
Over the years, Whites have dominated the top executive positions in the American business cycle, with fewer individuals of color occupying such C-Suite roles. Out of 1800 C-level executives in the Fortune 500 list’s history, there have been around 22 Black CEOs.
In 1987, Clifton Wharton became the first Black Chief Executive Officer of a significant US firm when he assumed the leadership of TIAA, breaking the long-standing White dominance in that position. Franklin Raines was the second Black CEO to head a Fortune 500 business when he was appointed CEO of Fannie Mae in 1999. Frank Clyburn assumed control of International Flavors & Fragrance Inc. on February 14, 2022, becoming the 22nd Black CEO to head a Fortune 500 business.
Only four women—Ursula Burns, Mary A. Winston, Rosalind Brewer, and Thasunda Brown Duckett—out of the 22 Black CEOs have ever attained the position of CEO of a Fortune 500 business. Ursula Burns became the first African American to lead a Fortune 500 corporation when she was appointed CEO of Xerox in July 2009.
Considering that Black people make up around one-eighth of the US population, the number of Black CEOs is pitiful. Considering that there will only be six Black CEOs in the Fortune 500 list in 2022—less than 1% of all CEOs—observers say the situation is concerning and may even be getting worse. Some of the many obstacles preventing Black individuals from succeeding in the US include racism and the colleges that major firms mostly hire their CEOs from (conventional elite schools).
Here are a few Black CEOs in corporate America who defied the obstacles to reach the top of their professions and open the door for the following generation of leaders. They are included in no particular order.
Cliff Reginald Wharton, Jnr.

The son of Clifton R. Wharton Sr., Cliff Wharton Jr. is a pioneering economist and corporate executive. In 1943, Wharton graduated with a B from Boston Latin School. a 1947 Harvard University degree in history.
He made a lot of history by becoming the first Black American to receive a master’s degree in international affairs from the Paul H. Nitze School of Advanced International Studies of John Hopkins University, the first Black American to receive a doctorate in economics from the University of Chicago, and the first Black American to serve as president of Michigan State University.
He became the first Black American to serve as chancellor of the largest university system in the country when he was appointed to that position in 1978. The State University of New York System has 64 campuses.
He was the first Black American to advance to the C-level position of a significant US firm when he was named CEO of TIAA-CREF in 1987.
Marvin R. Ellison

Marvin is the only Black American CEO of two Fortune 500 companies at the moment. From 2014 until 2018, he served as the CEO of J.C. Penney, then in July 2018, he was appointed the CEO of Lowe’s. He presently serves as the CEO and President of Lowe’s.
Mary A. Winston

Chief executive Winston has a wealth of knowledge in accounting and finance. She is the second woman of color in America to hold the position of CEO of a Fortune 500 firm. She held the position of Bed Bath & Beyond’s temporary CEO. She presently serves as the president and chief executive officer of WinsCo Enterprises, a consulting company that provides financial and strategic advising services.
Franklin Delano Raines

When Raines assumed the CEO role at Fannie Mae in 1999, he became the second Black American to hold that position at a significant US firm. He started his career as a staff member in the Richard Nixon Administration and worked for the Office of Management and Budget as an Associate Director for economics and government before becoming the Assistant Director of White House Domestic Policy in the Jimmy Carter Administration.
He was appointed vice chairman of Fannie Mae in 1991 but departed in 1996 to become director of the US Office of Management and Budget under the leadership of Bill Clinton. In 1999, he resigned from his position with the government and took the CEO position at Fannie Mae.
Thasunda Brown Duckett

In May 2021, Thasunda Duckett was named CEO of TIAA, becoming the fourth Black American woman to hold that position at a Fortune 500 business. Since 2019, she has been a part of the Nike Board of Directors. In addition to serving on the boards of Brex, Sesame Workshop, the Medal of Honor Museum, and the Robert F. Kennedy Human Rights Foundation, she is currently the chair of the Otis and Rosie Brown Foundation. She headed both Chase Auto Finance and Chase Bank.
Ursula Burns

In 1988, Ursula Burns began her career at Xerox as a seasonal intern. After earning her master’s degree, she started working at Xerox a year later and held various jobs there. She was the first Black American woman to run a Fortune 500 firm when she was named Vice President in 1999, Senior Vice President in 2000, President in 2007, and CEO of Xerox from 2009 to 2016. From 2010 until 2017, she served as the Chairman of Xerox as well.
Kenneth Irvine Chenault

Kenneth joined American Express in 1981 and worked his way up to CEO, holding that position for 17 years (January 2011 – February 2018). He is the third Black American CEO of a Fortune 500 company and holds the record for the longest tenure of any Black American CEO. He has served as chairman and a director at a number of businesses, including Berkshire Hathaway.
Roger Watson Fergusson
American economist, lawyer, and corporate leader Roger Watson Fergusson. He joined the Federal Reserve Board of Governors in 1997 and later rose to the position of 17th Vice Chairman, becoming the first Black American to hold that position (1999–2006). From 2018 to 2021, he also served as CEO of TIAA. Alphabet Inc. is one of the companies on whose board he serves.
Kenneth Carleton Frazier

Kenneth is the chairman and CEO of Merck & Co. Inc. and an American business executive. He is the first Black American to hold the position of CEO of a Fortune 500 US pharmaceutical company. He joined the board of directors in January 2011 and served as CEO of Merck until his retirement in June 2021.
Rosalind G. Brewer

American business executive Rosalind, also known as Roz, is the CEO of Walgreens Bouts Alliance Inc. at the moment. She became the third Black American woman to run a Fortune 500 corporation when she started working for Walgreens Bouts Alliance (WBA) in March 2021. On the WBA Board, she serves as a director as well. She held the positions of President and CEO of Sam’s Club as well as COO and Group President at Starbucks.