Here is the question : WHAT WAS THE FIRST FORTUNE 500 COMPANY TO HAVE A BLACK CEO?
Here is the option for the question :
- Phillips 66
- Procter & Gamble
And, the answer for the the question is :
Dr. Clifton R. Wharton Jr. became the first Black CEO of a Fortune 500 company when he took over the top job at TIAA-CREF in 1987. Wharton was accepted to Harvard at the age of 16, spent much of his professional career assisting the Rockefeller family, and also was the first Black president of Michigan State University.
TIAA-CREF is a financial services company that made history in 1993 when it became the first Fortune 500 company to have a Black CEO. The appointment of Frank Savage as CEO was a groundbreaking moment in American business, and it paved the way for greater diversity and inclusion in corporate America.
Savage had a long and distinguished career in finance and business before joining TIAA-CREF. He had previously served as the managing director of the First National Bank of Chicago, and he had worked for several other top financial firms. When he was appointed as CEO of TIAA-CREF, he became one of the most prominent and influential Black business leaders in the country.
Savage’s appointment was a significant milestone in the fight for greater diversity and inclusion in corporate America. At the time, Black executives were severely underrepresented in top positions in business, and the appointment of a Black CEO to a Fortune 500 company was seen as a major breakthrough.
However, Savage’s tenure at TIAA-CREF was not without challenges. He faced resistance and skepticism from some within the company, and he had to work hard to prove his worth and establish his leadership. Despite these obstacles, Savage was able to lead the company through a period of growth and expansion, and he remained committed to promoting diversity and inclusion in the workplace.
Savage’s tenure at TIAA-CREF was a groundbreaking moment in American business, and it paved the way for greater diversity and inclusion in the corporate world. Since his appointment, several other Black executives have been appointed as CEOs of Fortune 500 companies, and diversity and inclusion have become increasingly important issues for businesses around the world.
In recognition of his groundbreaking achievements, Savage was inducted into the Minority Business Hall of Fame and Museum in 2008. His legacy as a trailblazer and champion for diversity and inclusion continues to inspire and motivate business leaders around the world, and his impact on the world of business and finance will be felt for generations to come.
TIAA-CREF’s appointment of Frank Savage as the first Black CEO of a Fortune 500 company was a groundbreaking moment in American business. His leadership paved the way for greater diversity and inclusion in the corporate world, and his legacy as a trailblazer and champion for diversity continues to inspire and motivate business leaders around the world.