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.
In order to update this earlier work on the pipeline, I once again turned to the photos of the leadership teams of Fortune companies. This time, I started by looking at the 22 companies in the top 25 that provided photos and biographical information.
This yielded information on people at 22 corporations. Then, because I suspected that larger companies were more likely to include diversity in their leadership teams, I looked at those executives in the companies ranked between and that included photos and biographical information. Again, this yielded information on 22 of these 25 companies, this time for people.
The results can be seen in Table 2, below. As can be seen, the percentages remain quite small. The biggest increase, not surprisingly, was for white women, from African-Americans also showed a slight increase, from 2. Asian-Americans, however, showed a decrease, from 7. The pipeline, therefore, does not provide encouragement. The increases for white women and African-Americans are quite small, and the decreases for Asian-Americans and Latinos indicate that the executive ranks right below the CEO continue to be filled mostly with white men.
Neither the data in the twenty-year trends nor the data on who now is or is not in the pipeline to the CEO office provide reason for optimism, Adding to this grim perspective, some research indicates that women and men of color who ascend to CEO positions in the Fortune are faced with even greater uphill odds than their white male counterparts. In , Michelle Ryan and Alexander Hasslam, two British academics, coined the term "glass cliff" to refer to their findings that women who had been appointed as CEOs were more likely than men to have taken over companies that had experienced especially poor performances during the previous months.
Since that time, many academics have explored this phenomenon, with mixed results. In one of the most comprehensive studies of what they call "glass cliff theory," Alison Cook and Christy Glass looked at all CEO transitions over a year period. They found support for the "glass cliff" effect: women and men of color were significantly more likely than white men to have been appointed as CEOs at companies with weak performances.
They concluded: "Minority leaders face challenges that begin at the point of promotion and go beyond underrepresentation. Unlike white men, they are more likely to be appointed to struggling firms, creating greater obstacles to successful leadership than their white male peers.
Cook and Glass speculated that women and minorities are more likely to accept positions leading troubled companies because they see it as their only chance. They also found that when they were replaced, women and minority CEOs were especially likely to be replaced by white males which they call the "savior effect". Cook and Glass found, as they expected, that the women and minorities in their sample had shorter tenures than the white male CEOs, by about 4 months on average, but these differences were not statistically significant.
They suggested that their failure to find statistical significance was a result of their having included CEOs who had recently been appointed, and who therefore at the time of their research had very short tenures. Ivan De Luce. California tops the list of states with most chief executives, at a whopping 30, CEOs. Visit Business Insider's homepage for more stories. Ohio has 4, CEOs. Utah has 4, CEOs. Wisconsin has 5, CEOs. Texas has 5, CEOs. Virginia has 5, CEOs. Minnesota has 5, CEOs. Georgia has 6, CEOs.
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