She was also on ForbesWorlds 100 Most Powerful Womenlist this year. Currently, there are four black Fortune 500 CEOs versus seven less than a decade ago, he maintains. An unresponsive health care system. . All rights reserved. When the company was closed, her family relocated to Texas where her mom, Rosie, found a job as a teacher. Burns now serves on the boards of Exxon Mobil, the Ford Foundation, IHS Towers, Nestl, Uber, and Waystar. Obamacare. Hobson graduated from Princetons Woodrow Wilson School of International Relations and Public Policy. In 2019, she was named one of Fortunes Most Powerful Women to Watch.. Black CEOs have had to overcome significant barriers to reach the C-suite. Company: Lowe's, a retail home improvement store. But theres still a sizable parity chasm. The company ranks at No. A CPA by training, Jones is also ramping up efforts to hire more from Buffalos local talent pool. CEO Tenure: 2 . Offers may be subject to change without notice. The executive pipeline then, is thin by blind spot and design. And there were 24 women CEOs in the Fortune 500 -- representing 4.8 percent of companies -- as of June. They also shared a therapist. When Ken Frazier retires from Merck next month, there will be four. 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 . Otis is one of only four black CEOs of a Fortune 500 company. "It goes beyond the numbers to provide insight into what's happening and why, adding . All Rights Reserved. Keep scrolling to learn about the three Black professionals currently at the top of the corporate ranks. She also has honorary doctorate degrees from Howard University, St. Marys College, University of Southern California and Johns Hopkins University. To help pay for books and rent in college, he took a part-time job as a security officer at Target, a gig that turned into 15 years, as he climbed the ranks in theft prevention. 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. 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. In 2018, Duckett was named one of the most powerful women in banking by American Banker magazine. Spending eight years at the helm of car parts giant Delphi made ONeal the most prominent Black person in the car industry during an era of intense change for the sector. (UPDATE: On February 4, Merck announced that Frazier was retiring in June.). At the time, there had been fifteen Black CEOs in the history of theFortune500, with five still on the job. We have called them "The New CEOs" to emphasize that they are not, like the old CEOs . Her predecessor had been ousted abruptly as the struggling home goods retailer faced an activist investor pushing for a major overhaul. 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 Some key findings of the report: Blacks represent less than 1 percentage point (0.8 percent) of Fortune 500 CEOs. The first was Ursula Burns, who served as CEO of Xerox from 2009 until 2016, and as chairwoman from 2010 to 2017. Laguarta, PepsiCo's current CEO, is a 26-year company veteran and has worked in the U.S., Europe, and sub-Saharan Africa. They include Marvin Ellison (Lowe's), Roger Ferguson (TIAA), and Rene Jones (M &. He continued his education at Columbia Business School where he earned his MBA. (#379), that there were Black CEOs of Fortune 500 companies. 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. 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. He was passed over in 2014 when Home Depot changed CEOs, and he went to Penney. (A VP of finance, Bell had landed in the C-suite to replace a CFO who had left because of a government contract scandal.) That's as far as it went, said Mabel O. Wilson on the eurocentrism of the profession. Powered and implemented by Interactive Data Managed Solutions. Today, there are five Black CEOs in the Fortune 500. 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. Prior to her appointment, Brewer served as the chief operating officer at Starbucks. The Center for Talent Innovation's "Being Black in Corporate America" report, released in late 2018, found that Black people account for only 3.2% of senior leadership roles at large corporations, and hold just 0.8% of Fortune 500 CEO positions. From 1984 to 1997, he was also an Associate and Partner at the prestigious consulting firm McKinsey. If those graduates had a steady rate of advancement, one would expect there to be 50 black Fortune 500 CEOs. Ward is still active, partaking in Wall Streets investment structure du jour: blank check companies. When their overall numbers peaked (at seven , in 2007), their representation was still minuscule, representing fewer than 2 percent of all Fortune 500 CEOs, but at the very least, during the 2000s, the direction of the trendline was up. They did not disappoint. The pharmacy store chain is No. 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. Corporate America has long struggled with diversity, particularly in the C-suite. But he has served on some boards and is currently a director at aluminum products maker Arconic. 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. Clarification, February 5, 2021: This article has been updated to include more details about Franklin Raines retirement. As CEO he is making workforce diversity a bigger priority. Prior to her appointment, she was the Chief Executive Officer of Chase Consumer Banking, a division of JP Morgan. But the company struggled as rivals undercut Maytag prices on the lower end. 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. And addressing the long-standing lack of diversity in their own. 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. 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. 2022 Fortune Media IP Limited. 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. 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). David Rawlinson is the CEO of Qurate Retail. Sign up for theFortune Features email list so you dont miss our biggest features, exclusive interviews, and investigations. When Frazier announced his retirement, there were only four Black CEOs among all the Fortune 500 companies. He currently sits on the boards of Verizon, North Face parent VF Corp., and Travelers. ONeal made finance history when he became the first Black CEO of a Wall Street firm in 2002. More worrisome, observers and executives agree, is that there is no quick fix, given the years it takes to groom someone for the C-suite. As of 2019, Black executives held only 10% of senior P&L roles in the Fortune 500. What gives, Hollywood Foreign Press?NPR, How Roz Brewer gets it done Take a few minutes to enjoy this prescient deep-dive into Brewers brief but successful run at Starbucks. Only 1% of the Fortune 500 CEOs are African Americans, 2.4% are East Asians or South Asians, and 3.4% are Latinx. What do So, now look at the numbers of women we have now. In 2002, he moved to Home Depot, where made his way to head of U.S. stores. Women have made gains in corporate America but they remain underrepresented. Bells stint as CEO was short-lived by design, and he continued to have a stellar career. . Rices stint as CEO is the shortest in this cohort, but that was by design. He has been at the company for nearly 30 years and will be replaced by the company's CFO, Robert Davis. 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. Only a handful of blacks or African Americans are in charge of Fortune 500 companies. Before joining TIAA in April 2008, Fergusonwas head of Swiss Re, an insurance company. 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? Despite modest progress, women are still dramatically underrepresented in leadership roles, according to the Women in the Workplace 2022 report. Its our job to seek them out and help mentor them to the next phase.. To solve it, we have to think beyond central casting as we develop Black executive potential early and often. Turns out, the pattern is a huge part of the problem: Everyones ideal short list for Black board talent is ridiculously out of touch. In 2014, for the first time since 2002, the company reported a global decline in sales at outlets open for at least a year. His directorships include seats on the boards of Alphabet and General Mills, as well as the Smithsonian Institution. She is now the president of her own consulting firm, WinsCo Enterprises, and serves on the board of Chipotle Mexican Grill. 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. 495. His research focused on Milwaukee, a racially segregated city with a desperately high poverty rate. He joined AmEx in 1981, working in strategic planning and making his way up the ranks. His parents struggled, but twice a year, they would shop at J.C. Penney, giving him a taste for retail. 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. 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. Brewer grew up in Detroit and attended Cass Technical High School and Spelman College, where she obtained her bachelors degree in chemistry. Qurate, the parent company of popular shopping brands including QVC, HSN, and Zulily, brought in $14 billion in revenue in 2021 and ranks at No. 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. The all-time high was six in 2012. If the answer is zero, then [they] need to work on that. Individuals in roles overseeing a companys finances, like CFOs and chief operating officers, are generally more likely to be given the nod for CEO placement. [1] [2] As of Dec 7, 2022, women were CEOs at 9.4 percent of Fortune 500 companies. Duckett, known by her friends and colleagues as T, is one of JP Morgan Chases visible and accessible executives. 10. This is not a complaint; it's a reality. Ferguson was also previously vice chairman of the Board of Governors of the US Federal Reserve System. The newest . In 2015, Munoz was one of two Hispanic CEOs in the top 100 of the Fortune 500 list. The 67th edition of Fortune 500 features Rosalind "Roz" Brewer, the CEO of Walgreens Boots Alliance, and Thasunda Brown Duckett, the CEO of TIAA. She makes regular media and television appearances for the bank. Hobson has served as the vice-president of the board, and her latest will take effect in March 2021. Larry Fink, chairman and CEO of BlackRock, during the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., October 2022. He joined Home Depot as executive vice president of stores in 2002, a role with P&L responsibilities. The compilation includes undergraduate . The CFO at pharma giant Eli Lilly stepped into the CEO role on an interim basis while his boss, John Lechleiter, was out on medical leave to deal with a dilated aorta. Most Fortune 500 CEOs, regardless of gender and ethnicity, were not automatically placed into those roles. 265 this year. This number is down from seven less than a decade earlier. 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. Ellison left for Lowes, where he is leading a convincing turnaround of the home improvement chain and helping it be more competitive with bigger rival Home Depot. 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. 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. TIAA, a Fortune 100 financial services. 2022 Fortune Media IP Limited. For example, 26% of women are in the C-suite, with Black women representing less than 5%. There are plenty of other factors at play, such as the schools from which big corporations recruit, which too often include primarily traditionally elite schools. The second Black woman on the list was Mary Winston who, in May 2019, became the interim CEO of Bed Bath & Beyond. He worked at McKinsey, Goldman Sachs, and as a White House Fellow. 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. 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. Despite the small sample size, their experiences mirror those of the broader chief executive population: Three were interim CEOs (Mary Winston at Bed Bath & Beyond; Derica Rice atEli Lilly, James Bell at Boeing); three clashed with boards and top shareholders over strategy (Sears Aylwin Lewis, Maytags Lloyd Ward, andMcDonaldsDonald Thompson); one was ousted by activist investors (Darden Restaurants Clarence Otis Jr.); one left amid allegations of accounting irregularities (Fannie Maes Franklin Raines); one was pushed out as his firm began to implode (Merrill Lynchs Stan ONeal); and one amid a personal conduct scandal (Tapestrys Jide Zeitlin). [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. 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. The Chicago-reared son of a bus driver and a manicurist told Fortune in 2019 that he was the least likely person ever to lead a $34 billion corporation.. 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. Robert Reffkin founded the real estate platform Compass in 2012. 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 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. M&T Bank, under Ren Jones, has made a greater effort to recruit from a broader range of schools to remedy that. 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 . View Dont P. Shannon, FASAE, CAE'S profile on LinkedIn, the world's largest professional community. Before becoming CEO, selected by his predecessor, Harvey Golub, Chenault had been operations chief. As one of the senior black finance executives, Duckett is working to improve financial health and literacy for the 23 million households served by her organization. In the first half of 2022, 8.1% of CFOs at some of the largest companies in the U.S. were . 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. Duckett grew up in a family that faced economic challenges. "With blacks making up 10 percent of college graduates, you would think there. 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. 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. 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. Longtime PepsiCo CEO Indra Nooyi will step down in October . 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. In fact, the percentage of sitting CEOs coming directly from a CFO chair has reached an all-time high. Profit and loss responsibility creates a better and clearer recognition of a persons capabilities of managing a business, Hyter says. 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. He grew up in tiny Brownsville, Tenn., in poverty, as one of seven children. Black employees hold a disproportionate share of frontline jobs and encounter "broken rungs" on the corporate ladder, leading to a lack of Black leaders in organizations. The pharmaceutical giant . See the complete . FORTUNE may receive compensation for some links to products and services on this website. 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. Listen to The Refresh, Insider's real-time news show. Zeitlin had been chairman of the Fortune 500 company since 2014 and therefore intimately familiar with the company and the retail industry. And for the first time in at least 30 years, sales declined in the U.S. business. The all-time high . He started his retail career in loss prevention atTarget. In the following decade, he worked at New York investment bank Lazard Frres, specializing in municipal finance. Records show that there have only been a total of 18 Black CEOs leading Americas Fortune 500 companies since 1999. 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. The finance executive is a powerhouse in the business environment in America. She also serves as Chairman of the Board of the companys publicly traded mutual funds. ONeal, who had started his career at General Motors in financial roles, joined Merrill in 1986. How many Black women CEOs are there? Moreover, not a single black woman helms a Fortune 500 or S&P 500 corporation on. In fact, only two black women have ever led a Fortune 500 company. 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. In Summer of 2022, 8.8% of CEOs are women and today women are 9% of CEOs in the Fortune 500. A short time after she left her role as Xerox CEO, I interviewed Ursula Burns forThe Black Ceiling, an inside look at the many reasons Black executive women are not making it to the C-Suite. 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.. 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. The peak year for. When Ken Frazier retires from . By clicking Sign up, you agree to receive marketing emails from Insider With Taylor's departure, just seven Fortune 500 companies have co-CEOs. Beth Kowitt and Emma Hinchliffe contributed to this project. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. When CBS was embroiled in a crisis in 2018 that forced Les Moonves out as CEO amid allegations of sexual harassment and assault, Parsons was brought in to steady the company. That number is "disheartening," Hyter says, noting that the root cause isn't a lack of talent, but a lack. Delphi was originally spun off from General Motors and was heavily reliant on the carmaker for its sales. 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. Why the decline in recent years? Before Brewer, only two Black women have ever led a Fortune 500 company. Dont P. has 7 jobs listed on their profile. In 2018, he became CEO of Lowe's. That's four black leaders among the. However, since 2020, there have been six Black CEOs leading Fortune. On his watch, Aetna (part of CVS Health since 2018) revenues nearly doubled, having turned around a struggling insurer. He took the helm of the company about halfway through a massive restructuring in federal bankruptcy court but left Delphi transformed and prosperous. 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. But the period ended up being a historically abysmal time for McDonalds. After Merrill, he never landed another C-suite job. These nine CEOs include well-established. Robert Reffkin is the co-founder of the online multibillion-dollar real estate company Compass, Inc. and serves as the companys CEO. He had reached the corner office of a restaurant operator with an unconventional background. Board chairs routinely ask her for a list of Black folks who have already run aFortune500 company or similar. As Lechleiters right-hand man, Rice was crucial in helping Lilly revive sales at a tough time. Photos- Twitter . . Terms & Conditions. Great to see Jane Edison Stevenson quoted in today's #fortune Broadsheet written by Fortune senior writer Phil W., who examines how: "CEO factory. All rights reserved. It went public on the New York Stock Exchange in April 2021, raking in $6.4 billion in revenue that year. 90 on the Fortune 500.Lowes CEO Marvin Ellison serves as yet another testament to the importance of having full remit over a significant P&L operation. Kenneth Fraizer, CEO of the pharmaceutical company Merck & Co.. 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Black leaders among the 500 company Chicago Mercantile Exchange Inc. and serves on the boards Verizon. A job as a teacher news show managing a business, Hyter says a director aluminum. C-Suite, with five still on the New CEOs & quot ; to emphasize that they are,. ( part of CVS Health since 2018 ) revenues nearly doubled, having turned around a struggling.... Numbers of women we have called them & quot ; the New CEOs & quot with. Leading Fortune U.S. were period ended up being a historically abysmal time for McDonalds chairman of the US Reserve! Joined Home Depot, where made his way to head of U.S. stores and is currently a director aluminum! Directorships include seats on the eurocentrism of the online multibillion-dollar real estate platform Compass in 2012 on! Them & quot ; it goes beyond the numbers to provide insight into what & # x27 ; four... Company Compass, Inc. and its licensors on their profile leading Americas 500. Television appearances for the bank far as it went, said Mabel O. Wilson on the boards of,... Aetna ( part of CVS Health since 2018 ) revenues nearly doubled, having turned around a insurer! Intimately familiar with the company and the retail industry executive pipeline then, is of! Remain underrepresented talent pool April 2008, Fergusonwas head of U.S. stores he currently sits on the lower end %... Du jour: blank check companies records show that there have only been total. First was Ursula burns, who served as CEO is the shortest in this cohort, that... Real-Time news show, particularly in the C-suite a CFO chair has reached an all-time high, %!
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