Fortune 500 reports a record number of female, Black CEOs. But the numbers are not good: Here’s why

Fortune magazine released its annual Fortune 500 list of largest corporations in the United States, on Monday (June 5) and for the first time in its nearly seven-decade history over 10 per cent of companies on the list have female CEOs. Additionally, the magazine also reported that there are more Black CEOs than ever before. 

In 2023, the revenue threshold for making the Fortune 500 list was $7.2 billion, also up by 13 per cent when compared to last year. Notably, these companies on this list represent two-thirds of the US GDP with $18 trillion in revenue. 

While these record-breaking numbers of female and Black CEOs objectively sound good they are not necessarily when compared to the bigger picture. 

Why are these numbers bad?

This year’s Fortune 500 reported 52 women who run the companies on the list which is up from 44, in 2022 this time around. This amounts to more than 10 per cent of the biggest businesses in the US being run by the “opposite sex”. 

US company CVS Health, which ranks number six on the list with $323 billion in revenue, is led by CEO Karen Lynch. CVS is also reported to be one of the largest companies in history which is led by a woman, but it is worth noting that the cost of healthcare in the US is higher than most countries. 

“There are signs of progress—slow, but real—in this year’s Fortune 500,” writes Fortune, Editor-in-Chief Alyson Shontell. Furthermore, she also questions why healthcare companies like CVS are “so big” to begin with, as she compares the list from 1995 when no healthcare companies made it to the top 25 as opposed to this year when there are eight. 

“The reality is that no other country monetizes its sick and elderly the way the US does. And the high cost of care contributes to health and wealth inequities here, too—not to mention burdensome costs for other businesses,” Shontell writes in the foreword to the June/July 2023 issue of the magazine. 

Meanwhile, the magazine also reported that there are more Black CEOs running companies ranked in the Fortune 500 than ever before but there are just eight of them. Therefore, as Shontells said while there are signs of real change in terms of diversity in corporate America, progress remains slow. 

Top 10 companies on the 2023 Fortune 500 list: 

1. Walmart

2. Amazon.com

3. Exxon Mobil

4. Apple

5. UnitedHealth Group

6. CVS Health

7. Berkshire Hathaway

8. Alphabet

9. McKesson

10. Chevron

This year’s list of Fortune 500 is based on over 200 different cities spread across 38 US states. Notably, Walmart managed to retain its position at the top of the list for the 11th year in a row with a total revenue of $5.7 trillion.

The magazine also noted that UnitedHealth Group is the highest-ranked healthcare company on the list followed by CVS. Furthermore, Texas was home to most Fortune 500s with the headquarters of more than 50 companies in the US state. 

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