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There are currently eight black CEOs of Fortune 500 firms. While this number is extremely low when compared to black CEOs for recognition, it is a significant gain.
The “Fortune 500” is a list of the 500 largest corporations in the United States maintained by Fortune magazine and published annually since 1955.
According to records, only 23 Black CEOs have led America’s Fortune 500 corporations since 1987. There were four Black CEOs managing Fortune 500 firms in 2020, when there were talks about diversity following the murder of George Floyd. According to Fortune, the number has now increased to eight, representing only 1.6% of all Fortune 500 CEOs.
Below are the Black CEOs on the 2023 Fortune 500 list:
1. Rosalind (Roz) Brewer
Walgreens’ CEO is Rosalind “Roz” Brewer. Brewer was the chief operating officer at Starbucks prior to her appointment.
Brewer grew up in Detroit and attended Cass Technical High School before enrolling at Spelman College, where she earned a bachelor’s degree in chemistry. She also graduated from the Director’s College at the University of Chicago Booth School of Business/Stanford Law School, as well as an advanced management program at the University of Pennsylvania’s Wharton School.
2. Marvin Ellison
Marvin Ellison is the CEO of Lowe, and he holds the uncommon distinction of being the only Black executive to serve as CEO of two Fortune 500 firms. According to his LinkedIn, he formerly served as CEO of J.C. Penney and has also worked for organizations such as The Home Depot and Target.
3. David Rawlinson II
Qurate Retail’s CEO is David Rawlinson. In 2021, he was appointed to the job. He came to Qurate Retail from NielsenIQ, where he was CEO and oversaw the company’s transition to new ownership. He formerly worked as President of Grainger Global Online, a stand-alone division of W.W. Grainger, Inc., where he led the fastest growth.
David graduated from The Citadel with an MBA from Harvard Business School and a JD from the University of South Carolina School of Law.
4. Thasunda Brown Duckett
Thasunda Brown Duckett is the CEO of Teachers Insurance and Annuity Association of America (TIAA), a Fortune 500 corporation. She was previously the Chief Executive Officer of Chase Consumer Banking, a part of JP Morgan. She is also the first African-American woman to be appointed to JP Morgan’s Operating Committee.
Duckett, known as T to her friends and coworkers, is one of JP Morgan Chase’s most prominent and approachable executives. She represents the bank in the media and on television on a daily basis. Duckett, a top black finance executive, is trying to enhance financial health and literacy for her organization’s 23 million households.
Duckett grew raised in a financially challenged family. Her father, Otis Brown, was a truck driver for Xerox in New Jersey. When the company was shut down, her family moved to Texas, where her mother, Rosie, found work as a teacher. They started afresh in an apartment in North Texas, using boxes as temporary furnishings.
American Banker magazine named Duckett one of the most powerful women in banking in 2018. In 2019, Fortune named her one of the most powerful “Women to Watch.”
5. Christopher Womack
Southern Company’s president and CEO is Christopher Womack. The corporation is one of the world’s largest energy providers. He was the chairman, president, and CEO of Georgia Power, the Southern Company’s largest subsidiary, prior to his present position. He also served as Southern Company’s executive vice president and president of external affairs.
He joined Southern Company in 1988 and has progressed through the ranks to hold many senior positions with the company and its affiliates. He is originally from Greenville, Alabama.
6. René Jones
René Jones is the CEO of M&T Bank, a diversified, community-focused banking institution with $200 billion in assets and 1,000+ offices throughout the eastern United States. From 2005 through 2016, he was the Chief Financial Officer.
Previously, he was appointed to M&T’s Management Group, a group of top executives in charge of the company’s strategic direction. Jones began her career in accounting in Ernst & Young’s Boston office, and later at a private equity firm.
Jones hails from a mixed-race household. His father is of African-American descent. CNBC Make It reports that he is the youngest of six children.
7. Calvin Butler
Calvin G. Butler Jr. is the president and CEO of Exelon, the nation’s largest utility company in terms of customer accounts. It serves 10 million electric and gas consumers in Illinois, Pennsylvania, Maryland, Delaware, New Jersey, and the District of Columbia.
Butler was appointed to the role in 2022, following the retirement of then-CEO Chris Crane due to health issues. He formerly served as Exelon’s president and chief operating officer. He has also held positions such as senior executive vice president and COO (2021), CEO of Exelon Utilities (2019), and CEO of BGE from 2014 to 2019. He began his career with Central Illinois Light Company (CILCORP, Inc.) before joining Exelon in 2008.
8. Franklin Clyburn Jr.
International Flavors & Fragrances’ CEO is Frank Clyburn Jr. Prior to joining IFF, he was Executive Vice President and President of Human Health at Merck & Co., where he oversaw a team that established one of the world’s leading oncology businesses and is currently redefining cancer care.
