See also Suzanne Oboler, 1995, Ethnic Labels, Latino Lives (Minneapolis: University of Minnesota Press); Renee Stepler and Anna Brown, 2016, Statistical Portrait of Hispanics in the United States, Pew Research Center, April 19; and G. Christina Mora, 2014, Making Hispanics: How Activists, Bureaucrats, and Media Constructed a New American (Chicago: University of Chicago Press). List of women CEOs of Fortune 500 companies - Wikipedia The 22 South Asian CEOs include 20 men and two women. Born in India, he is the son of a general in the Indian army who moved around a lot during Banga's childhood. The study, conducted by three women, shows men and women view the consequences of professional advancement and positions of power differently and therefore shape their career progression around those assumptions. "Tapestry C.E.O. Among the largest 500 publicly traded U.S. companies by revenue, the share of female directors rose to 25.9% last year from 18.9% in 2015, research firm Equilar found in the study, released on Jan. 30. CEOs often receive restricted stock or options as a significant part of their compensation, the value of which can fluctuate. Ultimately, he revealed his actual identity to her, and the relationship ended. Unlike the other early New CEOs who broke Fortune 500 barriers by becoming the first woman CEO (Katharine Graham at the Washington Post), the first Latinx CEO (Roberto Goizueta at Coca Cola) and the first Asian-American CEO (Gerald Tsai at American Can), the first two African-American Fortune 500 CEOs, Franklin Raines, the CEO at Fannie Mae from 1999-2004, and Lloyd Ward, the CEO of Maytag from 1999-2000, grew up in working class families. Shantanu Narayen, Adobe The chairman, president, and chief executive officer of Adobe Inc. since December 2007, Narayen grew up in Hyderabad to a conservative Telugu-speaking family. Neither the data in the twenty-year trends nor the data on who now is (or is not) in the pipeline to the CEO office provide reason for optimism, Adding to this grim perspective, some research indicates that women and men of color who ascend to CEO positions in the Fortune 500 are faced with even greater uphill odds than their white male counterparts. Indian chief executive officers (CEOs) head some of the biggest companies in the world when ranked by market capitalization, with a presence that's heavily felt in the technology (tech) sector.. However,. By 1985 he was the general manager of Coca-Cola Turkey and Central Asia (living in Istanbul), by 1988 he was the vice president of Coca-Cola International (living in Vienna), and by 1995 he was general manager of Coca-Cola Amatil-Europe. The concepts of third culture kids and flexible immigrants apply to many of the CEOs we have described, including Muhtar Kent, who was born in New York City to a Turkish ambassador, educated in England and then served in the Turkish military before his ascent through Coca-Cola's corporate hierarchy. 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. The first digitally native newswire, restoring trust in the news. The CEOs of Apple, Microsoft, Blackrock, and JP Morgan all hold MBA degrees. Fifteen have MBA degrees, four have PhD's (from Rice, UVA, Cal Tech, and the University of Valencia), two have law degrees, and one has a medical degree. The term Hispanic has been favored by some, especially on the East Coast; others prefer Latino, especially on the West Coast. What is not clear is that it is due to more feminine traits, like empathy. [12] At least one person claims that Ursula Burns should count as a Latina because her mother was Panamanian. "[20] Perhaps academics like me, various journalists, and others simply have missed that Ren Jones is African-American because he is so light-skinned. Then, because I suspected that larger companies were more likely to include diversity in their leadership teams, I looked at those executives in the companies ranked between #251 and #275 that included photos and biographical information. He is not. They concluded that one of the three, low assertiveness, but not the other two, prejudice against Asians, or the amount of motivation that they had, was the key reason for this difference. 100-101. Barbara Smith, CEO of Commercial Metals (#491), was one of nine children, but she reports that her grandfather and her father owned "several" businesses. ", In the 1960s, Ruth Hill Useem, a sociologist at Michigan State, used the term "third culture kids" to refer to the children of diplomats, missionaries, men in the military, and others who spent some time in their own home culture but, because of the nature of their parents' work, were raised in other cultures. In 2016, in an article that I wrote which drew on these concepts of third culture kids and the flexible immigrant, I made what turned out to be a good prediction, when applied to Jide Zeitlin: "future black Americans who become CEOs might turn out to be immigrants from elite backgrounds in the West Indies or Africa. Parag Agrawal: Why Indian-born CEOs dominate Silicon Valley As can be seen in Figure 2, which shows the number of women CEOs each year over this 20-year period, by far most of the new women CEOs have been white. You Can Still Count The Number Of Black CEOs On One Hand 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. When she graduated, she went to work for Florida Power and Light, and stayed with that company for 24 years. Specifically, we looked at the increase in total. 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. Winston became the interim CEO. When the first African-American Fortune 500 CEOs were appointed back in 1999, there was considerable media coverage. Carlos Rodriguez, the CEO of Automatic Data Processing since 2011 (#275 in 2011, #227 in 2020), was born in Cuba, and came to the USA when he was young. If I not only omit the two outliers but also omit the four New CEOs whose appointments were interim (one white woman, two African-Americans and a Latino), each of whom served for only for one or two years, the difference approaches but is not significant (t=1.73, df=99, p<.08). The New CEOs: Women, African American, Latino, ad Asian American Leaders of Fortune 600 Companies. There were five, not four."[19]. Executive compensation in the United States Johnson said working from home is not going away," hinting that this is a shift in the opportunity for women to have the flexibility to take on more responsibility at work, including in roles that lead to the CEO. Why aren't there more women CEOs? Most speak both Spanish and English, and some emphasize in their biographical sketches that they speak more than two languages. 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. According to a recent study, 22% of the world's top CEOs have MBA degrees. And: Ruth Hill Useem and Richard D. Downie. When she was eight, Moammar Ghadaffi's Free Officers' Movement overthrew the Libyan government in a coup d'etat. 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). One is that it is hard to keep track of those we have called the New CEOs in part because the numbers are ever-changing, and in part because there now have been so many that it is not big news. The two longest-serving held their positions for 11 years: Paul Diaz, a Cuban-American lawyer who was the CEO of Kindred Health Care from 2004 to 2015, and George Paz, a Mexican American accountant who became the CEO of Express Scripts from 2005 to 2016. African-Americans also showed a slight increase, from 2.6% to 3.2%, again with a higher percentage in the large companies. [37] Are these differences statistically significant? Flexible Citizenship: The Cultural Logic of Transnationality, Durham, NC: Duke University Press. These Are The Richest CEOs In The World For 2020 "AutoNation to pay millions in 'golden parachute' severance to former CEO," South Florida Business Journal, July 16; https://www.bizjournals.com/bizwomen/news/latest-news/2020/07/inside-cheryl-miller-s-golden-parachute-package.html?page=all. In 1986, Gerald Tsai, a Chinese American, became the CEO of American Can (#140 in 1986). Sen's father was a highway engineer. [21], Then, in a 1999 book, Aihwa Ong, an anthropology professor at Berkeley, proposed that political upheavals and the emergence of global markets meant that transnationality is not detrimental to the nation-state, but that it has provided those she called "flexible immigrants" who could make valuable contributions. His father, Arnold, is Jewish, but his mother, Marian was not. The study noted that compared to male managers, women in leadership positions were 29% more likely to help their employees navigate work and life challenges, 42% more likely to ensure a manageable workload, and 21% more likely to help prevent or manage burnout. He did his undergraduate work, and a master's degree, in England, served in the Turkish military, and in 1978 came to the United States where he lived with an uncle and went to work for Coca-Cola. Microsoft hosts women-only networking events for senior-level professional women and Biogen uses its Womens Innovation Network to create networking, mentoring, and learning opportunities for women to further drive increased representation of women in senior leadership positions.. It is notable that of the 17 Asian-Americans who have become Fortune 500 CEOs since 2010, only 4 have been East Asian, and 11 have been South Asian. 2014. (l-r) CEO Jenny Johnson of Franklin Resources and. [32] Richard L. Zweigenhaft and G. William Domhoff. 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. 20 Questions: Enrique Salem. Meet the CEOs Who Pull In More Than $100 Million a Year Women's History Month isn't supposed to be funny. 1992. This yielded information on 240 people at 22 corporations. The Best-Performing CEOs in the World, 2019 - Harvard Business Review A 2021 Ipsos report surveyed 27 countries to peg the global LGBTQ+ population at 9%. Therefore, it was not until 1999, when Franklin Raines became CEO of Fannie May (#26) and Lloyd Ward became CEO of Maytag (#379), that there were Black CEOs of Fortune 500 companies. How do you measure a CEO's worth? Wrong question. Can You Guess How Many Female CEOs There Are in the World? To date, only four Fortune 500 CEOs . [34] These data are quite similar to those found in a Stanford Business School study of diversity in the C-Suites of Fortune 100 companies. 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. Why Are So Many of the World's Best Companies Run by Indians? Wat, however, grew up in real poverty. See Raquel Reichard. The average Fortune ranking for the Latinx CEOs was 268, and the median ranking was #250. The list also includes lead executives with a position corresponding to chief executive officer (CEO), such as managing director (MD), and any concurrent positions held. Also, notably, and certainly a sign that things not only have changed in the culture but in the corporate elite, in August 2018, the Board of Land O'Lakes (#212) announced the appointment of the first openly gay female Fortune 500 CEO, Beth Ford. Those from the immigrant groups that made up the Latinx population in the United States those Mexican Americans, Cuban Americans, Puerto Ricans, and those from other islands in the Caribbean have had a very different experience than those born into elites in other countries, the Spaniards and those of Spanish descent who grew up wealthy in various South American countries (and, in terms of growing up wealthy, we could include many who fled Cuba in this group). In the months leading to the November 2020 election, Uber successfully spent hundreds of millions of dollars to convince voters to overturn a California law that would have required the company to classify their drivers as employees instead of independent contractors. [1] Dennis Gilbert. It is noteworthy that empathy can lead to more retention, engagement and innovation, which can lead to a more productiveworkforce, according to asurveyof 889 employees across industries. She then surprised her Brahmin parents by coming to the USA to study at the Yale School of Management (as she put it, "It was unheard of for a good, conservative, South Indian Brahmin girl to do this"),[6] and that led to jobs, first with the Boston Consulting Group, and then Motorola, before she went to work at Pepsico and began a climb through management ranks that led to the CEO office in 2006. In astudydone by the Harvard Business School, men and women believe they are equally able to advance professionally and attain high-level leadership positions, but men want power more than women do. My point? On July 14, 2020, she announced that she would not return as CEO, and resigned from the board as well. [28][29] There was a small increase in the number of Blacks in the House of Representatives, from 52 (12%) to 58 (13.3%). Margery Kraus, founder, executive chair & former CEO, APCO Worldwide participate in a panel discussion at the National Press Club Studios, Washington, DC, announcing the release of the second annual report highlighting Women CEOs in America: Changing the Face of Business Leadership. He developed a relationship with one of those women. [24] Richard Zweigenhaft. But perhaps the . Only 1% of the Fortune 500 CEOs are African-Americans, 2.4% are East Asians or South Asians, and 3.4% are Latinx. The number of women CEOs at the Fortune 1000 level was 27 in 2014. 2014. What about the wife he met at Harvard, Tina Goldberg? Seven months later, after the tenth straight quarter of declining sales, and the announcement that 60 stores were to be closed, the company hired an executive from Target to replace Winston. The five African-American CEOs in office in 2020 reveal the varied socioeconomic backgrounds that can lead to these positions, but also the importance of education. Along the way, he was on the board at Milton, and on the board at Amherst College from 1993 to 2013 (he was the Chair of that board from 2005 to 2013). Another consideration is that skin color may affect whether a person is perceived as not white. And yet, the stats on gender equity. Figure 1: White male CEOs and "New CEOs" in the Fortune 500, 2000-2020, Table 1: New "New CEOs" (new appointments), by year, 2000-2020, Figure 3: Women, African-American, Asian-American, and Latinx CEOs, 2000-2020, Figure 4: Women CEOs, Women in the U.S. Senate, and Women in the U.S. House of Representatives, 2000-2020, Figure 5: Black CEOs, Black members of the U.S. Senate, and Black members of the U.S. House of Representatives, 2000-2020, Table 2: Potential "New CEOs" in the Pipeline, 2011 and 2020, A 2019 interview with Bill Domhoff on the origins of his interest in Power Structure Research, VIDEO: "The Triumph of the Corporate Rich", Power Elite Database: Read about it, search it, download it. How many make the Fortune 1000 list? Sometimes Jide's mother brought her little boy with her, and he hit it off with the Zeitlins' daughter who was about the same age. Sally Montana for The Wall Street Journal. 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. Their international origins, the fact that many have lived all over the world heading up countries or regions for multinational corporations, their ability to speak more than one language, and their general worldliness reminds us that the Fortune 500 are very much a part of a global economy. Pictured (l-r) Edie Fraser, CEO and founder, Women Business Collaborative, Anna Mok, President/CEO, Ascend Leadership, Kimber Maderazzo, CEO, C-200 and Lorraine Hariton, CEO, Catalyst. That is, just as many Latinx CEOs probably see themselves as white, so, too, are they seen as white by others.[15]. White men may have lost power, but they continue to be the dominant group in the corporate elite they held 96.4% of the Fortune 500 CEO positions in 2000, and they held 85.8% in 2020. It could even be due to the fact that empathy isnt a trait that companies value. 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). A week or so after that interview, I came upon a June 2020 article that had appeared in Fortune Magazine which asserted that there were five, not four, Fortune 500 African-American CEOs. As a crowd gathered at the National Press Club to celebrate the findings of a new study on women CEOs and where they stand in the C-suite, the numbers showed incremental growth but were surprisingly low. 370 Responses. "The number of black CEOs in the Fortune 500 remains very low," Fortune, June 1; https://fortune.com/2020/06/01/black-ceos-fortune-500-2020-african-american-business-leaders/, [19] Sapna Maheshwari. Although I was unable to ascertain the class background for many of the Latinx CEOs (some don't say, others were complicated by families who had to leave, or chose to leave, the country of origin), I estimate that about 60% were from privileged backgrounds, and the other 40% were either from middle or working class backgrounds. 1976. Many are runners, and at least one has completed numerous triathlons (Kristin Peck, CEO of Zoetis, #472 in 2020). In the 2021 fiscal year, approximately 29 percent of all Peloton bike users in the United States were aged between 25 and 34, while only two percent were aged 65 or older. Journal of Applied Psychology. White men may have lost power, but they continue to be the dominant group in the corporate elite they held 96.4% of the Fortune 500 CEO positions in 2000, and they held 85.8% in 2020. Baby-Faced and More: CEOs and Skin Color; and Appendix 2 in Zweigenhaft and Domhoff, 2014, The New CEOs, pp. While Carly Fiorina and other women have led the way in modern corporate leadership, the Women Business Collaborative and other similar groups will keep pushing on those glass ceilings. Women were also more likely to believe that power has more negative outcomes, like conflict and trade-offs, than men. Her name then was Geisha Jimenez the name Geisha came from a John Wayne movie that her parents liked, "The Barbarian and the Geisha." Some were college athletes. There is a robust pipeline of women who are capable of doing the jobs," she said, "but they need to be sponsored into the line jobs so that then the opportunities come up, and theyre the ones that are chosen. Hariton said there needs to be a lot more intentionality when building the pipeline of women who can fulfill the CEO role. Furthermore, just as we had found previously that the larger corporations were more likely than smaller ones to have African-Americans on their boards of directors,[32] so too did we find that the largest companies were more likely to have black managers or executives at the highest levels. 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. Others, however, have revealed either no information or only bits and pieces. See David F. Larcker and Brian Tayan (2020), "Diversity in the C-Suite: The Dismal State of Diversity Among Fortune 100 Senior Executives" (April 1). 2010. They expressed excitement for the future of women in executive roles. [9], Dara Khosrowshahi, like Muhtar Kent, is part of a small (but increasing) number of CEOs of Fortune 500 companies who grew up in what can be considered the "global elite." The family moved to Baltimore when she was young, and her father worked for the postal service. The biggest increase, not surprisingly, was for white women, from 18.8% a decade or so ago to 23.2% in 2020, with a higher percentage in the larger companies (27%) than in the smaller ones (19%). However, in response to a rebellion from activist investors at Bed Bath and Beyond who were unhappy with the performance of the company, she was one of five new independent members who agreed to go on that Board. I decided to look at this issue for those New CEOs who were chief executives of Fortune 500 companies between 2000 and 2020, but I did not include those who were still in their positions heading into 2021 (because their tenure was not over). [1] [2] As of Dec 7, 2022, women were CEOs at 9.4 percent of Fortune 500 companies. So, too, is skin color important, especially for Latinx. Even with this hefty compensation package, Williams was paid much less than many other CEOs. As of July 12, 2023, Gina Rinehart was the wealthiest person in Australia, with an estimated net worth of 27.1 billion. The median pay for S&P 500 leaders dropped to $14.5 million last year . The next wave of women included more who had played sports in high school and some who had played in college. The New CEOs, p. 137. The numbers to know 43% of CEOs say they expect their firm's growth to be strong (34%) or very strong (9%) over the coming 12 months.Another 47% said modest, while 11% said either weak (11% . 165-176. When she stepped down as CFO at Family Dollar, she decided, as she puts it, to "semi-retire." The founder of the organization behind the report, Edie Fraser, believes companies need to build up womens experiences, especially in the boardroom, to increase the number of women in the pipeline for the role of CEO. He left Coca-Cola to work in Turkey for six years, and then returned in 2005 where he was responsible for all of Coke's operations outside North America. https://whorulesamerica.ucsc.edu/power/rise_and_fall_of_diversity.html, [25] Emily Flitter and Anupreeta Das. About a million of them are scientists and engineers . In a world . After he earned a BA from Brown University, he worked for a decade or so as an investment banker, and then became the CEO of Expedia, an online travel and meta-search engine, and by 2016 he was one of the highest paid CEOs in the country (he also received more than $90 million in stock options that year). This led Jackson Lu, Richard Nisbet, and Michael Morris to write an article titled "Why East Asians but not South Asians are underrepresented in leadership positions in the United States." Rundown (7AM) | ANC (14 July 2023) - Facebook Finally, Jennifer Johnson, CEO of Franklin Resources (#493) is the granddaughter of the founder of the company; her father was the CEO for many years, then her brother became CEO, and now she has succeeded her brother. Others say that may be the wrong question. Unsurprisingly, women were more likely to have more life goals compared to men but had significantly fewer goals that were related to power. Mark Zuckerberg is not only one of the youngest CEOs in the world today, but also the richest. Who Rules America: Diversity Among Fortune 500 CEOs from 2000 to 2020 2014. 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. When Kamala Harris became Vice-President, the number of African-Americans in the Senate dropped briefly from three to two, but in her role as Vice-President she then swore in Raphael Warnock, a Black man who won the run-off election in Georgia, and the number of African-Americans in the Senate was again three. This process produced a sample of 307 senior executives. 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. 2014. The majority indicated that they thought of themselves as "Mexicans," "Puerto Ricans," "Cubans," or whatever their country of family origin.[17]. In our previous work, we noted that very few of the first wave of women CEOs, who went to high school and college before Title IX was adopted in 1972, indicated that they had played competitive sports. She has a BA in mechanical engineering from Kettering University, and an MA from Stanford. [18] Phil Wahba. [23] Lois Weis, Kristin Cippoloni and Heather Jenkins. The History and Politics of Hispanic and Latino Panethnicities," in The New Latino Studies Reader: A Twenty-first Century Perspective, ed. How many female CEOs are there in the U.S.? | World Economic Forum In 2007 she left to work at PG&E. Subsequently released papers revealed that despite the bankruptcy, and a $6.9 billion loss in revenue in 2018 (compared to a profit of $1.7 the previous year), she received a salary increase of 8.3% "tied to corporate performance," raising her salary for 2018 to $9.3 million. With Adobe,. They're among countless chief executives who have risen to the top after graduating from business school. In interviews, these women often emphasized how important being on teams had been for their development as leaders. 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. [5] However, these different groups often remain wary of one another because of historic enmities between their native countries. They became his legal guardians, and later adopted him. These 72 well-educated white women include many who have degrees from Ivy League schools (four from Harvard, three from Princeton, three from Penn), Stanford (five), Wellesley (three), and the University of Chicago (two), as well as many who attended the flagship state schools where they grew up (including the University of Texas in Austin, the University of Wisconsin in Madison, and the University of Washington in Seattle). When Carly Fiorina became the first female chief executive officer of a Fortune-20 company in 1999, many viewed the Hewlett-Packard CEO's rise through the ranks as a positive sign that female executives would continue breaking glass ceilings and occupy top seats in corporations. Fortune 500 now has a record 41 women running companies [4] The top CEO's compensation increased by 940.3% from 1978 to 2018 in the US. Today's Education 65.3: 103-105. When, 18 months later, Arnold was posted to Pakistan, Arnold and Marian offered to take five-year-old Jide with them. 2014. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. Why East Asians but not South Asians are underrepresented in leadership positions in the United States. Many are engineers with undergraduate and graduate degrees in chemical engineering, electrical engineering, and mechanical engineering. 2020. When asked who the important mentors have been in his life, Mauricio Gutierrez, who became the CEO of NRG in 2015 (#196 in 2015, #324 in 2020), said that he got the best advice from his father, who was the CEO of a company in Mexico (the advice: first listen to others, but then be willing to make a decision).