25 years of corporate achievement.In 1970, covering the nation's top black Fortune 500 executives was not a very taxing assignment. There were only a handful. Literally. Bit by bit, that small number grew enough that by the mid-'70s, young college graduates were beginning to fashion long-term careers in companies like IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Ford, The Equitable and Xerox. Stepping into their carefully pressed corporate uniforms and meticulously polished corporate personas, these young hopefuls were determined to survive and succeed in spite of their disadvantages, which included a gross lack of mentorship opportunities and a dearth of African-American role models. The go-go '80s saw a dramatic rise in the number of black MBAs and entrants into the corporate arena. Also, the diligence of '70s corporate careerists began to bear fruit, as their ascendance as·cen·dance also as·cen·dence n. Ascendancy. Noun 1. ascendance - the state that exists when one person or group has power over another; "her apparent dominance of her husband was really her attempt to make him pay up through the rank; became newsworthy. Men such as Robert Beavers Robert Beavers (born 1949) is an American experimental filmmaker. Born and raised in Massachusetts, he attended Deerfield Academy which he left before graduating to move to New York in 1965 to pursue filmmaking. of McDonald's Corp., Kenneth Chenault Kenneth Irvine Chenault (born Long Island, June 2, 1951[1]) has been the CEO and Chairman of American Express since 2001.[2] [3] He was the third African-American CEO of a Fortune 500 company.[4] He received a B.A. of American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , Ford's Ronald Goldsberry, IBM'S Ira Hall, Xerox's A. Barry Rand and The Equitable's Frank Savage were all making names for themselves. And BE was there to help lift their rising profiles. But just as the most prominent black executives in corporate America were beginning to get their due, thousands of others were knocked off course or out of the box completely by the waves of massive downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing initiated in the late 80s. While the axe proved a humbling experience for all corporate climbers, it was particularly (and unjustifiably) brutal to blacks, which the Wall Street Journal documented in 1993. Consequently, there is a disturbing gap between those now prominently situated in the highest echelons of several companies, and those in the pipeline being groomed to follow. Still, there is an upside to this story. It involves the emergence of the black woman executive. In 1988, when BE published its first ever list of the top black managers in U.S. corporations, it was 25 strong, and all male. At that time, black women made up just 2% of all U.S. corporate managers. Seeking to ferret out some of those women, BE published in 1991 "21 Women of Power and Influence in Corporate America." Two years later, when we launched a new most powerful black executive search, a striking 40 corporate all-stars made the cut; four were women. In the two years since then, certain names--Parsons, Fudge, Rand, Nanula, Chenault--have taken on almost celebrity status as each (noted below) has made stunning strides in his or her career. The ultimate prize, chief executive officer of one of the nation's top companies, has yet to be attained. But several black men and women are keeping their eyes on that goal, and in 1995, they stand primed and ready, just a victorious newsflash away. Now, as then, BE is watching too, poised and prepared to bring the story to you. RELATED ARTICLE: 1970 Among more than 3,000 senior officers at the top 50 U.S. corporate firms, only three African-Americans: Thomas A. Wood of Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. ; Clifton R. Wharton Jr. of the Equitable Life Assurance Society; and Robert C. Weaver Robert Clifton Weaver (December 29, 1907 – July 17, 1997) served as the first United States Secretary of Housing and Urban Development (also known as HUD) from 1966 to 1968. Weaver was born in Washington, D.C., on December 29, 1907, and received a Ph. of Metropolitan Life Insurance Co. 1971 James Plinton Jr. is named Eastern Airlines' vice president of marketing becoming the first black corporate vice president of a major airline. Leon Sullivan is elected to General Motors' board of directors. He is the first African-American to hold such a position in the U.S. automobile industry. 1972 The National Black MBA Association The National Black MBA Association is a professional association for African Americans with a Master of Business Administration. The National Black MBA Association was formed in 1970 and currently has 40 chapters and 6000 members in the United States. is founded to help African-Americans enter and progress in the business world. 1984 George Lewis ascends to vice president and treasurer of Philip Morris. In 1985, he helps the company acquire General Foods. 1986 A group of black corporate climbers starts the Executive Leadership Council, an association of senior-level black executives in major corporations. 1987 Clifton Wharton becomes chairman of the $60 billion Teachers Insurance and Annuity Association-College Retirement Equity Fund. A. Barry Rand is named president of Xerox's US marketing group. 1988 BE publishers its first list of top 25 black corporate executives. In 1993, the second list touts 40 execs. 1989 Kenneth I. Chenault is promoted to president of American Express consumer card and financial services group. 1990 Richard Parsons is named CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of New York's Dime Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , becoming the first black CEO of a large, non-minority U.S. savings institution. Johnathan A. Rodgers takes over as president of CBS (Cell Broadcast Service) See cell broadcast. Television Stations, becoming the highest-ranking black person in the field. 1991 Richard S. Barton of Xerox Canada becomes the first black CEO of a major Canadian company. Franklin D. Raines is named vice president of the Federal National Mortgage Association (Fannie Mae Fannie Mae: see Federal National Mortgage Association. ). Ronald E. Goldsberry is named general sales and marketing manager at Ford Motor Co., placing him second in command at its parts and service division. He is now executive director of sales and service strategies for North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Automotive Operations. 1992 BE publishers its first list of the top 25 black executives on Wall Street. Joyce M. Roche Joyce M. Roché is the President and Chief Executive Officer of Girls Incorporated. Work with Girls Incorporated Roche is currently President and Chief Executive Officer of Girls Incorporated (a national nonprofit research, education, and advocacy organization), New York, lands Avon Products Inc.'s top marketing job as vice president of U.S. marketing. 1993 Gail Snowden is named president of First Community Bank Division, Bank of Boston. Roy Roberts is appointed vice president and general manager of GMC GMC See: Guaranteed Mortgage Certificate Truck. The promotion makes him the first black to head a Big Three auto division. Richard D. Nanula becomes senior vice president of Walt Disney's store chain. 1994 Richard Parsons is named a president of Time Warner. Ann Fudge is named president of Maxwell House Coffee, a division of Kraft Foods North America. Yvonne Jackson is named senior vice president of human resources worldwide for Burger King. Martina Branford becomes the first black female vice president of AT&T. 1995 Kenneth I. Chenault is named vice chairman of American Express, placing him within one leap of the chairman's slot. Robert Holland is recruited to Ben & Jerry's Homemade Inc. as CEO and president. |
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