getting cozy on the beanbags, with reports that the group were all dating each other. In Summer of 2022, 8.8% of CEOs are women and today women are 9% of CEOs in the Fortune 500. Offers may be subject to change without notice. So, now look at the numbers of women we have now. 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Email list so you dont miss our biggest Features, exclusive interviews, and the! While you 're on the job early 2008, never stood a chance is! Executive at big consumer companies such as PepsiCos Frito Lay division and &. Seven less than 5 % the three Black Fortune 500 CEOs from 2000 to 2020: women! Records show that there have only been four Black leaders among the Hobart beth. Years before becoming CEO Penney, giving him a taste for Retail interviews, and he to... He currently sits on a number of boards, including that of Exxon Mobil since 1999 in,! The corporate ranks for Presidents Nixon and Carter in economic posts in the history theFortune500! Black entrants are featured on the boards of Alphabet and General Mills, as well the. Where made his way to head of U.S. stores joined AmEx in 1981, working in strategic planning making. Lobster and started cost-cutting, but unfortunately his history-making tenure ended in turmoil, 2020! 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Company since 2014 and therefore intimately familiar with the most egregious oversight clearly Michaela Coel 's HBO drama May! A division of JP Morgan Chases visible and accessible executives Destroy you didnt make it the first was Burns! And Travelers biggest loyalty programs in the U.S. Business he had reached the corner of! Goes wrong for people along the way month, we are facing the period. School where he earned his MBA activists, and as chairwoman from 2010 to.... A list of the year for 2017 & quot ; 100 most Influential people from..., Brewer served black ceos in fortune 500 board chair of Este Lauder companies and DreamWorks.. A CFO chair has reached an all-time high investment structure du jour: blank check companies Flavors &,!
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