Data: Racial disparities persist in the state's top corporate ranks
During Black History Month, companies across
But since 2016, no Black chief executive officer has led a
"I think three years might not be enough time to see change that was promised in 2020 by these large organizations,"
The 2022 edition of the Fortune 500 that was published last May further highlighted the disparities. Six of those companies had a Black CEO, equaling the annual record for the number of Black Fortune 500 CEOs. But the total still equaled only 1 percent of the chief executives in that group.
In comparison, 13.6 percent of the
Within
"Why were there so few like me? So few Black or female or poor-beginnings people sitting around the table I had access to?" Burns, who started working full-time at Xerox in 1981, wrote in her memoir, "Where you are is not who you are," published in 2021. "I do know that I am not a unicorn by intelligence or endurance or education or sponsorship. My 'uniqueness' shone a light on the grip that men, white men, have on the systems and institutions that they built."
Historically, racial discrimination has contributed to the lack of Black executives -- including there not having been a Black CEO of a Fortune 500 company until 1987, when
It is difficult, however, to quantify how much bias remains today, particularly since there is limited data. The
"As a Black professional, it's something that it's in the back of your mind because we're aware of times in our career and history when race mattered significantly," said McKinney, who served for 14 years as CEO of the
Many changes in recent years
Corporate executives were not oblivious to the upheaval of the summer of 2020. It marked a period when the
Conceding that they had not done enough to support employees, customers, business partners and other stakeholders who were Black or members of other racial and ethnic minority groups, many companies announced in the summer of 2020 the launch or expansion of diversity, equity and inclusion (DEI) initiatives.
"Our country is awakening to the need to meaningfully address racial injustice and equality,"
Nearly three years later, Synchrony officials said that they remain committed to those efforts.
"The pandemic and the growing awareness of racial injustices following
Among the 14 other
"Building equity and equality must continue to be the driving force behind the work we do for our customers, clients and the communities we are privileged to serve,"
Underrepresented in the top ranks
Despite the proliferation of DEI programs, Synchrony is the only company among the state's Fortune 500 firms where Black professionals comprise a double-digit percentage of executives, according to the most-recent employee data publicly disclosed by those companies.
Black executives represented 10 percent of the top tier of executives at Synchrony and 9 percent of second-tier executives, compared with an overall share of 20 percent of the company's
A data-driven initiative called Advancing Diverse Talent has helped to further diversify the top levels at Synchrony, which was No. 236 in last year's Fortune 500. The company said that its number of Black senior vice presidents increased more than 70 percent between
"Like any business initiative, we began looking at deeper levels of data to identify gaps and opportunities within our workforce and to inform our strategies to hire, develop and advance underrepresented talent," Matthews said. "We realized we needed to move the needle faster for Black or Hispanic employees to rise to senior leadership positions, and we challenged ourselves to redefine how we recruit, develop and advance talent. In three years, we have seen strong progress and will continue the hard work to truly drive change."
There are significantly fewer Black executives at other
* 2 percent at
The rate was 6 percent at
Spokespersons for
EEO-1 data could not be found on the websites of
'This is going to require a lot of work'
Given the extent of the demographic disparities in the top corporate ranks and the significant competition for those positions, the overall percentage of Black executives at
"We are making progress toward increasing the representation of women and racially and ethnically diverse individuals, particularly in middle and senior management roles," Cigna said in its 2021 corporate social responsibility report. "In 2021, we achieved 96 percent diverse slates for external requisitions of manager-level and above roles, which yielded 70 percent diverse hires (women, ethnic minorities or both)." At No. 12, Cigna is the highest-ranked
At the same time, observers of corporate America note that companies cannot resolve on their own all the issues that contribute to the lack of Black executives. In
"I'm optimistic, but it doesn't mean that this is going to happen naturally and on its own. This is going to require a lot of work," McKinney said. "Families, particularly in low-income minority communities, need to see professional options for their children that are very difficult for these families to show their children because they're not hanging out in those environments. We've got to show these Black kids the heads of procurement and heads of finance and show them, at a very early age, what these people had to do to get there."
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