Most interestingly, these concepts also apply to Jide Zeitlin, who was born in Nigeria but was adopted by an American family, spent three years of his childhood in Pakistan and then five more in the Philippines, and then came with his new family to Cambridge, Massachusetts, where he attended the prestigious Milton Academy, went to Amherst, and did graduate work at Harvard. The Fortune 500 CEOs in our annual survey have spent much of the past two years solving labor puzzlesstruggling with talent shortages while seeking a balance between . Her name then was Geisha Jimenez the name Geisha came from a John Wayne movie that her parents liked, "The Barbarian and the Geisha." After leading one of its companies, Old Navy, she became the CEO in March 2020 (#199 on the Fortune list). Asian American Panethnicity, Philadelphia: Temple University Press. They hold graduate degrees from Harvard, Columbia, Chicago, and Michigan, among other schools. 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). This mismatch presents a tremendous opportunity for leaders and. 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. The Illusion of Asian Success, Pages 3-4. The trend clearly shows that over time there have been fewer East Asian CEOs and more South Asian CEOs. Cook and Glass speculated that women and minorities are more likely to accept positions leading troubled companies because they see it as their only chance. Bernardo Hess, the Brazilian-born CEO of Kraft Heinz from 2015 through 2019 (#115), is the son of a father who was an executive with Bechtel and a mother who was a teacher. research into career advancement across workers of various ethnicities, Based on representative data for the entire US. Satya Nadella became CEO of Microsoft in 2014, 22 years after first joining the company. Again, this yielded information on 22 of these 25 companies, this time for 200 people. Malaysia-born Hock Tan is adored by Wall Street. 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). The 2022 rankings include the first time a Black founder has ever been featured in the Fortune 500's 68-year history. While each CEO brings their unique perspective to their roles, two stand out as having their personal stories contribute to their leadership points of view: 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. 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. The father of Cristobal Conde, the CEO of Sungard Data from 2002 to 2011 (#434), taught statistics at a university before the family had to flee Chile because of the military coup that overthrew Allende. You can learn more about the standards we follow in producing accurate, unbiased content in our, Celebrating Asian American and Pacific Islander Voices, America's Top CEOs and Their College Degrees, Julian Robertson was a legendary investor known as the Wizard of Wall Street and the Father of Hedge Funds.. Why are there so few Fortune 500 CEOs of Asian descent? 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. The term "Asian-American" first appeared in 1968 in an effort to develop pan-Asian organizations to resist discrimination and ensure a fair share of social services at the local level. 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. Not counting the one interim appointment (Claire Babrowski at Radio Shack in 2007), and those who were still CEOs in 2020, the average length they were CEOs of Fortune-ranked companies was 6.1 years, with a range from 33 (Marian Sandler at Golden West from 1973 to 2006) to a few who lasted less than a year (Debra Crew at R. J. Reynolds in 2017, and Melissa Miller at Alliance Data Systems in 2019). They are well-educated, with degrees from schools all over the world and from elite schools in the USA, including Harvard, Yale, Dartmouth, Stanford and Georgia Tech. "Highest Paid CEOs in the World, Their Salary and Net Worth 2022. [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." More recently, many have adopted the term "Latinx" to acknowledge that not all people fall under the gender binary of male and female. 201-202. Michael Bloomberg is a billionaire businessman, publisher, and philanthropist, and a former mayor of New York City. [12] The first was Cuban-born Geisha Williams, who became CEO at PG&E in March 2017 and held that position until the end of 2018 (#157 in 2017, #168 in 2018). Three of the four women come from privileged or relatively privileged backgrounds. Asian Americans are badly underrepresented at the executive level. 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. Of note, no Fortune 500 company . The 22 South Asian CEOs include 20 men and two women. She remained on the Board. Why East Asians but not South Asians are underrepresented in leadership positions in the United States. NVIDIA Corporation (NVDA), Fortune. Three of the 10 biggest companies in the world are run by Asian Americans. Based on representative data for the entire US, its main results showed that Asian Americans made up about 13% of the professional workforce but just 6% of executive and senior officers and managers: To help put that comparison in perspective, the Ascend authors took the ratio of the executive share divided by the professional share to make an "Executive Parity Index." Building a, Left and Right in Thinking, Personality, and Politics, Alternative Theories: Pluralism, State Autonomy, Elite Theory, Marxism, C. Wright Mills, Floyd Hunter, and 50 Years of Power Structure Research, Teaching about Corporate Power (London et al. "These results suggest," the authors conclude, "that East Asians hit the bamboo ceiling because their low assertiveness is incongruent with American norms concerning how leaders should communicate. For example, Mary Dillon, the CEO of Ulta since 2013, a company that made the Fortune list in 2018 (at #471), is married to a biochemist who quit his job to stay home and take care of their three children. When she was eight, Moammar Ghadaffi's Free Officers' Movement overthrew the Libyan government in a coup d'etat. [4] I have not been able to ascertain what her family situation was before she went to Wisconsin (I have not found evidence of this in the material that has been written about her, and she has not responded to the email I sent her). As can be seen in Table 3, for the 42 white women who had been CEOs and stepped down by the end of 2020, the average tenure was 6.0 years. We also reference original research from other reputable publishers where appropriate. In a November 2020 interview in the New York Times, he describes what he considers the benefits of these many moves, and shows that the very same advantages that can be experienced by third culture kids and flexible immigrants can also occur for children whose families move a lot within their own countries: Another way to place these findings about the number of New CEOs from 2000 through 2020 in larger context is to compare these data with other, similar data. Many are engineers with undergraduate and graduate degrees in chemical engineering, electrical engineering, and mechanical engineering. As managers, each of them helped to revolutionize the businesses they are in charge of running and made those investors who believed in them from the start an absolute fortune. ), Zweigenhaft on Teaching about Class & Social Change, Interlocks and Interactions Among the Power Elite. [18] Phil Wahba. One of the African-American men, James Bell at Boeing in 2005, was an interim appointment who served for less than a year (#25 in 2005). [18] I had missed one: Ren Jones, the CEO of M&T Bank (#462). He received his BA from Penn State and went on to earn a JD from Harvard. 23-24 and 233. The results can be seen in Table 2, below. Arnold and Marian wanted their daughter to have someone to play with, and they liked Jide and saw how bright he was, so they suggested to Jide's biological mother that Jide live with them and attend the same school as their daughter. She stayed with Xerox, working her way up through the management ranks. "[24], In September 2020, Citigroup announced that Jane Fraser, born in Scotland and educated at Cambridge University in England before attending the Harvard Business School, was to become their next CEO, starting in February 2021. New American Fortune 500 in 2019: Top American Companies and Their Immigrant Roots.. As can be seen in the far right column of Table 1, the number of white women and people of color appointed each year gradually increased to a peak in 2011, when there were 13, and then to another slightly higher peak in 2019, when there were 17. Legendary Asian-American Entrepreneurs. The white women who have been appointed since 2015 seem to be quite similar to the white women CEOs appointed before them: they are very well-educated, tend to be from privileged backgrounds, almost all are married and have children, and many were, or still are, athletes. Born in Madras in 1955, she majored in physics, chemistry and mathematics at Madras Christian College. Some of the biggest companies are runor have been runby Asian Americans. A few mention that they love scuba diving and at least one is a "certified" scuba diver (Tricia Griffith, CEO of Progressive, #86 in 2020). 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. "[20] Perhaps academics like me, various journalists, and others simply have missed that Ren Jones is African-American because he is so light-skinned. 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. 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. Figure 1: White male CEOs and "New CEOs" in the Fortune 500, 2000-2020 Of the groups I have looked at, the 20 African-American CEOs are the least likely to have been born to privilege. He spent a summer working in the AP photography department, and he continued to take photographs, and publish them under a pseudonym, even as he rose through the ranks as a banker at Goldman Sachs. Micron Initiates a Quarterly Cash Dividend., Macro Trends. Photo Credit: Monica Schipper. 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, Continuing Corporate Dominance (No, the Corporate Elite Is NOT Fractured), An Investment Manager's View on the Top 1%, How Corporate Moderates Created Social Security. "The Short Tenure and Abrupt Ouster of Banking's Sole Black C.E.O.," New York Times, October 3; https://www.nytimes.com/2020/10/03/business/tidjane-thiam-credit-suisse.html, [27] David Gelles, 2020, "Corner Office: The CEO Who Promised There Would Be No Layoffs," New York Times, November 6; https://www.nytimes.com/2020/11/06/business/corner-office-ajay-banga-mastercard.html, [28] Sharon Austin, 2020, "A Record Number of women will serve in the 117th Congress, including at least 51 women of color," The Conversation, November 17; https://theconversation.com/a-record-number-of-women-will-serve-in-the-117th-congress-including-at-least-51-women-of-color-149736, [29] Center for American Women and Politics, 2021, "Women Serving in the 117th Congress 2021-22"; https://cawp.rutgers.edu/list-women-currently-serving-congress, [30] Ethan Cohen, Liz Stark, and Adam Levy, 2021, "117th Congress: Breaking Down the Historic Numbers," CNN Politics, January 3; https://www.cnn.com/2021/01/03/politics/117th-congress-historic-numbers/. With this appointment, Ford became the second openly gay Fortune 500 CEO, Tim Cook of Apple having been the first when he came out as a gay man in October 2014 (#5 in 2014, #4 in 2020) In April, 2019, James Fitterling became the third, and the first male board-appointed out CEO when he became CEO at Dow (#78 in 2020). For example, Charles B. Wang, born in Shanghai in 1944, founded Computer Associates International in 1996, Jerry Yang, born in Taiwan in 1968, was the co-founder of Yahoo, Robert Huang, born in 1945 in Taiwan, founded Synnex, and Jen-Hsun ("Jensen") Huang, born in 1963 in Taiwan, founded Nvidia. She was not raised as a Jew, nor have Jide and Tina raised their two sons as Jews. On July 14, 2020, she announced that she would not return as CEO, and resigned from the board as well. See also: Richard L. Zweigenhaft and Kyle Riplinger. Richard L. Zweigenhaft and G. William Domhoff look at these "new CEOs" closely. Who became the first female CEO of a Fortune 500 company? There are three CEOs who are not East Asians or South Asians, but they are not white men and their international backgrounds are both revealing and helpful as we seek to understand the pathways that lead to the CEO office. 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. 2014. Fully 28 (or 38%) have MBA degrees, five have JD degrees, and others have masters or PhD degrees. She then worked for various companies in South Florida, joining AutoNation in 2009, and becoming its chief financial officer in 2014. 2014. [6] Richard L. Zweigenhaft and G. William Domhoff. When I emailed the Wall Street Journal reporter to alert her to the error I had made, I also noticed that at the end of the Fortune magazine article there was a correction indicating that the author of that article also had initially missed that Ren Jones is black ("Correction: This story originally omitted the CEO of M&T Bank in its list of Black CEOs"). Her name definitely sounds Jewish, and Goldberg is on the list of Distinctive Jewish Names that we have used in our research over the years to estimate the number of Jewish directors on Fortune 500 boards, but she is a false positive: her father was Jewish, but not a practicing Jew, and her mother was not Jewish. Third-culture kids. "Nazzic Keene will soon lead the massive contractor she helped create," Washington Business Journal, June 28; https://www.bizjournals.com/washington/news/2019/06/28/nazzic-keene-will-soon-lead-the-massive-contractor.html, [10] Kari Paul and Julia Carrie Wong, 2020, "California Passes Prop 22 in a Major Victory for Uber and Lyft," The Guardian, November 4; https://www.theguardian.com/us-news/2020/nov/04/california-election-voters-prop-22-uber-lyft. Indra Nooyi became the first woman and immigrant to run a Fortune 500 company when she was appointed CEO of PepsiCo in 2006. CEOs include Warren Buffett, Jamie Dimon, Indra Nooyi, Anne Mulcahy, and more. 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. As of today, 37 Fortune 500 companies have female CEOs . [1] The other one third were from middle- or working-class backgrounds. Jung's father was an architect, and her mother was chemical engineer (and a pianist). The bamboo ceiling is not an Asian issue, but an issue of cultural fit."[7]. ", 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. There have been 41 Latinx CEOs of Fortune 500 companies since 2000: 39 men and two women. Asian-Americans, however, showed a decrease, from 7.8% to 6.4% (more South Asians than East Asians we did not code for that in 2011), and Latinos showed a sharp drop from 4.2% to 1.4%.[34]. He developed a relationship with one of those women. 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). Proceedings of the National Academy of the Sciences, PNAS March 3, 117 (9) 4590-4600; first published February 18, 2020; https://doi.org/10.1073/pnas.1918896117. She was born in 1962 in Tripoli, Libya, to a Libyan father and a white American mother who had grown up in Tucson, Arizona. website. Before that, India-born Mehrotra earned plaudits for turning SanDisk, the flash memory company he founded in 1988, into an industry-leading Fortune 500 company and engineering its multibillion-dollar sale to hard-disk maker Western Digital Corp. Forty-two Asian Americans sat at the helm of S&P 500 and Fortune 500 companies in 2022. The History and Politics of Hispanic and Latino Panethnicities," whatever term is used, the label emerged as part of a concerted push for panethnicity, a process that brings together disparate people with shared experiences: In a 2013 report by the Pew Research Center on Latino self-identification, however, it was found that only 20 percent of those in a national survey called themselves "Hispanic" or "Latino." India-born Pichai was hired by Google in 2004 to lead the development of its toolbar and now-famous Internet browser, Chrome. "Above the glass ceiling: When are women and racial/ethnic minorities promoted to CEO?" India-born Narayen soon changed that. In 2007 she left to work at PG&E. Today's Education 65.3: 103-105. The father of Josue Robles, Jr. (the CEO of United Services Automobile Association from 2007 to 2015, #122 in 2015) came to the USA from Puerto Rico with only a fourth grade education and worked in steel mills for 35 years (Robles' mother had a ninth-grade education). Marvin Ellison became the CEO of J. C. Penney's in 2015 (#250), and then became the CEO of Lowe's in 2018 (#42). She got the company to focus on doing what it is good at; went after the computer gaming, cloud, and data-center market; dumped assets that werent up to scratch; tidied up the balance sheet; and transformed the chipmaker into a market leader. The other South Asian woman who has been a Fortune 500 CEO, Sonia Syngal, was born in India in 1971, but her parents moved to Canada when she was young, and then they relocated to the USA (I have not been able to find anything about her parents' education or careers, but the fact that they were able to emigrate to Canada suggests they were educated). The number of women in the House rose from 101 in 2019 to 118 in 2021 (that is, from 23.2% to 27.1%), and in the Senate it dropped from 26 to 24. Two weeks after she resigned as CEO, the company declared bankruptcy. In the 12 years that followed, she easily vindicated PepsiCos decision to offer her its top job. Fortune 500 Companies Founded by Immigrants, this segment of the population has often been overlooked, its share price has shot up significantly, The Inspiring Backstory of Eric S. Yuan, Founder and CEO of Zoom, 2020 Great Immigrants Recipient: Eric Yuan, How Microsofts Satya Nadella Rejected a Know-it-All Mentality and Earned the Title of Most Underrated CEO, Former PepsiCo CEO Indra Nooyi 80 Discusses Career and Life, Micron Initiates a Quarterly Cash Dividend, Crist Kolder Associates Volatility Report 2022, Highest Paid CEOs in the World, Their Salary and Net Worth 2022, New American Fortune 500 in 2019: Top American Companies and Their Immigrant Roots. Perhaps even more important in terms of rising to the very top of U. S. corporations, they share a class and educational background with the privileged white men who sit on the boards of Fortune 500 companies who appoint them as CEOs. Six of the 20 South Asians have been CEOs of companies in the top 100, including Vikram Pandit, CEO at Citigroup from 2007-2012, Satya Nadella, CEO at Microsoft since 2014, and Sundar Pichal, CEO at Google since 2015. The family moved to Baltimore when she was young, and her father worked for the postal service. The New CEOs: Women, African American, Latino, ad Asian American Leaders of Fortune 600 Companies. [38] Seval Gndemir, Andrew M. Carton, and Astrid C. Homan. Her father stayed in Libya, and her mother took Nazzic and her two sisters back to Tucson. Benjamin Graham was an influential investor who is regarded as the father of value investing. "Tapestry C.E.O. [15] Zweigenhaft and Domhoff, 2014, The New CEOs, pp. Peter Lynch is one of the most successful and well-known investors of all time. There have been only two Latina Fortune 500 CEOs, neither of whom was still in her CEO position in 2020. In 2019, the compensation of the CEOs at the top 350 firms averaged $21.3 million, an increase of 14% from 2018. In interviews, these women often emphasized how important being on teams had been for their development as leaders. In the latest Fortune 500 list, published Thursday, you'll find a new record: As of June 1, 33 of the companies on the ranking of highest-grossing firms will be led by . - Quora Answer (1 of 4): I have a few theories based on current literature. My point? And, if we add the men in our other categories who, like Ren Jones and Enrique Salem, appear to be white even though they are people of color (and some of whom may consider themselves to be white) and some women of color, like Latina Cheryl Miller, whose father was a white New Yorker, or Nazzic Keene, whose mother was a white woman from Tucson, Arizona then the percentage of white CEOs is even higher, and the percentage of CEOs "of color" is even lower. 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. CGRP-82, Available at SSRN: https://ssrn.com/abstract=3587498, [35] Alison Cook and Christy Glass. In June 2020, I spoke with a reporter for the Wall Street Journal who was writing an article on the decline in the number of African-American CEOs in the Fortune 500 in recent years. All five were from privileged backgrounds. Now, like those in that second wave, many of the women in this newest group make clear that having been on teams, or at least being fit, is important to them. ", New American Economy Research Fund. That index shows that in 2018, white Americans were overrepresented in executive positions relative to their share of the white-collar professional workforce, while non-white groups, including Asian Americans, were underrepresented: Those disparities suggest that Asian Americans and other people of color are not moving up the corporate ladder at the same rate as white workers. Winston became the interim CEO. Seventeen of the 20 men were born in India, one was born in Pakistan, one in Sri Lanka, and one was born to Indian parents in Kenya. The share of executives who are white outstrips the white share of professionals, indicating that white workers are more likely than people of color to ascend to the executive suite. 165-176. Latinos, and Asian Americans. The History and Politics of Hispanic and Latino Panethnicities," in The New Latino Studies Reader: A Twenty-first Century Perspective, ed. [20] Emma Jacobs. 2. For example, a 2020 analysis of the C-suites at Fortune 500 and S&P 500 companies by executive recruiting firm Crist Kolder Associates found that just 38 CEOs, or 5.6% of the total 682. Under his watch, the companys software moved from the desktop to the cloud, and its market capitalization ballooned from approximately $24 billion to around $173 billion in 2023. Legendary Asian American CEOs. Hes turned Broadcom, the company in which he rose to CEO in 2006, into a computer-chip giant thanks to a series of well-executed acquisitions, the ability to extract value from niche product lines, his demanding personality, and an obsession with cutting costs. 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. They have cultural backgrounds that are quite different from the "East Asians," the Chinese Americans, Japanese Americans and Korean Americans who were central to the Asian-American category that was created in the late 1960s and widely used for the next several decades. 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. Her 2021 autobiography, My Life in Full: Work, Family, and Our Future, became a New York Times bestseller. 2016, "What's in a Name? [13], The other Latina is Cheryl Miller, who became the CEO of Auto Nation in July 2019 (#154). Buck Gee, one of the authors of the research and an executive advisor to the Ascend Foundation, a non-profit dedicated to improving Asian American representation in the workforce, told Insider that "the problem is not representation" across all roles. He responded by unleashing a series of innovations that, coupled with an increase in consumer spending, led revenues to triple during his time at the helm. Muhtar Kent is a Turkish American born in New York City when his father was the Turkish consul-general. recently paid a $635 million penalty for violating U.S. sanctions on North Korea by . 2020. [37] The averages for the Asian and the Latinx CEOs were perhaps higher than those for white women and African-Americans because either they or their fathers were more likely to have founded the companies they led. She attended the prestigious Hackley School and received her BA from UVA. India-born Nadellas achievements and popular managerial approach have made him influential among his peers, who named him the most underrated CEO for six consecutive years. 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 Figures 4 and 5, below, I have graphed the percentages of women and African-American CEOs, Senators, and members of the House of Representatives (I have not done this for Latinos and Asian-Americans because so many of the CEOs in those two categories have been foreign-born; they would, however, show similar patterns). 2019. In all, 20 African-Americans were Fortune 500 CEOs between 2000 and 2020, 18 men and two women (neither of whom was still in office in 2020). 1. male 2. . That long-running gap between strong representation in the white-collar workforce and much lower numbers in the C-suite implies Asian Americans don't have the same opportunities for promotion as their white colleagues. [22] Fifteen years later, in a book about the intense pressure applied by parents from privileged families to get their children into elite colleges, Lois Weis, Kristin Cipollone, and Heather Jenkins, applied the concept of flexible immigrants to elite boarding schools, arguing that international students from wealthy backgrounds in their home countries might be outsiders in some ways, but ultimately they fit into prep school culture because "they are fundamentally 'class insiders'" (p. Burns grew up in the projects, the daughter of a single mother who took in ironing. In 2006, the first South-Asian female was named CEO of a Fortune 500 company ( Indra Nooyi of Pepsico), and the first African-American female was named CEO of a Fortune 500 company in 2009 ( Ursula Burns of Xerox). African-Americans also showed a slight increase, from 2.6% to 3.2%, again with a higher percentage in the large companies. 2022 is seeing a new record of female CEOs at Fortune 500 companies. In nine empirical studies, using a variety of methods and samples, they looked especially at three possible explanations for why this "bamboo ceiling" seemed to affect East Asians much more than South Asians. But a closer look shows that there's a big problem with the pipeline for Asian Americans moving up the corporate ladder. 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. So, too, is skin color important, especially for Latinx. Fortunately, there are clear steps organizations can take to improve equity. 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. Interestingly, although there have been relatively few African-American Fortune 500 CEOs, and the number at any given time has remained flat, a higher percentage of the African-American CEOs have been at larger rather than smaller Fortune 500 companies than any of the other groups in my sample. She has conducted in-depth research on social and economic issues and has also revised and edited educational materials for the Greater Richmond area. 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). Born in India, he is the son of a general in the Indian army who moved around a lot during Banga's childhood. Since that time, many academics have explored this phenomenon, with mixed results. As of Dec 7, 2022, women were CEOs at 9.4 percent of Fortune 500 companies. The American Class Structure in an Age of Growing Inequality, 9th Edition. Therefore, they assert, East Asians, like women, face the challenge of a glass cliff, but for different reasons: whereas women are perceived as more likely to be warm, more effective in managing people and in defusing conflict, East Asians are perceived as more likely to be self-sacrificing, and, as a result, more likely to promote within-group harmony and cooperation. Roger Ferguson Jr. became the CEO of TIAA-CREF in 2008 (it was #86 on the Fortune list that year). The number of Black CEOs is at an all-time high, per the 2022 Fortune 500 rankings, totaling to six Black chief executives (just over 1% of the companies in the list). While a graduate student at Columbia, Burns participated in a summer internship for minorities at Xerox, and when she completed her degree she went to work for that company. Although Clifton Wharton, an African-American man, was the CEO of TIAA from 1987-1992, TIAA did not make the Fortune list until 1998, when he no longer was CEO. She went to James Madison University, where she got a degree in finance and business administration. 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. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Since 2000, there have been 151 white women and people of color appointed CEOs at Fortune 500 companies. While at Harvard he met Tina Goldberg, they married, and have two children. 2019, 104 (1), 107-122; https://doi.org/10.1037/apl0000347. Then, in an educational trajectory that has worked for so many white CEOs who grew up in privileged backgrounds, he went to the elite Milton Academy, to Amherst College (from which he graduated magna cum laude with a double major in Economics and English), and then earned an MBA from Harvard. Their findings, coupled with the findings discussed above by Lu, Nisbet, and Morris, help to explain the underlying reasons for an ongoing bamboo ceiling for East Asians. 2015. Praise for The New CEOs "Zweigenhaft and Domhoff have done a meticulous job working with a small data set, comparing the career paths of this group with a larger sample of . If we don't count Bell, the interim appointment, or the five African-Americans still in office in 2020, the 12 African-American male CEOs were in office for an average of 5.8 years (about the same as the white women), with a range from Chenault's 16 years to Lloyd Ward, who lasted at Maytag for a little over a year, from August 1999 through November 2000. In fact, the most frequent topic related to sports for the first wave of women CEOs was the complaint that they, unlike the white men they worked with, had not grown up playing golf and either had to learn to play or risk missing out on the benefits that accrued from the business-related interactions that took place on the golf course. These data appear to provide additional support for the glass cliff theory: with the exception of the South Asians, the New CEOs, and especially the women and African-American CEOs, do not last as long in office as white male CEOs, and this may be a result of taking the leadership role in companies with bigger problems than those led by white males. 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. Source: Fortune In 2020 there were 37 female Fortune chiefs (7.4%). So, too, has the number of Black CEOs remained flat (between 2% and 3.5%). Fortune 500 This is the 68th edition of our annual ranking of America's largest companies, and it was a blowout year for the companies featureddespite rising inflation, the ongoing supply chain. Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. [32] Richard L. Zweigenhaft and G. William Domhoff. Lanham, MD: Rowman & Littlefield, pp. The press release provided no information about her medical condition, and through a spokesman she requested that the information remain confidential. Some months earlier, the Board had begun an investigation based on an allegation about an inappropriate relationship he had with a woman a decade earlier. as well as other partner offers and accept our. In 1993, Taiwan-born Huang founded NVIDIA, a maker of graphics cards for PCs. 2020. https://whorulesamerica.ucsc.edu/power/rise_and_fall_of_diversity.html, [25] Emily Flitter and Anupreeta Das. When the Washington Post made the Fortune 500 list in 1972 (it was #479), she became the first woman CEO of a Fortune 500 company. The other African-American woman, Mary Winston, served as interim CEO of Bed Bath and Beyond for less than a year, from May 2019 through November 2019 (#258 in 2019). For African-Americans, the flow through the pipeline was indeed minimal, with only 2.6% (seven males, one female). She was the first woman to purchase a seat on the New York Stock Exchange. 2020. Research shows that this segment of the population has often been overlooked for managerial and executive positions, although that may change thanks to the growing list of high-profile success stories. Investopedia requires writers to use primary sources to support their work. She attended a Catholic high school, and received her BA in engineering from NYU. He grew up in a small town in Massachusetts, went to Boston College, and then earned an MBA from the University of Rochester. The "model minority" myth paints Asian Americans as overrepresented in the highest echelons of society. The average rank for the East Asian CEOs was #326, and the median rank was #336. The CEOs mentioned above are legendary because they run (or ran) some of the worlds biggest, best-known companies and passed the test with flying colors. The average Fortune ranking for the South Asians has been 239, and the median ranking has been #242. Almost all of those for whom I could find information were, or had been, married, and most had children. When she stepped down as CFO at Family Dollar, she decided, as she puts it, to "semi-retire." Just as it became clear that the distinction between East Asians and South Asians was important as we looked at pathways to the CEO office, so, too, does it appear that the umbrella term Latinx masks an important distinction. [3] Jide Zeitlin's letter posted on LinkedIn can be seen here: https://www.linkedin.com/pulse/my-story-jide-zeitlin/. Vikki Velasquez is a researcher and writer who has managed, coordinated, and directed various community and nonprofit organizations. None of the CEOs of S&P 100 companies and four of the CEOs of Fortune 500 companies are Asian women. 1992. Those issues are diversity of recruitment, or making sure that an organization is hiring a diverse array of new employees; diversity of retention, which seeks to make sure employees from underrepresented groups actually stay with a company; and diversity and equity of promotions, or making sure that representation flows up the entire corporate ladder. 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. Others, however, have revealed either no information or only bits and pieces. What about the wife he met at Harvard, Tina Goldberg? The final sample of twenty-five companies included such well-known names as Bank of America, General Electric, MasterCard, Staples, Verizon, and Western Union.[31]. The African-American CEO in office the longest was Kenneth Chenault, at American Express for 16 years, from 2001 through 2017 (#74 in 2001, #86 in 2017). Six were born in Spain, five in Cuba (three more were Cuban Americans born in the USA), three in Argentina, three in Mexico, two in Venezuela, two in Brazil, two in Puerto Rico; other countries of origin include Chile, Colombia, Costa Rica, and Morocco. Ajay Banga has been the CEO at Mastercard since 2010. Olajide (Jide) Abayomi was born in Ibadan, Nigeria. [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. The notion of what it means to be a corporate CEO is tilted towards socially constructed norms of "maleness" - appearance, demeanor, personality. South Asian CEOs of Fortune 500 Companies Sundar Pichai Satya Nadella Shantanu Narayen George Kurian Nikesh Arora Rajeev Suri Dr. Sara Saeed Khurram Raj Fernando The CEOs from South Asian Countries The Indians are playing an important role in changing the way of technology works. The November 2020 election did not lead to major changes in these patterns, though there was a marked increase in the number of Republican women elected to the House of Representatives (from 13 to 29). [33] Zweigenhaft and Domhoff. That is, they were from the upper 15% of the class structure as defined by Dennis Gilbert in his book, The American Class Structure in an Age of Growing Inequality, 9th Edition. The first was Ursula Burns, the CEO of Xerox, from 2009 to 2016 (Xerox was #147 in 2009, and #150 in 2016). Not quite one in five (18.8%) were white women, 7.8% were Asians (mostly men), and 4.2% were Hispanic (mostly men). Andrea Jung, a Chinese American born in Canada, was the CEO of Avon from 1999 through 2012 (Avon was #308 in 1999, and #234 in 2012). Her father, whom she described to one interviewer as having "street smarts," had no formal education, and the family was unable to enroll her in school until she was seven. They concluded: "Minority leaders face challenges that begin at the point of promotion and go beyond underrepresentation. The graph in Figure 1 indicates that the number of white males has decreased from 96.4% in 2000 to 85.8% in 2020. 2020. She received a BA from Wisconsin and an MBA from Northwestern. Are white women and people of color more likely to have made it to the top of the corporate world or through the electoral process? Since taking over as CEO of Micron in 2017, he has increased revenues, tidied up the balance sheet, and generated enough excess cash to buy back shares and start paying a quarterly dividend. 2020. Based then on the appointments of New CEOs from 2000 through 2020, based on the very small number of New CEOs in the pipeline leading to the CEO office, and based on the academic research that suggests that those New CEOs who are appointed face more daunting challenges than their white male counterparts, and that they have shorter tenures as CEOs than do their white male counterparts, I can only conclude that the future does not look bright when it comes to diversity among Fortune 500 CEOs. 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. His parents were sharecroppers, and also gospel singers who recorded four albums. Kristin Peck, Zoetis (#472) a Georgetown graduate with an MBA from Columbia, is the daughter of a media executive father and an interior decorator mother (her wedding announcement, like that of Heyward Donegan, appeared in the New York Times). African American/Black women and Asian/Pacific Islander women achieved the largest increases in board seats: 44.8 percent (13 seats) and 30.8 percent (four seats), respectively. 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. As CEO of AT&T Business, Anne Chow oversees a $35 billion operating unit with nearly. "CEO compensation surged 14% in 2019 to $21.3 million," Economic Policy Institute, August 18; https://epi.org/204513, [14] Matthew Arrojas. Moreover, since most of the seats lost by white men were lost to white women, and white women make up 6.8% of those who are now CEOs, whites still make up 92.6% of the Fortune 500 CEOs. Other than those currently in office, the average length of time as CEO for the South Asians who were CEOs of companies on the Fortune 500 list was 6.4 years. He excelled, moved up in the ranks, and reached the top job of CEO 11 years later. 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. The first woman to lead a big Wall Street bank, she, too is a flexible immigrant (and she is married to a flexible immigrant and a third culture kid, Alberto Piedra, Jr., a Cuban-born banker whose father left Havana in 1959 and became the U. S. ambassador to Guatemala, so he spent some of his childhood in Havana, some in Washington, D.C., and some in Guatemala). Another consideration is that skin color may affect whether a person is perceived as not white. The next wave of women included more who had played sports in high school and some who had played in college. Micron Technology Revenue 2010-2023.. [38] Follow-up studies they performed indicated that evaluators perceived East Asian CEOs as more likely than white men to be self-sacrificing and believed that they were more likely to be effective in periods of decline than periods of success. [4] She began her career as a CPA at Arthur Anderson and then became the chief financial officer at a number of major corporations. When she graduated, she went to work for Florida Power and Light, and stayed with that company for 24 years. Finally, Joey Wat, who was born in southern China, became CEO of Yum China in 2018 (#397), and was still in office in 2020 (#361). 2014. In 1981, when he became the CEO at Coca Cola (#56 on the list that year), Cuban-born Roberto Goizueta became the first Latino CEO of a Fortune 500 company. Seven of the nine were born outside of the USA, and the other two were first-generation Japanese Americans born in this country. more. 2014. [11] Richard L. Zweigenhaft and G. William Domhoff. [24] Richard Zweigenhaft. 2019. As he grew up, he explained in this letter, he had learned photography from some of the photographers who worked with his father when his father was a journalist for Associated Press. The pipeline, therefore, does not provide encouragement. Some were college athletes. - Roger Ferguson, ex-TIAA CEO. In this article, we identify the Asian American chief executive officers (CEOs) who sit or sat at the helm of the worlds largest corporations and did such a good job capitalizing on opportunities and engineering positive change that they are now considered Wall Street legends. In the following interactive chart, "New CEOs" are broken down into Black men, Latino men, Asian men, white women, Black women, Latina women and Asian women. 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. When Shantanu Narayen took over as CEO of Adobe in 2007, the company behind PDFs and Photoshop was running out of steam and going stale. Excluding those who were still in their positions in 2020, the other 24 Latino CEOs were in their CEO jobs for an average of 5.7 years. In order to update this earlier work on the pipeline, I once again turned to the photos of the leadership teams of Fortune 500 companies. As is the case when Fortune boards choose Asian CEOs, when they choose Latinx CEOs they are likely to select men and women who have grown up in the global elite. 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. In 2022, the highest-paid Asian American CEO was Eric Wu, the man behind real estate startup Opendoor. "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. As can be seen, the percentages remain quite small. She helped her working mother raise her two younger sisters, and then she attended the University of Arizona where she majored in information technology in an emerging academic department called the Department of Management Information Systems. He became the CEO of Uber in 2017, a company that first made the Fortune 500 list in 2020. 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). None of the 13 East Asian CEOs has led a company in the top 100 (the East Asian CEO who led the highest-ranking Fortune company was Richard Hamada, CEO of Avnet from 2011 through 2016 it was #132 in 2011, and #102 in 2016). Unlike white men, they are more likely to be appointed to struggling firms, creating greater obstacles to successful leadership than their white male peers." I have a few theories based on current literature. In 2020, 7 of the 10 new appointments were white women. Baby-Faced and More: CEOs and Skin Color; and Appendix 2 in Zweigenhaft and Domhoff, 2014, The New CEOs, pp. The father of Heyward Donegan, Rite Aid (#150) was an executive at IBM, and her mother became an Episcopalian priest when Heyward was 14. . Kenneth Frazier became CEO of Merck in 2011 (#53 that year). Su's father was a statistician and her mother an accountant. [1] Dennis Gilbert. His father, Arnold, is Jewish, but his mother, Marian was not. In one of the most comprehensive studies of what they call "glass cliff theory," Alison Cook and Christy Glass looked at all CEO transitions over a 15-year period. 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. According to a 2019 report from New American Economy, nearly 45% of Fortune 500 companies were founded by immigrants or their children. India-born Nooyi was behind the companys drive to become healthierand left the food and beverage maker much better positioned to survive and flourish in the future. Strategic Management Journal, 35 (7), 1080-1089; https://doi.org/10.1002/smj.2161, [36] Scott DeCarlo and Anne Vandermey. The 2011 Fortune 500 is an annual ranking of America's largest companies. Ren Jones became the CEO of M&T Bank in 2017 (#438). That analysis showed that while Asian Americans are very well represented among rank and file Silicon Valley workers, with about 47% of the professional workforce identifying as Asian, they were similarly underrepresented at the executive level as in the national, all-industry analysis above: The finance and insurance sector shows similar results, based on 2018 national data provided to Insider by Ascend: This all suggests a problem with the executive pipeline, with Asian Americans and other workers of color not being promoted to higher managerial levels as their white peers. Like Hayward Donigan, the white woman who became CEO of Rite Aid in 2020, he attended the elite Hackley School in Westchester County outside of New York City (tuition in 2020: $44,000). Actually, there are a few things to consider, and perhaps learn from, when it comes to this error that two journalists at prestigious publications and I made. 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. Asian Americans are also underrepresented when it comes to corporate board seats. 2020. This process produced a sample of 307 senior executives. Ultimately, he revealed his actual identity to her, and the relationship ended. [5] Yen Le Espiritu. Asian and Asian-Americans on U.S. Fortune 500 boards 2009-2021 Published by Statista Research Department , Aug 5, 2022 In 2021, there were total 449 new board members appointed in Fortune. An earlier Ascend Foundation analysis focused on Silicon Valley, in particular calculating a similar Executive Parity Index as above for the manufacturing and information sectors in the San Francisco and San Jose metropolitan statistical areas using EEOC data from 2007 through 2015. 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. Some have worked at the largest companies in the Fortune 500 (for example, Mary Barra, who has been CEO of General Motors since 2014, Carly Fiorina, who was CEO at Hewlett Packard from 1999-2005, and Virginia Rometty, CEO at IBM from 2012 through April 2020) and others at the smallest companies. 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. A lot, apparently. 100-101. I told her that slightly more than a decade earlier there had been as many as seven, but there were at that moment only four. In 1963, Katherine Graham took over The Washington Post, the newspaper her father had founded, after her husband committed suicide. Before the turn of the century, and therefore before the flow of new Fortune 500 CEOs began, two social scientists put forth concepts that now may help us to predict future CEOs: "third culture kids" and the "flexible immigrant. The New CEOs, p. 137. 2 of 6. Ascend. The late Katherine Graham, of The Washington Post Co., was the first female CEO to make the Fortune 500 list, in 1972. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. We have called them "The New CEOs" to emphasize that they are not, like the old CEOs, white males. For companies in the top 100 and for companies ranked between 101 and 200, 4% of the executives on the leadership teams were black; for the companies ranked 201 to 300, the percentage dropped to 2.1%; for the companies ranked 301 to 400, the percentage dropped to 1.9%, and for the companies ranked 401 to 500 it dropped to 1.1%.[33]. He is very light-skinned based on his photograph alone I would not have spotted him as an African-American (nor would I have done so by his name, Ren). When the first African-American Fortune 500 CEOs were appointed back in 1999, there was considerable media coverage. Therefore, ironically, both his parents are now Jewish, but he is not. From 2000 to 2010, the percentage of Black CEOs of Fortune 500 companies doubled from 0.6 percent in 2000 to 1.2 percent in 2010 before falling back to 1 percent in 2020. "The rise and fall of diversity at the top: The appointments of Fortune 500 CEOs from 2005 through 2015," Who Rules America? 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). Sundar Pichai is perhaps the most recognizable Asian American CEO because he oversees one of the highest-profile businesses in the world: Google. In 2004, Michelle Ryan and Alexander Hasslam, two British academics, coined the term "glass cliff" to refer to their findings that women who had been appointed as CEOs were more likely than men to have taken over companies that had experienced especially poor performances during the previous months. It is very difficult to get information about the class backgrounds for some of them, so generalizations must be made with caution. Indra Nooyi, the CEO of Pepsico from 2006 to 2018 was the first South Asian woman to become a Fortune 500 CEO (Pepsico was #63 in 2006, #45 in 2018). He also advocates that companies use data to get a clear picture of the situation, and create "an executive sponsorship program for high-potential AAPI senior managers.". Others had fathers who were well-educated professionals, who owned businesses, or who were executives in large companies. According to 2012 data, Asians represent only 1.5% of corporate officer positions in the Fortune 500. Peck said that the program was successful. "Citigroup's Fraser to Be the First Woman to Lead a Big Wall Street Bank," New York Times, September 10; https://www.nytimes.com/2020/09/10/business/citigroup-ceo-jane-fraser.html, [26] Kate Kelly. 2011 Fortune 500 companies were executives in large companies and business administration and Light, and others masters. So generalizations must be made with caution, and resigned from the board well... 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