When richard parsons became chief executive of time Warner Inc. In 2002, he assumed he was leading a new era of Black CEOs in American corporations. “I imagined that after the Great Society initiative of the 1970s, there would be a wave of people who were ready,” he says. “But it didn’t happen for a number of reasons.” Today, only six Fortune 500 companies are run by Black CEOs – a record high.
Leading Companies as Diverse as After Decades City Group Inc. And Mr. Parsons, 74, of the NBA’s Los Angeles Clippers, felt inspired to tackle this pipeline problem himself. with a team of venture investors including Ronald Lauder And kenneth lernerShe launched the New York-based Equity Alliance Fund in 2021 to “democratize capital” by supporting venture funds and early-stage enterprises led by women and people of color.