Business leaders with Pride

The majority of boardroom executives are straight and cis-gendered, but this is beginning to change. CEOs who are out in the open as LGBTQ+ are fighting for better rights and benefits for the LGBTQ+ workforce. Human Rights Campaign (HRC) research shows that compared to just three companies in 2000, 91 of the Fortune 500 now "prohibit discrimination based on sexual orientation" and 83 "prohibit discrimination based on gender identity."

Top executives, such as CEOs, play a role in shaping a company's culture and setting its standards for diversity and inclusion. Many positive steps have been taken by companies with LGBTQ+ board members, but more needs to be done. According to a 2021 Ipsos survey of 27 countries, the global LGBTQ+ population is estimated to be 9%. Even though this was found, only 25 of the 5,670 board seats (0.4%) at Fortune 500 companies are held by openly LGBTQ+ people. There have been only four out and proud CEOs of Fortune 500 companies. However, thanks in large part to the efforts of these four companies' chief executive officers, the figures are on the rise.

Key Takeaways:

• Ipsos estimates that 9 per cent of the global population falls under the LGBTQ+ umbrella.

• So far, only four CEOs of large corporations have come out as members of the LGBTQ+ community.

• Apple, Dow, Macy's, and Land O'Lakes have all had CEOs who are out and proud members of the LGBTQ+ community.

• Tim Cook, the first gay CEO of a Fortune 500 company, and Beth Ford, the first lesbian CEO of a Fortune 500 company, are both on the list.

Tim Cook, CEO of Apple

In 2014, Cook, who is known for being very private, became the first CEO of a Fortune 500 company to come out as gay. He did this in an essay that was published by Bloomberg. Cook claimed he did this after reading letters from young people who were unsure of their sexual identity. If "hearing that the CEO of Apple is gay" helps someone "struggling to come to terms with who they are," "comforts anyone who feels alone," or "inspires people to insist on their equality," then "the tradeoff with my own privacy is worth it," he wrote in an essay.

It's not enough that Cook is the head of the third-largest company in the world according to the Fortune 500; he's also a tireless activist for LGBTQ+ rights (Apple). Before becoming Apple's CEO in August 2011, he was the company's chief operating officer (COO). He was in charge of all of the company's international operations and sales. Cook, who succeeded Steve Jobs as Apple's CEO in 2011, has been recognized as one of the most inspirational CEOs in the Fortune 500. After reaching $2.38 trillion in market cap, Apple surpassed $3 trillion in January 2022.

Jim Fitterling, CEO of Dow Chemical Company

Jim Fitterling was moved to create his own Bloomberg essay as a result of reading Tim Cook's essay. After starting his career at Dow Chemical just two weeks after graduating from college in 1984, Fitterling eventually came out to his entire company on Coming Out Day, 2014.

Fitterling is a strong supporter of diversity and inclusion, and he is in charge of leading Dow's efforts to hire more people from different backgrounds. He has gotten a lot of praise for his work to protect people from discrimination and make the workplace equal for LGBT+ people. He was named to the Out Leadership Global Advisory Board in 2019 and was inducted into the Outstanding Hall of Fame in 2021. Under Fitterling's leadership, Dow generated $55 billion in revenue in 2021 and has a market value of $46.68 billion.

Jeffrey Gennette, CEO of Macy's

In the same way that Fitterling has been with Dow for decades, Jeffrey Gennette has spent his entire career at Macy's. After graduating from Stanford, he started his professional life in 1983 as a sales associate for Macy's West in San Francisco. He joined Macy's in 2003 as executive vice president and director of Macy's Central in Atlanta. After a short time as president, he was promoted to chief executive officer in 2017. Macy's, which is ranked 144 on the Fortune 500, has a market cap of more than $7 billion and reported revenue of more than $25 billion in 2021.

Gennette is in charge of Macy's as CEO and chairman of the board. He has worked in merchandising, in-store operations, and as a leader in many different departments. Gennette has started a giving program to help the Trevor Project, which is the largest suicide prevention and crisis intervention organization in the world that helps lesbian, gay, bisexual, transgender, queer, and questioning youth. In an interview with Fortune in 2021, Gennette said the following about the future of diversity in the C-suite: "There has been a sea change in this country's acceptance of the LGBTQ community and their pursuit of equal rights and positions." It's going to be very different from the last 30 years, and there will be many more LGBTQ people in executive positions. "

Beth Ford, CEO of Land O'Lakes'

Land O'Lakes, Inc., under the leadership of President and CEO Beth Ford, is a Fortune 500 company, a Fortune 200 food production and agribusiness company, and a farmer-owned cooperative with a history dating back 100 years. In 2018, Ford became the first openly LGBTQ+ woman to lead a Fortune 500 company after joining Land O'Lakes in 2011.

Fortune magazine has named Ford one of the 50 greatest leaders and most powerful women in the world. She is a staunch supporter of LGBTQ+ rights and a staunch advocate for farmers and rural America. At the 232nd spot on the Fortune 500 in 2021, Ford's $16 billion in sales put it in the driver's seat. According to CNN, Ford said, "I made a decision long ago to live an authentic life, and if my being named CEO helps others do the same, that's a wonderful moment." Ford has been openly gay throughout her entire professional career.

Anne Richards, CEO, Fidelity International

Before her role as CEO at Fidelity International, Anne Richards was the chief investment officer at Aberdeen Asset Management and the head of M&G Investments. Additionally, she has participated in the United Kingdom's Socioeconomic Inclusion Working Group. Anne is an advocate for women in finance and thinks the industry has made great strides in the last decade thanks to a "concentrated push on gender."

Alan Joyce, CEO, Qantas

In 2008, Alan Joyce was appointed CEO of Qantas. The Committee on Safety, Health, Environment, and Security counts him among its ranks. He is a director of the Business Council of Australia in addition to his position at Qantas. Qantas has put him in charge of the company's schedule planning, network planning, and network strategy functions. He gave $1 million to the LGBT cause of legalizing same-sex marriage in Australia, and he was a vocal supporter of doing so. He also supports the Pinnacle Foundation, which raises awareness about the discrimination faced by the LGBT community in Australia.

Martine Rothblatt, CEO, United Therapeutics

Martin Rothblatt is the co-founder and chief executive officer of United Therapeutics, an American biotechnology firm focused on creating technologies that extend human life. Rothblatt is also an author and a lawyer. She is also a staunch advocate for LGBT+ rights and one of the most influential LGBT+ executives in the tech industry.

Sarah Kate Ellis, CEO, GLAAD

Famous for its outspoken opposition to harmful portrayals of the LGBT community in the media, GLAAD (Gay and Lesbian Alliance Against Defamation) is a group that monitors the news. Sarah Kate, a former media executive, took over as GLAAD's CEO in 2014. She has been instrumental in shifting GLAAD's focus to fostering mainstream acceptance of the LGBT community.

Conclusion:

A growing number of publicly-out CEOs have taken positions at major corporations and even Fortune 500 companies in recent years. The LGBTQ+ people who have been featured here are also some of the most famous and successful business leaders in the world.

As more businesses adopt inclusive policies and more corporate boards become open to the idea of having LGBTQ+ board members, more CEOs will come out in public.