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Wisconsin has 5, CEOs. Texas has 5, CEOs. Virginia has 5, CEOs. Minnesota has 5, CEOs. Georgia has 6, CEOs. Pennsylvania has 6, CEOs. Arizona has 6, CEOs. Their international origins, the fact that many have lived all over the world heading up countries or regions for multinational corporations, their ability to speak more than one language, and their general worldliness reminds us that the Fortune are very much a part of a global economy.
Among the privileged are those whose fathers founded the companies they now lead for example, Joseph Molina was the CEO of Molina Healthcare from through [ in ], a company his father, a Mexican-American physician, had founded, and Jose Mas became the CEO of Mastech in [ ], a company his Cuban-American father founded.
Others had fathers who were well-educated professionals, who owned businesses, or who were executives in large companies. The father of Cristobal Conde, the CEO of Sungard Data from to , taught statistics at a university before the family had to flee Chile because of the military coup that overthrew Allende. Bernardo Hess, the Brazilian-born CEO of Kraft Heinz from through , is the son of a father who was an executive with Bechtel and a mother who was a teacher.
When asked who the important mentors have been in his life, Mauricio Gutierrez, who became the CEO of NRG in in , in , said that he got the best advice from his father, who was the CEO of a company in Mexico the advice: first listen to others, but then be willing to make a decision. So, too, are there Latinx CEOs who appear to have had middle class backgrounds their parents were in the military, were teachers, were secretaries or accountants and among the Latino CEOs are some stories of dramatic journeys up the socioeconomic ladder.
His father, who had no college degree, became a waiter, and his mother found work as a clerk at a trucking company. The father of Josue Robles, Jr. Born in Cuba, her parents, initially Castro supporters, but then disillusioned and imprisoned for counterrevolutionary activities, were able to leave the country and move to Minnesota when she was five, and then to New Jersey. She was the first in her family to earn a college degree — she received her BA in industrial engineering from the University of Miami, and then an MBA from Nova Southeastern.
When she graduated, she went to work for Florida Power and Light, and stayed with that company for 24 years. Two weeks after she resigned as CEO, the company declared bankruptcy. Born in Puerto Rico, her mother was Puerto Rican and her father was an Anglo from New York; like many Latinas, and especially those with one Anglo parent, her appearance is that of a white woman.
The family moved to Baltimore when she was young, and her father worked for the postal service. She went to James Madison University, where she got a degree in finance and business administration. She then worked for various companies in South Florida, joining AutoNation in , and becoming its chief financial officer in In April she took a leave of absence for undisclosed health reasons.
On July 14, , she announced that she would not return as CEO, and resigned from the board as well. The press release provided no information about her medical condition, and through a spokesman she requested that the information remain confidential. Just as it became clear that the distinction between East Asians and South Asians was important as we looked at pathways to the CEO office, so, too, does it appear that the umbrella term Latinx masks an important distinction.
Those from the immigrant groups that made up the Latinx population in the United States — those Mexican Americans, Cuban Americans, Puerto Ricans, and those from other islands in the Caribbean — have had a very different experience than those born into elites in other countries, the Spaniards and those of Spanish descent who grew up wealthy in various South American countries and, in terms of growing up wealthy, we could include many who fled Cuba in this group.
Many of the Latinx Fortune CEOs born outside the USA come from privilege, and therefore it is important to keep in mind the key variable of socio-economic class even though it is often difficult to ascertain.
If we take a closer look at those we consider part of the global elite, and also factor in those born in the USA but whose parents were from ruling class families in China or Cuba, then class background becomes even more apparent as a predictor of who makes it to the top of the corporate world. So, too, is skin color important, especially for Latinx. Moreover, they were by far less likely to correctly identify the ethnicity of the Latinos than those in any of the other groups, frequently misperceiving them as white.
That is, just as many Latinx CEOs probably see themselves as white, so, too, are they seen as white by others. There has been considerable debate and disagreement among scholars and political activists about what general name, if any, should be used to characterize a group whose main common heritage is the Spanish conquest and the Spanish language.
The term Hispanic has been favored by some, especially on the East Coast; others prefer Latino , especially on the West Coast. More recently, many have adopted the term "Latinx" to acknowledge that not all people fall under the gender binary of male and female. As Ramon Gutierrez explains in an essay titled "What's in a Name? The History and Politics of Hispanic and Latino Panethnicities," whatever term is used, the label emerged as part of a concerted push for panethnicity, a process that brings together disparate people with shared experiences:.
In a report by the Pew Research Center on Latino self-identification, however, it was found that only 20 percent of those in a national survey called themselves "Hispanic" or "Latino.
I told her that slightly more than a decade earlier there had been as many as seven, but there were at that moment only four. A week or so after that interview, I came upon a June article that had appeared in Fortune Magazine which asserted that there were five, not four, Fortune African-American CEOs.
When I looked for biographical information about him, I learned, as noted above, that he is biracial, with an African-American father who was in the military, and a Belgian mother. At the end of that article the correction read as follows: "An earlier version of this article misstated the number of Black chief executive officers in the Fortune There were five, not four.
My point? Actually, there are a few things to consider, and perhaps learn from, when it comes to this error that two journalists at prestigious publications and I made. One is that it is hard to keep track of those we have called the New CEOs in part because the numbers are ever-changing, and in part because there now have been so many that it is not big news. Another consideration is that skin color may affect whether a person is perceived as not white.
The larger implication, however, has to do with the predominant whiteness of Fortune CEOs. The graph in Figure 1 indicates that the number of white males has decreased from However, as I have noted, if we were to include the 34 white women Fortune CEOs in with the white men, then Before the turn of the century, and therefore before the flow of new Fortune CEOs began, two social scientists put forth concepts that now may help us to predict future CEOs: "third culture kids" and the "flexible immigrant.
In the s, Ruth Hill Useem, a sociologist at Michigan State, used the term "third culture kids" to refer to the children of diplomats, missionaries, men in the military, and others who spent some time in their own home culture but, because of the nature of their parents' work, were raised in other cultures. Their multicultural and often multilingual upbringing provided them with certain advantages, especially when it came to functioning effectively in differing cultures.
Then, in a book, Aihwa Ong, an anthropology professor at Berkeley, proposed that political upheavals and the emergence of global markets meant that transnationality is not detrimental to the nation-state, but that it has provided those she called "flexible immigrants" who could make valuable contributions.
Now, looking at the patterns of the New CEOs over the last twenty years, it becomes clear that some flexible immigrants and third culture kids, especially those born to wealth and privilege in their home countries around the world, have emerged to lead multinational Fortune -level corporations. They not only bring global understanding and typically the ability to speak languages other than English, they are comfortable moving in elite circles in any country. Perhaps even more important in terms of rising to the very top of U.
As we have seen, some of the South Asian and Latino CEOs have lived in many countries, are multilingual, and have overseen corporate divisions in countries or regions around the world before emerging as members of their companies' leadership teams, and then as CEOs. The concepts of third culture kids and flexible immigrants apply to many of the CEOs we have described, including Muhtar Kent, who was born in New York City to a Turkish ambassador, educated in England and then served in the Turkish military before his ascent through Coca-Cola's corporate hierarchy.
Most interestingly, these concepts also apply to Jide Zeitlin, who was born in Nigeria but was adopted by an American family, spent three years of his childhood in Pakistan and then five more in the Philippines, and then came with his new family to Cambridge, Massachusetts, where he attended the prestigious Milton Academy, went to Amherst, and did graduate work at Harvard.
In , in an article that I wrote which drew on these concepts of third culture kids and the flexible immigrant, I made what turned out to be a good prediction, when applied to Jide Zeitlin: "future black Americans who become CEOs might turn out to be immigrants from elite backgrounds in the West Indies or Africa. The first woman to lead a big Wall Street bank, she, too is a flexible immigrant and she is married to a flexible immigrant and a third culture kid, Alberto Piedra, Jr. Tidjane Thiam, for example, born to an elite family in Sierra Leone his father was a journalist, a cabinet minister, and an ambassador , educated in Paris, and described by the New York Times as "a tall, reserved, bespectacled polyglot" was from March until February the CEO of Credit Suisse, "the only black executive in the top tier of banking.
Born in India, he is the son of a general in the Indian army who moved around a lot during Banga's childhood.
In a November interview in the New York Times , he describes what he considers the benefits of these many moves, and shows that the very same advantages that can be experienced by third culture kids and flexible immigrants can also occur for children whose families move a lot within their own countries:. Another way to place these findings about the number of New CEOs from through in larger context is to compare these data with other, similar data. In our larger project, in which we have looked at diversity in the power elite, we also have tracked diversity in the political elite, and this has included especially the executive branch, but also both the Senate and the House of Representatives.
In Figures 4 and 5, below, I have graphed the percentages of women and African-American CEOs, Senators, and members of the House of Representatives I have not done this for Latinos and Asian-Americans because so many of the CEOs in those two categories have been foreign-born; they would, however, show similar patterns. As can be seen in Figure 4, the gradual increase in the number of women CEOs is much less impressive when compared with the higher percentages of women in the Senate and the House neither of which has begun to approach gender equity.
The comparison between African-American CEOs and members of Congress during this same period, as seen in Figure 5, reminds us that in the Senate for the past two decades, there have never been more than three African-Americans. The November election did not lead to major changes in these patterns, though there was a marked increase in the number of Republican women elected to the House of Representatives from 13 to The number of women in the House rose from in to in that is, from When Kamala Harris became Vice-President, the number of African-Americans in the Senate dropped briefly from three to two, but in her role as Vice-President she then swore in Raphael Warnock, a Black man who won the run-off election in Georgia, and the number of African-Americans in the Senate was again three.
As part of the research for the edition of The New CEOs , we looked up the leadership teams of a sample of companies on the Fortune list, companies selected from throughout the Fortune , because we knew from previous research that the larger companies were more likely to have promoted diversity within their ranks than the smaller companies. This process produced a sample of senior executives.
Not quite one in five For African-Americans, the flow through the pipeline was indeed minimal, with only 2. Furthermore, just as we had found previously that the larger corporations were more likely than smaller ones to have African-Americans on their boards of directors, [32] so too did we find that the largest companies were more likely to have black managers or executives at the highest levels.
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