Since 1955, Fortune has ranked the 500 largest U.S. companies by revenue and the comings and goings of the more than 2,000 CEOs who have led them. In that time, just 28 of those chief executives have been Black. The latest addition is Michael Bender, who was named CEO of Kohl’s in early May.
While the number of Black CEOs in the Fortune 500 has slowly ticked upward in the 70 years since the list’s launch, representation remains sparse across corporate leadership. Black Americans make up 13% of all employees. Yet a 2021 McKinsey study found they account for just 7% of managerial roles and only 4% to 5% of senior management positions.
In the 2025 Fortune 500, nine companies are led by Black CEOs, with only two of them being women. That’s just 1.8% of the largest U.S. businesses, up slightly from 1.6% in both 2023 and 2024. Together, these nine companies generated $244.76 billion in revenue for fiscal year 2024.
Topping that list is Lowe’s, led by CEO Marvin Ellison. The home improvement giant ranked No. 52, employs about 300,000 workers, and reported $83.67 billion in revenue and nearly $7 billion in profits.
Ellison, who became CEO of Lowe’s in 2018, is the first Black executive to lead two different Fortune 500 companies, having previously helmed J.C. Penney from 2015 to 2018. His career began humbly, earning $4.35 an hour as a part-time employee at Target. In 2024, he earned $20.16 million in total compensation.
Lowe’s dropped three spots in the 2025 Fortune 500 ranking as economic pressures, housing market disruption, and tariff threats dented sales. Same-store sales dipped by 1.7% in the first quarter, but Ellison told investors that the company’s tech investments and proactive strategies were helping Lowe’s navigate market headwinds.
In April, Lowe’s acquired the design distribution and installation services provider Artisan Design for $1.33 billion. The move aims to deepen its presence in the professional homebuilder market and compete more directly with Home Depot as demand for DIY projects wanes. The company states that it has also diversified its supply chain to blunt the impact of tariffs: 60% of Lowe’s supply purchases are now sourced domestically, while 20% come from China.
Black CEOs leading the 2025 Fortune 500
Marvin Ellison
CEO, Lowe’s
Revenue: $83.67 billion
Thasunda Brown Duckett
CEO, Teachers Insurance and Annuity Association (TIAA)
Revenue: $46.95 billion
Christopher Womack
CEO, Southern Company
Revenue: $26.72 billion
Calvin Butler Jr.
CEO, Exelon
Revenue: $23.03 billion
David Bozeman
CEO, C.H. Robinson Worldwide
Revenue: $17.73 billion
Michael Bender
Interim CEO, Kohl’s
Revenue: $16.22 billion
René Jones
CEO, M&T Bank
Revenue: $13.45 billion
David Rawlinson II
CEO, QVC Group
Revenue: $10.04 billion
Toni Townes-Whitley
CEO, Science Applications International (SAIC)
Revenue: $7.48 billion
