*Fortune 500’s ranking includes eight Black CEOs, the most since the index debuted in 1955.
The ranking includes two Black executives for the first time: Christopher Womack and Calvin Butler Jr., who in December 2022 was named CEO of Exelon (No. 218). On May 24, Womack officially began his tenure as CEO at the gas and electric utility company Southern Company (No. 138).
“There are a plethora of talented, qualified, extraordinary leaders who happen to be Black. It’s never a surprise when they advance to the C-suite, or even to the CEO position,” said Laura Morgan Roberts, an associate professor of business administration at the University of Virginia’s Darden School of Business, Yahoo reports.
“There are a plethora of Black leaders who are qualified for CEO positions, but they aren’t selected for those positions because they don’t necessarily have the relationships or fit the prototype of who the next CEO for said corporation should be,” said Roberts.
Below are the Black CEOs on the 2023 Fortune 500 list and their company’s rank:
Rosalind (Roz) Brewer
Company: Walgreens Boots Alliance
Tenure as CEO: Since March 2021
2023 rank: No. 27
Fiscal year 2022 revenue: $132.7 billion
Marvin Ellison
Company: Lowe’s
Tenure as CEO: Since July 2018
2023 rank: No. 39
Fiscal year 2022 revenue: $97.1 billion
Thasunda Brown Duckett
Company: TIAA
Tenure as CEO: Since May 2021
2023 rank: No. 103
Fiscal year 2022 revenue: $40.9 billion
Christopher Womack
Company: Southern Company
Tenure as CEO: Since May 2023
2023 rank: No. 138
Fiscal year 2022 revenue: $29.3 billion
Calvin Butler
Company: Exelon
Tenure as CEO: Since December 2022
2023 rank: No. 218
Fiscal year 2022 revenue: $19.1 billion
Franklin Clyburn Jr.
Company: International Flavors & Fragrances
Tenure as CEO: Since February 2022
2023 rank: No. 332
Fiscal year 2022 revenue: $12.4 billion
David Rawlinson II
Company: Qurate Retail
Tenure as CEO: Since October 2021
2023 rank: No. 342
Fiscal year 2022 revenue: $12.1 billion
René Jones
Company: M&T Bank
Tenure as CEO: Since December 2017
2023 rank: No. 439
Fiscal year 2022 revenue: $8.6 billion
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