The United States has 200,480 CEOs. Prior to earning their prestigious titles, they each came from a hometown that helped shape them as leaders.
According to a new report by a California-based insurance company, a majority of CEO's hail from a small number of states. Using data from The Standard and Poor's 500 ( S&P 500), Surety First shows which states are producing the most individuals that rise to the top of the corporate ladder.
New York had 22 CEOs, while Pennsylvania had 11. The majority of the Empire State's top executives are from the financial sector. California, which came in third place with 10 chief executives, is home to many tech industry CEOs, including Susan Wojcicki of YouTube.
According to a recent study, experiences in childhood, including family size, history of childhood trauma, and their parents' occupations and socioeconomic standing, all shape what kind of leaders they grow up to be. Several studies have examined the relationship between family birth order and who becomes a CEO, and an overwhelming number of them have concluded that first-born children are more likely to ascend to top leadership positions. Upbringing and background are important factors in who gets into the executive ranks, but research is limited on how birthplace influences who gets into the corporate ranks.
To determine which states are producing the most top CEOs, Surety First looked at the 700 largest US-based companies in terms of market cap. The analysis only accounts for current, active chief executives at the time the data was gathered.
The CEO profile of the most prominent US companies still skews heavily white and male. An analysis of the top executives at the 50 most prominent companies in the S&P 100 shows a gross underrepresentation of diverse leadership. Black executives make up less than 2% of the top executives at the 50 largest companies. Racist hiring practices, lack of sponsorship, and non-inclusive workplaces are some of the factors that are blamed for blocking Black and brown employees from moving up the corporate ladder.
The top 10 US states have produced the most S&P 500 CEOs.
Andy Jassy was born in New York. A proxy statement shows that the e-commerce chief received $212,701,169 in total compensation that year.
Brian L. Roberts was born in Philadelphia. According to The Hollywood Reporter, the compensation for the chair and CEO of the company increased 4% in 2020 to $34 million.
Larry Fink was born in Los Angeles. The investment-management firm chief's pay increased by 21% over the previous year.
Chris Kempczinski was born in Cincinnati. The CEO of the fast-food chain made $10.8 million in total compensation in the year 2021, according to Nation's Restaurant News.
Karen Lynch was born in Ware, Massachusetts. The total compensation for Lynch, who became CEO in February 2021, was reported in the annual proxy.
Craig Menear was born in Michigan. According to Wallmine, Menear gets a reported annual total compensation of over $10 million as the chair of the board and CEO of the home improvement chain.
The CEO of Dell Technologies was born in Houston. Dell is one of the top 50 wealthiest people in the world with a reported net worth of $50.2 billion. The tech exec's total compensation was $930,400 last year, down from $3.36 million in 2020, as reported by The Channel Company.
The chair and CEO of Eli Lilly and Company is from Indiana. According to a proxy filing, the drug manufacturer's CEO made $21.5 million in compensation for 2021, a decrease of 9% from the $23.7 million he made in 2020.
The chair, president, and CEO of Southern Company was born in New Jersey. The energy executive took home $16.6 million in compensation last year.
The CEO of Walmart was born in Memphis. His family moved to the birthplace of Walmart when he was 16. McMillon worked at the Walmart distribution center during the summer. The CEO made $22 million in salary last year.