Last updated on September 4, 2023
In the United States, more than 134,000 Black-owned businesses are making their mark, collectively providing employment for approximately 1.3 million workers. The combined revenue generated by these businesses surpasses an impressive $133 billion.
In every organization, what a CEO thinks and does affects everything. The way money is managed, how customers are treated, and the atmosphere at the company all show the plans and methods of those leading it.
Recently, there has been a change to make sure more people from different backgrounds get chances to lead, which is called diversity, equity, and inclusion (DE&I) efforts. This has opened new doors for people of color in big companies.
Not many companies have been run by people of color, but there are some improvements. In 2021, only four big companies had a Black CEO. Then, in the next year, this number went up to six.
In the United States, Black people face many difficulties in getting wealth, education, and success because of the way things are set up unfairly. But things are changing.
Some of the Black CEOs in 2023 (and beyond) are strong leaders in business, while others are just getting started. They’ve succeeded in a role where most people are white men, showing strong will, sharp thinking, and business smarts.
| Key Info to Consider |
|---|
| 🚀 Only six Fortune 500 companies had a Black CEO in 2022 |
| 🌟 Black CEOs faced and overcame significant barriers |
| 🌠 These CEOs include established leaders and rising stars |
| 🚪 They’re paving the way for success in minority communities |
| 💼 The US has 134,000 Black-owned businesses employing 1.3 million |
What you'll learn:
➤ Top Black CEOs
The CEOs on our list have overcome incredible odds to achieve business success at a very high level.
The list includes Fortune 500 CEOs, up-and-coming CEOs to watch, and one Black CEO who has made history at the head of more than one Fortune 500 company.
Here, in alphabetical order, are nine of the top Black CEOs.
1️⃣ Craig Arnold at Eaton
The journey of power management company Eaton’s CEO, Craig Arnold, traces back to the early 1980s when he embarked on his career at GE. Arnold’s pivotal expertise in digital transformation emerged during the rise of computational technologies in the industrial sector.
Taking the helm as CEO in 2016, Arnold has channeled $8 billion into strategic mergers and acquisitions, shaping the company for higher growth, superior margins, and steadier earnings. And the growth ambitions continue to flourish. Arnold envisions a lasting goal of nurturing a novel $2 billion to $4 billion eMobility enterprise within Eaton.
While his precise net worth remains elusive, Arnold garnered a substantial total compensation of over $32 million in 2021. This encompassed a $4.1 million salary, a cash bonus, and more than $27 million in long-term incentives.
2️⃣ Rosalind “Roz” Brewer at Walgreens Boots Alliance
Rosalind “Roz” Brewer achieved a significant milestone in 2021 by becoming the first Black woman to lead a Fortune 500 company, assuming the role of CEO at Walgreens Boots Alliance.
Her journey was paved by almost two decades of refining her leadership skills at Kimberly-Clark, and later making notable contributions at Starbucks and Walmart.
Before stepping into her new role, Brewer’s net worth was approximately $5 million, stemming from her stock trades and Starbucks earnings. Her journey encompassed distinguished positions at Walmart and subsequently at Sam’s Club, where she became the inaugural Black CEO.
While her exact current net worth remains undisclosed, Brewer’s financial trajectory was significantly boosted by a substantial signing bonus of nearly $25 million upon joining Walgreens.
This was accompanied by an annual salary of $1.5 million. Her publicly disclosed trade activities indicate her substantial investments in the stock market.
3️⃣ Thasunda Brown Duckett at TIAA
Thasunda Brown Duckett, one of only four Black women in history to head a Fortune 500 firm, assumed the role of CEO at TIAA in May 2021, transitioning from her previous position as Chief Executive of JPMorgan Chase Consumer Banking.
While Duckett’s exact net worth remains undisclosed, she currently commands an annual salary of approximately $10.4 million.
TIAA, a company with over a century-long legacy, was established to establish a sustainable retirement system for educators.
It is dedicated to empowering communities by fostering financial knowledge and facilitating wealth building. (Former TIAA CEO, Roger W. Ferguson, Jr.—a renowned Black executive and economist, who also served as Vice Chair of the Federal Reserve from 1999 to 2006—boasts an estimated net worth exceeding $1 billion.)
4️⃣ Marvin Ellison at Lowe’s
Marvin Ellison is at the helm of the renowned home improvement conglomerate, which generated an impressive $95 billion in revenue last year.
As the CEO of Lowe’s, Ellison receives a base salary of approximately $1.45 million, yet his total earnings for the year often reach between $17 to 18 million, inclusive of bonuses and additional perks.
Ellison’s wealth is also tied to various stocks. His public stock trading disclosures reveal ownership of over 529,000 shares of Lowe’s stock, equating to an additional value of about $8.2 million.
Additionally, he has previously sold Lowe’s stock for at least $10.5 million.
Having previously led J.C. Penney as Chairman and CEO before assuming leadership at Lowe’s, Ellison stands as the sole Black CEO to have headed two separate Fortune 500 companies.
5️⃣ Janice Bryant Howroyd at ActOne
Janice Bryant Howroyd, the founder and CEO of ActOne, is a true inspiration for women of color. Back in 1978, she embarked on her journey with just $1,500 in Los Angeles, establishing ActOne, her workforce solutions company.
Over the years, ActOne’s remarkable progress has been evident. In recent times, the company achieved a remarkable revenue of over $3 billion.
With operations spanning 19 countries, a dedicated team of 2,600 employees, and serving 17,000 clients across the globe, ActOne stands as the largest privately owned female and minority workforce management company in the U.S.
According to Forbes, Bryant Howroyd’s net worth has surged to an impressive $630 million as of 2022, primarily derived from her investments in commercial and residential real estate.
6️⃣ Paul Mola at Roswell Biotechnologies
Paul Mola is at the forefront of genetic innovation as the founder, president, and CEO of Roswell Biotechnologies. Headquartered in San Diego, this company specializes in creating user-friendly and cost-effective DNA sequencing technologies.
Working alongside his partner, Barry Merriman, who serves as the chief scientific officer, Mola is driving the development of their groundbreaking sequencing technology and exploring potential mergers and acquisitions. Roswell’s cutting-edge all-electronic chip platform is poised to revolutionize drug discovery, next-generation sequencing, and molecular diagnostics.
Mola’s visionary contributions to DNA sciences have attracted significant funding, with over $50 million secured to propel future technological advancements.
7️⃣ Toni Newman at Black AIDS Institute
Toni Newman stepped into the role of interim CEO at the Black AIDS Institute following Raniyah Copeland’s departure in 2021.
This Los Angeles-based organization focuses on HIV education, prevention, and treatment within the Black American community, which has been disproportionately affected by HIV.
Newman’s dedication extends beyond her role at the Institute. She oversees budgeting and community programs at the San Francisco LGBTQ+ non-profit LYRIC, where she also serves as interim executive director.
Additionally, she chairs the board of directors at TransCanWork, an organization supporting marginalized transgender individuals.
As one of the few trans CEOs of national non-profits, Newman is making waves. While her exact income remains unclear, her predecessor earned around $150,000 as the CEO of the Black AIDS Institute in 2020.
8️⃣ Jen Nwankwo at 1910 Genetics
Jen Nwankwo shines as the founder and CEO of 1910 Genetics, a biotech company dedicated to accelerating drug development timelines, enabling timely access to innovative therapies for patients in need.
This visionary leader combines biological automation and automated tools to advance drug discovery practices.
Nwankwo’s journey began with her dissertation, which focused on sickle cell anemia, a genetic disorder disproportionately affecting Black individuals. At 1910 Genetics, she strives to enhance the diversity of clinical drug candidates and develop medicines that address genetic diseases prevalent among minorities.
The company’s commitment to innovation is evident in its impressive funding achievements, having raised over $26 million in capital funding in 2021.
9️⃣ Robert F. Smith at Vista Equity Partners
At the helm of Vista Equity Partners, Robert F. Smith is a trailblazer in the world of technology investments. His personal and business ventures are centered around software and technology companies.
As an enthusiastic investor, Smith leads Vista Equity Partners, a renowned investment firm exclusively focused on enterprise software, data, and technology.
With a net worth of nearly $6.7 billion in 2022, Smith is recognized as one of the wealthiest Black individuals in the U.S. He gained attention in 2019 when he generously paid off the student debt of
Morehouse College’s graduating class. Additionally, Smith made headlines for reaching an agreement with the IRS to address tax issues, while still upholding his commitment to philanthropy and societal advancement.
Growing up as a young Black man, Smith recognizes his role in inspiring future generations. He aims to provide young people with relatable figures who exemplify success and possibilities.
➤ Black CEOs FAQ
| Question | Answer |
|---|---|
| What Percentage of Company Executives Are Black? | A 2021 review by the Washington Post revealed that only 8% of C-suite executives are Black, despite African Americans constituting about 12% of the total population. When focusing solely on CEOs, the gap widens significantly, with just over 1% (six out of the top 500 companies) having African-American CEOs. 😔 |
| What Percentage of CEOs Are Women? | The representation of women in corporate leadership remains limited. As of March 2022, the Fortune 500 featured 74 female-identifying CEOs, up from 41 in the previous year. This equates to less than 15% of CEOs being women. 🚺 |
| How Many Black-Owned Businesses Are There in the United States? | According to the U.S. Census Bureau’s data from 2019, there were 134,000 Black-owned businesses with at least one employee. This marked an 8% increase from the previous year. However, this number remains a small fraction of the overall 8 million businesses in the country. 💼 |
➤ Final thoughts
Systemic barriers restrict Black individuals from achieving substantial funding and wealth. For instance, a mere 1% of Black entrepreneurs witness their pitches turning into investments.
Black-owned firms are doubly disadvantaged, with Federal Reserve Banks’ 2021 Report indicating they were less likely than white-owned firms to secure full approval for loans and credit lines.
Despite some progress in diversification, white men still occupy 86% of C-suite positions. This is precisely why the individuals on this list are groundbreaking.
Celebrating accomplished Black CEOs and highlighting their successes resonates globally, showing minorities of all kinds that achieving greatness is possible.
When people of color hold influential roles, it signals to everyone that possibilities are limitless, even in a power structure historically designed by and for white men.
