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Fortune Magazine recently released its annual Fortune 500 list, and the outlet was quick to brag that it had a “record number” of Black CEOs on its coveted list. And they even invoked George Floyd’s name to brag about the accomplishment. “In the wake of racial protests following the murder of George Floyd, companies pledged to increase diversity within their executive ranks and accelerate change internally,” reports the outlet. “This year, six Black chief executives sit atop Fortune 500 companies, making up just over 1% of businesses on the 2022 ranking. That’s a noteworthy increase from last year when only five Black CEOs ran Fortune 500 companies.” *Cringe* The Fortune 500 list shows that there’s a world of difference between equality and equity. In other words, while everyone has the same opportunities (at least in theory), they’re not always going to be granted the same results, even if all things are assumed to be otherwise equal (and we all know they’re not). Six Black CEOs on...
In the age of “getting to the bag,” several entrepreneurs and bosses have detailed some of their day-to-day routines and how it is instrumental to their success. From starting the day with yoga and meditation to having a favorite morning beverage, the start of a pattern from successful people has emerging business owners (or those just interested) intrigued with the potential transferable option to emulate for their personal lives. However, the 33-year-old first Black CEO of P.F. Changs – Damola Adamolekun – bypasses the holistic self-care stuff and jumps straight into work.
While Black CEOs are becoming more commonplace as years go on, they’re still a relatively rare phenomenon in the grand scheme of things. According to Fortune, less than one percent of all companies throughout the country have a Black leader at the helm. In the entire history of the Fortune 500 list, there have only been 18 CEOs in total who have identified as Black — and the peak number on the Fortune 500 list was in 2012 when six Black men made the list. The numbers get even bleaker when the gender factor is weighed in. Until 2016, only one Black woman helmed a Fortune 500 company — and history was made when two Black women became CEOs of major national corporations. And these numbers are despite the fact that Black people make up about 13 percent of the American population. The good news is, things are starting to look up (albeit ever so slowly). In June 2021, it was announced that not one, but two , Black women became CEOs of Fortune 500 companies (Roz Brewer of Walgreens Boots...
Jay-Z’s isn’t just cashing in on the cannabis business, he’s leading the charge to break barriers too. Business Insider reports that the billionaire icon’s cannabis organization, The Parent Company, announced this week that seasoned business executive Troy Datcher has been tapped to serve as the company’s new chief executive officer. Datcher’s new role marks a first for the cannabis industry as he will become the first Black CEO to lead a major, public cannabis organization based in the U.S. Datcher is set to start his new position effective Sept. 8. After a 20-year tenure at The Clorox Company, he brings with him decades of experience from his previous roles as the company’s senior vice president and chief customer officer. He was also responsible for leading the company’s worldwide sales organization so there’s no doubt he will rise to the occasion in his new appointment. “Troy brings a wealth of invaluable experience driving high-volume sales, implementing growth strategies, and...
StockX is prepping to go public next year, and ahead of the announcement, it’s building up its board of directors. Business Insider reports that the online retail marketplace has appointed former TaskRabbit CEO Stacy Brown-Philpot as its first female director to its board. In addition, she will continue to serve on the boards for HP Inc., Nordstrom, weight loss app, Noom, and act as a founding member of the SB Opportunity Fund — an investment firm focused on backing founders and entrepreneurs of color. According to Insider, Brown-Philpot’s pride as a Detroit native is what encouraged her to join StockX’s board. “I’ve been following StockX for a long time because I’m from Detroit and this is one of the most successful companies to be started out of my hometown,” she tells the outlet exclusively. With her years of expertise in consumer marketplaces, StockX CEO Scott Cutler is confident that Brown-Philpot’s dedication to creating opportunities for diverse communities will help bring a...
Last year marked a pivotal moment in time for change and equality, specifically for Black communities. The happenings in the digital space and social media have shown us the importance of amplifying Black creators and influencers who are often overlooked. Now thanks to companies like Fanbytes, we’ll be able to break the cycle of underrepresentation in creative industries. According to AdWeek, the London-based influencer marketer agency — launched by CEO and founder Timothy Armoo in 2017 — was created to help big brands discover new interactive ways to engage with Gen Z audiences around the world. With initiatives like the Fanbytes Impact Fund, the goal for Fanbytes is to now help Black-owned businesses get the funding they need as well as help Black creators gain more visibility in mainstream spaces. “What happened with George Floyd, it made me realize even more that I had this platform and I had a responsibility to do something,” Armoo told the outlet. “And I didn’t want to just do...
Forbes has announced its inaugural CEO Next list — which spotlights 50 business leaders and executives who are “using innovation, technology, creativity and culture to reimagine and reinvent their roles” at their respective companies. Among the honorees are 11 Black business executives who are getting their fair shine as innovators of the business world revolutionizing the structure of the industry and on the course of making history. Check out this year’s notable leaders to learn more about their companies and achievements. Bozoma Saint John Photo Credit: Amy Sussman/Getty Images Position: CMO Company: Netflix Over the last two decades, Bozoma Saint John has proven herself to be a marketing powerhouse for some of the most popular consumer brands today — including Uber, Apple Music, PepsiCo, Endeavor and now Netflix. As chief marketing officer (CMO), she helps the company stand out from competition like Disney and Amazon to name a few, while driving engagement to bring great stories...