African-American executives are relative newcomers to Fortune 500 corner offices.
Executives like Kenneth Chenault at American Express, Richard Dean Parsons at Time Warner and Stanley O’Neal at Merrill Lynch were among the first of their race to lead their companies’ C-Suites over the past decade.
Today, four African-American executives—Chenault, Clarence Otis Jr. at Darden Restaurants, Ursula M. Burns at Xerox Corp. and Ronald A. Williams at Aetna Inc.—occupy CEO seats in the highly exclusive Fortune 500 club. Additionally, African Americans have risen to the top jobs at other organizations in industries that include retail, technology and educational services.
“The barrier has been broken and there are people who are sitting in those ranks. The opportunities exist and they have improved simply because there are some now,” says Dr. Ancella B. Livers, executive director of the Institute for Leadership Development & Research at the Executive Leadership Council, in Fairfax, Va., an organization that provides African-American executives of major U.S. companies with a professional network and forum on national and international business and public policy issues.
But reaching the pinnacle of corporate America isn’t an easy proposition for African- American executives, and will be more challenging going forward, according to Livers.
“We are now playing in a global market. That means positions at these major corporations can be open to anybody in the world. Just by sheer numbers, it makes it a little more difficult for any particular somebody to get that job,” Livers says.
Adding to that is the global economic crisis that has derailed the careers of many fast-rising executives, including African Americans, who must find a way to get back in the pipeline, Livers says.
What characterizes CEO-level executives is remarkable ambition, and African Americans are no different. They do what it takes to succeed (Citigroup’s Parsons once worked as a janitor); they overcome less-than-country-club backgrounds (Darden’s Otis grew up in the Watts section of Los Angeles), and they become well versed in their core technical subject areas (Xerox’s Burns is a mechanical engineer by training).
Because the ascension of African Americans to the top of the corporate ladder remains a relatively new phenomenon, Livers says they do have to achieve more than other candidates. Through early- and mid-career, executives need to get international experience, search out sponsors within the organization who will support them, network within the organization and participate in the politics of corporate life.
“I absolutely believe we will see more Black CEOs, but it is a fairly closed club,” Livers says. “It does not mean it is impossible, but it means getting there still is not a freebie.”
Profiles of Top African-American Executives
Ursula M. Burns
President And Ceo, Xerox Corp., Norwalk, Conn.
Xerox Corp.
Annual Revenue: $17.6 billion • Common Stock Traded on: NYSE • Stock Symbol: XRX
Ursula M. Burns occupies a heady position in corporate America – the first and only African-American woman to serve as head of a Fortune 500 company. That Burns would ascend to the Xerox corner office on July 1, 2009, did not surprise many. She has served the company through good times and bad in a variety of roles, starting out as a mechanical engineer summer intern in 1980. Through the 1990s, Burns gained valuable experience by heading several Xerox business units, including the office color and fax business and office network printing business. In 2000, she was appointed senior vice president, Corporate Strategic Services, leading Xerox’s global research, manufacturing, product development and marketing programs. She was named president in April 2007. Burns is described as an executive who knows her industry, is technically superior and is willing to take risks. The daughter of a single mother, Burns is a New Yorker who earned her bachelor’s degree from the Polytechnic Institute of New York University and a master’s degree in mechanical engineering from Columbia University.
Steven A. Davis
Chairman, President And Ceo, Bob Evans Farms, Columbus, Ohio
Bob Evans Farms
Annual Revenue: $1.7 billion • Common Stock Traded on: NASDAQ • Stock Symbol: BOBE
When Steven A. Davis took over as CEO at publicly held restaurant and food products chain Bob Evans Farms in May 2006, and then as chairman in September 2006, his objective was to bring the venerable firm into the future. Davis, a food-retailing veteran, had been president of Long John Silver’s and A&W All-American Food Restaurants within the Yum! Brands Inc. organization from 2002 to 2006 and served in key management and operations roles at Yum!’s Pizza Hut franchise. Bob Evans, founded in 1948 when its namesake began making sausage on his southeastern Ohio farm, needed a modern touch and consistent message. Davis set out to bring discipline to the company that had seen consecutive years of negative same-store sales before he arrived at its more than 700 restaurants around the country. He put in motion a series of steps that would leverage Bob Evans’ distinct position in the marketplace as a purveyor home-style food. Analysts credited Davis with turning the chain around and achieving positive fiscal results. Davis has an MBA in marketing and finance from the University of Chicago and a bachelor’s degree in business administration from the University of Wisconsin at Milwaukee.
Aylwin B. Lewis
President And Ceo, Potbelly Sandwich Works, Chicago, Ill.
Potbelly Sandwich Works
Annual Revenue: Unavailable • Common Stock Traded on: N/A • Stock Symbol: N/A.
Note:Potbelly is a privately held company.
Aylwin B. Lewis is an executive well versed in retailing. As the leader of the Potbelly Sandwich Works chain since June 2008, Lewis is focused on expanding the growing chain into a franchised business model and enhancing its value proposition to customers. Founded in 1977 when a small Chicago antique store began selling toasted sandwiches, Potbelly now has more than 200 company-owned stores in 13 states. The chain maintains that rustic concept today – of vintage stoves, old books and knick-knacks. Before joining Potbelly, Lewis was president and CEO at Sears Holdings Corp. from September 2005 to February 2008. He left that position amid the nation’s deepening economic crisis and retail slump. Earlier, he had been president and CEO of Kmart and Sears Retail following Sears’ acquisition of that chain. But the food side of retailing is where Lewis has made his mark in the corporate suite, serving in executive-level positions with YUM! Brands, a Louisville, KY-based franchisor and licensor of quick service restaurants that include KFC, Long John Silver’s, Pizza Hut, Taco Bell and A&W. The Houston native who earned his MBA from the University of Houston credits his work ethic as a contributor to his success.
Gary E. McCullough
President And Ceo, Career Education Corp., Hoffman Estates, Ill.
Career Education Corp.
Annual Revenue: $1.7 billion • Common Stock Traded on: NASDAQ • Stock Symbol: CECO
Gary E. McCullough has served as president and CEO of Career Education Corp. since March 6, 2007. Before joining CEC, McCullough served as senior vice president of Abbott Laboratories’ Ross Products division, and he was senior vice president of Americas at William Wrigley Jr. Co. He also worked many years in the United States and abroad at Procter & Gamble. The common thread in all his previous roles was brand management and general management of consumer products. Ross Products markets widely recognized brands as Similac and Isomil infant formulas, and at Wrigley he was responsible for helping to market products like Juicy Fruit, Doublemint Spearmint and Eclipse chewing gum brands. McCullough has brought that same corporate versatility to his role at CEC, an organization that offers education services to more than 114,000 students worldwide under brands that include American Intercontinental University, Colorado Technical University, Le Cordon Bleu Schools of North America, Sanford Brown Colleges and Institutes, and International Academy of Design and Technology. A U.S. Army veteran who reached the rank of captain, McCullough holds a bachelor’s degree in science from Wright State University and an MBA from the Kellogg School of Management at Northwestern University. McCullough’s affiliations include a director’s seat with Sherwin-Williams Co.
Rodney O’Neal
President And Ceo, Delphi Corp., Troy, Mich.
Delphi Corp.
Annual Revenue: Unavailable • Common Stock Traded on: OTC (Over-The-Counter) Stock Symbol: DPHIQ.PK
Note: Delphi just emerged from bankruptcy; they are starting to report quarterly results since bankruptcy, but have not completed an annual. Also, note OTC stock trading as its stock currently is trading negatively.
Rodney O’Neal took the reins of the automotive parts manufacturer in 2007, charged with leading the company through difficult economic times amid the restructuring of the automotive industry, including a 2005 Chapter 11 bankruptcy reorganization. Williams was the point man for the restructuring and had to make critical decisions on workforce reductions, capacity and global business. During four years of bankruptcy, Delphi, a Genera Motors spin-off, was forced to streamline its operations, including shuttering most of its U.S. factories and losing more than $12 billion in revenue in the process. O’Neal began his career at General Motors in 1971 and quickly moved up the ladder in the automotive industry, assuming a number of highly responsible engineering and manufacturing positions in Dayton, OH, Portugal and Canada. Among his various jobs, he was director of industrial engineering for the former Chevrolet-Pontiac-GM of Canada Group in 1991, director of manufacturing for Delphi and general director of warehousing and distribution for GM Service Parts Operations in 1994. He was named president and chief operating officer of Delphi in 2005 before assuming the CEO job. O’Neal earned a bachelor’s degree from Kettering University and a master’s degree from Stanford University. He serves on the board of directors for the Goodyear Tire & Rubber Co. and Sprint/Nextel.
Clarence Otis Jr.
Ceo, Darden Restaurants, Orlando, Fla.
Darden Restaurants
Annual Revenue: $7.22 billion • Common Stock Traded on: NYSE • Stock Symbol: DRI
Clarence Otis Jr. probably knows as much about the eating habits of consumers than most executives in the country. As CEO of Darden Restaurants since 2004, Otis heads up highly branded eateries that include Red Lobster and Olive Garden and other establishments, serving more than 300 million meals a year. During a 15-year career with Darden, Otis also has worked as vice president, treasurer, senior vice president-finance, chief financial officer and president of the company’s Smokey Bones unit. Otis’ style of running the business means listening to his customers and understanding their needs. A native of Vicksburg, Miss. who grew up in the Watts neighborhood in Los Angeles, Otis worked early in his career in the securities industry. His bachelor’s degree is from Williams College in Massachusetts, and he received his J.D. from Stanford Law School in 1980. Otis has attributed much of his corporate success to staying versatile early in his career, readily working in law, investment banking, corporate finance and operations management. Otis’ father worked as a janitor for the city of Los Angeles and his mother was a homemaker, but despite their modest means, they pushed their son to excel. He received a prestigious scholarship to attend Williams, graduating magna cum laude in 1977 with dual majors in economics and political science.
Richard Dean Parsons
Chairman, Citigroup (Former Ceo Time Warner), New York, N.Y.
Citigroup
Annual Revenue: $52.8 billion • Common Stock Traded on: NYSE • Stock Symbol: C
If there were a model of what a CEO is – regardless of race—Richard Dean Parsons would fit the mold. The chairman of financial services giant Citigroup has been at the forefront of New York financial circles during an illustrious career that shows few signs of slowing. Parsons joined Time Warner as president in 1995 and was named CEO in 2002, shepherding the company through the innovative AOL-Time Warner merger at the initial growth of the Internet. He stepped down as CEO in 2007. As a member of the company’s board since 1991, he was named chairman in 2003 and remained in that post until 2008. The native of Brooklyn, N.Y. attended New York City public schools. He was waitlisted at Princeton, so he enrolled in the University of Hawaii as an undergraduate where he used his 6-foot-4 inch frame to play basketball. Parsons later matriculated from Union University’s Albany Law School in New York, finishing first in his class. He began his career in 1971 as legal counsel to New York governor Nelson Rockefeller. Parsons came to Citigroup at the height of the breakdown of the nation’s financial systems in 2008, but he is known for righting sinking ships, such as his work to stabilize debt-ridden AOL Time Warner.
A. Barry Rand
Ceo, Aarp, Washington, D.C.
AARP
Annual Revenue: N/A • Common Stock Traded on: N/A • Stock Symbol: N/A
Note: AARP, of course, is a member organization, not a company
Anyone marching toward retirement would be wise to know the name of A. Barry Rand. The Washington, D.C. native took the reins of the nation’s pre-eminent organization for retired people, succeeding Bill Novelli on April 6, 2009. As the first African American to head the organization, he was described as “a catalyst for social change and inclusion in the workplace.” Indeed, Rand’s priorities have included ensuring that older Americans have a voice in the nation’s critical debates on healthcare and financial security. Rand often discusses how his passion for AARP issues was reinforced by his having to be the caregiver to his father during the last eight years of his life. Rand’s career in business spanned 31 years at Xerox Corp., where he began as a sales representative in 1968, and culminated with his appointment as executive vice president for worldwide operations.. He was often credited during his tenure with ensuring that women and minorities received opportunities for advancement, and indeed, Xerox’s CEO today is an African-American woman. After leaving Xerox in 1999, the Stanford MBA served as chairman and CEO of Avis Group Holdings and Equitant Ltd.
Sam Solomon
President And Ceo, The Coleman Co., Wichita, Kan.
The Coleman Co.
Annual Revenue: N/A • Common Stock Traded on: N/A • Stock Symbol: N/A
Note: Coleman is a subsidiary of Jarden Corp. If you want to use Jarden with a notation, its 2008 annual revenue was $5.4 billion, it is traded on the NYSE, and its ticker symbol is JAH
Sam Solomon is as comfortable in the corner office as he is in the great outdoors. His job as CEO at Coleman, a subsidiary of Jarden Corp., positions him to provide those who enjoy active lifestyles with the gear and supplies they need. Solomon was promoted in May 2008 to the top job at Coleman, an international innovator in the marketing of outdoor products, including lanterns, stoves, coolers, tents, sleeping bags, backpacks, furniture and grills. Solomon has nearly a quarter century of experience in finance, brand management and general business administration at global multinational and Fortune 500 companies. He joined Coleman as vice president, administration, and chief financial officer in 2005. He is credited with developing a disciplined and accomplished leadership team and overseeing major infrastructure investments. Solomon previously worked in marketing and finance roles at organizations including Coca-Cola, Procter and Gamble, Kidde PLC and SPX Corp. Solomon earned his bachelor’s degree in marketing from Rider College in New Jersey and his MBA at Duke University’s Fuqua School of Business. He is a licensed CPA.
Don Thompson
President, Mcdonald’s Usa, Chicago, Ill.
McDonald’s
Annual Revenue: $23.5 billion • Common Stock Traded on: NYSE • Stock Symbol: MCD
Note: This information is for the entire McDonald’s Corp.
Don Thompson is only president of McDonald’s USA.
As president of McDonald’s USA, the long-time and reigning leader in fast-food retailing, Don Thompson is responsible for ensuring the strategic direction and overall business results for the company’s 13,700 restaurants in the United States. As one of the highest-ranking African Americans in the restaurant industry, Thompson is the guy who puts the “happy” in “Happy Meals” or the “sweet” in “Sweet Tea.” Thompson joined McDonald’s in 1990 as a freshly minted electrical engineer from Purdue University, enjoying a meteoric rise and helping the corporation through unprecedented growth. Among key leadership positions, Thompson served as executive vice president, chief operating officer and division president before being named company president in August 2006. Thompson came to McDonald’s as robotics engineer to help perfect the operation of the chain’s sophisticated food-making machinery. Thompson’s story is one in which a person truly works his way up to the top as he held 10 different positions during his first 15 years with McDonald’s, including direct responsibility for thousands of McDonald’s restaurants in San Diego and the Midwest.
John W. Thompson
Chairman, Symantec Corp., Cupertino, Calif.
Symantec Corp.
Annual Revenue: $6.2 billion • Common Stock Traded on: NASDAQ • Stock Symbol: SYMC
John W. Thompson served 10 years as CEO of Symantec Corp. and its Norton brand of products and now occupies the chairman’s seat. During his tenure as CEO, he is credited with transforming the technology company into an industry leader in the area of security, storage and systems management. Thompson’s highly recognized credentials have led to other opportunities for him and his company. He began his career in 1971 with IBM and worked in a variety of positions for that technology giant before assuming the mantle at Symantec in 1999. In 2002, President George W. Bush appointed Thompson to the National Infrastructure Advisory Committee to make recommendations for improving the security of U.S. critical infrastructure, and Thompson chaired a task force on aviation security. Thompson completed his undergraduate degree in business at Florida A&M University and earned a master’s degree in management science from the Sloan School of Management at the Massachusetts Institute of Technology. Notre Dame University awarded him an honorary doctorate degree in 2008.
Ronald A. Williams
Chairman, Chief Executive Officer, Aetna Inc., Hartford, Conn.
Aetna Inc.
Annual Revenue: $31.6 billion • Common Stock Traded on: NYSE • Stock Symbol: AET
Ronald A. Williams joined Aetna Inc. in 2001 and was named CEO of the $31.6 billion plus diversified health care benefits company in February 2006 and chairman in October 2006. Serving approximately 36.3 million people through Aetna, Williams has sought to make a positive impact on health care in America by positioning his company as a catalyst for change. As CEO, Williams has focused on driving innovation by upgrading the company’s information technology infrastructure to better serve customers, such as with expansion in the use of electronic personal health records. Williams is described as being a proponent of health care reform that brings meaningful change to expand access to those who cannot afford it. Before coming to Aetna, Williams was a top executive at WellPoint Health Networks Inc. in California, joining the Blue Cross firm in 1987. Williams is a graduate of Roosevelt University and holds a master’s degree in management from the Sloan School of Management at the Massachusetts Institute of Technology. He is a director at American Express, vice chairman of the Business Council and chairman of the Council for Affordable Quality Healthcare.
Dr. Wanda M. Austin
President And Ceo, The Aerospace Corporation, Los Angeles, Calif.
Note: The Aerospace Corporation is an independent, nonprofit company that provides objective technical analyses and assessments for national security space programs and selected civil and commercial space programs in the national interest.
Dr. Austin was formerly the senior vice president of The Aerospace Corporation’s National Systems Group in Chantilly, Va. She has been with the company since 1979 and has served in positions of increasing responsibility, including general manager of the MILSATCOM (Military Satellite Communications) Division and senior vice president of the Engineering and Technology Group. Dr. Austin earned a Bachelor of Arts degree in mathematics from Franklin & Marshall College, Master’s of Science degrees in both mathematics and systems engineering from the University of Pittsburgh, and a Ph.D. in systems engineering from the University of Southern California. She is a member of the NASA Advisory Council and is a fellow of the AIAA (American Institute of Aeronautics and Astronautics). She has received numerous awards and citations. Among them are the Air Force Scroll of Achievement, the National Reconnaissance Office Gold Medal, the U.S. Air Force Meritorious Civilian Service Medal, the Air Force Space and Missile System Center’s Martin Luther King Spirit of the Dream Award, the Society of Women Engineers Upward Mobility Award, and the Women in Aerospace Outstanding Achievement Award.
Kenneth I. Chenault
President, Chairman And Ceo, American Express, New York, N.Y.
American Express
Annual Revenue: $28.4 billion • Common Stock Traded on: NYSE • Stock Symbol: AXP
Kenneth I. Chenault epitomizes how loyalty to one company can bring immeasurable benefit. A native of Long Island, N.Y, Chenault was bright-eyed and 20-something when joined the American Express in 1981 as a strategic planner. From there, his career ladder spun an upward path, culminating with his selection as president and chief operating officer of the financial and travel services company in 1997 and CEO in 2001 – making him the third African-American CEO of a Fortune 500 company. Chenault took over AMEX probably at the right time, guiding the company to new heights through crisis management following the tragedy of 9/11 in which 11 of his employees were killed and the travel business was all but decimated. AMEX headquarters were located across the street from the former World Trade Center in New York. Chenault credits lessons learned coming out of 9/11 for helping sustain the company during the global financial crisis of the past few years. Chenault received his bachelor’s degree in history from Bowdoin College in 1973 and a J.D. from Harvard Law School in 1976.
