Black History Month: 10 Black Fortune 500 CEOs

If you think there aren’t enough African American CEOs around, you’re not mistaken. According to statistics, only one percent of Fortune 500 CEOs are black. And, in addition to that, the trend has been plummeting down over the past ten years, in contrast to the rising numbers of Asian-American and Hispanic CEOs.

With more attention being paid to diversity in the workplace, why aren’t there more black CEOs in various industries? There are several factors at play. 

In an interview with the Wall Street Journal, former Black CEO of Aetna Ron Williams says the opportunity is not equally distributed. According to Williams, there are many promotions that are informally decided even before the jobs are even posted. As a result, other talents, including Black employees, don’t get a fair chance to compete.

This Black History Month, let’s take a look at some of the influential African American Fortune 500 corporate leaders.

1. Roger Ferguson Jr.

Roger Ferguson Jr. is the current President and CEO at TIAA, a Fortune 100 financial services organization. Being an executive of the leading provider of retirement services in academic, medical, research, and cultural fields is not easy. Still, Ferguson has been doing a great job at it since 2008. 

Ferguson is also the chairman of The Conference Board. He also serves as a member of several boards. These include Alphabet, the Institute for Advanced Study, General Mills, International Flavors and Fragrances, and Memorial Sloan Kettering Cancer Center.

2. Kenneth Frazier

Kenneth Frazier is the chairman of the board and the Chief Executive Officer of Merck since 2011. Frazier’s leadership guides the firm as it continues to be one of the largest pharmaceutical companies in the world. 

According to Merck’s website, its current CEO has substantially increased the business’s investment in research. In addition to that, he has also refocused Merck’s efforts to launch and grow products that benefit society. Frazier joined the firm in 1992 and rose from the ranks. He held positions including General Counsel and President on his way to being the top executive. And for that, he earns a spot here at our list of CEOs for Black History Month.

3. Marvin Ellison

Marvin Ellison is the current President and CEO at Lowe’s Companies, Inc. and has been so since 2018. Prior to being Lowe’s chief executive, he has also served as the chairman and CEO of J.C. Penney Co. from 2014 to 2018. During his time at the firm, he guided the team to deliver sales growth, reduce debt, and earn adjusted earnings per share. 

Ellison has also held senior-level operations roles in big companies within the retail industry. His experience includes stints at Home Depot Inc. and Target Corp. 

4. René Jones

René Jones is the chairman and CEO of M&T Bank and has been so since December 2017. Jones takes pride in leading a firm that aims to make a difference in society. In the same vein, he strives to lead the bank to play an active role in making communities better places to work, live, and grow.

In his LinkedIn account, Jones described M&T Bank as “a community bank and a bank for communities.” He guides the firm to be a “glue” that binds people and fosters social change and progress.

5. Jide Zeitlin

Jide Zeitlin was appointed CEO of luxury goods firm Tapestry in September 2019. Also the chairman of the Board at that time, Zeitlin led the parent company of Coach, Kate Spade, and Stuart Weitzman backed by his over three decades-worth of experience in the global financial industry.

Not even a year in the position, however, Zeitlin left the corner office in July 2020. He resigned as chairman and CEO following misconduct allegations.

6. Kenneth Chenault

Kenneth Chenault served as the CEO of American Express from 2001 to 2018 and was one of the first African Americans to become a CEO of a Fortune 500 company. Initially joining the multinational financial services firm in 1981, he worked his way up to Chief Operating Officer and President in 1997 before becoming the CEO in 2001. Chenault’s hard work landed him on the C-suite at a time when most companies are yet to exert efforts to address employee diversity.

7. Ursula Burns

Black History Month and Women’s History Month come one after the other, and Ursula Burns is the perfect person to recognize for both. Serving as CEO of Xerox Holdings from 2009 to 2017, Burns was the first African American woman CEO of a Fortune 500 firm. 

Burns joined Xerox in 1980 as a summer mechanical-engineering intern, back when she was taking up her master’s degree at Columbia University. She rose from the ranks, and when she finally reached the C-suite, she helped the firm generate $18 billion in revenue.

8. Don Thompson

Don Thompson was the CEO McDonald’s Corp from 2012 to 2015. Thompson held the reins at such a challenging time. When he sat down as CEO in 2012, he had to face the challenge of leading the company to add to almost nine years of sales gains at established stores. However, just two months into the job, the firm reported same-store sales to decline with various issues at hand, including political troubles in Europe and food safety concerns in China.

9. Rodney O’Neal

Rodney O’Neal served as the CEO of Delphi Automotive from 2007 to 2015. O’Neal’s time at the helm was not an easy ride – he took charge of the firm halfway through its massive restructuring in federal bankruptcy. Despite all the hardships, he was able to lead the firm through. Delphi got out of exited bankruptcy, returned back to the stock market, and grew sales at 45 percent during O’Neal’s final year. 

10. Clarence Otis Jr.

Last but not least on our Black History Month CEO list is Clarence Otis Jr., who served as the CEO of Darden Restaurants from 2004 to 2014. For the most part, Otis led the company’s growth that owned Capital Grille, Olive Garden, and LongHorn Steakhouse. 

While restaurant operator top execs typically come from the food and beverage industry, Otis’s background is unconventional. Before working for Darden as a treasurer in 1995, he was a securities lawyer and a JPMorgan Chase manager.

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