Black MBA - Winter 2007/2008 - (Page 21) Inside the Corner Office As dynamic business shifts claim two top Black chief executives, George E. Curry finds it’s even lonelier at the top for the Photo: Charles Ommanney/Getty Images remaining Black CEOs. T Photo: ©James Leynse/Corbis he news spread through the financial world faster than the subprime debacle had rocked Wall Street. E. Stanley O’Neal had been forced to resign as CEO of Merrill Lynch, the silk-stocking brokerage firm that ranks No. 22 on the Fortune 500 list. And less than a week later, a second bombshell exploded along the nation’s financial corridors when Richard Parsons, CEO of Time Warner, announced his voluntary retirement as CEO, effective at the end of 2007. Parsons will retain his role as chairman of the communications giant, No. 48 on the Fortune 500. Thus, in the blink of an eye, the number of African American CEOs of Fortune 500 companies was reduced from seven to five. This might not be so significant if the number of Black CEOs were proportionate to the African American population – 12.7 percent. If this were the case, 63 Fortune 500 CEOs would be Black. With a total of less than one-tenth of this, the loss of two Black CEOs causes many African Americans undeniable concern. In Oakland, Calif., Cheryl Broussard, a former stockbroker for Dean Witter Reynolds, said she’s worried about how the departures will be viewed in the business community. BlackMBA • Winter 2007/2008 21
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