| Merck's Kenneth Frazier to retire as CEO effective June 30 | | |  | FRI, FEB 05, 2021 | | | | | | TECH, TRANSFORMATION AND THE FUTURE OF WORK | | | | Think a friend or colleague should be getting this newsletter? Share this link with them to sign up.
Merck. UnitedHealth. Amazon. Starbucks. The last couple of weeks have seen some big shakeups at the top with some big-name CEOs announcing their exits and we want to know why, and why now. Jeff Bezos is stepping down as CEO, handing over the reins to Amazon veteran Andy Jassy – investors and former employers weighed in on the leadership to come. Bezos will remain Chairman of the internet giant he founded, and will stay engaged on other endeavors such as Bezos Earth Fund, The Washington Post and his Blue Origin spaceship company.
One of the few Black corporate chiefs in America, Ken Frazier, is retiring after almost 30 years at drugmaker Merck. He has been an outspoken leader, calling for business leaders to be a "unifying force" to help solve racial inequity in America. His departure leaves just three Black CEOs at Fortune 500 companies — one of which, Roger Ferguson at TIAA is set to retire later this year.
UnitedHealth CEO David Wichmann is also stepping down in a surprise announcement, after just four years running the company – Andrew Witty will now be taking over. Starbucks COO Roz Brewer was tapped as the next CEO of Walgreen Boots Alliance, replacing Stefano Pessina.
These shifts leave some mixed takeaways. With Bezos' exit, some could say it's the end to the founder/CEO in big tech, which could be an important power shift to watch; with Frazier and Brewer it's a tough call what it may mean for future diversity in the CEO role. Leadership shakeups are far from rare, but how this may trickle down to change organizations beyond the c-suite and change the culture? Jury may still be out.
| | Starbucks COO Roz Brewer leaving to become CEO of publicly-traded company | | Starbucks Chief Operating Officer Rosalind Brewer will replace Stefano Pessina as CEO of Walgreens Boots Alliance, the drugstore chain confirmed Tuesday evening. Brewer will be the only Black woman leading a Fortune 500 company. Brewer has been with Starbucks since 2017. Her departure comes as investors, regulators and activists push for more diversity in corporate America. | | | |
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