When she stepped down as CFO at Family Dollar, she decided, as she puts it, to "semi-retire." Cook and Glass found, as they expected, that the women and minorities in their sample had shorter tenures than the white male CEOs, by about 4 months on average, but these differences were not statistically significant. And those numbers are declining globally. Black women represent just 1%. Most speak both Spanish and English, and some emphasize in their biographical sketches that they speak more than two languages. Moreover, since most of the seats lost by white men were lost to white women, and white women make up 6.8% of those who are now CEOs, whites still make up 92.6% of the Fortune 500 CEOs. Connectivity that bridges borders and cultures is one of our biggest strengths if youre one of our students, you almost certainly have classmates, . According to Fortune, the top CEOs earned an average of $12.3M as of 2020. Wojcicki attained an MBA from UCLA Anderson School of Management and a masters degree in economics. However, as I have noted, if we were to include the 34 white women Fortune 500 CEOs in 2020 with the white men, then 92.6% of the Fortune 500 CEOs are white. Only 7% of Fortune 500 CEOs are women. From this estimate, female executives grew by 1.4% between 2015 and 2020, which was a slowdown in growth from 3.9% between 2009 and 2015. For the first time two Black women are running. 2019. She attended a Catholic high school, and received her BA in engineering from NYU. Born in India, he is the son of a general in the Indian army who moved around a lot during Banga's childhood. And yet, today there are actually more Fortune 500 CEOs with the first name John than there are Fortune 500 women CEOs! There were five, not four."[19]. Another consideration is that skin color may affect whether a person is perceived as not white. Seventeen of the 20 men were born in India, one was born in Pakistan, one in Sri Lanka, and one was born to Indian parents in Kenya. Bozeman . 2014. "Nazzic Keene will soon lead the massive contractor she helped create," Washington Business Journal, June 28; https://www.bizjournals.com/washington/news/2019/06/28/nazzic-keene-will-soon-lead-the-massive-contractor.html, [10] Kari Paul and Julia Carrie Wong, 2020, "California Passes Prop 22 in a Major Victory for Uber and Lyft," The Guardian, November 4; https://www.theguardian.com/us-news/2020/nov/04/california-election-voters-prop-22-uber-lyft. - Family business. In that capacity, using the alias of "James Green," he set up a studio and took photos of many women (it is alleged in the article that subsequently was published that some were nude photographs). If we don't count Bell, the interim appointment, or the five African-Americans still in office in 2020, the 12 African-American male CEOs were in office for an average of 5.8 years (about the same as the white women), with a range from Chenault's 16 years to Lloyd Ward, who lasted at Maytag for a little over a year, from August 1999 through November 2000. All five new CEOs were promoted from within their organizations. 1992. This fact limits their availability and locks them out of potential leadership roles, creating a pipeline issue in the process. Still, the white men, who make up about 35% of the population, continue to be very much over-represented, and the gap between them and the New CEOs is still immense. Mary Dillon of Ulta Beauty left the list as a result of her stepping down from her role this June and luxury lifestyle brand Tapestry, led by Joanne Crevoiserat, fell off the list, ranking at No. Further research, and the unforeseen rise of new "Asian-American" groups, reveals that "South Asians," mostly from India, but also from Pakistan, Bangladesh, and Sri Lanka, should be analyzed separately. 2019, 104 (1), 107-122; https://doi.org/10.1037/apl0000347. 2014. A few, including two of those who founded or co-founded companies, Wang and Huang, came from privilege, and a few clearly came from poverty. Ren Jones became the CEO of M&T Bank in 2017 (#438). 2006. [1] The other one third were from middle- or working-class backgrounds. Six were CEOs of Fortune 100 companies, including LaGarta, Nooyi's replacement at Pepsico, Enrique Lores, who became CEO at Hewlett Packard (#55 not to be confused with Hewlett Packard Enterprises, which was #109) in 2019, and Juan Luciano who became CEO at ADM in 2015 (#34 in 2015, #54 in 2020). Ford and her wife, Jill Schurtz (a West Point graduate, and a lawyer), are raising three teen-age daughters. As can be seen in Figure 1, the slow increase in new CEOs, from a total of 19 in 2000 to 71 in 2020, has been accompanied by a corresponding steady decrease in the number of white male CEOs. As can be seen in Figure 1, the slow increase in New CEOs, from a total of 19 in 2000 to 71 in 2020, has been accompanied by a corresponding steady decrease in the number of white male CEOs. Muhtar Kent is a Turkish American born in New York City when his father was the Turkish consul-general. Ultimately, Wojcicki convinced Googles cofounders to buy YouTube and became senior vice president in charge of ad products. A reporter was soon to break a story about this affair, and Zeitlin decided to try to control the narrative by telling the story himself in a letter to the Board of Directors that he posted on LinkedIn. Class Warfare: Class, Race, and College Admissions in Top-Tier Secondary Schools, Chicago: University of Chicago Press, pp. If that force is only 2030% women, that is a problem.. For example, just to name two of the more recent additions to the list, Antonio Neri, born in Argentina, who in 2018 succeeded Meg Whitman as CEO of Hewlett Packard Enterprises (#109), speaks English, Spanish, Dutch and Italian, and Ramon LaGarta, born in Spain, who in 2018 replaced Indra Nooyi at Pepsico (#41), speaks English, Spanish, French, German, and Greek. Source: Fortune In 2020 there were 37 female Fortune chiefs (7.4%). The Broadsheet is Fortune's newsletter for and about the world's most powerful women. From full-time employees to managers, companies expect overtime, out-of-hours phone calls, and emails, etc. ChesnotGetty Images. Marvin Ellison became the CEO of J. C. Penney's in 2015 (#250), and then became the CEO of Lowe's in 2018 (#42). In the years that have followed, weve seen more female Fortune 500 CEOs, but not much has changed; women are still a minority with 8.1% as of 2021. Adena Friedman, chief executive officer of Nasdaq, speaks during an interview in New York. She explains that if leaders don't improve this representation at a faster and more consistent rate then diversity targets could be the only answer. But as investors look beyond the 2010s D2C boom, they hope female founders will build strong companies in other categories. Several of the new CEOs who made this 10.6% milestone possible come from the materials and manufacturing industries. June 2, 2021, 3:30 AM PDT In 2021, the number of women running businesses on the Fortune 500 hit an all-time record: 41. He was born in Iran to a very wealthy family that owned a diversified conglomerate that included pharmaceuticals, chemicals, food, distribution, packaging, trading, and various other services. The percentage of women CEOs and CFOs is at its highest level ever. Only the South Asian CEOs in my sample had an average tenure longer than the average tenure for CEOs which, according to Fortune magazine, was 6.9 years in 2015. Marion Sandler became the second Fortune 500 chief with Golden West Financial, but alongside Herbert Sandler. They found support for the "glass cliff" effect: women and men of color were significantly more likely than white men to have been appointed as CEOs at companies with weak performances. Enrique Salem, a Latino who was born in Colombia and was the CEO of Symantic from 2009 through 2012 (#391), told a reporter for Financial Times, "To be honest, most people can't tell I'm Hispanic. Since 2000, there have been 151 white women and people of color appointed CEOs at Fortune 500 companies. 22. [33] Zweigenhaft and Domhoff. As McKinstrys suit illustrates, women leaders experience differs significantly. [10] This initiative may have a major impact in other states as part of the relentless and unremitting effort by corporate America against unions, a battle that has been waged since the nineteenth century.[11]. Only 1% of the Fortune 500 CEOs are African Americans, 2.4% are East Asians or South Asians, and 3.4% are Latinx. A record number of 41 women are leading Fortune 500 companies today, according to Fortune's latest list. As of March, there were 74 female CEOs employed at America's 500 highest-grossing companies, up from 41 in June of 2021 and only 7 in 2002. This Fortune 500 CEO Is Obsessed With Gender ParityBut She Still Hasn't Achieved It. Mary Barra started her GM career at 18 when she participated in a program that helped pay for her tuition. The study revealed that women CEOs were 4 years older than their male peers and worked in more positions to get to the top. Fully 11 of the 20 African-American CEOs have been at companies in the top 100, including Franklin Raines, CEO at Fannie Mae from 1999-2004, Stanley O-Neal at Merrill Lynch from 2002-2007, Kenneth Chenault at American Express from 2001-2017, and Kenneth Frazier, CEO at Merck since 2011. Elon Musk finds the term "cis" offensive and has now officially declared it a slur in Twitter's book. Asian-Americans, however, showed a decrease, from 7.8% to 6.4% (more South Asians than East Asians we did not code for that in 2011), and Latinos showed a sharp drop from 4.2% to 1.4%.[34]. Many of the Latinx Fortune 500 CEOs born outside the USA come from privilege, and therefore it is important to keep in mind the key variable of socio-economic class (even though it is often difficult to ascertain). Perhaps the most unusual story is that of Jide Zeitlin, who became the CEO of Tapestry in September 2019 (#485), but ten months later, in July 2020, he resigned abruptly. List of women CEOs of Fortune 500 companies, Fortune 500 women CEOs as of 2021 (47 women), List of Fortune 500 computer software and information companies, https://en.wikipedia.org/w/index.php?title=List_of_women_CEOs_of_Fortune_500_companies&oldid=1156278899, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 4.0, This page was last edited on 22 May 2023, at 03:13. In addition, in this paper I'll compare these 151 New CEOs who have made it to the top of these giant, very hierarchical, corporations, with the similarly "new" members of Congress, the white women and people of color who have been elected to the Senate and the House. His father, Arnold, is Jewish, but his mother, Marian was not. So, too, in late July, when Jide Zeitlin resigned as CEO of Tapestry, did the author of a July 22 New York Times article make the same mistake. "The Short Tenure and Abrupt Ouster of Banking's Sole Black C.E.O.," New York Times, October 3; https://www.nytimes.com/2020/10/03/business/tidjane-thiam-credit-suisse.html, [27] David Gelles, 2020, "Corner Office: The CEO Who Promised There Would Be No Layoffs," New York Times, November 6; https://www.nytimes.com/2020/11/06/business/corner-office-ajay-banga-mastercard.html, [28] Sharon Austin, 2020, "A Record Number of women will serve in the 117th Congress, including at least 51 women of color," The Conversation, November 17; https://theconversation.com/a-record-number-of-women-will-serve-in-the-117th-congress-including-at-least-51-women-of-color-149736, [29] Center for American Women and Politics, 2021, "Women Serving in the 117th Congress 2021-22"; https://cawp.rutgers.edu/list-women-currently-serving-congress, [30] Ethan Cohen, Liz Stark, and Adam Levy, 2021, "117th Congress: Breaking Down the Historic Numbers," CNN Politics, January 3; https://www.cnn.com/2021/01/03/politics/117th-congress-historic-numbers/. Emma Hinchliffe emma.hinchliffe@fortune.com @_emmahinchliffe. When I emailed the Wall Street Journal reporter to alert her to the error I had made, I also noticed that at the end of the Fortune magazine article there was a correction indicating that the author of that article also had initially missed that Ren Jones is black ("Correction: This story originally omitted the CEO of M&T Bank in its list of Black CEOs"). 62-63. Born in Cuba, her parents, initially Castro supporters, but then disillusioned and imprisoned for counterrevolutionary activities, were able to leave the country and move to Minnesota when she was five, and then to New Jersey. In April 2020 she took a leave of absence for undisclosed health reasons. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, The number of female CEOs in the Fortune 500 has hit a new record, The 5 youngest CEOs of Fortune 500 companies. For example, Reshma Kewalramani at Vertext Pharmaceuticals joined the list with her company ranking at No. Proceedings of the National Academy of the Sciences, PNAS March 3, 117 (9) 4590-4600; first published February 18, 2020; https://doi.org/10.1073/pnas.1918896117. For aeons, women have fought hard for gender diversity, therefore, even an increase of 1.2 percentage points in Women CEOs leading Fortune 500 companies is a big win. She graduated from Kettering University with a degree in electrical engineering in 1985 and an MBA from Stanford Graduate School of Business in 1990. In some cases, the original groupings that we used decades ago no longer suffice, for now we can see that those born into some subgroups are much more likely than those born into others to become Fortune 500 CEOs. Back in 1963, when her husband committed suicide, Katherine Graham took overThe Washington Post, the newspaper her father had founded. 2020. As such, it becomes difficult to juggle between work, graduate school, and family. They note that only two of the women and minority CEOs in their sample, but 24 of the white men, had been appointed in the previous year or so, and that this may have decreased the average tenure for both groups, but especially that of the white men. Rosalind Brewer, one of only two Black female CEOs of Fortune 500 companies, has had a series of top jobs at Sam's Club, Starbucks, Walmart, and now at Walgreens Boots Alliance. There has been considerable debate and disagreement among scholars and political activists about what general name, if any, should be used to characterize a group whose main common heritage is the Spanish conquest and the Spanish language. Corie Barry, Best Buy Co., Inc. DPR Construction namedAngela Floyd its CFO and announced plans to add Juliet L. Rogers to its board. With this appointment, Ford became the second openly gay Fortune 500 CEO, Tim Cook of Apple having been the first when he came out as a gay man in October 2014 (#5 in 2014, #4 in 2020) In April, 2019, James Fitterling became the third, and the first male board-appointed out CEO when he became CEO at Dow (#78 in 2020). It was a segregation system that separated research work and editing roles according to gender. 2016, "What's in a Name? She was the first in her family to earn a college degree she received her BA in industrial engineering from the University of Miami, and then an MBA from Nova Southeastern. When the Washington Postmade theFortune500 list in 1972, she became the first woman CEO of aFortune 500 company. There have been 35 men and women we are including in this umbrella term Asian-Americans who were CEOs of Fortune 500 companies between 2000 and 2020. Their findings, coupled with the findings discussed above by Lu, Nisbet, and Morris, help to explain the underlying reasons for an ongoing bamboo ceiling for East Asians. Just this week, Rite Aid announced the departure of CEO Heyward Donigan; her interim successor is board member Elizabeth Burr, keeping these stats consistent. The comparison between African-American CEOs and members of Congress during this same period, as seen in Figure 5, reminds us that in the Senate for the past two decades, there have never been more than three African-Americans. All Rights Reserved. Five Decades of Fortune 500 CEOs By the end of 2013, diversity in the CEO position had declined for them. One of the African-American men, James Bell at Boeing in 2005, was an interim appointment who served for less than a year (#25 in 2005). During this time, she introduced AdSense and was in charge of Google Videos when a free video-sharing website caught her attention: YouTube. After ten years with Sun Microsystems, and six years with Ford Motor Company, she went to work for Gap in 2014. Many are married to high-powered executive husbands, but notably, some have reported that their husbands had given up careers to take care of the children.
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