In 2024, the increase in the number of Black CEOs continues to not only challenge traditional management but also transform the corporate world. These leaders have established themselves across different industries, such as technology and finance, and are taking companies to greater heights.
The Fortune 500 flagship ranking 2024 reveals that out of the 500 firms, only eight are managed by Black CEOs. The numbers are, however, higher than in 2020, when the Black Lives Matter movement caused many firms to pledge more diverse hiring.
There were only four black CEOs then, and this increased to six two years later, nine in 2023, and is now down to eight. However, these people are not just CEOs but a representation of diversity in boards and other leadership positions. Here are some of them:
Who Are the Top Black CEOs in America?
The following are the top black CEOs in the USA:
Marvin Ellison – Lowe’s
Marvin Ellison has been the CEO of Lowe’s since 2018, becoming one of the most influential figures in retail. Ellison earns a base salary of about $1.45 million but usually ends up making $17 to 18 million yearly with bonuses and other benefits. He has the rest of his wealth invested in various stocks.
Based on the public disclosure of his stock trades, Ellison holds more than 529,000 shares of Lowe’s stock, totaling an additional $8.2 million. He has also sold at least $10.5 million worth of Lowe’s stock in the past.
He is the only Black CEO who has led two separate Fortune 500 businesses. Having served as chairman and CEO of J.C. Penney before joining Lowe’s. He is recognized as a standout among America’s top Black CEOs because of his ability to lead in a competitive industry.
Rosalind “Roz” Brewer – Walgreens
Rosalind Brewer, the CEO of Walgreens Boots Alliance, is one of the most widely recognized Black female executives in the corporate world. She is also the first Black woman to be recognized on the Fortune 500 ranking.
Brewer took over Walgreens in 2021 and has led the company through difficult times, most especially during the pandemic. Her prior position as COO of Starbucks gave her invaluable experience leading Walgreens to improve customer engagement and expand its healthcare services.
Thasunda Brown Duckett – TIAA
Thasunda Brown Duckett is the CEO of TIAA, a Fortune 100 company that provides financial services and retirement plans. Duckett took over as CEO in 2021 and has been a key player in advancing the company’s mission of securing financial futures.
With a focus on diversity and inclusion, she has positioned herself as one of the top Black CEOs in America, making strides in both the financial services industry as well as corporate leadership.
David Rawlinson – Qurate Retail Group
David Rawlinson became CEO of Qurate Retail Group in 2021, leading a portfolio of retail brands including QVC and HSN. Rawlinson’s focus on digital transformation and e-commerce has helped the company remain competitive in a growing world of online shopping.
He is actively shaping the future of retail as one of the few current Black CEOs in a Fortune 500 company through innovative technology and customer engagement strategies.
Craig Arnold – Eaton
Craig Arnold, the CEO of a power management company, Eaton, first started working at General Electric in 1983. After joining Eaton in 2000 as Senior Vice President of the Fluid Power Group, he worked his way up through the ranks to become the CEO of the company’s industrial sector.
Arnold learned crucial digital transformation skills and gained invaluable experience while working in the industrial sector. This is just as computational technologies started to dominate the industrial world.
Since taking on his C-level position in 2016, Arnold has invested $8 billion in mergers and acquisitions of companies. He focused his acquisitions on businesses that were exposed to the themes of electrification and aerospace. But the growth doesn’t stop there.
Arnold has stated that one long-term goal of his is “building a new $2 billion to $4 billion eMobility business inside of Eaton.” He expects to have between $5 and $7 billion available for more acquisitions through 2025. In other words, he exhibits the financial power to continue to restructuring Eaton in a way that promotes growth.
Arnold earned over $32 million in total compensation in 2021, which included a $4.1 million salary and cash bonus of over $27 million in long-term incentives. In other words, he has the financial capacity to continue restructuring Eaton in a way that promotes growth.
ALSO READ: How a Finance Facebook Group Changed the Fortune and Career of a ‘Broke Black Girl.’
Christopher Womack – Southern Company
In 2023, Chris Womack was appointed CEO of Southern Company, one of the largest energy providers in the U.S. Womack has been with the company for decades, and his leadership focuses on sustainable business practices and clean energy initiatives.
He is widely admired for his contributions to the energy sector and the advancement of Black executives in corporate America.
How Top Black CEOs Are Fueling Business Growth
As diversity in the corporate world becomes a greater focus, more Black leaders are being given the opportunity to head some of the largest companies in the world. The top Black CEOs of 2024 are more than just executives—they are trailblazers.
As the number of Black executives continues to grow, the future of corporate leadership looks brighter and more inclusive than ever.
It is crucial to acknowledge the historical significance of these current Black Fortune 500 CEOs. And to the individuals who have been listed on America’s Top Black CEOs of Fortune 500, like Rosalind Brewer and Marvin Ellison, Bravo!
Their success serves as a powerful reminder of the value of representation and the critical role that Black people’s business plays in the overall economy. As these leaders continue to break barriers, they are paving the way for even bigger successes in the years to come.
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