Two pioneering Black CEOs have a warning for companies abandoning diversity

Ken Frazier and Ken Chenault said companies retreating from DEI will limit equal opportunities for disadvantaged Americans.

Ken Frazier grew up in a poor Philadelphia neighborhood as the son of a janitor and grandson of a man born into slavery. He rose to the heights of corporate America as CEO of Merck from 2011 to 2021, becoming the first Black chief executive of a major pharmaceutical company. Ken Chenault, the CEO of American Express from 2001 to 2018, became just the third Black CEO of a Fortune 500 company in history at the time he took over. The two pioneering business leaders told CNN in an interview that companies turning their backs on strategies to promote diversity will limit equal opportunities for people who face disadvantages because of their skin color, the neighborhood they grew up in, the quality of school they attended and other forces beyond their control. In other words, abandoning diversity, equity and inclusion (DEI) efforts could hurt the next Ken Frazier or Ken Chenault’s chances at climbing the ranks of Corporate America. Their warning comes as DEI initiatives are under fire from right-wing political and legal attacks. Companies such as John Deere, Tractor Supply Co. and Harley-Davidson have retreated on DEI programs in recent months, fearful of a backlash like the one that wrecked Bud Light’s business after the beer brand embraced (and then distanced itself from) a trans influencer. But Frazier, 69, and Chenault, 73, said corporate diversity strategies are essential in a country where not everyone starts from the same place and bias exists. The two leaders have co-founded OneTen, an organization aiming to create one million careers for people without a four-year college degree.