CEO Tenure: 2 . 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 . 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. 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 M&T has moved further in that direction by shifting more of its college recruitment to historically black colleges and universities. But the improvements only went so far under the weight of so much decay. 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. Before becoming CEO, selected by his predecessor, Harvey Golub, Chenault had been operations chief. Offers may be subject to change without notice. Munoz has been named among the "100 Most Influential Hispanics" by Hispanic Business magazine. 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. Great to see Jane Edison Stevenson quoted in today's #fortune Broadsheet written by Fortune senior writer Phil W., who examines how: "CEO factory. 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 sits on a number of boards, including that of Exxon Mobil. At the time, there had been fifteen Black CEOs in the history of theFortune500, with five still on the job. 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. 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. As of May 2022, there were two Black women CEOs of Fortune 500 companies. And, as anyone who has been paying attention has repeatedly noted, nobody is coming. He was passed over in 2014 when Home Depot changed CEOs, and he went to Penney.. And there were 24 women CEOs in the Fortune 500 -- representing 4.8 percent of companies -- as of June. On Thursday it was announced that Kenneth Fraizer, CEO of the pharmaceutical company Merck and Co., will retire. 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. However, few of them have yet to translate to the C-suite in corporate America. Ferguson was also previously vice chairman of the Board of Governors of the US Federal Reserve System. 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. and Black and Hispanic people through Twitch . 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. The peak year for. 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. 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. 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. The pharmacy store chain is No. 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 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. 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. Zeitlin had been chairman of the Fortune 500 company since 2014 and therefore intimately familiar with the company and the retail industry. . The first was Ursula Burns, who served as CEO of Xerox from 2009 until 2016, and as chairwoman from 2010 to 2017. ONeal, who had started his career at General Motors in financial roles, joined Merrill in 1986. As of 2019, Black executives held only 10% of senior P&L roles in the Fortune 500. Duckett, known by her friends and colleagues as T, is one of JP Morgan Chases visible and accessible executives. 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. Dont P. has 7 jobs listed on their profile. She previously served as CEO of Sams Club and COO at Starbucks before joining Walgreens in 2021. He previously held the CEO position with J.C. Penney and also worked at companies like The Home Depot and Target, according to his LinkedIn. Records show that there have only been a total of 18 Black CEOs leading America's Fortune 500 companies since 1999. . At Merck, the Harvard Law Schooltrained Frazier has helped the drug giant refocus itself on research and development, particularly early stage research. 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.. His career in the industry started almost by accident. Larry Fink, chairman and CEO of BlackRock, during the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., October 2022. She was also on ForbesWorlds 100 Most Powerful Womenlist this year. His directorships include seats on the boards of Alphabet and General Mills, as well as the Smithsonian Institution. 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. 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. And for the first time in at least 30 years, sales declined in the U.S. business. This year's Fortune 500 list was a record-breaking affair for female CEOs, with 41 woman-run companies making the cut. 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. 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. 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. Today, there are five Black CEOs in the Fortune 500. 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. Not everyone ends up in the C-suite, of course, but the formal structure has made it easier to identify and nurture female 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. 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. 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. A tiny fraction less than 1% of Fortune 500 companies have Black CEOs. ONeal made finance history when he became the first Black CEO of a Wall Street firm in 2002. However, since 2020, there have been six Black CEOs leading Fortune. 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. Black women tend to get shuntedaway frompositions of real impact and end up in career cul-de-sacs that eliminate them from consideration. Diversity Among Fortune 500 CEOs from 2000 to 2020: White Women, Hi-Tech South Asians, . 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. 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. 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The newest . All rights reserved. In March 2017, Munoz was named "Communicator of the Year for 2017" by PRWeek. In the meantime, there are lessons such entrepreneurs and strivers can learn from the only 19 Black CEOs in the history of theFortune 500. The first was Ursula Burns, who served as CEO of Xerox from 2009 until 2016, and as chairwoman from 2010 to 2017. She also serves as Chairman of the Board of the companys publicly traded mutual funds. Only 1% of the Fortune 500 CEOs are African Americans, 2.4% are East Asians or South Asians, and 3.4% are Latinx. Terms & Conditions. This is what is happening to many black employees nowadays. 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. Terms & Conditions. Data show that there are a growing number of Black entrepreneurs and business leaders currently than in the past. 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. Global nonprofit Catalyst cites that women CEOs of the Fortune 500 are overwhelmingly white, straight, and male. HR isnt going to get you there, she says. Black CEOs are all around us, if we would let them grow. (Roz Brewer becomes the third on March 15 when she takes the reins at Walgreens Boots Alliance.) 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It takes 22 years to grow an entry level employee, and a lot goes wrong for people along the way. 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. If those graduates had a steady rate of advancement, one would expect there to be 50 black Fortune 500 CEOs. A special purpose acquisition company (SPAC) he cofounded in 2016 bought a car parts firm in the fall of 2020. View Dont P. Shannon, FASAE, CAE'S profile on LinkedIn, the world's largest professional community. The compilation includes undergraduate . 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. 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. Her dad, Otis Brown, worked for Xerox in New Jersey as a truck driver. She was unflinching in her assessment of the problem. In 2002, he moved to Home Depot, where made his way to head of U.S. stores. A CPA by training, Jones is also ramping up efforts to hire more from Buffalos local talent pool. It was a similarly dispiriting moment. 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. However, Jones still leads the Buffalo N.Y.-based bank. She is also the first Black woman to be named on JP Morgans Operating Committee. . 10. Others followed Fraziers lead, resulting in the councils disbanding. At Facebook, where Mark Zuckerberg faces criticism for allowing President Trump's incendiary posts to stay up, only 3.1% of senior . That's four black leaders among the. There were a series of experiences, developmental moments, and opportunities for demonstration of capability that each of them had, Hyter says. He held that position until he became the CEO of JC Penney in 2015. 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. 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. 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. 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. 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. 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. This is the first question I attempted to answer when Iestablished the race beatatFortuneexactly five years ago this month. TIAA, a Fortune 100 financial services. Profit and loss responsibility creates a better and clearer recognition of a persons capabilities of managing a business, Hyter says. Prior to her appointment, Brewer served as the chief operating officer at Starbucks. 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. 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. The study also foundan overall lack of mentorship and access to senior leaders. This is not a complaint; it's a reality. Once he took the reins, he made big moves to repair the severely damaged retailer. 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. 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. All rights reserved. When the company was closed, her family relocated to Texas where her mom, Rosie, found a job as a teacher. Robert attended Columbia University beginning in 1997, where he graduated with dual degrees in history and economics-philosophy in just two years. As CEO of Xerox, Burns was the first and one of only two Black women to ever run a Fortune 500 company. 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. Its our job to seek them out and help mentor them to the next phase.. 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. To be sure, any increase in Black CEO representation is cause for celebration given the Fortune 500s predominantly white and male history. Photos- Twitter . Since 2000, there have been 151 white women and people of color appointed CEOs at Fortune 500 companies. Correction, May 23, 2022: This article has been updated to include Qurate Retail CEO David Rawlinson. Published in April. 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. 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. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. 2022 Fortune Media IP Limited. 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. Records show that there have only been a total of 18 Black CEOs leading Americas Fortune 500 companies since 1999. 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. Offers may be subject to change without notice. David Rawlinson is the CEO of Qurate Retail. Yet Jones says helping people make their way up large established companies is only part of the solution. 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. (A VP of finance, Bell had landed in the C-suite to replace a CFO who had left because of a government contract scandal.) When Ferguson steps down in late March after 13 years, he will have done so leaving a mark on TIAA and corporate America broadly. 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. Why, after so many years of awareness of this problem, is that number still so stubbornly low? The insurance firm brought in $40.5 billion in revenue in 2021, placing it at No. The finance executive is a powerhouse in the business environment in America. His research focused on Milwaukee, a racially segregated city with a desperately high poverty rate. 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. The peak year for. 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 . 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