They did not disappoint. Communications and the arts arent going to get you there. Terms & Conditions. In 2014, for the first time since 2002, the company reported a global decline in sales at outlets open for at least a year. [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. . In 2002, he moved to Home Depot, where made his way to head of U.S. stores. FORTUNE may receive compensation for some links to products and services on this website. All Rights Reserved. He sits on a number of boards, including that of Exxon Mobil. 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. CEO Tenure: 2 . He also became managing director of venture capital firm General Catalyst last year and is a board member on the Council of Foreign Relations. 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. His career in the industry started almost by accident. He joined Home Depot as executive vice president of stores in 2002, a role with P&L responsibilities. 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. Oh, hang on breaking news Merck CEO Ken Frazier just announced that he will bestepping down at the end of June. Kenneth Fraizer, CEO of the pharmaceutical company Merck & Co.. That means there are now only three Black CEOs in the Fortune 500. And only three women on the list of Fortune 500 female CEOs are women of color, according to Fortune. Best Universities collected information on the schools that the top 10 women Fortune 500 CEOs attended, using company websites, news coverage, and LinkedIn. This year's Fortune 500 list was a record-breaking affair for female CEOs, with 41 woman-run companies making the cut. 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. 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. FORTUNE may receive compensation for some links to products and services on this website. His parents struggled, but twice a year, they would shop at J.C. Penney, giving him a taste for retail. Today, as we wade into the grim truth-telling that is Black History Month, we are facing the same question. But the chief of Buffalo-based M&T Bank has become vocal about the need for large employers like his to diversify the pool of job candidates. 43% of PepsiCo managers are female. 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. As president at Penney, Ellison was groomed to fill the CEO role the following year. 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. Black women tend to get shuntedaway frompositions of real impact and end up in career cul-de-sacs that eliminate them from consideration. In the following decade, he worked at New York investment bank Lazard Frres, specializing in municipal finance. Despite the brevity of his CEO stint, Rice moved on to big roles at many of corporate Americas blue-chip companies: He left Lilly in 2018 to lead CVS Healths massive Caremark pharmacy benefits management unit, a job he left a year ago. Stonecipher himself had returned to the company to replace a CEO who left in scandal amid ethical lapses. Why, after so many years of awareness of this problem, is that number still so stubbornly low? Some key findings of the report: Blacks represent less than 1 percentage point (0.8 percent) of Fortune 500 CEOs. Her dad, Otis Brown, worked for Xerox in New Jersey as a truck driver. Just 24 Black CEOs have made the Fortune 500 list in its roughly 68-year history. When Ken Frazier retires from . Brewer is one of just two Black women CEOs in the Fortune 500. Terms & Conditions. While interim CEOs often land the job permanently, Bed Bath & Beyond ultimately poached Targets former chief merchant to be its new chief executive. When Frazier announced his retirement, there were only four Black CEOs among all the Fortune 500 companies. Photos- Twitter . 495. 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. Take anexecutive like Lowes CEO Marvin Ellison, who previously ledJ.C. Penney,making him the only Black CEO to lead two differentFortune 500companies. I never saw anything about work by Black architects or architecture about black people unless it was traditional African architecture or the pyramids in Egypt. 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. "With blacks making up 10 percent of college graduates, you would think there. "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. The pharmacy store chain is No. The executive pipeline then, is thin by blind spot and design. This is what is happening to many black employees nowadays. 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). She also serves as Chairman of the Board of the companys publicly traded mutual funds. Hobson graduated from Princetons Woodrow Wilson School of International Relations and Public Policy. Duckett grew up in a family that faced economic challenges. The newest . There were a series of experiences, developmental moments, and opportunities for demonstration of capability that each of them had, Hyter says. She is also the first Black woman to be named on JP Morgans Operating Committee. After college, he worked for Presidents Nixon and Carter in economic posts in the 1970s. Women still only make up 8.2% of Fortune 500 CEOs, with women of color making up 1.2%, CBS News reported. Inadequate housing and education. Robert Reffkin founded the real estate platform Compass in 2012. As CEO he is making workforce diversity a bigger priority. 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. The company made history in 1987. The hardware chain brought in $96 billion in revenue in 2021 and comes in at No. Just 24 Black CEOs have made the Fortune 500 list in its roughly 68-year history. 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 . 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. 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 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 . A special purpose acquisition company (SPAC) he cofounded in 2016 bought a car parts firm in the fall of 2020. 322. From 1984 to 1997, he was also an Associate and Partner at the prestigious consulting firm McKinsey. Zeitlin had been chairman of the Fortune 500 company since 2014 and therefore intimately familiar with the company and the retail industry. 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. 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. 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. 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. He held that position until he became the CEO of JC Penney in 2015. In the same period, there have only been four Black women Fortune 500 CEOs. View Dont P. Shannon, FASAE, CAE'S profile on LinkedIn, the world's largest professional community. "It goes beyond the numbers to provide insight into what's happening and why, adding . 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. 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. He had ascended to the corner suite after only three years at Maytag and won kudos for the pace of new product introductions on his watch, notably with higher-end appliances. 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. Powered and implemented by Interactive Data Managed Solutions. 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.. 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. Before Brewer, only two Black women have ever led a Fortune 500 company. But after merging with DuPonts Nutrition & Biosciences in February 2021, and bringing in $11.6 billion in revenue, it now ranks at No. 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. Moreover, not a single black woman helms a Fortune 500 or S&P 500 corporation on. 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. Top editors give you the stories you want delivered right to your inbox each weekday. 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. 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. And his approach worked. 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, Phil writes. 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. Her predecessor had been ousted abruptly as the struggling home goods retailer faced an activist investor pushing for a major overhaul. 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. Six are women of color, and for the first time ever, two Black women are running Fortune 500 companies this year. Hobson in 2015 was named to Time Magazines annual list of the one hundred most influential people in the world. Diversity Among Fortune 500 CEOs from 2000 to 2020: White Women, Hi-Tech South Asians, . After Merrill, he never landed another C-suite job. 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. Though not an especially political person, Frazier made headlines in 2017 when he abruptly withdrew from former President Trumps American Manufacturing Council after the latter made comments about a deadly white power march in Charlottesville, Va., seen as sympathetic to white nationalists. 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. Roberts mother was running a daycare when he was an infant and so he was exposed to entrepreneurship from an early age. Frank Clyburn, who in February was appointed CEO of International Flavors & Fragrances, is the third new entrant on the list. ONeal, who had started his career at General Motors in financial roles, joined Merrill in 1986. 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. Unless youre bringing people in from Mars, its going to be a while.. The study also foundan overall lack of mentorship and access to senior leaders. There are only four Black CEOs at Fortune 500 companies. Just four black CEOs run Fortune 500 companies in America, and they are speaking out about racial inequality following the death of George Floyd . 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. 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. Since 2000, there have been 151 white women and people of color appointed CEOs at Fortune 500 companies. (Penney filed for bankruptcy protection last year and is a much smaller chain now.) (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.). 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. That's as far as it went, said Mabel O. Wilson on the eurocentrism of the profession. But he left after only a month because of illness. At Merck, the Harvard Law Schooltrained Frazier has helped the drug giant refocus itself on research and development, particularly early stage research. 2022 Fortune Media IP Limited. Business units at Time Warner, which had merged with America Online and experienced fractious relations, learned to work harmoniously with one another under Parsons. 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. Company: TIAA (Teachers Insurance and Annuity Association of America). Which prompts the question: Why, after so many years of awareness of this problem, is that number still so stubbornly low? Thats like a list of 25 people, Burns says, which utterly ignores the remarkable talent that exists in a wide variety of positions and industries. Raines became the first Black CEO of a Fortune 500 company in 1999, but unfortunately his history-making tenure ended in turmoil. 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. In Summer of 2022, 8.8% of CEOs are women and today women are 9% of CEOs in the Fortune 500. 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. 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. To solve it, we have to think beyond central casting as we develop Black executive potential early and often. (Roz Brewer becomes the third on March 15 when she takes the reins at Walgreens Boots Alliance.) 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. Just four black CEOs run Fortune 500 companies in America, and they are speaking out about racial inequality following the death of George Floyd . In the history of the Fortune 500 list, there have only been 19 Black CEOs out of 1,800 chiefs. At the time, there had been fifteen Black CEOs in the history of theFortune500, with five still on the job. Correction, May 23, 2022: This article has been updated to include Qurate Retail CEO David Rawlinson. She previously served as a director of JPMorgan Chase and previously served as Board chair of Este Lauder Companies and DreamWorks Animation. Black CEOs are all around us, if we would let them grow. 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. All rights reserved. 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. The first was Ursula Burns, who served as CEO of Xerox from 2009 until 2016, and as chairwoman from 2010 to 2017. All Rights Reserved. All courtesy of companies. 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. 35. Frank Clyburn is the CEO of International Flavors and Fragrances in February of 2022. 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. 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. Brian Cornell is one of PepsiCo's most successful alumni as the . Access your favorite topics in a personalized feed while you're on the go. The other is Thasunda Brown Duckett of the Teachers, Insurance, and Annuity Association (TIAA), a nonprofit financial services. 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. In fact, only two black women have ever led a Fortune 500 company. (#379), that there were Black CEOs of Fortune 500 companies. Records show that there have only been a total of 18 Black CEOs leading Americas Fortune 500 companies since 1999. Profit and loss responsibility creates a better and clearer recognition of a persons capabilities of managing a business, Hyter says. By clicking Sign up, you agree to receive marketing emails from Insider The tracks that lead to the CEO jobs are primarily P&Ls, says Michael Hyter,chief diversity officerat consulting firm Korn Ferry. The finance executive is a powerhouse in the business environment in America. 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. FORTUNE may receive compensation for some links to products and services on this website. In his previous roles as head of U.S. business and then operations chief, hed been part of an incredible run at the Golden Arches: eight years of consecutive same-store sales growth, a nearly 50% increase in revenue, and a more than doubling of profits. Corporate America has long struggled with diversity, particularly in the C-suite. But Lewis, who was ousted in early 2008, never stood a chance. 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. 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. 18 on the list and brought in $148.5 billion in revenue in 2021. He has been at the company for nearly 30 years and will be replaced by the company's CFO, Robert Davis. David Rawlinson is the CEO of Qurate Retail. 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. 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. There are a lot of people of color in support roles [accounting, marketing]lots. Don Thompson worked at McDonalds for 22 years before ascending to the top job in July 2012. Burns departed that role in mid-2020 and in the months since has become an even more outspoken voice for racial justice and support for Black employees in corporate America. (UPDATE: On February 4, Merck announced that Frazier was retiring in June.). 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. 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. More crucially, Delphi became the dominant seller of in-car tech for things like safety and efficiency, setting it up well to serve an evolving car industry. Powered and implemented by Interactive Data Managed Solutions. Desmonds family lost their home when he was a kid; he brings a unique empathy to his inquiries about poverty, dignity and progress.Alternet, Architects of color weigh in on the unbearable whiteness of designThe 160th birthday of The American Institute of Architects seemed as good a time as any to do some soul-searching. 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? She makes regular media and television appearances for the bank. Otis sold off Red Lobster and started cost-cutting, but ultimately that did not mollify the activists, and Otis stepped down in 2014. Robert Reffkin is the co-founder of the online multibillion-dollar real estate company Compass, Inc. and serves as the companys CEO. 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. 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. When Ken Frazier retires from Merck next month, there will be four. 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. Listen to The Refresh, Insider's real-time news show. That's four black leaders among the. Offers may be subject to change without notice. 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. Until the George Floyd killing and resulting nationwide unrest last year, Ren Jones was not a particularly outspoken CEO on social issues. His lasting influence stems from other sources too. Only 1% of the Fortune 500 CEOs are African Americans, 2.4% are East Asians or South Asians, and 3.4% are Latinx. She was unflinching in her assessment of the problem. On his watch, Aetna (part of CVS Health since 2018) revenues nearly doubled, having turned around a struggling insurer. The compilation includes undergraduate . (Mary Winstonbecame the second, after she briefly ledBed Bath & Beyond as interim CEO in 2019.). 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 265 this year. With two Black women running Fortune companies out of 41 women executives in 2021, they represent 4% of female Fortune 500 CEOs. That's four black leaders among the. Matthew J. Meloy. Today, there are five Black CEOs in the Fortune 500. Thasunda Brown Duckett leads the Fortune 500 company Teachers Insurance and Annuity Association of America (TIAA). 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. To be sure, any increase in Black CEO representation is cause for celebration given the Fortune 500s predominantly white and male history. 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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. 300 Most Powerful Black CEO, COO, and Other Executives in America Career The 300 Most Powerful Black CEO, COO, and Other Executive Positions in America Derek T. Dingle December 6, 2017 26011. 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. Powered and implemented by Interactive Data Managed Solutions. Qurate Retail CEO David Rawlinson is another newcomer to the Black Fortune 500 executive cabal, joining the company in July 2021. 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. He was appointed to the position in 2021. 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. 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. 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. For example, 26% of women are in the C-suite, with Black women representing less than 5%. And addressing the long-standing lack of diversity in their own. However, the 500 corporations on this year's list generated $13.8 trillion in revenues, or some two-thirds of the U.S . 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. His directorships include seats on the boards of Alphabet and General Mills, as well as the Smithsonian Institution. She also has honorary doctorate degrees from Howard University, St. Marys College, University of Southern California and Johns Hopkins University. The company made history in 1987. M&T Bank, under Ren Jones, has made a greater effort to recruit from a broader range of schools to remedy that. But the period ended up being a historically abysmal time for McDonalds. 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). The peak year for. 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. 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. As of 2019, Black executives held only 10% of senior P&L roles in the Fortune 500. 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. which trains and recruits U.S.-based Black executives for corporate boards in African countries. He slashed the companys debt with headline-grabbing moves, like selling the Warner Music division. This year, six Black chief executives sit atop Fortune 500 companies, making up just over 1% of businesses on the 2022 ranking. Sign up for theFortune Features email list so you dont miss our biggest features, exclusive interviews, and investigations. Once he took the reins, he made big moves to repair the severely damaged retailer. 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. She only held the position until November of that year, when she was replaced by Mark Tritton, a white man. He was passed over in 2014 when Home Depot changed CEOs, and he went to Penney. Only a handful of blacks or African Americans are in charge of Fortune 500 companies. 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. But his time as an executive was not without controversy: The bankruptcy left 22,000 retirees with lower benefits. Most Fortune 500 CEOs, regardless of gender and ethnicity, were not automatically placed into those roles. Terms & Conditions. In 1991, he went to work for Fannie Mae. 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. These nine CEOs include well-established. Others followed Fraziers lead, resulting in the councils disbanding. Black CEOs have had to overcome significant barriers to reach the C-suite. 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. The Harvard Law grad and Rhodes Scholar had long bounced between public service and corporate life. 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. 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. That finance acumen has made him a sought-after director. 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. 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. 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. 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. Beth Kowitt and Emma Hinchliffe contributed to this project. 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 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. She was also on ForbesWorlds 100 Most Powerful Womenlist this year. What do In 2022, only six companies on the Fortune 500 list had a Black CEO. The all-time high was six in 2012. Currently, there are four black Fortune 500 CEOs versus seven less than a decade ago, he maintains. That just doesnt happen to the same degree with Black executives in the pipeline.. Global nonprofit Catalyst cites that women CEOs of the Fortune 500 are overwhelmingly white, straight, and male. Don't get me wrong: Black Americans are glad that finally after 400 years, there is mass . 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. 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. If those graduates had a steady rate of advancement, one would expect there to be 50 black Fortune 500 CEOs. TIAA, the financial services giant that manages $1.2 trillion in assets, has the distinction of being the only large U.S. corporation to have twice been led by a Black CEO. With the resignation of Tapestry CEO Jide Zeitlin in July 2020 and Merk CEO Kenneth Frazier in June 2021, the number of Black CEOs among the Fortune 500 dropped to a woeful four. Shes the epitome of experiences, additional responsibilities, and demonstrated value, Hyter says. Not everyone ends up . 1 on the list. 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. Munoz has been named among the "100 Most Influential Hispanics" by Hispanic Business magazine. Thats not what gets you into the CEO job.. 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. 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. All Rights Reserved. The all-time high . S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. And there were 24 women CEOs in the Fortune 500 -- representing 4.8 percent of companies -- as of June. 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. And for the first time in at least 30 years, sales declined in the U.S. business. But he has served on some boards and is currently a director at aluminum products maker Arconic. Eric Deggans digs into the list, with the most egregious oversight clearly Michaela Coel's HBO drama I May Destroy You. While that worked initially, turning Merrill into the top brokerage, it sowed the seeds of disaster later on. Three new Black entrants are featured on the 2022 Fortune 500. In fact, the percentage of sitting CEOs coming directly from a CFO chair has reached an all-time high. And in 1998, he rejoined Fannie Mae, quickly ascending to the top job. The first was Ursula Burns, who served as CEO of Xerox from 2009 until 2016, and as chairwoman from 2010 to 2017. 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. An unsafe neighborhood and lack of fresh food. The airplane maker was eager to find a chief who would fix the company and its culture and ultimately chose 3M chief Jim McNerney. He continued his education at Columbia Business School where he earned his MBA. Following his departure, there are now only three Black Fortune 500 Ceos: Marvin Ellison of. 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. 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