As of March 2024, only eight companies have been shortlisted from Fortune 500 as having Black CEOs. As the number is slowly rising, it is worth noting that Black CEOs amount to only 1.6% of all Fortune 500 CEOs. This is comparatively lesser than Black America’s labor force participation rate of 13%. Continue reading to learn more about the top Black CEOs in the Fortune 500.
Black Fortune 500 CEOs
In no serial order, the names of the top eight Black CEOs have been listed along with their profiles under Fortune 500.
The CEO of Lowe’s, Marvin is recognized as the only Black executive to hold CEO positions at two different Fortune 500 companies. Before starting with Lowe’s, he worked with J.C. Penny, and began his career at Home Depot and Target, according to sources on LinkedIn. He has also earned accolades such as “Father of the Year” and Corporate Executive of the Year” for balancing both his professional and personal life extremely well. His journey began at Target with a part-time job of $4.35 an hour. He worked his way up at Home Depot with his exemplary vision and hard work. At J.C. Penny, he earned his role as the CEO with his zeal to combine talent with creativity.
Thasunda has been named President and CEO of TIAA. This is a provider of secure retirement and outcome-focused investments for people. She has an inclusive criterion when it comes to bringing together a workforce for TIAA. With her leadership, TIAA has worked to improve the retirement strategies for all of America. She is the only second black woman to be listed under Fortune 500. Prior to joining TIAA, she worked for JP Morgan Chase and was the CEO of consumer bank and auto finance. She has also held the position of Director at the Emerging Markets. Among her accolades are being named one of Time’s 100 Most Influential People in the World, and CNBC ChangeMaker.
Chris has served as Non-Executive Director of Invesco from 2021. Earning his membership of the Audit Committee, he has also worked his way up to the Compensation Committee and Nomination and Corporate Governance Committee. Currently, he is the CEO, President, and Chairman of Southern Company. Prior to this, he also served as the CEO of Georgia Power Company from 2021 to 2023. He joined Southern Company in 1988. Holding a bachelor’s degree from Western Michigan University and a master’s Degree from The American University, he utilized his education for the development of both companies equally.
David has joined the list of Black CEOs in the Fortune 500 after joining C.H. Robinson. Having more than 30 years of experience in the field, he has exponentially aided in the growth of the company. His aim is to bring digital and customer service experiences. He had served as the Vice President of Ford, and of the Enthusiast Vehicles branch of Ford Blue. Earlier, he worked as Vice President for Amazon Transportation Services. Along with this, he also worked his way up at the Caterpillar, Inc. He holds an MS in engineering management and a BS in Manufacturing Design from Bradley University. He has been known to be a problem solver in his company and well-versed in his roles.
On October 1, 2021, David Rawlinson II became the CEO of Qurate Retail, Inc. Under his leadership, there are six retail brands. These are QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and Grandin Road. These all come together as Qurate Retail Group. Qurate is currently ruling as the largest player in video commerce. In 2023, Qurate had $11 billion revenue under its name. It spans across seven countries to 14 million customers. 200 million homes have access to the retailer with 15 television channels on cable/satellite TV. Before this, he also served as a White House representative under President George Bush and President Barack Obama. He was a Senior Advisor for Economic Policy Under Barack’s administration.
Calvin has been recognized as the CEO of Exelon Utilities. It is the largest utility company in the US according to customer count. He works for six gas and electric companies as well. These are identified as Atlantic City Electric, BGE in Baltimore, ComEd in Illinois, Delmarva Power in Delaware and Maryland, PECO in Philadelphia, and Pepco in Washington D.C. He graduated from law school and then went on to work for Central Illinois Light Company. He joined Exelon in 2008, as Vice President of External Affairs. In 2014, he became the CEO of BGE, and in 2019 he was termed CEO of Exelon Utilities and senior executive vice president of Exelon Group.
René is known to be the Chairman and CEO of M&T Bank. This is a banking franchise with over $200 billion in assets. There are 21,000+ employees in the company. The company works for transformative projects, partnering with small businesses, and working towards community development. In his career, he has worked at several positions such as being the Chief Financial Officer in 2005. He was also promoted to Vice Chairman and became the CEO in 2017. He has participated in many banking organizations. He holds a Bachelor’s degree from Boston College.
Toni is the other Black woman on the list of Black CEOs under Fortune 500. She is the CEO of SAIC, a company which is known for its $7 billion technology. This company focuses on engineering, digital, and artificial intelligence solutions for National Defense such as the Army, Navy, and Air Force. Providing such a huge contribution to the country, she has also served as President of U.S.-regulated industries at Microsoft. Here, she was responsible for overseeing the workings of AI ethics, the company’s carbon footprint, and support for women deserving of corporate roles. She has also been known to love reading books, writing screenplays, and traveling.
