10 Black CEOs who changed the face of leadership in corporate America

by Ben Ebuka, Face2FaceAfrica.com

The top executive position of the American corporate cycle has been dominated by Whites over the years, with fewer people of color holding such C-Suite positions. In the history of the Fortune 500 list, there have been about 22 Black CEOs out of 1800 C-level executives.

Clifton Wharton broke into the age-long White dominated rank in 1987 when he took the leadership of TIAA, making him the first Black Chief Executive Officer of a major US corporation. In 1999, Franklin Raines became the CEO of Fannie Mae, placing him in the second position of a Black CEO to lead a Fortune 500 company. On February 14, 2022, Frank Clyburn took the reins of International Flavors & Fragrance Inc., making him the 22nd Black CEO to lead a Fortune 500 company.

Out of the 22 Black CEOs, only four women – Ursula Burns, Mary A. Winston, Rosalind Brewer, and Thasunda Brown Duckett, have ever risen to the level of CEO of a Fortune 500 company. On July 2009, Ursula Burns became the CEO of Xerox, making her the first African American to head a Fortune 500 company.

The number of Black CEOs is a paltry figure compared to the number of Blacks that make up about one-eighth of the US population. Observers believe that the situation is worrisome and even getting worse, with only about six Black persons currently holding the CEO position in 2022, representing less than 1% of the CEOs in the Fortune 500 list. Issues like racism and the school from which big corporations recruit their CEOs (mostly the traditional elite schools) are some of the numerous barriers to the success of Black people in the US.

In no particular order, here are some of the Black CEOs in corporate America who overcame many odds to reach the pinnacle of success in their career, paving a way for the next generation of leaders.

Cliff Reginald Wharton, Jnr.

Cliff Wharton, Jnr., is a pioneering economist, corporate executive, and the son of Clifton R. Wharton Snr. Wharton received his diploma from Boston Latin School in 1943, and a B.A degree in History from Harvard University in 1947. He achieved many firsts, including being the first Black American to earn a master of arts degree in international affairs from the Paul H. Nitze School of Advanced International Studies of John Hopkins University; the first Black American to earn a Ph.D. in economics from the University of Chicago; and the first Black American to hold the position of the President of Michigan State University.

In 1978 he became the Chancellor of the 64-campus State University of New York System, making him the first Black American to lead the largest university system in the United States.

In 1987 he became the CEO of TIAACREF, making him the first Black American to ascend to the C-level position of a major corporation in the US.

Franklin Delano Raines

Raines became the second Black American CEO of a major US corporation when he took the Chief Executive position of Fannie Mae in 1999. He began his career as a staff in Richard Nixon’s Administration and served in the Jimmy Carter Administration as Associate Director for economics and government in the Office of Management and Budget and later the Assistant Director of the White House Domestic Policy.

In 1991 he became the Vice Chairman of Fannie Mae but left in 1996 to serve as the Director of the US Office of Management and Budget in the Bill Clinton Administration. He left the government job and returned to Fannie Mae in 1999 as the Chief Executive Officer.

Ursula Burns

Ursula Burns started her career in 1988as a summer intern at Xerox. She joined Xerox a year later, after completing her master’s degree, and worked in different positions in the company. She became the Vice President in 1999, Senior Vice President in 2000, President in 2007, and the CEO of Xerox from 2009 to 2016, making her the first Black American woman to lead a Fortune 500 company. She was also the Chairman of Xerox from 2010 to 2017.

Winston is a chief executive with extensive finance and accounting experience. She is the second Black American woman to become the CEO of a Fortune 500 company. She served as the interim CEO of Bed Bath & Beyond. She is currently the President and CEO of WinsCo Enterprises – consulting firm offering financial and strategic advisory services.

Rosalind G. Brewer

Rosalind, also known as Roz, is an experienced American business executive currently serving as the CEO of Walgreens Bouts Alliance Inc. She joined Walgreens Bouts Alliance (WBA) on March 2021, making her the third Black American woman to lead a Fortune 500 company. She is also a Director on the WBA Board. She was the COO and Group President at Starbucks and the President and Chief Executive Officer of Sam’s Club.

Thasunda Brown Duckett

Thasunda Duckett became the CEO of TIAA in May 2021, making the fourth Black American woman to lead a Fortune 500 company. She is a member of the Board of Directors of Nike since 2019. She is currently the Chair of the Otis and Rosie Brown Foundation and a board member of several companies, including Brex, Sesame Workshop, Medal of Honor Museum, and the Robert F. Kennedy Human Rights Foundation. She was the CEO of Chase Bank and CEO of Chase Auto Finance.

Kenneth Irvine Chenault

Kenneth Joined American Express in 1981 and rose to the level of CEO, serving 17 years (January 2011 – February 2018). He holds the record of the longestserving Black American CEO and the third Black American CEO of a Fortune 500 company. He has held chairmanship Con ‘on page 16 and director roles at several companies, including Berkshire Hathaway.

Marvin R. Ellison

Marvin is currently the only Black American to serve as the CEO of two Fortune 500 companies. He was the CEO of J.C. Penney from 2014 – 2018 and became the CEO of Lowe’s in July 2018. He is currently the President and CEO of Lowe’s company.

Roger Watson Fergusson

Roger Watson Fergusson is an American economist, attorney, and corporate executive. In 1997, he became a member of the Federal Reserve Board of Governors before he became the 17th Vice Chairman, making him the first Black American Vice Chairman of the organization (1999 – 2006) and the CEO of TIAA from 2018 to 2021. He is on the board of several companies, including Alphabet Inc.

Kenneth Carleton Frazier

Kenneth is an American business executive, Chairman, and CEO of Merck & Co. Inc. He is the first Black American to head a major US pharmaceutical and Fortune 500 Company. He became a board member and the CEO of Merck in January 2011 until he retired in June 2021.