O'Neal and Parsons: What's the Bigger Picture?
Former Merrill Lynch CEO Stan O'Neal, (left), and Time Warner CEO Richard Parsons, (right).
Getty ImagesStraight from today's headlines, Merrill Lynch CEO Stan O'Neal -- the first African American to lead a Wall Street bank -- is reportedly being asked to step down after announcing a third-quarter loss of $2.24 billion -- the worst in the firm's 93-year history.
And according to published reports, Richard Parsons -- another trailblazing black CEO -- is set to announce his departure from Time Warner. The company is facing operational challenges, especially with its Internet business, AOL.
With the departure of Parsons and O'Neal, it leaves only five black CEOs heading up Fortune 500 companies.
Symbolism aside, what does this mean on a practical level?
UPDATE: Eugene Robinson: Wall St.'s Expanding Universe -- "Diversity is about leveling the playing field, opening doors and giving people a chance. By all accounts, O'Neal rose to the top the old-fashioned way -- fighting, scraping, biting, scratching."
UPDATE (11/5/07): Parsons Steps Down as Time Warner CEO
Tags: Merrill Lynch | Richard Parsons | Stan O'Neal | Time Warner | black ceo
12:25 PM ET | 10-29-2007 | permalink
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