A new study titled “The Face of Corporate America” examines the racial and gender figures for S&P 500 chief executive officers. The analysis was done by MyLogIQ, Public company intelligence provider, and it shows that only 11% of the CEOs among the companies are people of color. The gender figures and figures about female CEOs of color were even worse.
CEOs of color were defined as those who are Latin American, Black, Indian, Asian or of mixed race. Fifty-one were men of color, based on a specific count of the leaders.
Additionally, the analysis showed that only 6% were female. This translates to only four CEOs.
While much of the senior management and many board members at large companies have been mostly white, the research shows the extent to which the problem is pervasive. MyLogIQ examined 504 CEOs (because Alexandria Real Estate Equities, Globe Life, Howmet Aerospace and Synopsis have co-CEOs).
The study also looked at the CEOs by age. Thirty-four percent were aged 56 to 60. Twenty-seven percent were 61 to 65. The youngest was Mark Zuckerberg at 35. The oldest was Warren Buffett at 89.
Thirty-eight percent had held their jobs for one to five years, and 31% had been in their jobs for six to 10 years. The longest-serving CEO was Warren Buffett at 50 years. The average tenure was 7.4 years.
A look at pay showed that 140 CEOs made between $10.0 million and $14.9 million last year. Some 115 made between $6.0 million and $9.9 million, and 103 made between $15.0 million and $19.9 million. The highest-paid CEO was Sundar Pichai, the head of Alphabet, who made $260 million. The lowest-paid was Jack Dorsey of Twitter, who made $1.
The takeaway from the study is that the number of CEOs of color and those who are women are a tiny part of the universe. Anecdotally, these numbers have not changed much in recent years. And there is no reason to believe that will change.
The corner office is a place of segregation.