Top Black American CEOs of Fortune 500 Companies
The Fortune 500 is an annual compilation by Fortune magazine that lists the 500 largest companies in the United States, a tradition dating back to 1955. Historically, only 26 Black executives have ascended to the positions of Chairman or Chief Executive Officer within these Fortune 500 companies. Presently, there are 8 active Black CEOs, constituting less than 1% of the top leadership within the Fortune 500. This cohort of 8 executives marks the highest number of Black CEOs concurrently leading Fortune 500 companies in history.
In 1987, Dr. Clifton R. Wharton, Jr. achieved a historic milestone by assuming the roles of Chairman and CEO at TIAA-CREF, making him the inaugural Black CEO of a Fortune 500 company. Following this significant achievement, Franklin Raines became the second Black individual to helm a Fortune 500 corporation when he assumed the role of CEO at Fannie Mae in 1999.
Updated: 04/10/23
Black Female CEO's of the Fortune 500
On the 2022 FORTUNE 500 list, 44 companies were led by women CEOs, which is an all-time high but only five Black women have ever led a Fortune 500 company. On July 1, 2009, Ursula Burns became the first Black woman to head a Fortune 500 company. Ms. Burns stepped down as the CEO of Xerox in late 2016, following the completion of the separation of Xerox into two independent, publicly-traded companies. She served as chairman of the board of the post-separation Document Technology company from 2010 to 2017.
Mary A. Winston was the second Black woman to lead a Fortune 500 company. She served as the interim CEO of Bed Bath & Beyond between May and November 2019.
Walgreens Boots Alliance, Inc. (Nasdaq: WBA) announced on January 26, 2021 the appointment of Rosalind (Roz) Brewer as the company’s Chief Executive Officer, effective on March 15, 2021. Ms. Brewer became the third female Black American to lead a Fortune 500 company. She resigned from her position as CEO and from the board of directors in September 2023.
Thasunda Brown Duckett become the fourth Black woman to head a "Fortune 500" company, on May 1, 2021, when she succeeded Roger Ferguson, who announced his retirement from TIAA in November 2020, after a 13-year run as CEO.
Toni Townes-Whitley assumed the role of Chief Executive Officer (CEO) at Science Applications International (SAIC) on October 2, 2023 making her the fifth Black woman to lead a Fortune 500 company.
It's a Shinking Club
Black executive representation in the C-suite of America's largest companies has been on the decline. Rosalind Brewer, the former CEO of Walgreens Boots Alliance, resigned from her position in September 2023. Kenneth C. Frazier is currently Executive Chairman of Merck’s board of directors, a role he began in July 2021, following his retirement from a decade-long tenure as Merck’s President and Chief Executive Officer. Marvin Ellison, who served as chairman and CEO of J.C. Penney for nearly three years and helped to revive the struggling department store chain, left the company in May 2018, to become head of Lowe’s. Kenneth Chenault stepped down as Chairman and Chief Executive Officer of American Express at the end of January 2018. He was the fourth Black CEOs to have retired over the last three years. Ursula Burns left her post as head of Xerox in 2016 when the company split in two, and Rodney O'Neal retired from his role as CEO and president of Delphi in 2015. Don Thompson retired as CEO of McDonald's in 2015, as well.
Black Owned Fortune 500 Companies
There are currently no Black American majority owned company listed on the Fortune 500. On the 2022 rankings each company on the Fortune 500 list reported at least $5.6 billion in revenues. However, World Wide Technology, a global IT company and the largest American Black-owned business founded by David L. Steward, had ~ $12 billion in annual revenue in 2020 according to Black Enterprise magazine. According to 2021 U.S. Cencus Bureau, the are 134, 567 Black owned business with $133.7 billion in annual receipts, 1.3 million employees and ~ $40.5 billion in annual payroll.
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Current Black Fortune 500 CEOs
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René F. Jones
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Former Black Fortune 500 Chairman & CEO's
Aylwin Lewis
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Clarence Otis, Jr.
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Clifton R. Wharton Jr.
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Position: former chairman, CEO;
Company: TIAA-CREF;
Industry: Insurance;
Country: United States
Don Thompson
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Franklin Delano Raines
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Position: Director
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Country: United States
Jide J. Zeitlin
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John W. Thompson
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Kenneth C. Frazier
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Kenneth I. Chenault
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Lloyd D. Ward
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Mary A. Winston
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Richard Dean Parson
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Rodney O'Neal
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Roger W. Ferguson, Jr.
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Ronald A. Williams
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Rosalind G. Brewer
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Stanley O'Neal
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