Ursula Burns, the first Black woman to run a Fortune 500 company, will step down as CEO of Xerox when the company splits in two later this year.
Once the move is complete, Burns will become the chairman of the printer, copier, and document technology company created from the split. This will subsequently mark a disturbing point in the world of big business: there will be no Black women serving as CEOs at Fortune 500 companies.
“Diversity has now come in practice to mean White women.”According to the nonprofit research organization Catalyst, there are only 23 female CEOs among Fortune 500 companies. When Burns steps down, there will only be one woman of color among the group.
The latest records show less than three percent of directors of Fortune 500 boards are Black, Hispanic, or Asian women, and there are only four Black Men CEOs within the world of these massive companies.
During Monday’s edition of NewsOne Now, Roland Martin and his panel of guests discussed what looks to be the end of an era as it relates to Black women running companies in corporate America, what can be done to reverse this trend, and who diversity is actually benefitting.
NewsOne Now panelist Avis Jones-DeWeever explained, “Diversity has now come in practice to mean White women.”