• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
NewslettersraceAhead

Paypal’s Dan Schulman: Leaders have a moral obligation to address racism

Ellen McGirt
By
Ellen McGirt
Ellen McGirt
Down Arrow Button Icon
Ellen McGirt
By
Ellen McGirt
Ellen McGirt
Down Arrow Button Icon
June 29, 2021, 2:05 PM ET

Hello!

I’m tuning in from the Aspen Ideas Festival, this year, a well-managed hybrid convening that is welcoming a small number of people to the Aspen Institute campus and the rest of the world online. It’s my first time out in the world in a meaningful way, and it’s been a wonderful chance to re-enter life, safely, if a bit tentatively.

What’s been reflected in many of the conversations so far has been a clear acknowledgement that the racial reckoning we’re grappling with in the U.S., while profoundly messy, is now a movement, and one that is poised to take hold in the form of new alliances and corporate activism.

Here’s one that might resonate with you.

In this conversation with Bloomberg News Deputy Bureau Chief Shartia Brantley, PayPal President and CEO Dan Schulman described his commitment to anti-racist work. “To me it means leaning in and really being part of the fight…and taking a long-term stand,” he says. “We have issues that have vexed us as a country for a long, long time. And I think that leaders of corporations now have a maybe moral obligation to stand up and address these kinds of issues.”

Corporate leaders have enormous resources. At the very least, they can and should be doing a better job addressing the financial well-being of their own employees, he says. (Here is some background on PayPal’s groundbreaking decision to link employee pay to new metric called net disposable income, or NDI.) If there are systemic issues facing people across the country, they are certainly impacting people who work for you. “There’s no excuse not to address those issues inside the company.”

But when asked whether minds and hearts are changing in C-Suites for anti-racist work in the world, Schulman’s answer was circumspect. Yes, there is legitimate work being done by some, but not by all, he says. 

While actions will be expressed differently from company to company — based on stakeholder feedback, ascribed values, etc., there is enough common ground in addressing the racial wealth gap that working together will help everyone design smarter interventions. 

To jumpstart the cause, Schulman discussed a fledgling alliance with other leaders, including Rich Lesser, CEO of Boston Consulting Group. Their aim is to collect and study all the commitments made by corporations in specific underserved communities in the U.S. and see what really needs to happen to component issues like housing insecurity, education gaps, and the like. “If we really work together [in a specific city] are there lessons we can learn by the power of that collective?”

The only thing that smells sweeter than mountain piñon is radical collaboration.

If you’ve got the time, please tune in online at 5pm Mountain Time today for my conversation with Levi’s CEO Chip Bergh. Bergh has become a powerful voice for equity, and is no stranger to stand-taking or evolving his points of view. We will be talking about how he believes the role of the CEO is changing to meet the moment we’re in. We will also be taking questions online, so throw a little raceAhead wisdom our way.

Register here.

Ellen McGirt
@ellmcgirt
Ellen.McGirt@fortune.com

On point

What will it take for Asian American students to feel safe heading back to school? This is the fundamental question facing AAPI students, families, and educators as pandemic restrictions ease across the country. According monthly survey data from the Institute of Education Sciences, only 18 percent of Asian American eighth graders returned to school in person in April, as compared to 54 percent of white students. Fear of anti-AAPI violence remains high. “I would encourage parents and young people to make sure their administrations in school and the workplace have zero tolerance policies for any ­verbal, physical, and cyberbullying assaults on Asian Americans,” says one educator.
School Library Journal

Julliard forced to suspend virtual masterclass after renowned violinist used insulting racial stereotypes  Pinchas Zukerman, a violinist and conductor of note, apologized after his virtual coaching session became culturally problematic. During the masterclass, which was part of a violin symposium, two New York-born sisters played Spohr’s ‘Duo Concertante’ for Zukerman. While asking them to focus less on technical perfection and more on expression, he launched into an odd aside declaring that Korean people don’t sing, implying that they lack an ability to emotionally understand music? I think? Zukerman, who went so far as to mimic Asian singing, has promised to do better. The sisters are of Japanese descent.
ClassicFM.com

Penn State College Black faculty demand action Two reports produced by Black faculty at Penn State paint a dismal picture for Black academics at the school. The first installment of More Rivers to Cross was published in March 2020 and highlights the failure of the college to recruit faculty of color. The second installment, published a year later, highlights the experiences of microaggressions and overt racism experienced by Black faculty on campus. One awful nugget: More than two-thirds respondents reported that they have experienced racism within the last 3 years from students either “sometimes” (41.5%) or “often” (26.2%), including being called the n-word. Both are difficult reads. As the Washington Post points out, these reports reflect the need for a broader reckoning across academia. Last year, faculty of color began using social media to share their own stories of racism in “the ivory tower” under the hashtag #BlackInTheIvory. “We’re talking about it outside the community,” says Shardé M. Davis, an assistant professor at the University of Connecticut who helped launch the hashtag. “That takes it to another level.”
Washington Post

The NCAA suspends a by-law that currently prevents scholar-athletes from getting paid for their work The interim policy would allow athletes in all 50 states to monetize the use of their image, likeness, and name as early as this week. The rule is in response to pressure from advocates and athletes to re-define amateurism in college sports. Some state legislatures have already ruled to allow student athletes to profit from the promotion of their images without losing eligibility to compete. Nobody is here to play on this issue. Last week, a unanimous Supreme Court decision said the NCAA had harmed athletes by limiting schools from competing for talent with monetary benefits.
Wall Street Journal

 

This edition of raceAhead was edited by Wandy Felicita Ortiz.

On background

How studying ethnography can help you be a better observer This post from Mandy Jenkins, then a John S. Knight Journalism Fellow at Stanford, really focuses on journalism and how it can better define objectivity and defeat the dreaded bothsiderism. But it’s really about how to be a better, less biased observer, which is something that requires “the empathetic methods of design thinking and the analysis of the social sciences.” Ethnography is the study of people and cultures, which is also what journalists, marketers, salespeople, product designers, justice professionals, policy makers and a whole host of other people do, without framing it that way. To that end, power dynamics are key. “One element of reflexivity is understanding how the presence of a researcher — or, in this case, a journalist — changes the environment,” she writes. 
Medium

Nice people can be biased, too Jennifer Eberhardt, a leading bias researcher and author of Biased: Uncovering the Hidden Prejudice that Shapes What We See, Think, and Do, has been conducting training sessions with law enforcement for over 15 years. She also did a great job breaking down the subject, including addressing the racial bias on policing, on this appearance on CBS This Morning. Bias is often triggered by the situations we find ourselves in, which she explains in detail. She also notes that bias is about brain wiring, conditioning, and familiarity. "If you have a social experience where we're living with each other and we're not living in segregated spaces, say, and you're exposed to faces of other races all the time, then your brain gets tuned up to that,” she says, making the brain science case for diversity in the workplace. “[E]ven though it's something that is wired in, but it's a flexible wiring," she says.
CBS News

Today's mood board

RaceAhead-Misty Copeland
Misty Copeland — “technical perfection” incarnate. 
Hiroyuki Ito—Getty Images

About the Author
Ellen McGirt
By Ellen McGirt
See full bioRight Arrow Button Icon

Latest in Newsletters

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
Fortune Secondary Logo
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Newsletters

NewslettersMPW Daily
Inside Dr. Becky Kennedy’s $34 million parenting empire
By Emma HinchliffeMarch 2, 2026
10 hours ago
Recruiter holding candidate resume taking job interview at desk.
NewslettersFortune Workplace Innovation
Skills-based hiring was an HR mantra. Execution never followed
By Kristin StollerMarch 2, 2026
14 hours ago
A container ship in the waters of the Strait of Hormuz off the coast of Khasab in Oman’s northern Musandam peninsula on June 25, 2025.
NewslettersCFO Daily
Tariffs meet oil shock: Corporate margins face a new squeeze
By Sheryl EstradaMarch 2, 2026
14 hours ago
NewslettersFortune Crypto
Is the media anti-tech—or just anti-crypto?
By Jeff John RobertsMarch 2, 2026
14 hours ago
C-SuiteNext to Lead
From brand builder to business operator: The unconventional career blueprint behind one executive’s C-suite rise
By Ruth UmohMarch 2, 2026
15 hours ago
NewslettersTerm Sheet
Why Sequoia’s Alfred Lin isn’t worried about the SaaS-pocalypse
By Leo SchwartzMarch 2, 2026
16 hours ago

Most Popular

placeholder alt text
Middle East
U.S. military gives Iran a taste of its own medicine with cheap copycat Shahed drones, while concern shifts to munitions supply in extended conflict
By Jason MaMarch 1, 2026
1 day ago
placeholder alt text
Success
MacKenzie Scott's close relationship with Toni Morrison long before Amazon put Scott on the path to give more than $1 billion to HBCUs
By Sasha RogelbergMarch 1, 2026
1 day ago
placeholder alt text
Economy
Your grandparents are the reason the U.S. isn't in a recession right now. That won't last forever
By Eleanor PringleMarch 1, 2026
2 days ago
placeholder alt text
AI
American schools weren’t broken until Silicon Valley used a lie to convince them they were—now reading and math scores are plummeting
By Sasha RogelbergMarch 1, 2026
1 day ago
placeholder alt text
Health
Gen Z men are eating ‘boy kibble,’ the human equivalent to dog food, to load up on protein cheaply
By Jake AngeloMarch 1, 2026
2 days ago
placeholder alt text
Success
Slack cofounder says workers and CEOs can get stuck doing 'fake' work like pre-meetings and slideshows
By Emma BurleighMarch 1, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.