Thasunda Brown Duckett says she learned everything she needed to know about being a chief executive officer at a young age.
The 51-year-old TIAA CEO told Wharton School graduates in 2023 that from early childhood, she honed one of her most crucial skills as a leader: her character.
“What I know today, as a leader, is that I rent my title, I own my character,” she said.
Duckett is the first woman to lead the $46 billion insurance company after taking the reins in 2021, and is one of only two Black women currently serving as Fortune 500 chief executives. In 1987, Duckett’s predecessor, Clifton Wharton made history as the first Black CEO of a major U.S. corporation when he took leadership of TIAA. However, despite the company's substantial size, it was omitted from the Fortune 500 at the time.
The famed annual Fortune 500 list ranks the largest U.S. companies by revenue, representing approximately two-thirds of U.S. GDP. Since its debut in 1955, the Fortune 500 has tracked over 1,800 CEO arrivals and departures.
However, underrepresented groups constitute a small percentage of leadership. Women hold 10.4% of CEO positions on the Fortune 500 list, accounting for some 52 companies, and a total 19 chief executives have been Black.
Among the current Fortune 500 cohort, only eight companies are currently led by Black CEOs, representing 1.6% of the largest U.S. corporations. It’s a record high, but also a number that has remained flat for two years. Fortune 500 companies led by Black CEOs collectively generated $227.7 billion in total revenues and had a combined market value of $329 billion as of 2024.
Today, leaders of Fortune 500 companies control $18.8 trillion in revenues and oversee 31 million employees, and while eight Black CEOs at the top is a new record, it is a statistic that has not budged for two years. In contrast, the number of Black people living in the U.S. rose to 48.3 million in 2023, up 33% from 2000, according to Pew Research Center.
A 2021 McKinsey study that analyzed data from 24 companies covering approximately 3.7 million employees, found black employees are represented in entry-level positions, but there is a significant underrepresentation at the managerial level. The study revealed Black employees make up 14% of the overall workforce, but only 7% of managers—half of their entry-level representation. At the VP, SVP, and senior manager levels, Black representation drops even further to between 4% to5%, according to the report.
But who are the executives behind the desk? Meet the Black CEOs running the country’s largest companies.
1. Marvin R. Ellison
Company: Lowe’s
Years as CEO: 6.6
University attended: Bachelor’s degree in Business Administration, University of Memphis; MBA, Emory University.
Marvin R. Ellison is the president, chief executive officer, and chairman of home improvement giant Lowe's, which ranks #49 on the Fortune 500 list and generated $84 billion in revenue in 2024. Ellison became CEO of the home improvement company in 2018, following his stint as CEO of J.C. Penney, making him the first ever Black CEO to lead two different Fortune 500 companies.
A graduate of the University of Memphis, Ellison began his career earning just $4.35 per hour as a part-time employee at Target.
“I didn’t have great pedigree, I didn’t have an Ivy League education. I didn’t have any stellar international opportunities or stints on my résumé,” Ellison told FUBU founder and Shark Tank judge Daymond John in a 2022 interview. “I’m competing against all of these exceptionally talented people on paper; I had to find a way to differentiate myself.”
2. Thasunda Brown Duckett
Company: TIAA
Years as CEO: 3.9
University attended: B.S. in Finance and Marketing, University of Houston; MBA, Baylor University
Thasunda Brown Duckett is the president and chief executive officer of TIAA, which ranks #96 on the Fortune 500 and reported a revenue of $46 billion in 2024. Duckett was appointed CEO in 2021 and remains one of two Black women leading a Fortune 500 company.
In reflecting on her role as the first woman to lead TIAA in its over 100-year history,Duckett highlighted the rarity of her position as one of only four Black female CEOs in the history of the Fortune 500. She called it a “sisterhood” that includes executives like former Xerox CEO Ursula Burns (the first black woman to lead a Fortune 500 company), former Walgreens Boots Alliance CEO Roz Brewer, and current SAIC CEO Toni Townes-Whitley. Duckett acknowledged that progress is far from complete.
3. Christopher C. Womack
Company: Southern Company
Years as CEO: 1.9
University attended: Bachelor’s degree, Western Michigan University; Master’s degree, American University.
Christopher C. Womack is the president, chairman, and chief executive officer of Southern Company, an energy provider that ranks #163 on the Fortune 500 list. Womack was appointed CEO in 2023, and Southern generated $26 billion in revenue in 2024.
“I’ve always felt that if I want to see something change, if I want to make progress and make a difference, there are some things I have to do,” Womack told Tech Talk Business in an October 2024 interview “I just can’t point to others. I have a personal responsibility to do that.”
4. Calvin Butler
Company: Exelon
Years as CEO: 2.1
University attended: Bachelor of Science in Public Relations/Political Science, Bradley University; JD in Corporate & Environmental, Washington University School of Law
Calvin Butler is the president and chief executive officer of Exelon, a company that ranks #187 on the Fortune 500 list. Butler was appointed CEO in 2023 and has been with Exelon since 2008. The company reported $23 billion in revenue in 2024.
In an October 2024 interview at the Fortune Impact Initiative, Butler shared his advice for the next generation of leaders: “Surround yourself with people who are more talented and smarter than you, and learn from them.”
5. David P. Bozeman
Company: C.H. Robinson Worldwide
Years as CEO: 1.7
University attended: Bachelor of Science in Manufacturing Design, Bradley University; Master of Science in Engineering Management, Milwaukee School of Engineering
David P. Bozeman is the president and CEO of C.H. Robinson Worldwide, a transportation and logistics company. He was appointed CEO in 2023 after joining the company from Ford Motor, where he served as vice president of customer service, and from Amazon, where he was vice president of transportation services. C.H. Robinson ranks #233 on the Fortune 500 and reported $18 billion in revenue in 2024.
In a 2023 LinkedIn post, Bozeman shared: “I couldn’t be more excited about working with the incredible Robinson team as we embark on this next chapter of growth and success together. We will be building on a strong existing foundation, and the sky is the limit.”
6. René F. Jones
Company: M&T Bank
Years as CEO: 7.2
University attended: Bachelor of Science in Management Science, Boston College; MBA, University of Rochester’s Simon School of Business
René F. Jones is the chief executive officer of M&T Bank, which ranks #317 on the Fortune 500 list. Jones joined M&T in 1992 under its Executive Associates Program, and worked his way up to Chief Financial Officer CEO in 2005, and then CEO in 2017. The company hauled in $13 billion in total revenue in 2024.
In a February 2021 interview with Fortune, Jones said: “Job No. 1 is lifting up the next set of CEOs of color in the Fortune 500. We too often look to the Fortune 500's largest companies, when, in fact, it’s probably very logical that the next leaders today sit outside the Fortune 500. And it’s our job to begin to find them and bring them along.”
7. David L. Rawlinson II
Company: QVC Group
Years as CEO: 3.4
University attended: Bachelor of Arts in political science, The Citadel, The Military College of South Carolina; J.D., the University of South Carolina School of Law; MBA, Harvard Business School
David L. Rawlinson II is the chief executive officer of QVC Group, the parent company of QVC and HSN. The company ranks #317 on the Fortune 500 list. Rawlinson became CEO in 2021, and the company reported $10 billion in revenue in 2024.
In a June 2023 Fortune interview, Rawlinson shared: “Even in the dark days you have to be able to see through to the promise on the other side.”
8. Toni Townes-Whitley
Company: SAIC
Years as CEO: 1.4
University attended: Princeton University, Bachelor’s degree, Public Policy and Economics
Toni Townes-Whitley is the chief executive officer of Science Applications International (SAIC), a company that supports government intelligence services. Townes-Whitley is one of only two Black women leading a Fortune 500 company. Prior to becoming CEO of SAIC in 2023, she served as president of U.S. Regulated Industries at Microsoft. SAIC ranks #479 on the Fortune 500 and generated $7.4billion in revenue in 2024. In an October 2023 Fast Company interview, Townes-Whitley shared: “People like myself and others—we have to show up. We have to demonstrate that we can make this happen. We can grow businesses, we understand the top line, the bottom line, and all of the shareholder pressures, and we can deliver. And I think the more that occurs, you’re going to start to see some changes.”
