Fortune - 11.2020

★★★★★★★★★★★★★★★ERIN CLARK—THE BOSTON GLOBE VIA GETTY IMAGES FORTUNE NOVEMBER 2020 49

WHAT As America’s business leaders
BUSINESS think about what they need in the
NEEDS postelection world, they keep coming
FROM THE back to the same words—stability,
2020 predictability, certainty. They’ve also
ELECTION got specific policy wish lists. But while
the policies vary by industry, business
This is a crossroads moment for the U.S. leaders across the economy acknowl-
economy. Business leaders are eager for edge the same overarching desire for
short-term action to mitigate the pain of the a more temperate political climate.
pandemic and long-term solutions to ensure “The business community is a small-c
healthy growth. Here are the top priorities for conservative group,” says Douglas
Holtz-Eakin, former director of the
companies and workers—from Wall Street to Congressional Budget Office and now
Silicon Valley to small business and beyond. president of American Action Forum,
a center-right think tank. “They don’t
BY GEOFF COLVIN like rapid and radical change.”

ASK CATHERINE MONSON what she wants most from the That’s understandable, because
election, and her first words aren’t about issues like tax many companies grow by making
rates, trade, or regulation, at least not directly. She’s CEO large investment decisions that may
of Fastsigns, a franchisor of stores that make custom signs take years to pay off. Yet as ardently
and graphics products, with about 700 franchisees world- as businesspeople want this election
wide, so all those issues affect her business. But what does she want to produce greater policy stability,
most? “What helps us is certainty, the ability to plan,” she says. “Every they’re unlikely to get it. The more
presidential election now, you don’t know what’s going to happen. We probable outcome is that business
don’t want regulatory or policy whiplash. We want predictability.” will have to adapt to a disorienting
new rule book in Washington and in
government at all levels nationwide.

This election comes at a crucial
juncture for the U.S. economy, with
both business leaders and frontline
employees seeking answers about the
best way to move past the pandemic.
Given the stakes, we examined the
top priorities for a range of indus-
tries, from Wall Street to Silicon Val-
ley, and for the workforce overall.

All eyes are, of course, on the race
for the White House. Business lead-
ers are uncertain of Vice President
Joe Biden as President. They’re won-
dering if he’d be the moderate Joe of
his Senate years, working across the
aisle, or if he’d push the priorities
of the Democrats’ left wing, whose
support he needs. And the business
community is grateful that President
Trump kept his two main promises to
them—lowering taxes and reducing
regulation—during his first year in
office. But managers on the whole
don’t like Trump’s escalating trade
wars, anti-immigrant policies, and
chronic policy flip-flopping—all of

50 FORTUNE NOVEMBER 2020
ELECTION 2020

which have contributed to growing 4 BIG PRIORITIES Honda—negotiated with California to
concerns about a second term for the adopt a new, slightly weakened rule
President. (For more on the choice If the election’s winner can work with that they would apply to all their ve-
voters are facing, see “Are We Better Congress, and Congress can stifle hicles nationally. In a joint statement,
Off Than We Were Four Years Ago?” its internal warfare—big assump- they said the deal gave them “much-
in this issue.) tions—here are four of the business needed regulatory certainty.”
community’s top priorities:
The Conference Board’s mea- CRAVING COMPROMISE
sure of CEO confidence reflects the A SUBSTANTIAL CONTINUED
change of mood. While CEOs are But it isn’t just Trump. Lurching
more confident than they were last NEW PANDEMIC LOW TAXES policy swings are inevitable as par-
spring, in the darkest early days of tisanship, tribalism, and extremism
the pandemic, they’re still nowhere RELIEF BILL The Tax Cuts and increase broadly in U.S. politics and
near as confident as they felt in Jobs Act of 2017 lets society. Trump’s Tax Cuts and Jobs
Trump’s first year. “Measures to fully businesses expense Act was enacted in 2017 with zero
and quickly recover certain capital Democratic votes. President Obama’s
RISING ANXIETY from the pandemic- investments, but that Affordable Care Act was enacted in
induced recession” provision begins to 2010 with zero Republican votes.
On the broad issue of uncertainty, are the No. 1 priority phase out in 2023. Businesspeople now must struggle
it’s tempting to accuse business for the U.S. Chamber In addition, the TCJA to make plans knowing that epochal
leaders of whining. After all, life is of Commerce, gives individuals sev- legislation could be repealed the mo-
uncertain. Wasn’t it ever thus? Actu- Washington’s largest eral tax breaks—an ment the other party gets a majority,
ally it wasn’t. Researchers from the lobbying organiza- increased child tax as it someday will.
University of Chicago, Stanford, and tion, says chief policy credit and standard
Northwestern University created a officer Neil Bradley. deduction, for In that environment, some busi-
policy uncertainty index based on Many other major example—that are ness leaders want this election to
computer analysis of news reports business associations scheduled to expire produce divided government. “They
going back to 1985. It shows that feel similarly. It’s a at the end of 2025. want more stability,” says a former
policy uncertainty has recently been sign of Washington’s Business wants those Capitol Hill staffer who now advises
higher than ever, by a hefty margin. debilitating partisan- stimulus measures major corporations, “and the most
ship that Congress made permanent. stable outcome would be a Biden win
The tumultuous policies that have can’t agree on a bill but a Republican Senate.” Divided
wearied so many are highly correlated that any legislator A MAJOR government forces the two parties
with President Trump’s mercurial ought to be happy to to engage and compromise in order
nature. He has reset the plans of take home. “We’ve INFRASTRUCTURE to enact legislation. It has been the
multibillion-dollar industries with been surprised,” says norm for most of America’s post–
a single tweet. Last December, for Bradley. “Extending BILL, AT LAST World War II history, and research
example, he tweeted, “effective im- benefits is not just has shown that it’s better than unified
mediately, I will restore the Tariffs on good policy, it’s good Congress’s failure to government for the economy and the
all Steel & Aluminum that is shipped politics.” pass such a bill has stock market. But businesspeople
into the U.S. from [Brazil and Argen- become a running shouldn’t get their hopes up.
tina].” The Dow plunged 326 points MOSTLY OPEN joke in Washington.
on the news. Eighteen days later he Like the failure to Vote-splitting is in steep decline. In
took it all back. No tariffs. Trump, LO W -T E N S I O N pass a new pandemic 2016, for the first time since the direct
who has said his unpredictability relief bill, it’s puzzling. election of senators began in 1914, ev-
gives him a competitive advantage, TRADE Seemingly since the ery state that went for the Democratic
has made several such reversals. dawn of time, legisla- candidate (Hillary Clinton in this
AGREEMENTS tors have loved send- case) and was also electing a senator
In addition, while business has ing federal money chose a Democratic senator, while
generally applauded Trump’s broad Business generally back to their districts. every state that went for the GOP can-
regulatory rollbacks, some compa- hates the trade war But in today’s hyper- didate (Trump) and was also electing
nies have found them too impulsive. with China and hast- partisan Washington, a senator chose a Republican.
When he said he’d all but eliminate ily imposed tariffs on the two parties can no
an Obama regulation reducing auto U.S. allies such as the longer compromise The trend continued in the 2018
emissions, California said it would European Union and on where the money midterms. Elections analyst Geoffrey
continue enforcing the existing Canada. For every will go, for what Skelley at FiveThirtyEight studied
rule. Four major carmakers—Ford, industry protected purpose, etc. states that were electing both a gov-
Volkswagen of America, BMW, and by a tariff, several ernor and a senator. His conclusion:
others are hurt by The business
the increased cost community wants
of the tariffed item; large yet moderate
for example, “End economic action from
the trade war” is the Washington. But just
No. 1 policy priority trying to forestall
of the National Retail rapid and radical
Federation, whose policy change may
members rely on Chi- no longer work. For
nese merchandise. business, come what
Additional industries may in November, it’s
are hurt by tit-for-tat time to learn how to
tariffs imposed by deal with it.
other countries.

FORTUNE NOVEMBER 2020 51

NEWS-BASED ECONOMIC POLICY UNCERTAINTY INDEX MEASURE OF CEO CONFIDENCE

Index of search results related to economic and policy uncertainty from Survey of approximately 100 CEOs detailing attitudes and expectations
10 large U.S. newspapers. regarding the overall state of the economy as well as their own industry.

500 60 Q3 2020
45

400 50

AUGUST 2020 40
257.1

300

30

200

20

100 10

0 2010 2015 2020 0 2010 2015 2020
2005 2005

SOURCE: “MEASURING ECONOMIC POLICY UNCERTAINTY” BY S. BAKER, N. BLOOM, AND S.J. DAVIS SOURCE: THE CONFERENCE BOARD

“Split-ticket voting hit a new low.” As ity Leader Harry Reid have all urged would produce much higher economic
Americans increasingly identify them- Democrats to consider ending the growth, more jobs, and higher real dis-
selves as members of warring tribes, filibuster entirely if they gain control posable income over the next decade
they’re less likely to see virtue in any of the Senate. With control of the than would a Republican sweep or
candidate from the other side and far House and White House as well, the divided government under either can-
more likely to vote a straight ticket. party could in theory enact any part didate as President. Goldman Sachs
of its agenda quickly and easily with economists project that Biden’s poli-
This year many business leaders simple majorities. Republicans could cies “would likely result in a similar
have a particular reason for fearing do the same if they eventually win level of medium-term S&P 500 profits
that Democrats will win the White the Washington trifecta. as our baseline forecast that assumes
House and Senate while holding no major policy changes.”
control of the House. One of the great That scenario badly worries busi-
moderating forces in federal legis- ness. “Change of some kind is likely The larger issue for business is
lation is the Senate filibuster rule, no matter the political outcome,” says adapting to the new reality in gov-
which requires 60 votes to end debate Steve Caldeira, CEO of the House- ernment. For decades, business has
and advance an item to a floor vote. hold & Commercial Products pursued its policy interests in a world
But Senate Democrats eliminated it Association, “but it just shouldn’t where compromise and moderation
for executive office appointees and be radical change, especially during usually prevailed, even after bare-
judicial nominees below the Supreme these volatile times.” knuckles combat. That’s what busi-
Court in 2013, and Senate Republi- nesspeople yearn for after this elec-
cans eliminated it for Supreme Court While voters are generally split tion. “How do we get back to where
nominees in 2017 and 2018. on who would better manage the we can disagree and be friends?” asks
economy, some prominent economists Monson. “The tribalism is terrify-
The filibuster remains in effect for are now more bullish on Biden in ing. The balkanization is terrifying.”
legislation. But President Obama, this area. Moody’s Analytics recently Yet virtually every trend is pointing
Senate Minority Leader Chuck concluded that a Democratic sweep toward greater division, not less.
Schumer, and former Senate Major- of the presidency, House, and Senate

GO ONLINE FOR MORE WHAT THE HEALTH CARE INDUSTRY ★ LOW-WAGE WORKERS ★ THE UNEMPLOYED ★
UNIONS ★ THE UNBANKED ★ RESTAURANTS NEED FROM THE 2020 ELECTION
FORTUNE.COM/PACKAGES/2020-ELECTION
Continued on page 54

CONTENT FROM EDWARD JONES

DIVERSE PERSPECTIVES CREATEBETTERRESULTS

An inclusive environment at Edward Jones makes a meaningful impact
on the lives of its clients and financial advisors.

WHEN SHE FIRST JOINED EDWARD JONES AS A FINANCIAL Wise credits her success to the tools, initiatives, and
advisor in 1999, Kellie Wise was a single mom making a encouragement she received on the job from colleagues and
career pivot into a male-dominated field. She couldn’t have other financial advisors. “[They] wanted to see me succeed,”
predicted the soaring success she would experience in her she explains, “because when any individual does better,
21 years at the firm. She advanced in the firm by adding everybody does better.” In addition to boots-on-the-ground
regional leader to her core role of advising clients, eventually support, Edward Jones offers recognition conferences,
being named an Edward Jones principal. Among her many educational events, and programs designed to help financial
achievements, Wise recruited a wide range of financial advisors develop different skill sets.
advisors and was ranked among the firm’s top 150 women
in that role. For transferring or new financial advisors, support kicks
in on day one through training and coaching. The firm also
Being a single mother didn’t hinder Wise’s career—it provides an office and a branch office administrator to help
enhanced it. “I felt valued for my perspective as a woman meet client and community day-to-day needs. Wise appreci-
and as a single parent,” she says. Thanks to the support ated the autonomy she had to build her practice—in a way
she received at Edward Jones, she was able to build a that matched her values—with the resources she needed to
successful practice and “still feel really good about being develop deep client relationships.
a mom,” encouraging that crucial, but often unattainable,
work/life balance. Last year, Wise stepped into a new role, leading Edward
Jones’ diversity, equity, and inclusion (DEI) efforts across
the U.S. and Canada. Since Wise assumed this role, Edward
Jones has made a five-point commitment that is reflective
of the firm’s core values and culture. It includes a meaning-
ful increase in diverse recruitment strategies, racial equity
training, and antiracism personnel policies, as well as a year-
round program focused on fostering cultural awareness and
building empathy.

Diversity, equity, and inclusion is something that Wise is
particularly passionate about, given her own trajectory at
the firm. “Seeking out diverse perspectives helps us identify
solutions and opportunities that we wouldn’t discover other-
wise, and also gives clients greater choices, which is critically
important to our firm,” she says. “We end up with better
results and better business outcomes for our clients—and
for ourselves.” ■

“Seeking out diverse perspectives helps us
identify solutions and opportunities that
we wouldn’t discover otherwise, and also
gives clients greater choices, which is
critically important to our firm.”

KelliE Wise
PRINCIPAL, EDWARD JONES

Sonia McCloskey PERHAPS IT’S
Financial Advisor NO SURPRISE THAT
Denver, CO A FIRM BUILT ON
COLLABORATION
HAS BEEN RANKED
#5 WORKPLACE
FOR WOMEN.

We’re proud of this recognition from
Fortune Magazine. And we’re proud of
our efforts in gender equality. From our
career-long coaching programs to our
parental leave policies, we’re built to
promote career growth and work-life
balance. Meet the Edward Jones of now.

Visit edwardjones.com/knowmore

Member SIPC
RANKED #5 WORKPLACE FOR WOMEN BY FORTUNE MAGAZINE.
From FORTUNE. ©2020 FORTUNE Media IP Limited. All rights reserved.
Used under license. FORTUNE and FORTUNE Media IP Limited are not
affiliated with and do not endorse the products or services of, Edward Jones.
Edward Jones does not discriminate on the basis of race, color, gender, religion,
national origin, age, disability, sexual orientation, pregnancy, veterans status,
genetic information or any other basis prohibited by applicable law.

54 FORTUNE NOVEMBER 2020
ELECTION 2020

THE ECONOMY have been recovered in the ensuing U.S. UNEMPLOYMENT RATE
months. But the pace of the rebound
HOW TRUMP has been slowing. After adding For the first few years of Trump’s term,
MEASURES UP 1.8 million jobs in July and another the unemployment rate continued its
ON JOBS 1.5 million in August, for instance, decade-long march downward, hitting 3.5%
the U.S. created just 661,000 jobs in in February. In April it spiked to a devastating
TEXT BY September. Heading into October, high of 14.7%.
the unemployment rate was 7.9%.
BRIAN O’KEEFE 14%
Overall, the U.S. has some 3.9 mil-
GRAPHICS BY lion fewer jobs than when Trump TRUMP
took office. And new waves of layoffs TAKES
NICOLAS RAPP could be coming as, say, cash-strapped 12 OFFICE
local and state governments begin to
LAST JANUARY, President wrestle with growing budget deficits. 10
Trump attended the World
Economic Forum in Davos, But none of that has stopped 8
Switzerland, and gave a speech pre- Trump from attempting to sell voters 7.9%
viewing his pitch for reelection this on his economic prowess. In Septem-
fall. Speaking to the assembled crowd ber, the Trump campaign began run- 6
of global elites, Trump made the ning a TV ad in battleground states
highly dubious claim that the econ- that cast the President as the obvious 4
omy he had inherited from President choice in economic matters compared
Obama was in a “dismal state,” despite with his Democratic rival, former Vice RECESSION
the fact that the U.S. had produced President Joe Biden. “Donald Trump 2
76 straight months of job growth is the jobs President,” intones the
when Trump was sworn in. And with narrator. “He helped create millions of 0 SEPT. 2020
signature bombast, the President jobs.” Never mind the net loss. JAN. 2000
played his, well, Trump card. The U.S.,
he boasted, was “in the midst of an Given a second term, would Trump
economic boom the likes of which the
world has never seen before.” JOB CREATION STARTED STRONG, THEN COLLAPSED
It was debatable assertion, given
that economic growth had averaged a Trump inherited a hot economy. Average monthly job gains in each of Obama’s final three years
solid-but-not-scintillating 2.5% over in office were higher than any of Trump’s first three. Still, Trump was outpacing the first-term gains
Trump’s first three years in office. But of Obama and George W. Bush before the pandemic.
the stock market was hitting record
highs, and unemployment was at a CUMULATIVE JOB CREATION WHILE IN OFFICE 20.9%
historic low of 3.6%. Campaigning on CLINTON
his economic expertise seemed like a 20%
no-brainer for Trump.
Then came COVID-19. 17.7%
Just weeks after Trump’s address REAGAN
in Davos, the novel coronavirus was 15
declared to be a global pandemic. 12.8%
And while the U.S. scrambled to re- CARTER
spond to a spiraling health crisis, the
economy went into free fall. Some 10
22 million jobs were lost in the U.S.
in March and April as businesses 8.6%
went into shutdown, and the unem- OBAMA
ployment rate spiked to 14.7%—the
worst since the Great Depression. 5 2.5%
More than half of those jobs G.H.W.
BUSH 1.0%
G.W.
0 BUSH

–2.7%
-5 TRUMP

-10 MONTHS IN OFFICE
1 12 24 36 48 60 72 84 96

SOURCES: WHITE HOUSE; BUREAU OF LABOR STATISTICS; IHS MARKIT G.H.W BUSH PRESIDENCY: JAN. 20, 1989–JAN. 20, 1993; G.W. BUSH: JAN. 20, 2001–JAN. 20, 2009

FORTUNE NOVEMBER 2020 55

fulfill his promise to be the “jobs generated solid growth, if not quite the JOB LOSSES HAVE HIT
President”? Moody’s Analytics, for historically great performance that he NONWHITES HARDEST
one, predicts that Biden’s policies claims. The pandemic has obliterated
would produce 7.4 million more jobs those gains and left the nation reel- UNEMPLOYMENT BY RACE
than Trump’s over the next four years. ing. That doesn’t give Trump a pass.
The administration’s handling of the BLACK 12.1%
To get a clearer view of Trump’s COVID-19 crisis must be factored into
economic résumé, we examined his any assessment of the Trump Econ- HISPANIC/LATINO 10.3%
administration’s record in six charts, omy. Just how much credit or blame
with a focus on jobs. It’s a mixed Trump deserves is for voters to decide. ASIAN 8.9%
picture. His first three years in office
WHITE 7.0%

IN MOST STATES, THE PANDEMIC ERASED JOB GAINS FROM TRUMP’S FIRST FEW YEARS

At the beginning of 2020, all but three states had seen net job gains since Trump took office. As COVID-19 swept across the nation,
the picture changed completely—and dramatically. By August just nine states could report more jobs than before Trump’s inauguration.

CHANGE IN EMPLOYMENT FROM TRUMP FROM TRUMP INAUGURATION
INAUGURATION TO JAN. 2020 TO AUG. 2020

JOB GAINS
JOB LOSSES

GDP GROWTH HAS THE FEDERAL GOVERNMENT HASN’T GOTTEN LEANER, AND
TAKEN A BIG HIT BLUE-COLLAR JOBS CONTINUE TO DISAPPEAR

The economy averaged solid 2.5% annual In 2016, Trump promised to bring back coal and create new blue-collar jobs. But the coal industry
growth over Trump’s first three years. Then continues to shrink, and manufacturing employment is flat. Federal government jobs were rising
2020 happened. even before this year’s surge in hiring for the Census.

MEAN ANNUAL REAL GDP GROWTH CHANGE IN EMPLOYMENT SINCE JANUARY 2000

20% FEDERAL
EMPLOYMENT
13.1%
TRUMP
10 TAKES
OFFICE
4.3% CLINTON

0

2.2% OBAMA –10 MANUFACTURING
–20 –29.4%

–30
1.8% G.W. BUSH

–40

1.1% TRUMP –50 COAL MINING
JAN. 2000 –39.6%

SEPT. 2020

NOTE: FOR JOB CREATION AND GDP GROWTH NUMBERS, THE MONTH OF JANUARY VALUE WAS USED FOR BEGINNING AND END OF EACH PRESIDENCY Continued on page 58

CONTENT FROM EXTRAHOP

SECURING greatly expanding the amount of ground that
THE ENTERPRISE they’re tasked to defend,” explains Raja Mukerji,
WITHOUT chief customer officer and cofounder of leading
BOUNDARIES cybersecurity provider ExtraHop. Attacks on
remote desktops grew by 50% in the first quarter
USING A.I. TO SAFEGUARD THE of 2020 alone, he notes, and brute force attacks
TRANSITION TO THE CLOUD AND on remote desktops now exceed 1.4 million
REMOTE USERS. attacks per day.

THE COVID-19 PANDEMIC HAS RADICALLY CHANGED “Suddenly, once-hidden assets are now
the shape of business, from the shift to a new available 24/7 to employees working at home—
remote workforce to the surge in cloud adop- any one of whose devices can be compromised in
tion. Enterprises are no longer defined by walls myriad ways,” Mukerji explains. “Attackers only
and perimeters, putting increased pressure on need to breach your defenses once to present
security teams to understand and manage risk. serious and ongoing challenges.”

“When firms make the digital leap, they are What’s more, we’ve seen a sudden surge in
cloud adoption. While remote access due to
COVID-19 might have sparked the flame, the
bigger story behind the cloud surge is the
acceleration of digital transformation projects.
As companies seize the opportunity to push the
envelope with innovation, security teams are
forced to understand the risks associated with
this expanded digital footprint. The onus is on
security providers to help teams build secure
programs without friction. From there, the
opportunities for innovation in the cloud are
boundless.

To address the growing scope of threats
involving remote users and cloud usage,
enterprises are increasingly turning to A.I.-
driven cybersecurity solutions like ExtraHop’s
Reveal(x) 360 platform, which continuously
analyzes network traffic and uses sophisticated
machine learning models to detect suspicious
behavior. By monitoring the data traversing
cloud environments, data centers, and remote
devices, the software is able to provide security
teams with complete visibility, detect threats
that others miss, and stop data breaches
84% faster.

“By applying A.I. and automation, we help
our customers programmatically scale security
measures to meet the demands of the enterprise
without borders,” says Mukerji. “This approach
allows for greater agility, so companies can
dynamically apply proportionate threat detection
and response efforts to match any challenge
they face.”

“You can’t secure what you can’t see,” notes
Mukerji. “As organizations embrace the cloud
and remote users, obtaining full visibility into
the shape of every digital interaction only
becomes more crucial. Attackers have innovated
to evade many legacy security tactics, but the
one data source that can never be turned off is
the network.” ■



58 FORTUNE NOVEMBER 2020
ELECTION 2020

WALL STREET It’s not such a wild ques- concerned with Democratic ERIK ISAKSON—GETTY IMAGES
tion. Every four years, Wall presidential candidate Joe
MAKING A WISH LIST Street lobbyists draw up a Biden’s proposal to lift the cor-
FOR BIG FINANCE wish list to put in front of the porate rate to 28%, or halfway
BY BERNHARD WARNER incoming administration. back to where it was before
They usually start working on 2018. The rest of the Biden tax
NO MATTER how you look at it well before Inauguration plan seeks to weaken Trump’s
it, 2020 has been rough on Day. Here’s what could be in 2017 Tax Cuts and Jobs Act by
Big Finance. Financial stocks such a memo this year: raising taxes on a combination
were the second-worst- of income, Social Security,
performing sector in the S&P 500 (after TAXES long-term capital gains, and
energy) through the market close on qualified dividends for the
Oct. 9, down more than 18%. There are It’s no secret that President upper-income brackets. 
plenty of culprits: Interest rates are near Trump has been a tax hawk,
zero, cutting into banks’ bread-and- slashing the corporate tax Unless it’s a clean sweep by
butter lending business. Meanwhile, rate from 35% to 21%, a move the Democrats, none of this
the pandemic has put a big fat pause on that went into effect in 2018. will happen. But the finance
economic activity, squeezing invest- The result was a boost for the pros are still running the num-
ment banking fees and ratcheting up stock market and a windfall bers on any and all possibili-
the risk of underperforming loans. in trading revenues for the ties, and what it would mean.
Even as the economy begins to recov- banks. The downside? Mam-
er and M&A picks up, investors continue moth deficit-spending that “I think if there was really
to punish Wall Street in particular: The will have to be paid off down to be a significant increase
KBW Nasdaq Bank Index has slumped the road—either through in- on taxation, on dividends, it
30% this year while the benchmark creased taxes or through fiscal would hurt dividend-paying
S&P 500 is up nearly 8%. austerity measures. (Spoiler: companies and those sec-
In other words, Big Finance needs Even before the coronavirus tors—utilities, consumer
a big lift. Could it possibly come from pandemic, the economy just staples, and financial—that
Washington in an election year? wasn’t growing fast enough rely more heavily on them,”
to magically plug that deficit says David Bahnsen, founder
hole.) and managing partner of the
Bahnsen Group, a private
Just about every For- wealth management firm with
tune 500 CEO, Wall Street $2.5 billion in client assets
bosses included, wants to see under management.
this corporate tax rate hold
steady. And so they’re a bit But, Bahnsen adds, Wall
Street—and he’s also includ-
ing investors like his clients—
is not freaking out about the
prospect of higher taxes.
There’s concern, but not full-
on alarm. “Obama,” he notes,
“had all the political capital
to let Bush’s tax cuts sunset
in 2010. And he punted it
out two years and cited, ac-
curately, that it would be a
bad thing to do in the midst of
an economic recovery. I have
every expectation that Biden
would do the same thing.”

And besides, he adds:
“What we do know is that not
a single President in American
history has had a tax plan in
their campaign that then got
photocopied and became a
tax law. Ever.”

So wish-list item No. 1
might well be: Don’t do any-
thing drastic with taxes.

INFRASTRUCTURE
SPENDING

The irony of this one is well
known to Washington insid-

FORTUNE NOVEMBER 2020 59

ers—and Wall Street too is billions to the earnings of SMALL-BUSINESS OWNERS

now grasping the cruel twist. S&P 500 companies. ZEROING IN ON AN
It goes something like this: Under a Biden presidency, ECONOMIC RECOVERY
Unlike with tax policy, there is BY ANNE SRADERS
actually plenty of bipartisan Buchbinder reckons, “you’d
support for vast spending get spending potentially—
measures to rebuild America. green-energy spending,
infrastructure spending, and

And yet there’s little to no the like—plus reduction or

chance that, say, a Democrat- elimination of some China

controlled Congress would tariffs. That would offset some

give a Republican President of the drag on corporate

the pleasure of signing such earnings that you’d get from THERE ARE a handful of
a spending bill into law. And the possible corporate tax numbers that capture the
vice versa. It would almost increase.” impact of the pandemic for
certainly require one-party
At the moment, the

control to get a massive fiscal consensus estimate is for Jesse Jacobs: 90% down, 100 to six,
stimulus spending package to the earnings per share of four to zero.
come to fruition. S&P 500 companies to climb
nearly 20% year over year in Those figures encapsulate the hit
Corporate America would 2021—that’s in a world of low his small business, Samovar Tea, has
love a big fat spending bill to

jump-start the U.S. economy. taxes and free(r) trade. For taken in revenues, employee count,

And Big Finance would be example, the EPS boost alone and number of stores open, respec-
among the industries to from the removal of Chinese tively. “Now we’re essentially using
benefit most from any incen- tariffs would amount to a 16% our own life savings and credit cards,”
tives that led to a building increase in corporate profits. Jacobs tells Fortune, explaining that
boom, particularly one that Keeping the corporate tax

got America back to work. If rate as is would result in a his San Francisco–based company has
nothing else, such a reality smaller, but still meaningful, pivoted to online sales. “That’s basi-
would conceivably lead to 10.6% rise in profits. cally where we’re at.”
the conditions needed for the
Federal Reserve to eventually Wish-list priority No. 3 is With numbers like those, small-
clear: Go back to free and

raise interest rates again, a open global trade. business owners such as Jacobs are a

move that would help banks’ REGULATION little preoccupied—even as a conse-
balance sheets dramatically. quential election looms in November.
Wall Street is always wary As a blanket wish, he says, “our needs
Item No. 2 for Wall Street of more regulatory scrutiny. would be met best by the right leader
can be summed up in three
words: Spend, spend, spend.

FREE TRADE This year is no different. But who has a calm, optimistic outlook
if Biden defeats Trump, the with tactical solutions that benefit
Trump’s trade wars have put a feeling is that an economic small business.”
chill on global business activ- recovery will be the adminis-
tration’s top priority, and over- A presidential election is always a

ity, and that has come home sight of Wall Street—including marquee event—but 2020 is different.

to roost on the bottom line of its stock buyback practices, A deadly pandemic has consumed
America’s biggest companies. one hot-button issue that’s the U.S. for the better part of seven
Exporters are hit hard. But the garnered bipartisan atten- months. And many of the more than
impact can be felt across the tion—will remain on the back 30 million small businesses in the
economy, including on Wall burner.

Street. Consequently, Jeff Thus item No. 4 on Wall U.S., a lot of which operated on nar-
Buchbinder, vice president Street’s wish list could be: row margins in the best of times, have
and market strategist at LPL Stick with the status quo on been especially hard hit. So owners
Financial Research, calculates regulation, and let us focus are understandably zeroed in on their
that the removal of trade on helping to get America’s own survival and the prospects for a
tariffs with China would add economy off the floor.

bounce back in the economy.

In fact, the economy is easily the

Trump’s trade wars have put the top concern for small-business own-
chill on global business, and that has ers in the election, according to a
recent survey by MetLife and the U.S.
Chamber of Commerce. (And 62% of

come home to roost on the bottom respondents report being more inter-
line of America’s biggest businesses. ested in the outcome of this election
than in 2016.) Other hot-button

60 FORTUNE NOVEMBER 2020
ELECTION 2020

national issues such as ticipates they won’t make is essential to seeing their said on a recent press call.
health care and tax policy, it until the end of the year,” businesses through the in- That longer-term
while still important to says Kevin Kuhlman, the definite period of time the
them, are somewhat vice president of federal pandemic will affect them. support may be key,
overshadowed. “Because government relations for because, according to the
they’ve seen such a deep the National Federation “We need a commit- Chamber of Commerce
decline in revenue, I don’t of Independent Business ment for the duration, not and MetLife’s new poll,
think there’s been much (NFIB), a nonprofit small- just a small stint, so that more than half (55%) of
discussion as it relates to a business advocacy group. we have the confidence to small businesses said it
national election and … the move forward and plan, would still be “six months
ramifications of a Demo- Even in parts of the which is so much a part to a year” for business in
crat or a Republican being country that are largely of running a small busi- the U.S. to get back to
in the White House,” Bill reopened, getting another ness,” says Sara Conklin, normal.
Wilkins, a manager at the loan, like those through the founder of Glasserie,
East Brooklyn Business the Paycheck Protection a restaurant in Brooklyn. But longer-term sup-
Improvement District, Program (PPP), will be Conklin’s business got port needs to look a bit
tells Fortune of the small “integral” for small busi- a PPP loan, as revenues different for Black-owned
businesses in his commu- nesses “making it in next dropped roughly 50% small businesses, argues
nity. “I’m working in an steps,” Jennifer Hensley, during the pandemic, but Ron Busby, the president
underserved, financially the executive director of with winter coming, she’s and CEO of the U.S. Black
challenged community the Downtown Boise As- nervous. That extra aid is Chambers. Black-owned
where everyone has to sociation in Idaho, says of perhaps especially crucial businesses were some
grind and make it. People her community. Mean- for businesses in the of the hardest hit by the
are in survival mode.” while, businesses in in- hospitality and retail in- pandemic, with a more
dustries like retail, which dustries, which have been than 40% drop in active
When Fortune asked already received funds, among the most affected Black business owners
small-business owners “need more loans; they by shutdowns, represen- early in the pandemic.
what they needed from need more forgiveness; tatives for the National With those businesses
the 2020 election, one they need automatic for- Restaurant Association closed, “we don’t want
common answer was this: giveness for small loans; and the National Retail loans,” Busby says. That’s
more certainty and more they need less paperwork,” Federation tell Fortune. why he suggests Black
business owners need
“If economic trends continue at this rate, “money for startups,
one in five business owners anticipates money for start-over
they won’t make it until the end of the year.” firms, and that’s what the
PPP and other programs
—KEVIN KUHLMAN, VICE PRESIDENT OF FEDERAL GOVERNMENT RELATIONS FOR THE NATIONAL have left out of the con-
FEDERATION OF INDEPENDENT BUSINESS versation.”

financial help. says David French, senior Public policy think Meanwhile, the U.S.
After expeditiously vice president of govern- tanks like the Economic Chamber’s vice president
ment relations at trade Innovation Group (EIG) of small-business policy,
passing a massive group National Retail have advocated for long- Tom Sullivan, points out
$2.2 trillion relief package Federation. term, low interest loans (per the group’s survey)
back in March, Congress (the group has suggested that one-third of small
has been tied up in a But many small-business 20- to 30-year terms at businesses actually report
battle over a fresh round owners don’t want the fixed interest rates of 1% plans to increase invest-
of support for small busi- same kind of “Band-Aid,” or less) to give small-busi- ment in 2021, noting
nesses—and some owners as they describe it, that ness owners more than that “if they’re going to
are facing a time crunch. the CARES Act placed on just a few months of sup- be putting their money
their businesses’ bleeding port, the group’s president where their optimism
“If economic trends gashes. For many of them, and CEO John Lettieri is, they want 2021 to be
continue at this rate, one something more long-term pretty darn good, and
in five business owners an- their elected leaders are
the ones who are going to
either make or break that
environment.”

FORTUNE NOVEMBER 2020 61

JAN COBB—GETTY IMAGES SILICON VALLEY have become too powerful, It’s unclear whether a
used people’s private informa- Biden or a Trump administra-
TECH SEEKS A tion for profit, and stifled tion would be more favorable
SOLUTION TO innovation by squashing their to Silicon Valley, experts and
BIPARTISAN DISDAIN competition. Meanwhile, lobbyists say. “It’s nuanced,”
BY DANIELLE ABRIL many Republicans, including says Angie Kronenberg, chief
President Trump, claim social advocate and general coun-
DURING THE 2020 presidential media companies have un- sel at tech lobbying group
campaign, Democrats and Re- fairly censored conservatives. Incompas, which represents
publicans have found a mutual companies including Google,
target: Big Tech. “Regardless So Silicon Valley is going Amazon, and Facebook. 
of who wins, Silicon Valley has been able on a policy offensive. In the
to unite the parties in their distrust of the coming year, tech companies The Trump administra-
tech sector,” says Scott Stern, a manage- plan to push a smorgasbord tion hasn’t released a list of
ment professor at MIT who has researched of policy changes, each of proposed tech policies for
government innovation policy. “You see which will have its own politi- the 2020 election, leaving
that generally across a swath of issues.” cal implications. They want to many to guess what it might
Tech behemoths Google, Facebook, close the digital divide by focus on in a possible second
Amazon, and Apple have been subjected making the Internet accessible term. But the White House’s
to intense scrutiny for their business to more people, and they want track record provides a guide.
practices. And politicians on both sides the government to invest more For example, in June, Trump
of the aisle have laid into various big tech in IT infrastructure and reduce announced a temporary ban
companies over their data collection prac- obstacles to trading with in- on H-1B visas that allow U.S.
tices and failure to police misinformation ternational customers—issues companies to employ foreign
on their services and for allowing hate that don’t appear to be parti- workers in certain jobs. Silicon
speech to flourish. san. But tech companies also Valley has depended on these
Liberals like Sen. Elizabeth Warren plan to focus on more divisive visas to employ large numbers
(D-Mass.) have called for Big Tech to be topics like loosening visa rules of programmers. Trump has
broken up. They say that tech companies so they can more easily hire also taken aim at Section 230
foreign workers. of the Communications
Decency Act, a key law that
The biggest battle for Big protects online platforms from
Tech will be over antitrust law, being held liable for what their
an increasing source of ten- users post.
sion over the past few years.
Federal regulators are already Biden has more support
investigating Apple, Amazon, from the mostly left-leaning
Google, and Facebook. employees of Big Tech. But a
Biden administration would
pose its own challenges to the
tech industry. On the cam-
paign trail he’s already raised
the issues of hate speech
and online misinformation,
demanding that Facebook
CEO Mark Zuckerberg clean
up the “rants of bad actors and
conspiracy theorists.” 

Some political and tech
experts suggest a Biden ad-
ministration might empower
antitrust regulators and
push for more aggressive
measures against Big Tech.
“Joe Biden is not Elizabeth
Warren,” Nathaniel Persily,
codirector of Stanford Uni-
versity’s Cyber Policy Center,
says. “But there is a renewed
appetite for greater regula-
tion of Silicon Valley coming
from the left.”

Regardless of who occu-
pies the White House for the
next four years, one thing is
clear: Big Tech must win back
the trust of customers on both
ends of the political spectrum.

62 FORTUNE NOVEMBER 2020
ELECTION 2020

WORKING PARENTS ing parents. What’s at stake? Accord-
“My hope is that this ing to the Center for Amer-
REFRAMING THE CASE ican Progress, nearly 50%
FOR CHILDCARE continues to drive a of day-care centers could
BY MICHAL LEV-RAM national conversation,” be forced to shut down if
says Wicks. “From a policy they don’t receive more
IT WAS an imper- the ability to vote by proxy point of view, we are fail- assistance. That could have
fect moment, while on maternity leave. ing families.” a massive impact: Parents
which is why it Wicks was in the midst of with children under 18
captured the current state breastfeeding when she The pandemic has make up one-third of the
of parenting so perfectly. heard that the housing bill shone a light on a long- workforce, and in order for
In a gray mask, Cali- had come up for debate. standing deficiency: Un- the economy to ramp up
fornia assemblywoman like many wealthy nations, again, parents need a reli-
Buffy Wicks (D-Oakland) “I quickly detached the U.S. lacks universal able and affordable place
implored her colleagues to her, threw a blanket on childcare. For decades, to send their children.
vote yes on a bill aimed to her, and ran down two the care of children has
expand affordable hous- flights of stairs to the floor been viewed as a per- Many are optimistic that
ing—while simultaneously to speak,” the assembly- sonal problem. Now the now the time has come to
trying to soothe her infant woman says. “Elly [Wicks’ problem is being reframed make the childcare issue
daughter. “We need to pass daughter] did not appreci- as an economic one: If we top of mind.
this bill,” Wicks pleaded, as ate the moment.” don’t make it possible for
her 4-week-old fussed in parents to return to work, Joe Biden has backed
her arms. But many others did. our economy suffers. a bailout for the child-
She did not plan to bring By the time Wicks made it care industry. According
her baby to the floor, but home, the video was going Childcare issues are not to Biden’s campaign, the
she hadn’t been granted viral. Wicks’ inbox was new, but they are bubbling plan will cost $775 billion
flooded with thousands of up with renewed urgency over 10 years and will be
emails from commiserat- and could play a large role paid for by rolling back tax
in the election. “This is an breaks for real estate inves-
issue that resonates in red tors with incomes over
states and blue states,” says $400,000, among other
congresswoman Katherine means. The proposal also
Clark (D-Mass.). includes a federal parental
policy granting up to 12
weeks of paid leave. GEORGIJEVIC—GETTY IMAGES

President Trump has laid
out proposals that aim to
fix the broken childcare sys-
tem. Late in 2019, the Sen-
ate passed a bill backed by
Ivanka Trump to fund paid
family and medical leave
for federal workers. Also
last year, Trump doubled
the maximum for a child
tax credit to $2,000. But
ironically, some low-in-
come families don’t qualify
because they earn too little.
Trump’s administration
also says it has established
“bipartisan consideration of
national paid family leave.”
It’s a start, but not enough
to close the gap for too
many working parents.

SPONSORED CONTENT

MEANINGFUL CAREER PATHS A HAND UP employees handle customer
often elude young adults service for sectors as varied
who live in poverty and other With impact sourcing, companies elevate as retail, health care, and
groups hampered by high workers’ prospects and prosper. banking.
rates of unemployment.
Lacking skills and access to compilation of companies that of loyalty, higher levels of About 90% of iContact
training, many struggle just to stand out for how they’ve used employee engagement, and employees are recruited
earn a stable living. impact sourcing to make a dif- lower attrition rates.” through impact sourcing,
ference, both in business and according to chief commer-
But that’s changing as in workers’ lives. The new index includes cial officer Trent Lockstone.
companies discover advan- such leaders as iContact, a The average age is 23, and
tages in impact sourcing, a “This isn’t a trend any- business process outsourc- 65% are women and 10% are
growing segment of the out- more—this is a solid business ing firm with operations in disabled. Many come from
sourcing landscape. Impact practice,” says IAOP CEO Johannesburg and Cape townships with no electricity
sourcing prioritizes suppliers Debi Hamill. “It creates a lot Town, South Africa. Its 1,200 or running water.
who hire and create advance-
ment opportunities for work- But their outlook is bright.
ers who’d otherwise face bleak They’re gaining professional
career prospects. skills and transferable cre-
dentials in areas such as
The approach is gain- business administration and
ing mainstream recognition. contact center management.
For example, this fall, the
International Association of “If you do it properly,”
Outsourcing Professionals Lockstone says, “you can
(IAOP) is launching its Impact meet the requirements of
Sourcing Champions Index, a impact sourcing and still ex-
ceed the matrix of what your
customers want.” ■

Find out more at
IAOP.org/ISCindex

Courtney & Stephanie
Socialfly and
Entreprenista Media

Brand Builders Role Models

Courtney Spritzer and Stephanie Cartin were pioneers when they started their social media business in 2011. Not just because the
medium was relatively new, but also because they were one of the few women-owned startups in the industry. That’s why, today, they
use their social media savvy to build a support network that inspires female entrepreneurs of all ages. And with Mastercard’s Digital
Doors program, these Citi Small Business clients can further amplify their digital presence. So businesses like Courtney & Stephanie’s can
thrive in the digital world while they’re busy impacting the real world. Because their business is much more than the services they provide.

Learn how Mastercard® is preparing local businesses like Socialfly and Entreprenista Media for the digital age at mastercard.us/citismallbusiness

Together, let’s Start Something Priceless®

© 2020 Citigroup Inc. Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world. socialflyny.com
Mastercard and Priceless are registered trademarks, and Start Something Priceless and the circles design are trademarks, of Mastercard International Incorporated.
© 2020 Mastercard. All rights reserved.

FORTUNE NOVEMBER 2020 65

THE PANDEMIC AND ITS HUMAN and we added a new dimen- of Citi, is making her re-
economic toll. The fight for racial justice. The sion: We wanted to un- turn to the list at No. 6. She
climate crisis. derstand how an executive is breaking one of the most
No one needs a reminder of the existential threats is wielding her power. In formidable glass ceilings by
the world is contending with in 2020—we’re living this moment of crisis and becoming the first female
them every day. And the impact of these crises is uncertainty, is she using CEO of a major Wall Street
anything but short-term: They will remake our lives her influence to shape her bank (see page 82). Top-
over this new decade and beyond. company and the wider ping our international list
Simply put, 2020 is the year when we said a final world for the better? (page 78) is GlaxoSmith-
goodbye to business as usual. Kline CEO Emma Walms-
So as we prepared our 23rd Most Powerful That’s why you’ll see as ley, whose pharmaceutical
Women list, it became clear that the approach we our new No. 1 Accenture operation is central to the
have taken with this ranking for the past 22 years CEO Julie Sweet, who is fight against COVID-19.
must change too. steering the professional
Since its beginning in 1998, this list has relied services firm—valued at To be clear, business
on four criteria: the size and importance of each nearly $150 billion—as it performance still matters
woman’s business in the global economy; the health helps its clients navigate as much as it ever has.
and direction of the business; the arc of her career; this new world order. Carol The retail world is a prime
and her social and cultural influence. This year, Tomé, the former CFO example of an industry in
of Home Depot, lands at which the disparate impact
WRITTEN BY No. 5, having taken on the of the pandemic shook up
top job at UPS just as the this year’s list: While the
Danielle Abril, Kristen Bellstrom, Robert Hackett, shipping giant is playing CEOs of some struggling
Matt Heimer, Emma Hinchliffe, Aric Jenkins, an increasingly critical role retailers fell off our rank-
Beth Kowitt, Michal Lev-Ram, Sy Mukherjee, in the coronavirus economy ing, it elevated executives
Aaron Pressman, Lucinda Shen, Anne Sraders, (for more on Tomé, see like Walmart International
Jonathan Vanian, Phil Wahba, and Jen Wieczner “The Conversation”). Jane CEO Judith McKenna
Fraser, the incoming CEO (No. 10) and Home Depot

66 FORTUNE NOVEMBER 2020

executive vice president tion of the U.S. workforce
Ann-Marie Campbell but is also helping to set
(No. 15)—both hailing standards and metrics
from companies poised to across the tech industry.
emerge from this period At Amazon, former GM
stronger than ever. executive Alicia Boler
Davis (No. 12) has the
But in other industries, massive task of keeping
the new criteria tipped the company’s hundreds
the scales. Iconic tech of thousands of warehouse
executives like Facebook employees safe as they
COO Sheryl Sandberg work on overdrive to meet
(No. 8) and Google’s Susan ballooning consumer de-
Wojcicki (No. 18), CEO of mand (see page 88).
YouTube, both dropped in
their rankings. Through Our list this year also
the lens of our new metric, reflects industries that
their failure to rein in have not had much of a
misinformation on their presence in our rankings
platforms overshadows in the past. As president
their companies’ strong and COO of SpaceX,
financial performance. Gwynne Shotwell (No. 48)
is sending astronauts into
In addition to the 16 space from U.S. soil for
public company CEOs on the first time in years. And
our domestic list—whose in more terrestrial endeav-
companies account for ors, Simon & Schuster
more than $1 trillion in SVP and publisher Dana
market cap—newcom- Canedy (No. 50), the first
ers made their debuts in Black person to head a
roles that are crucial in major publishing imprint,
the quest to build more is set to have an outsize
socially and environmen- impact on our culture.
tally conscious companies.
Former EPA administrator We ended up with 13
Lisa Jackson (No. 35), who newcomers and a ranking
heads Apple’s sustainability of women who are trying
efforts, reports directly to use their power to make
to CEO Tim Cook and is certain that their com-
responsible for ensuring panies and communities
that the tech juggernaut emerge from this trying
hits its goal of becoming period better off than they
carbon neutral by 2030. were before. The result is
Intel chief diversity and a list that is more diverse,
inclusion officer Barbara in every sense of the word,
Whye (No. 40), an engi- than we’ve had in the
neer by training, is not only past—essentially a list that
making sure her company is more reflective of the
reflects the true composi- moment we’re living in.

SOURCE: BLOOMBERG

WHAT CHANGES WHEN A WOMAN LEADS A BUSINESS?
EVERYTHING.

We believe that creating opportunity leads to more opportunity. BUSINESS EDUCATION | NETWORKING | ACCESS TO CAPITAL

That’s why, for the past 12 years, we’ve helped thousands of
women-led businesses from over 100 countries grow and succeed
through access to education, networking and capital.

Now, women entrepreneurs everywhere can access our
online business education program, for free. Learn more at
gs.com/10KW

1

Julie
Sweet

CEO,

53, Accenture

2019 RANK 9

PHOTOGRAPH BY 2020marked Sweet’s
CHRISTIE HEMM KLOK first full year as CEO
and her 10th at the
KEY NO CHANGE MOVED UP MOVED DOWN professional services
giant. In Accenture’s
fiscal 2020, she
oversaw $44.3 billion
in revenue, $5.1 billion
in profit (up 7% from
the previous year),
and a market cap
unsurpassed by any
other company run
by a CEO in our top 10.
Sweet steered Accen-
ture’s more than half a
million employees in
51 countries through
the pandemic, a
crisis that has made
the firm’s skills more
essential than ever.
Accenture has long
focused on what it
calls “the new”: cloud,
digital, and security—
businesses that now
account for about
70% of its revenues.
As COVID-19 hit, the
company tapped
into that expertise
to help connect the
U.K.’s 1.2 million Na-
tional Health Service
workers remotely
and to partner with
Salesforce on contact
tracing and vac-
cine management
technology.

FORTUNE NOVEMBER 2020 69

2345

Mary Barra Abigail Johnson Gail Boudreaux Carol Tomé 10

Chairman and CEO, Chairman and CEO, President and CEO, CEO, Judith
58, General Motors 58, Fidelity Investments 60, Anthem 63, UPS McKenna

23 5 RETURN President and CEO,
Walmart International,
2: PATRICK T. FALLON—BLOOMBERG/GETTY IMAGES; 3: STUART ISETT FOR FORTUNE; 4: BRIAN SNYDER—REUTERS; 5: COURTESY OF UPS; 6: COURTESY OF CITIBANK; Ordered to make venti- Fidelity once again With elective proce- The longtime Home De- 54, Walmart
7: ARND WIEGMANN—REUTERS; 8: STEFAN ROUSSEAU—PA IMAGES/GETTY IMAGES; 9: SARAH SILBIGER—BLOOMBERG/GETTY IMAGES; 10: CELESTE SLOMAN lators by President broke a string of finan- dures frozen for much of pot executive is the first
Trump, GM has cranked cial records in 2019: re- 2020, Anthem benefited outside CEO of UPS in its 15
out 30,000 of them. cord profit ($6.9 billion), from paying out fewer 113-year history after
Meanwhile, Barra is fo- revenues ($20.9 billion), claims: In Q2, its profits taking over the top job in McKennamight be
cusing on electric vehi- and assets under man- doubled year over year June. Tomé, who has based in Benton-
cles, adding thousands agement ($3.3 trillion). to $2.3 billion. That extra served on the UPS board ville, Ark., but her
of new charging sta- Johnson has been put- cash helped as the com- since 2003, has said her global purview
tions, and striking major ting her stamp on the pany provided cost- top priorities are to has proved crucial
partnerships, including firm’s workforce: Two- sharing waivers for boost the company’s re- for the retail giant.
a bold bet on Nikola, a thirds of Fidelity’s new COVID care through turns on the investments Amid China’s first
Tesla rival. In Septem- hires last year were 2020. Anthem also it makes, increase effi- wave of COVID-19,
ber, GM announced a women and/or people of waived out-of-pocket ciency, and cut costs. In- Walmart’s operation
$2 billion stake in the color, and in April, as costs for telehealth early vestors seem to like her there was one of the
company, but the deal’s many employers were in the year, though it’s plan: After several years first to implement
closing was delayed as cutting workers, Fidelity now facing backlash as it of modest performance, protocols like tem-
Nikola faces fraud and was staffing up, adding begins to reinstate some the stock has already peraturechecksthat
other allegations. 2,000 new associates. of those charges. doubled since June 1. let it keep its China
stores open with
67 89 minimal disruption.
McKenna and her
Jane Fraser Ruth Porat Sheryl Corie Barry team prepared for
Sandberg what was to come
CEO of Global SVP and CFO, CEO, 45, Best Buy globally, increasing
Consumer Banking; 62, Google, Alphabet COO, 51, Facebook grocery pickup and
President, 53, Citi delivery capacity
and securing PPE for
RETURN 10 6 18 employees as well
as donating some to
Fraser made headlines Porat’s massive job got The longtime COO had Despite Best Buy being health care workers.
when she was named even bigger this year, as a mixed year. On the one designated an essential Despite shutdowns
Citi’s next CEO—and the she led the team manag- hand, Facebook deliv- business, Barry decided in India, South
first woman to head a ing Google’s response ered $70.7 billion in rev- to keep customers out of Africa, and parts of
major U.S. bank—effec- to the pandemic, send- enue in fiscal 2019, up stores and pivoted to Central America,
tive February 2021. She ing more than 100,000 27% from 2018. On the curbside pickup at every revenue (exclud-
made her bones at Citi Googlers to work from other, the social media location. She initially ing the impact of
tackling crises, from home and helping pro- company is under fire furloughed half the currency rates)
overseeing strategy vide small businesses for everything from data company’s part-time rose 1.6% during the
amid the 2008 recession with access to grants privacy issues to prolif- and hourly workers, but most recent quarter
to running Citi’s domes- and loans to survive the erating misinformation Best Buy paid them until at the $120 billion–
tic pandemic response. crisis. There may be and conspiracy theories federal stimulus took plus business.
She’ll need those fix-it bumps ahead, though: on the platform. Still, over and has since
skills: The bank just got With digital ad spending Sandberg continues to brought back 80%.
hit with a $400 million down, Alphabet’s advocate for women Meanwhile, the retailer
fine for “significant $162 billion business re- and people of color in just posted its best-ever
deficiencies” in its ported its first-ever rev- the workforce via her online sales: up 242% in
risk management. enue decline in Q2. nonprofit, Lean In. the second quarter.

11 13 PHOTOGRAPH BY 11: ERIC THAYER—BLOOMBERG VIA GETTY IMAGES; 12: CHONA KASINGER
JESSE BURKE
Safra Catz Karen
Lynch CVSCEOLarryMerlo hasoftensoldthecompany’shistoric
CEO, 58, Oracle merger with health insurer Aetna as an effort to create a “front
EVP of CVS Health, door” to community health: a corporate entity that can provide
8 President of Aetna, everything from on-site medical services to filling prescrip-
57, CVS tions to OTC consumer health products. Lynch is overseeing
Since the death of co- the efforts to make that vision a reality—including adjusting
CEO Mark Hurd last fall, 17 the company’s plans to meet the needs of the pandemic. CVS’s
Catz has been leading health benefits business grew 6.1% year over year to $18.5 billion
Oracle at a pivotal mo- in revenues in the second quarter alone. Under Lynch, the Medi-
ment as it transitions to care Advantage business saw a 30% increase in membership in
selling more modern 2019—more than triple the industry average. CVS manages the
cloud-computing ser- largest number of independently run COVID-19 test sites in the
vices. Although Oracle country; as of mid-October it will have more than 4,000 sites
lost the epic cloud JEDI operating and have administered more than 5 million tests.
Pentagon contract last
year, Catz is overseeing KEY NO CHANGE MOVED UP MOVED DOWN
a potential blockbuster
deal between Oracle and
social media darling
TikTok. The company’s
stock is up 13% over the
past year, and its market
cap exceeds $183 billion.

12

Alicia Boler
Davis

SVP of Global Customer
Fulfillment,
50, Amazon

NEW

Last year Boler Davis
joined Amazon to run its
network of more than
175 warehouses in 16
countries that enable
the retailer’s gargantuan
e-commerce business.
In August, she became
the first Black person to
join CEO Jeff Bezos’s
S-team leadership
group. Boler Davis
joined Amazon after 25
years at General Motors,
where she rose through
the ranks to ultimately
run its 170 factories.

FORTUNE NOVEMBER 2020 71

14 15 17 18

Phebe Ann-Marie 16 Amy Hood Susan
Novakovic Campbell Wojcicki
Angela EVP and CFO,
Chairman and CEO, EVP of U.S. Stores Hwang 48, Microsoft CEO of YouTube,
62, General Dynamics and International 52, Google, Alphabet
Operations, Group President
7 55, Home Depot of the Pfizer 16 12
Biopharmaceuticals
14: BRIAN SNYDER—REUTERS; 15: SCOTT ROKIS—COURTESY OF HOME DEPOT; 16: COURTESY OF PFIZER; 17: DAVID RYDER—BLOOMBERG/GETTY IMAGES; Ever-increasing military 20 Group, 54, Pfizer The CFO is much more Wojcicki helped You-
18: PHILLIP FARAONE—GETTY IMAGES; 19: SPENCER HEYFRON; 20: ANDREW HARNIK—AP; 21. BRENDAN MCDERMID—REUTERS; 22: CAITLIN OCHS—REUTERS spending in Washington than a bean counter. Tube attract more than
helped boost General In October, the 35-year NEW She’s helped oversee 2 billion monthly users,
Dynamics revenue by Home Depot vet added Microsoft’s transforma- secure 20 million paid
9% to $39.4 billion in Canada and Mexico to Hwang isn’t just tion, pushing the tech subscribers, and gener-
2019. Meanwhile, GD’s her $101 billion U.S. port- the president of behemoth into cloud ate more than $15 billion
marine unit—which No- folio. The promotion Pfizer’s sprawling computing and toward in annual ad revenue, a
vakovic used to run— comes after Campbell biopharmaceuti- a subscription-based 36% increase over 2018.
sorted out the details of helped lead the retailer’s cals unit—she’s the business model. Hood But as the company
its largest-ever contract, $1.3 billion investment in leader of a business has also been behind in- grows, so do its prob-
a $22.2 billion deal with COVID-related benefits, that brings in 80% of vestments like LinkedIn lems. Despite removing
the U.S. Navy for its including expanding Pfizer’s $52 billion in and GitHub. And she is 200,000 videos this
Block V Virginia-class paid time off and weekly annual revenue. She trying to make a mark on year that violated its
submarine. Analysts are bonuses. Despite cutting oversees 26,000 her community as well: coronavirus-related pol-
curious to see how a po- hours and limiting in- employees and runs She and her husband icies, YouTube continues
tential change of admin- store shopping, U.S. a unit that impacted joined a group buying a to struggle with misin-
istration could affect the comparable sales growth the lives of 434 mil- stake in pro soccer team formation, violence, and
company’s growth. was up 25% in Q2. lion people in 125 the Seattle Sounders. other harmful content.
countries in 2019.
19 20 She also has direct 21 22
influence in plan-
Tricia Griffith Kathy Warden ning the logistics of Shari Redstone Marianne Lake
Pfizer’s COVID vac-
President and CEO, Chairman, CEO, and cine efforts, such Chairman, CEO of Consumer
56, Progressive President, 49, Northrop as how to best cool 66, ViacomCBS Lending, 51,
Grumman the treatment so JPMorgan Chase
it may safely be
11 13 transported, should 14 21
it prove effective.
A significant decline in The defense contractor Education, too, With the death of her fa- Leading a division that
vehicle miles traveled won $45 billion in new is important to ther, Sumner Redstone, accounts for a quarter of
because of COVID-19 re- business in 2019, boost- Hwang, who is plan- in August, Shari is now JPM’s revenue—some
strictions has made for ing revenue 12%. Amid ning a direct-to-con- the undisputed leader of $28 billion—Lake’s busi-
good business at Pro- the pandemic, Warden sumer campaign to the entertainment em- nesses have been firing
gressive, with far fewer deployed the company’s instill confidence in pire—making her the on all cylinders, with
accident claims to pay 3D printers to make a COVID vaccine. most powerful woman in credit card sales up 10%
out. But even before the components of face And did we mention media. Now the question and mortgage origina-
pandemic, the Cleve- shields for hospitals, as- the buzz that she’s in is: What she will she do tions up more than 30%.
land-based insurer was sembling thousands per line to succeed CEO with the $27 billion be- Her unit has also pro-
trending upward under week. Northrop has also Albert Bourla? hemoth? Streaming has vided loan forbearance
Griffith’s leadership: scored accolades for been a bright spot for or waived fees for more
Since she took over as welcoming veterans and the company during the than 2 million customers
CEO in 2016, the compa- employees with disabili- pandemic (Redstone hit financially by the pan-
ny’s stock has nearly tri- ties to its ranks. And plans to launch an ex- demic. And Lake re-
pled. The former head of Warden joined the board panded streaming ser- mains a favorite to re-
HR is also proud of her of another Fortune 500 vice), though advertising place CEO Jamie Dimon
gender-balanced board. company—Merck. revenue took a 27% hit. when he retires.

Ones to Watch 23 24 ONES TO WATCH: DALLARA: COURTESY OF HONEYWELL; DELAINE PRADO: COURTESY OF GOOGLE; HUANG: GONZALO MARROQUIN—PATRICK MCMULLAN/GETTY IMAGES; IGBOKWE: PHILLIP FARAONE—WIREIMAGE/GETTY IMAGES; KOPIT LEVIEN: RACHEL
MURRAY—GETTY IMAGES; RENDLE: COURTESY OF THE CLOROX CO.; SARNOFF: ALBERT L. ORTEGA—GETTY IMAGES; WATKINS: COURTESY OF WALMART; TOWNES-WHITLEY: PAUL MORIGI—GETTY IMAGES
Placing bets on which executives will land on the list in coming years? Lynn Margaret
Good Keane
These are the names to put your money on:
Chair, CEO, and CEO,
Que Dallara Halimah Susan Huang President, 61, Duke 61, Synchrony Financial
DeLaine Prado Energy
President and Cohead, 24
CEO, Connected General Counsel, Investment Banking, 19
Enterprise, Google Morgan Stanley Synchrony lost its mas-
Honeywell The new top lawyer Huang, often Revenue inchedup sive partnership with
Spearheading the takes the job at a mentioned as a CEO 2.2% to $24.7 billion Walmart in 2018, but the
industrial giant’s key moment, amid contender, is one in 2019 at Duke as issuer of store credit
migration from antitrust claims of the first women the energy com- cards has continued to
smokestacks to and employee to run a Wall Street pany added 1,500 ink new deals. Last year
software stacks. complaints. i-banking business. megawatts of wind it added a co-branded
and solar projects— credit card with Verizon
Pearlena Meredith Linda Rendle part of Good’s and another with mobile
Igbokwe Kopit Levien pledge that the payments app Venmo.
CEO, Clorox company will meet The pandemic has re-
Chairman, Universal CEO, New York Times The 42-year-old a goal of net zero vealed a new set of chal-
Studio Group, At 49, the youngest took the helm in carbon emissions lenges for Keane: As
NBCUniversal CEO in the Gray September, guiding by 2050. But over consumers cut spend-
Igbokwe was Lady’s 169-year Clorox through an the past several ing, Synchrony has said
promoted last month history is steering unprecedented months, business it will exit a number of
to fill the shoes of the paper through surge in COVID- closures owing to leases and potentially
industry player a critical period for driven demand. the pandemic have reduce its workforce.
Bonnie Hammer. media. reduced demand
for electricity. Duke 25
Ann Latriece Toni Townes- reportedly rebuffed
Sarnoff Watkins Whitley a recent takeover Leanne Caret
bid by NextEra
Chairman and EVP, Consumables, President, U.S. Energy, but buzz President and CEO
CEO, Warner Bros. Walmart U.S., Regulated Industries, about a possible of Defense, Space &
Entertainment, Walmart Microsoft deal continues. Security, 54, Boeing
Warner Bros. Oversees key Expanding the tech Such a merger—
She now runs the pandemic categories company’s cloud uniting the largest 25
vast majority of like household business to sectors and the third-largest
content at AT&T’s chemicals and like education and power utilities in the As Boeing has faced a
entertainment giant. paper goods. health care. country—would en- series of damaging
counter significant crises—the 737 Max
regulatory hurdles, debacle followed by the
but analysts say coronavirus pandemic,
it’s unlikely Good which crushed demand
would be leading for passenger jets—
any combined Caret’s division has
entity. been a relative linchpin
for the company. While
KEY NO CHANGE MOVED UP MOVED DOWN Boeing’s sales cratered
24% last year and it
swung to a loss, her
unit’s sales held roughly
steady (declining just
1%), and its margins ex-
panded, with operating
earnings jumping 57%.

30

Thasunda
Brown
Duckett

CEO, Chase Consumer

Banking, 47, JPMorgan
Chase

23: CHARLES L HARRIS—COURTESY OF DUKE ENERGY; 24: REBECCA GREENFIELD; 25: KARIM SAHIB—AFP/GETTY IMAGES; 26: COURTESY OF JPMORGAN CHASE; 26 27 28 29 NEW
27: COURTESY OF STARBUCKS; 28: JESSICA CHOU; 29: DAVID PAUL MORRIS—BLOOMBERG/GETTY IMAGES; 30: ERIK TANNER—THE NEW YORK TIMES/REDUX
Jenn Piepszak Roz Brewer Beth Ford Deirdre O’Brien Overseeing more
than $600 billion in
CFO, 50, COO, Group President, President and CEO, SVP deposits, Duckett
JPMorgan Chase 58, Starbucks 56, Land O’Lakes of Retail and People, is also spearhead-
54, Apple ing JPMorgan’s
branch expansion,
26 28 31 32 which since its
launch in 2018 has
Piepszak, who is in- Starbucks reported a As head of the $14 bil- Besides leading Apple’s picked up steam:
creasingly seen as a po- loss for its fiscal third lion cooperative, Ford is physical and online retail The bank plans to
tential successor to CEO quarter as the coffee gi- sounding the alarm on stores, O’Brien oversees open 400 new lo-
Jamie Dimon, has over- ant battled the fallout the dire financial situa- more than 130,000 em- cations, with about
seen some financial ups from the pandemic. As tion facing farmers. ployees—two challeng- a third in low- and
and downs for the bank, head of the $18.3 billion She’s pushed for legisla- ing roles that have moderate-income
which posted record Americas business, tion on rural high-speed grown even more com- areas. Amid the
profits last year—only to Brewer has contended Internet access, and her plex as the coronavirus pandemic, the
suspend share buybacks with both lower sales, as efforts to bring technol- dramatically alters the bank temporar-
in 2020 as the U.S. some city stores were ogy to the field include a way people shop and ily closed 20%
slipped into recession. closed, and increased partnership with Micro- work. O’Brien spear- of branches, but
As head of the crisis costs from COVID-re- soft. That’s all while on headed initiatives like provided $1,000
management and busi- lated employee bene- track to sell nearly temperature checks at bonuses and five
ness resiliency teams, fits. In response, the 300 million pounds of open locations and curb- extra paid days off
Piepszak is leading plans Starbucks COO has fo- butter this year—a com- side pickup. Analysts es- to frontline em-
to eventually return cused on building more pany record—as it satis- timate that Apple’s retail ployees who had
more than 250,000 JPM drive-thrus and pickup- fies Americans’ pan- business brings in to keep showing
employees to offices. only locations. demic baking projects. $74 billion each year. up. And last year,
Duckett helped
create, as execu-
tive sponsor, a new
program within the
company intended
to help close the
racial wealth gap.
In September, the
bank added her
to its leadership
team.

32 33 34

31 Lisa Su Penny Jennifer 31: COURTESY OF WALMART; 32: MARK LENNIHA—AP; 33: COURTESY OF EDWARD JONES; 34: COURTESY OF JOHNSON & JOHNSON; 35: DAVE KOTINSKY—GETTY IMAGES; 36: JESSICA CHOU; 37: COURTESY OF WELLS FARGO
Pennington Taubert
Kathryn President and CEO,
McLay 50, Advanced Micro Managing Partner, EVP and Worldwide
Devices 57, Edward Jones Chairman,
President and CEO, Pharmaceuticals,
Sam’s Club, 44 45 57, Johnson & Johnson
46, Walmart
Su’s long-term plan to Edward Jones has 35
NEW help AMD better com- proved a steady grower
pete against Intel and under Pennington, with J&J is a major player in
McLay took the top Nvidia with new, high- net revenue up nearly the COVID vaccine race,
job at Sam’s Club in performance proces- 11% since she took the thanks in large part to
November 2019, just sors is hitting its stride. helm in 2019. The bro- Taubert and her $42.2
in time for Black Fri- Its Epyc and Ryzen chips kerage, with $1.3 trillion billion pharma business.
day. It turned out that are grabbing market under management, has She has had to grapple
would be the easy share, and the stock not performed nearly as with logistical complexi-
part. Since then, the price is up 88% year to well on diversity: Only ties such as recruiting a
Aussie who joined date. Su is pushing the 8% of the firm’s financial staggering 60,000-
Walmart in 2015 has industry to increase the advisers are people of person global trial for
launched services number of women in the color, and 21% are the vaccine candidate—
to protect employ- field and has set up women. Pennington has one that doesn’t need to
ees and shoppers: learning labs at AMD for committed to doubling be ultra-cooled, a likely
She accelerated the students from underrep- down on recruitment advantage for nations
rollout of curbside resented groups to pur- and advancement of without robust health
pickup, and her sue STEM education. diverse candidates. infrastructures.
team designed and
deployed a concierge 35 36 37
shopping app in
only six days that let Lisa Jackson Revathi Mary Mack
senior and immuno- Advaithi
compromised VP of Environment, Senior EVP, CEO of
customers make Policy, and Social CEO, 53, Consumer and Small-
purchases without Initiatives, 58, Apple Flex Business Banking,
leaving their cars— 58, Wells Fargo
more than 150,000 NEW 33
transactions took 36
place on the plat- Jackson is the personifi- In her second year as
form. Strong results cation of the iPhone CEO of the manufactur- Wells Fargo is facing an-
have followed at maker’s sustainability ing and supply-chain other tough year, report-
Walmart’s $59 billion efforts—an essential company, Advaithi ing a loss in the second
in sales members- task for a company that moved to streamline the quarter for the first time
only warehouse emitted 25 million met- business. But revenue since 2008. Having
club business, with ric tons of CO2 last year. took a hit when Huawei, taken on the role of CEO
operating income A former EPA adminis- a major customer, got of consumer and small-
up 16.6% during the trator, Jackson was be- caught up in the U.S.- business banking in Feb-
pandemic. hind Apple’s recent China trade war. Even as ruary, Mack has faced
pledge that all of its de- an 8% drop in sales, to her own set challenges,
vices will be manufac- $24.2 billion, pushed overseeing the bank’s
tured with net zero car- the company off the $10.5 billion in lending
bon emissions by 2030. Global 500, Advaithi’s for the Paycheck Protec-
Jackson is also leading profile remained intact: tion Program—the mas-
the company’s $100 mil- She joined Uber’s board sive government-funded
lion racial equity and and led Flex’s manufac- loan program created to
justice initiative. turing of ventilators. rescue Main Street.

NOVEMBER 2020 75

38

Sonia
Syngal

CEO, 50,

Gap Inc.

NEW

PHOTOGRAPH BY Syngal, previously
CAYCE CLIFFORD CEO of Old Navy,
took the reins of the
retailer’s $16 billion
parent company
in March just as
COVID-19 began
to ravage clothing
sales and forced
the company to
close its stores. But
the new CEO didn’t
shrink from a fight
with landlords over
rent or hesitate to
use the crisis to
permanently shut
weak stores in the
Gap chain. She
deftly protected
margins by keeping
inventory down
and even found
some ways to eke
out new sales,
repurposing fabric
to sell $130 mil-
lion worth of face
masks in the spring
and summer—the
equivalent of 4% of
Gap’s $3.3 billion
in second-quarter
sales. All the while,
Gap has maintained
its trademark social
activism: Old Navy,
its biggest brand,
will give employees
a paid day off to
work the election
polls.

KEY NO CHANGE MOVED UP MOVED DOWN

39 40

Kelly Grier Barbara Whye

EY U.S. Chair and Chief Diversity and
Managing Partner and Inclusion Officer, CVP of
Americas Managing Social Impact, 53, Intel
Partner, 51, EY

38 NEW

Grier has become a Whye has set a high bar PHOTOGRAPH BY
leading voice for em- for CDOs. Through her JESSICA CHOU
ployee wellness. EY in- leadership, Intel’s nearly
troduced a paid-leave 111,000 person work- 44
program for caregivers force accurately reflects
during the pandemic the percentage of
and added free counsel- women and minorities
ing to its 24-hour hot- within the U.S. skilled
line. She also spoke up labor market, a goal
in support of Black Lives Whye accomplished two
Matter, committing years ahead of sched-
$7 million to racial jus- ule. She’s since been
tice and historically promoted and is work-
Black colleges. Her divi- ing on industrywide
sion’s revenue, mean- standards to track and
while, edged up 3% to accelerate inclusion
$17.2 billion last year. efforts.

41 42 43

Michele Buck Kathryn Farmer Bela Anne Chow 39: COURTESY OF ERNST & YOUNG; 40: MARK KAUZLARICH—BLOOMBERG/GETTY IMAGES;
Bajaria 41: JEMAL COUNTESS—GETTY IMAGES; 42: COURTESY OF BNSF; 44: COURTESY OF AT&T
Chairman, President, EVP, Operations, 50, CEO, AT&T Business,
and CEO, 59 BNSF VP, Global TV, 49, Netflix 54, AT&T
Hershey
NEW NEW
40 NEW
Bajariawasalreadyaforce. But in Septem- The first woman of color
Buck added a new prod- In January Farmer will ber she took over as head of Netflix’s global to garner a CEO title in
uct to Hershey’s offer- become CEO of BNSF, shows, solidifying her role as one of the lead- AT&T history, Chow
ings this year: face making her the first ing women in entertainment. (The streaming oversees 30,000 em-
masks. After temporar- woman to run a major service has been on a tear, adding 26 million ployees, serves 3 million
ily shutting down retail U.S. railroad. BNSF is a subscribers in the past two quarters alone, business customers,
outlets, Hershey rede- $23.5 billion company up from an increase of 12 million in the same and heads a division that
ployed store workers to within Berkshire Hatha- period a year ago.) Bajaria joined Netflix in brought in more than
start a production line way—making Farmer an 2016, heading up its foreign original series 25% of AT&T’s Ebitda in
that makes free masks influential voice among and taking a country-first approach that the first half of 2020.
for health care workers, Warren Buffett’s busi- prioritizes local content preferences. She has She’s also responsible
Hershey employees, nesses. The 400-line long supported authentic voices: At Universal for the AT&T communi-
and local schools. Its railroad serves as a criti- Television she green-lit The Mindy Project, the cations system used by
protocols led to no cal connector for the first major show from a South Asian woman. first responders. In the
COVID-related layoffs, North American econ- pandemic, her team set
and the company omy and accounts for up 60 portable cell sites
started advising others 9% of Berkshire’s total for first responders and
on best-in-class safety revenue and 23% of health care providers.
standards. its profit.

FORTUNE NOVEMBER 2020 77

45 46 47 48

Mellody Tami Erwin Anne Finucane Gwynne 50
Hobson Shotwell
EVP and Group CEO, Vice Chairman; Dana
Co‑CEO and President, Verizon Business, Chairman, Bank of President and COO, Canedy
51, Ariel Investments 56, Verizon America Europe, 56, SpaceX
68, Bank of America SVP and Publisher,
48 NEW NEW 55, Simon & Schuster
50
A board member at Running Verizon’s vast NEW
45: MONICA SCHIPPER—GETTY IMAGES; 46: PATRICK T. FALLON—BLOOMBERG/GETTY IMAGES; 47: SIMON DAWSON—BLOOMBERG/GETTY IMAGES; Starbucks and JPMor‑ telecom services offer‑ When COVID-19 and un‑ While Elon Musk garners
48: ANDREW HARRER—BLOOMBERG/GETTY IMAGES; 49: COURTESY OF ULTA BEAUTY; 50: COURTESY OF EILEEN BARROSO—COLUMBIA UNIVERSITY gan, Hobson has spoken ing for businesses, Er‑ rest over racial injustice most of the headlines, Book publishing
out about the role of fi‑ win oversees a $30 bil‑ hammered communities Shotwell is the one run‑ isn’t a huge industry,
nancial inequality in the lion unit. In July, she set of color, BofA was quick ning day‑to‑day opera‑ but what we read
recent civil unrest, not‑ up an assistance pro‑ to help—thanks in large tions at the space explo‑ is powerful, with
ing that corporations gram for women‑owned part to Finucane. Long ration company—now far‑reaching impact
can no longer sit on the small businesses hurt by before the cataclysms of valued at $46 billion. on our culture and
sidelines on these is‑ the pandemic, following 2020, she had teamed And she’s on a winning beliefs. And books
sues. And her influence an initiative to connect up with civil rights orga‑ streak: securing satellite have been on a tear,
goes beyond the corpo‑ New York City restau‑ nizations and business contracts from the DOD, relatively speaking:
rate realm: Hobson is a rants with local hospitals groups to design a pro‑ beating SpaceX’s own The recent political
likely contender for a to deliver more than gram to address racial records for reusing its upheaval in the U.S.
Biden cabinet seat, and 80,000 meals to health opportunity gaps. The rockets, and—with the has opened the
she will be the first Black care workers; she has resulting plan will steer May launch of the Crew door to more than
woman to lend her name since expanded the $1 billion over four years Dragon—sending astro‑ a handful of buzzy
to a Princeton residen‑ meal effort to three into such necessities as nauts into space from bestsellers, all at a
tial college. other cities. job training and support U.S. soil for the first time time when many
for small businesses. in nearly a decade. are stuck at home,
49 owing to the pan‑
demic, with more
Mary Dillon hours than ever
for books and TV
CEO, shows. Canedy, the
59, Ulta Beauty first Black person
to head a major
42 publishing imprint,
is on a mission to
The hands-on aspect of make sure that
beauty shopping ham‑ the book industry
strung Ulta at the height also responds to
of the pandemic. But Dil‑ the racial reckon‑
lon navigated the crisis ingsweeping the
by quickly beefing up world, and that the
e‑commerce firepower door is opened to
and continuing the flow a wider range of
of new products, steer‑ authors and ideas
ing Ulta back to profit‑ than ever before.
ability in its second As the newish pub‑
quarter. The company lisher of Simon &
also forged ahead with Schuster, she now
its plan to push suppliers has the power to do
to provide more environ‑ just that.
mentally sustainable
products with its own KEY NO CHANGE MOVED UP MOVED DOWN
certification system.

1 10 18

MOST 1 8 15
POWERFUL
WOMEN Emma Alison Rose Jean Liu
Walmsley
INTERNATIONAL CEO, NatWest Group President, Didi Chuxing
2020 CEO, GlaxoSmithKline
U.K. CHINA
EVERY YEAR FOR THIS LIST, Fortune U.K.
scans the globe to highlight the most 9 16 NEW
powerful women in business based 2
outside the United States. And every Shemara Nicke
year, happily, the task gets harder. Jessica Tan Wikramanayake Widyawati
While women remain vastly under‑
represented in C‑suites around the Co-CEO and Executive CEO and Managing President Director and
world—helming just 13 of the world’s Director, Ping An Group Director, Macquarie CEO, Pertamina
500 largest companies—there are Group, AUSTRALIA
markedly more female executives CHINA INDONESIA
each year taking their place at the high‑
est ranks of corporate power. 3 10 NEW 17 FROM LEFT: MANDEL NGAN—AFP/GETT Y IMAGES; COURTESY OF MERCK KGAA; ANTHONY KWAN—BLOOMBERG/GETT Y IMAGES

This year’s list features 17 newcom‑ Ana Botín Belén Garijo Elizabeth
ers, many of whom are leading compa‑ Gaines
nies in traditionally male‑dominated Executive Chairman, Deputy CEO,
industries like mining, steelmaking, Banco Santander Merck KGaA CEO, Fortescue Metals
and oil and gas. Others are the driving
forces behind some of the fastest‑ SPAIN GERMANY AUSTRALIA
growing, most innovative, and highly
valued startups of the day. 4 NEW 11 18

The year 2020, of course, has Helena Maggie Wu Joey Wat
surprised and tested business leaders Helmersson
like few others—and so this year we’ve CFO, Alibaba CEO, Yum China
looked not just at which women hold CEO, H&M Group
power, but also at how they’ve used CHINA CHINA
it. That’s why you’ll find GlaxoSmith‑ SWEDEN
Kline CEO Emma Walmsley, who has 12 19
directed many of her drug com‑ 5
pany’s resources to the fight against Isabel Ge Mahe Anne Rigail
COVID‑19 (all while keeping up her Dong Mingzhu
thriving pharma business), at No. 1. Vice President and CEO, Air France,
Ping An, the massive insurer No. 2 Chairwoman and Managing Director, Air France-KLM
Jessica Tan coleads, played a pivotal President, Gree Electric Greater China, Apple
role in responding to China’s outbreak. Appliances FRANCE
Others on this list have made meaning‑ CHINA
ful progress on diversity or decar‑ CHINA 20
bonization strategies. More women 13 NEW
leading well is a trend we’re rooting for. 6 NEW Ho Ching
Catherine
WRITTEN BY Amanda Blanc MacGregor CEO and Executive
Director, Temasek
Maria Aspan, Katherine Dunn, CEO, Aviva CEO Designate, Engie
Erika Fry, Naomi Xu Elegant, SINGAPORE
and Claire Zillman U.K. FRANCE
21
7 NEW 14
Wang Fengying
Martina Merz Dominique
Senequier Executive Vice
CEO, Thyssenkrupp Chairman and General
President and Founder, Manager,
GERMANY Ardian Great Wall Motor

FRANCE CHINA

FORTUNE NOVEMBER 2020 79

25 30 35 43 49

FROM LEFT: CNW GROUP/LOBLAW COMPANIES LIMITED; COURTESY OF JOHN LEWIS PARTNERSHIP; COURTESY OF P&G; BILLY H.C. KWOK—BLOOMBERG/GETT Y IMAGES; JASON ALDEN—BLOOMBERG/GETT Y IMAGES 22 28 NEW 34 41 46

Michelle Allison Kirkby Emma Paula Santilli Nancy
Scrimgeour FitzGerald McKinstry
CEO and President, CEO, Latin America,
CEO, Legal & Telia SWEDEN CEO, Puma Energy PepsiCo Chairman and CEO,
General Investment Wolters Kluwer
Management 29 SWITZERLAND MEXICO
NETHERLANDS
U.K. Jessica Uhl 35 42 NEW
47
23 NEW CFO, Royal Dutch Shell R. Alexandra Phuthi
(Alex) Keith Mahanyele- Wei Sun
Hanneke Faber NETHERLANDS Dabengwa Christianson
CEO, Beauty,
President, Foods and 30 NEW Procter & Gamble CEO, South Africa, Co-CEO, Asia-Pacific,
Refreshment, Unilever Naspers and CEO, China,
Sharon White SWITZERLAND Morgan Stanley
NETHERLANDS SOUTH AFRICA
Chairman, John Lewis 36 CHINA
24 Partnership 43 NEW
Han Seong- 48 NEW
Hilde Merete U.K. Sook Laura Cha
Aasheim Natascha
31 CEO and President, Chairman, Hong Viljoen
CEO and President, Naver SOUTH KOREA Kong Exchanges and
Norsk Hydro Susanne Clearing HONG KONG CEO, Anglo American
Schaffert 37 Platinum
NORWAY 44 NEW
President, Oncology, Maki Akaida SOUTH AFRICA
25 NEW Novartis Cristina
CEO, Uniqlo Japan; Junqueira 49 NEW
Sarah Davis SWITZERLAND Group SVP, Fast
Retailing JAPAN Cofounder, Nubank Sarah Al
President, 32 Suhaimi
Loblaw Companies 38 BRAZIL
Adaire Chairman, Tadawul;
CANADA Fox-Martin Anne Richards 45 NEW CEO, NCB Capital

26 Executive Board CEO, Fidelity Kelly Zhang SAUDI ARABIA
Member; Customer International
Ilham Kadri Success, SAP CEO, China, ByteDance 50 NEW
U.K.
CEO, Solvay GERMANY CHINA Mpumi Madisa
39
BELGIUM 33 CEO, Bidvest
Belinda Wong
27 Fama SOUTH AFRICA
Francisco CEO and Chairman,
Helle Starbucks China, The women on
Østergaard CEO, Baby and Starbucks this year’s list hail
Kristiansen Feminine Care, from 21 countries
Procter & Gamble CHINA (and every continent
CEO, Danske but Antarctica).
Commodities SWITZERLAND 40

DENMARK Jane Jie Sun

CEO, Trip.com

CHINA

BUILDING BETTER LEADERS
WITH PURPOSE

LEARNING

Curriculum focused
on purpose-based leadership

and inclusion

CONTENT

Fortune Conferences on demand
and executive sessions with CEOs

EVENTS

Facilitated discussions, Fortune-
moderated editorial conversations

with experts and provocateurs,
and group coaching sessions

COMMUNITY

Peer-to-peer networking,
brainstorming, and
meetups

OFFICIAL
KNOWLEDGE

PARTNERS

ª

Join the new
purpose-driven

leadership
community
from Fortune.

FORTUNE.COM/
CONNECT

POWER, REDEFINED
“I can be more
vulnerable in certain
areas,” Fraser says.
“I don’t feel that’s
in any way soft or
weaker; I actually
think it’s much more
powerful.”

PHOTOGRAPH BY CELESTE SLOMAN

FORTUNE NOVEMBER 2020 83

THE FIRST LADY
OF WALL STREET

HOW DID JANE FRASER, POISED TO TAKE OVER AS CEO OF CITI IN FEBRUARY,
BREAK BANKING’S HIGHEST, HARDEST GLASS CEILING?
BY CLAIRE ZILLMAN

CEOS OF SEVEN of the largest But Fraser’s appointment doesn’t From the University of Cambridge,
U.S. banks appeared before the eliminate the culture that had kept she landed at Goldman Sachs in
House Financial Services Committee women out of the corner office for London at the tender age of 20. She
in April 2019. When the panel—all so long. In fact, it raises a new set of would lament years later that she was
men, all white—were asked under questions: Who is the woman who “the boring British girl” in the office.
oath if their successors were likely to will be the first female CEO of a big “Everyone else was much more ex-
be female or a person of color, no one Wall Street bank and how did she otic, from all over Europe. They were
raised his hand. achieve what has, for so long, ap- a little bit older, they spoke multiple
Without saying a word, the CEOs peared unachievable? languages, and I just thought they
had put a fine point on a hard truth: were so much more interesting than
Wall Street had never had a female On one hand, the most recent I was,” she said in a 2016 address to
CEO, nor was one likely in the stage of Fraser’s career follows what the Americas Society and Council
near future. Jane Stevenson, head of CEO suc- of the Americas. The feeling was
The message they sent was an- cession at executive recruiter Korn motivation enough for her to leave
tithetical to the mood of corporate Ferry, calls “the blueprint”: She London for Madrid, where she spent
America at the time. The #MeToo worked her way through key busi- two years as an analyst at consultancy
movement had prompted a harsh re- ness units at the bank and left each Asesores Bursátiles and worked on
examination of office workplace dy- better than she found it. Yet at the her Spanish—a skill that would prove
namics; institutional investors were same time, her refusal to sacrifice especially useful years down the line.
demanding that boards of directors her personal life at the altar of her
add more women; and companies— career flouts many of the old “rules” After business school at Harvard
banks included—were preaching the for getting to the top. That ability to in the early 1990s, her career di-
merits of diversity. find a middle way—to forge a new verged further from the typical bank-
The moment left such a bleak path through a very old maze—may ing trajectory. Rather than return
impression that Fortune dedicated indeed be an essential part of what to a place like Goldman, she opted
pages of its 2019 Most Powerful makes her uniquely qualified for the to join consulting firm McKinsey
Women issue to asking three press- job she’ll step into next year. And for a reason she doesn’t sugarcoat:
ing questions: Why had bank CEO so, for that matter, is her willingness The women she saw in the banking
suites remained so impenetrable to to talk candidly about navigating industry at that time “were rather
women? Who might be the first to the labyrinth. scary,” she said in the 2016 speech.
break through? And when?
We now have a definitive answer F RASER, 53, was born in St. Those were the days of big shoulder
to those last two questions: Citigroup Andrews, Scotland. (Yes, as a pads and manly suits. The women
in mid-September announced that matter of birth she has an af- and many of the men didn’t seem
Jane Fraser would succeed Michael finity for golf.) She moved to “that happy,” she recalled. “They
Corbat as chief executive in February. Australia for high school and with as- were very successful. They were bril-
Barring something unforeseeable, pirations to be a doctor. But she soon liant. But it was tough.”
Wall Street banks’ long-standing learned she was bad at biology but
glass ceiling is history. fond of math and economics, which In short: She wanted a life.
made banking a natural career fit. Working at McKinsey was still
demanding, but it offered the same
dynamic—being a trusted adviser to

Fraser’s career path is “the blueprint … an artful

—JANE STEVENSON, HEAD OF CEO SUCCESSION, KORN FERRY

a client—with more predictability. next 16 years, she took on a series of choices you make? Do them early
She got married two years later jobs at Citi that taught her about dif- and do them well and stack them up
ferent parts of the business, gave her to win...Nothing like a crisis to have
and got pregnant the same year she experience leading units that had your steepest learning curve.”
was up for partner. “I got quite a their own profit and loss statements
lot of advice, ‘Don’t get pregnant in or P&L, and offered her opportuni- Valuable as the experience was,
your partnership year.’ And I just ties to build relationships and a Fraser still wanted to run a business.
thought that was nonsense,” she standout reputation within the firm. Pandit gave her that chance in 2009,
told me at Fortune’s Most Powerful “Look at her background,” Stevenson sending her back to London for four
Women Summit in October. The says. Fraser’s rotation in and out of years to cater to Citi’s wealthiest
firm informed her she’d made part- jobs was “an artful process that came clients as head of the private bank. It
ner two weeks after she gave birth. together over a decade,” she says. was a sexy job, especially compared
“These kinds of roles lend cred- with what came next: serving as
After that moment—having a ibility” when boards are weighing CEO of CitiMortgage in St. Louis.
baby, making partner—she did succession plans. She took that job in 2013, when the
heed a different piece of advice: “I mortgage business was, as she admit-
remember one of my mentors saying It helps, of course, if some of those ted in the 2016 speech, “the scourge
to me, ‘You’re going to have several roles require you to make tough of the earth” following the subprime
careers in your life, and your careers choices or oversee troubled busi- crisis. She oversaw the slow and
are going to be measured in decades. nesses—and if you prove you have painful process of righting the ship,
So why this sense of rush and try- what it takes to handle the demands. as Citi paid hundreds of millions of
ing to have everything at the same dollars to settle claims that it had
time?’ ” It led her to make a decision After her run in investment and sold faulty mortgages to Fannie Mae
that she says was critical: She chose corporate banking, then-CFO Gary and Freddie Mac years earlier.
to work the entirety of her five-year Crittenden offered Fraser the job of
partnership—until she left McKin- global head of strategy and M&A Then, in 2015, Fraser got yet
sey for Citi in 2004—part-time. in September 2007 as the financial another turnaround job, when Cor-
crisis was mounting. She took the job bat named her CEO of Citi’s Latin
“It wasn’t easy—my own ego suf- and relocated to New York to help America business.
fered a bit on that one, because you then-CEO Vikram Pandit decide how
do see people who are more junior to shrink the bank. She orchestrated Latin America is the smallest of
than you who are accelerating faster the sale of Citi’s Japanese securities Citi’s regional divisions by net rev-
in their careers,” she said. “But that’s business to Sumitomo Mitsui Finan- enue but has the highest rate of re-
what enabled me to actually feel cial Group in a $8 billion deal that turn, making it something of a crown
happy and have a balance in my pro- gave the bank a vital capital boost in jewel. Its retail arm in Mexico, then
fessional life and personal life.” 2009. She also laid the groundwork known as Banco Nacional de México
for Citi’s sale of its Smith Barney or Banamex, is one of Mexico’s big-
That experience changed her brokerage to Morgan Stanley. During gest banks, and its 1,400 branches
perspective—and changed how she her time in the role, she executed account for more than half of Citi’s
operated at the office. more than 25 deals in 18 months. physical locations globally.
The bank sold nearly a trillion dol-
“When I got back to working again lars’ worth of assets and cut 100,000 When Fraser took over, the division
and working full-time,” Fraser said, jobs in the process. was tarnished. In February 2014, Citi
“my clients used to tell me, ‘You’re a disclosed that oil services firm Ocean-
much more empathetic person; you Fraser recalls that work as one of ografía had allegedly defrauded
were just this machine before.’ ” her foundational experiences as a Banamex out of $400 million.
leader. “It does make you sit there Months later, Banamex disbanded
IN 2004, FRASER JOINED Citi as head and be more definitive and less a unit of the bank that provided se-
of client strategy in the bank’s wishy-washy,” she told me in October. curity to executives after discovering
investment and corporate bank- “What does being client-driven really that employees had engaged in illegal
ing division in London. This mean so it’s not just a plaque on the activity by offering unauthorized
is the moment she returned to the wall? What are some of the strategic services to outside parties.
traditional banking playbook and
began tearing through it. Over the In a 2017 interview with American

FORTUNE NOVEMBER 2020 85

process that came together over a decade.”

THE ULTIMATE CLEANUP JOB enues and a line operating business,
and making her president was … to
FRASER MADE A NAME FOR HERSELF OVERHAULING CITIGROUP’S tee her up to get ready to be CEO,”
TROUBLE SPOTS. AS CEO, SHE’LL INHERIT A BANK THAT HAS LAGGED ITS Citi chair John Dugan says.
MAJOR COMPETITORS—AND THE S&P BANKS INDEX—FOR YEARS.
But Citi officially launched Fraser
200% S&P 500 BANKS INDEX OCT. 9, into the top job sooner than ex-
150 2020 pected. When Fraser was named
100 98.8% president, Corbat indicated he had
50 “years” left at Citi, but his No. 2 got
0 CITIGROUP the nod 11 months later.
–50 STOCK
Corbat called himself “a steadfast
NOV. 2010 7.8% believer in term limits” in explaining
the timing in a LinkedIn post. Dugan
2013 2015 2017 2019 SEPT. 2020 says Corbat had always planned to
leave in 2021 but decided to depart
SOURCE: S&P GLOBAL on the early side so Fraser could
“own” the bank’s efforts to improve
Banker, Fraser talked about trying $1 billion into Mexico, the only Latin controls and risk processes.
to change the bank’s culture in Latin American country where it still has
America so employees would be retail operations. The four-year The accelerated timeline also gave
“more comfortable escalating issues, investment, announced in 2016, was Citi an advantage that wasn’t lost on
or saying, ‘I’m not comfortable with intended to upgrade the customer the board—it got to be first to name
what my boss [has] done.’ ” A big experience with new ATMs, new a female CEO. “We were delighted
part of that effort was convincing digital tools, and branch makeovers. to beat everyone to the punch. It was
employees that the bank would act going to happen, and we were de-
on allegations of wrongdoing. “A lot During Fraser’s tenure, net lighted to have a candidate who was
of this comes down to trust,” she said. revenue and net profit for the Latin so eminently qualified for the job,”
People must believe that “if they raise America division grew 8% and 38%, Dugan says.
an issue they’re going to be okay, and respectively.
you will do something about it.” W HILE FRASER’S ironclad
Fraser’s next promotion, in Octo- résumé looks, in many
With Fraser as CEO, the Latin ber 2019, to president and CEO of ways, like that of the
American division also sold off global consumer banking, was an big bank CEOs who’ve
consumer banking and credit card indication that the work she’d done come before her, her personal ap-
operations in countries like Brazil, in Latin America had pushed her to proach to her work doesn’t always
Argentina, and Colombia to more the next level. It was confirmation conform to the corner office mold.
narrowly focus on its institutional of what colleagues say was already
business in the region. obvious: that Fraser was Corbat’s heir She’s appeared unafraid of shar-
apparent. “Giving her the consumer ing the moments of self-doubt that
At the same time, Citi poured business, which is half of our rev- so many CEOs seem to hide away
in the backs of their custom closets.
She says her initial response to be-
ing offered the global head of strat-
egy and M&A was that she wasn’t
good enough for the role. She recalls
a friend convinced her, saying, “Why
are you worried about failing? Go
for it. What does it matter if that’s
the case?”

Fraser’s willingness to talk about
the human side of the job—whether

A NARROWING CORPORATE LADDER

WOMEN ACTUALLY ENTER THE BANKING AND FINANCE INDUSTRY AT
SLIGHTLY HIGHER RATES THAN MEN—BUT IN EVERY STEP UP THROUGH
THE RANKS, THEIR NUMBERS DWINDLE.

lapses in self-assuredness, the SHARE OF WOMEN IN THE BANKING AND CONSUMER FINANCE INDUSTRY
demands of parenthood, the past fail- 51% 43% 38% 33% 30% 26%
ings of bank culture—sets her apart
not just from her Wall Street peers, ENTRY MANAGER SENIOR VICE SENIOR VICE C-SUITE
but from other women who have LEVEL MANAGER PRESIDENT PRESIDENT
achieved “firsts” in their industries,
some of whom fear that by being open SOURCE: MCKINSEY & COMPANY
about such things they’ll be pigeon-
holed by the label, female CEO. Fraser Fraser its next CEO, Citi agreed to Barclays analyst Jason Goldberg.
sees it as an advantage: “I can be more pay $400 million after the Federal Fundamentally, it’s a hard time to be
vulnerable in certain areas; talking Reserve and Office of the Comptrol- a banker.
more about the human dimensions of ler of the Currency reprimanded the
this than some of my male colleagues bank for long-standing deficiencies The regulatory action was a
are comfortable [with],” she told me related to its risk controls. The action sucker punch to Citi, but Wilmarth
in May. “I don’t feel that’s in any way followed an embarrassing episode argues that, in a way, it actually
soft or weaker; I actually think it’s in August in which Citi erroneously bolsters Fraser’s position. Under
much more powerful.” sent $900 million to Revlon lenders, the circumstances, “I doubt that she
roughly 100 times as much as they would’ve gotten the job without the
Before her posting to Latin Amer- were supposed to receive. The OCC implicit blessing of the regulators,”
ica, Fraser succeeded Cecilia Stewart, order gives the regulator veto power Wilmarth says. (Citi declined to
now retired, for a stint as CEO of over any major Citi acquisition and, comment.)
Citi’s U.S. consumer and commer- if necessary, the right to mandate
cial bank. As part of the leadership changes to the bank’s senior manage- Goldberg says Fraser’s track record
transition, the pair met with bankers ment team or board. means she’s well suited to meet the
across the country. Stewart recalls moment. Citi “is in need of some
Fraser could “just naturally sit down It is “not typical” for the regula- retooling,” he notes. “She has a lot of
and talk with someone and connect tors to “come down so hard unless experience cleaning things up and
with them, whether it was work- they’re really not happy,” says Arthur turning things around.”
related or life-related.” Wilmarth, a George Washington
University law professor who has Fraser echoes that point in con-
“For a person—male or female—to studied bank regulation. In a state- versation in October. In the face of
have that level of compassion in their ment, Citi said it was disappointed any crisis, “I think it’s going back and
leadership style and that openness to have fallen short of the regulators’ saying, ‘What are some of the root
and willingness to discuss all differ- expectations and has “significant causes and then how do you turn that
ent types of situations is critically im- remediation projects underway.” into an opportunity to really leap-
portant,” Stewart says. The approach frog and take the bank to a different
is especially well suited for the pan- Investors are also eager for Fraser level?’ ” Fraser says. “And then how
demic. “2021 and 2022 for corporate to address Citi’s profitability, which do you galvanize the organization to
America may look really different,” has long trailed that of its Wall work toward that? I did that with the
Stewart says, “so having a leader like Street rivals. private bank, did that with mort-
Jane who is flexible, who is willing gages, did that in Mexico. And I’m
and open to lead through that kind of Another challenge is more out of excited to do it here too.”
change, whatever that turns out to be, Citi’s control. “We’re in the middle
is terrific and a positive for Citi.” of a pandemic and recession. Loan In September, Fraser was the first
losses are going to go up, and inter- woman to get a Wall Street CEO job.
B REAKING THE GLASS ceiling, of est rates are at historic lows,” says Come February, she’ll be the first one
course, was just the begin- to do the work.
ning. Big banking’s first
female CEO is not inherit-
ing a well-oiled machine.

Less than a month after Citi named



IN THE RIGHT ROOM
Boler Davis is the
first Black person
and only the fourth
woman to join
Amazon’s leadership
“S-team.”

AMAZON’S EVEN UNDER NORMAL circum-
ACE stances, Amazon’s global
ENGINEER distribution network represents one
of the planet’s most complicated
AUTO-INDUSTRY VETERAN AND LOGISTICS GURU logistics systems—an intricate dance
ALICIA BOLER DAVIS HELPED AMAZON MAINTAIN of places, people, and technology
A RECORD PACE DURING COVID-19. SHE WON’T BE whose choreography moves millions
TAPPING THE BRAKES ANYTIME SOON. of packages a day.
When COVID-19 hit, normal went
BY AARON PRESSMAN out the window. Pandemic lockdowns
forced almost everyone in the U.S.
to work, learn, and above all shop
from home. A sudden surge of orders,
including panic-buying of staples like
bulk foods and toilet paper, brought
chaos to Amazon’s operational web.

FORTUNE NOVEMBER 2020 89

And since most employees in that Among the first problems for her to Earlier this month, Amazon
network couldn’t work from home solve was an overloaded supply chain. reported that almost 20,000 of its
(it’s hard to deliver a package or drive Amazon had to delay shipments for 1.4 million frontline employees, a fig-
a forklift from your living room) the weeks on customer orders of nones- ure that includes Whole Foods staff,
company suddenly became responsi- sential items as it prioritized moving temps, and seasonal workers, had
ble for the safety of hundreds of thou- cleaning supplies, protective gear, tested positive since the beginning
sands of essential workers—many of and other pandemic-related needs. of March. As high as that headline
them at risk of exposure to the novel At the same time, the sheer volume number sounded, it represented an
coronavirus. of new demand created bottlenecks infection rate of only 1.4%—and the
that demanded a speedy expansion of company says that it added up to
Both of those challenges landed its distribution pipeline. Boler Davis 42% fewer positive cases than would
squarely on the desk of an executive took that expansion into overdrive: be expected based on infection rates
who had been at Amazon for less After increasing the square footage in the communities where it operates.
than a year. Alicia Boler Davis joined of its facilities worldwide by about
Amazon in April 2019 as vice presi- 15% annually over the past few years, Amazon’s overhaul paid off
dent of global customer fulfillment. Amazon will grow it by 50% in 2020 financially, as well. The company’s
As that sweeping title suggests, Boler alone. And most of the 200,000 second-quarter revenue soared
Davis is in charge of much of the vast workers Amazon has hired in the past 40% from a year earlier, to a record
infrastructure that makes Amazon six months—a staggering accomplish- $88.9 billion—driven primarily by
shopping feel effortless to consumers. ment in its own right—went straight the tidal wave of new e-commerce,
“The fulfillment operations are the in to staff those new facilities. which accounts for almost 60% of the
heartbeat of Amazon’s retail opera- company’s total sales. Its profits in
tions,” says Colin Sebastian, an analyst Far more daunting were the that chaotic second quarter doubled
at Baird Equity Research who tracks demands of keeping that staff safe. to a record $5.2 billion. And Ama-
the company. That would make Boler For Boler Davis, that meant adding zon’s resilience reassured investors,
Davis the pacemaker: She runs the social distancing rules in warehouses, who have pushed its stock market
company’s hundreds of warehouses conducting temperature checks value to $1.6 trillion.
worldwide, overseeing employees, lo- (initially with handheld devices,
gistics, and processes, as well as tech- later with thermal cameras), adding The success against COVID likely
nology that includes shelf-stocking COVID-19 testing, and overhauling boosted Boler Davis’s stock as well.
robots. Customer service falls under 150 different processes in all. Even This August she was named to
Boler Davis’s umbrella, too—and in Amazon’s logistics algorithms, which Amazon’s S-team (the “S” stands for
the pandemic, Amazon’s customers guide staff as they fill orders, had to “senior”), the select inner circle that
suddenly needed more service than be rewritten to account for less dense advises CEO and founder Jeff Bezos.
ever before. staffing. Critical items like masks and Boler Davis, now 50, is the first Black
sanitizing supplies were continually person and only the fourth woman
While Boler Davis was an Ama- running low, forcing Amazon to find ever named to the S-team. Some
zon newbie, she was anything but a new suppliers. “It was probably one analysts think she may rise further
rookie. She came to Seattle after 25 of the most challenging things I’ve next year, in a reshuffling after the
years as a top performer at Gen- ever done,” says Boler Davis. planned retirement of Jeff Wilke,
eral Motors—where she managed CEO of consumer at Amazon and
factories, negotiated with unions, Amazon didn’t earn a perfect Bezos’s longtime No. 2.
oversaw the development of a new hit grade on safety, especially early on.
car model, and helped navigate the Some warehouse employees com- It has been a fitting arc for some-
company through a perilous recall. plained that they couldn’t qualify one who proved at GM that she could
“At Amazon, there’s a very high bias for paid sick leave; New York City thrive as a senior leader (she served
for action,” Boler Davis says. “Once employees started a GoFundMe cam- five years as a top lieutenant to CEO
you define a problem, you move paign to support fellow workers tak- Mary Barra) and a nimble problem-
very quickly to finding solutions and ing unpaid time off. A few warehouses solver. How Boler Davis helps
trying out different ideas. And then had to close when workers tested Amazon navigate its non-pandemic
when you find something that works, positive. But when Boler Davis and problems—and there are plenty,
you replicate that as quickly as pos- other executives grasped the scope including tumultuous labor relations
sible.” The huge and varied toolkit of the pandemic, Amazon started and challenges from competitors—
that Boler Davis had developed at spending like mad—$4 billion in the could help determine how long the
GM prepared her to do exactly that as second quarter alone—to revamp company remains dominant. While
COVID’s challenges escalated. procedures and add safeguards. Amazon declined to make current col-
leagues available to talk about Boler

PHOTOGRAPH BY CHONA KASINGER

320,000,000 TOTALSQUAREFEET
OF FLOOR SPACE IN AMAZON
LOGISTICS FACILITIES
WORLDWIDE AS OF OCT. 2020

(SOURCE: MWPVL INTERNATIONAL)

Davis, conversations with former neering the car as well as coming up a hatchback version, quickly shot
GM colleagues offered a sense of how with a plan for manufacturing it. For up sales charts. It went on to win
many strengths she brings to that role. the young manager, the assignment frequent awards for best quality and
meant “looking at the different areas reliability in the subcompact cate-
B OLER DAVIS grew up in that have to work together in order gory. This year, research firm J.D.
Detroit. Her mother was to deliver a great product,” she says. Power said the Sonic had the fewest
a bookkeeper, while her “That was fun.” The project required quality issues of any model in any
father worked in a Ford working closely with GM’s partners category. GM will soon discontinue
plant, then went to college in his in South Korea, at the time a male- the Sonic, as part of a broader shift
thirties and became a salesman for dominated culture, recalls Joel Soares toward electric vehicles, but it was
IBM. (After her parents divorced, dos Anjos, a former GM executive a durable hit. It also helped Boler
Boler Davis lived with her mother, who now works for Hyundai in Bra- Davis land the job of vice president
but both of them stayed involved in zil. “Alicia played very well between for global quality and U.S. customer
her life and education.) There wasn’t multiple cultures and countries,” he experience in 2012—reporting to an-
much money to spare when she was recalls. In arguments, she treated other fast-rising GM exec, Barra, who
young, and Boler Davis recalls trying men respectfully but advanced her would become CEO in 2014.
to fix things around the house when own agenda firmly, and often won.
she was 9 or 10 years old. Extricating During Boler Davis’s tenure as
a toy from the back of an old dryer Introduced at the Paris Motor quality czar, GM substantially im-
wasn’t too tough; splicing the melted Show late in 2010, the Sonic, which proved its record on that front. She
cord of an iron was trickier. Back came in bright colors and included says she sought to listen to employees
then, “I couldn’t Google how to do at every level for suggestions, look-
those things,” she recalls. “I’ve gotten BUILDING BOOM ing for opportunities to implement
shocked a couple of times.” good ideas from one plant across
TO SUSTAIN ITS E-COMMERCE the company’s operations. “When
A GM-sponsored summer engi- GROWTH, AMAZON HAS BUILT you talk with a lot of higher-ups,
neering course during high school WAREHOUSES AND DISTRIBUTION you know, their eyes wander, they’re
sparked bigger ambitions in a kid CENTERS AT A BREAKNECK PACE, moving on,” recalls Jonathan Jones, a
who liked to figure out how things ESPECIALLY IN NORTH AMERICA. longtime shift leader at a GM factory
worked. After graduating from in Fort Wayne who has had many
Northwestern with a chemical U.S. AND CANADA FULFILLMENT meetings with Boler Davis. “She was
engineering degree, Boler Davis different. It always seemed like she
joined GM in 1994, taking a manu- CENTERS PROJECTED cared what you had to say.”
facturing job at the massive Detroit-
Hamtramck facility. She was spotted 300 Her knack for responsiveness also
quickly as “someone we thought helped GM stem a major customer-
would be a senior executive someday,” 200 relations crisis. In early 2014, the
recalls Chris Taylor, a former GM hu- company had to recall almost 2 mil-
man resources leader. “She was one of 100 lion vehicles that had faulty ignition
my high-potential people.” By 2007 switches. Customer service call vol-
she had become GM’s first African- 0 2015 2019 ’22 ume doubled, but Boler Davis created
American female factory manager, 2011 a SWAT team of 100 reps who were
overseeing the Arlington, Texas, plant specifically trained to handle recall
that made Cadillac Escalades. SOURCE: MWPVL INTERNATIONAL questions, and they reduced wait
times to under a minute.
Her next big break involved a
much smaller car. In 2010, GM Barra tapped Boler Davis in 2016
tapped Boler Davis to oversee a new as executive vice president of global
subcompact model, the Chevrolet manufacturing and labor relations,
Sonic. She was in charge of engi- where she would fill the shoes of a
retiring legend, 37-year veteran Jim

FORTUNE NOVEMBER 2020 91

100,000 NEWWORKERS
AMAZON EXPECTS TO HIRE IN
THE U.S. AND CANADA IN THE
LAST THREE MONTHS OF 2020

DeLuca. The role meant overseeing All three of those strengths are now Hiring good employees quickly
171 factories in 31 countries, employ- being tested. Even before COVID hit, is never easy, and it’s made more
ing 180,000 workers. For Boler Davis, Amazon was aiming to offer one-day difficult at Amazon by controversy
the return to manufacturing revived delivery in more of the country for a around working conditions. In ad-
memories of her earliest days at GM. broader array of goods—and some- dition to complaints about sick-pay
“I spent a lot of my career in the plant. times struggled to speed up delivery benefits, the company has faced
You know, I grew up in the plant,” she while handling greater volume. Its criticism over its wages and its
says. “To be able to come full circle warehouse network, analysts agree, workflow, in which algorithms dictate
and have responsibility for global needs to be both bigger and more ef- movements and breaks are tightly
manufacturing was pretty humbling.” ficient, with more locations closer to monitored, according to some current
customers. At the end of 2019, Ama- and former employees. The Team-
The promotion also raised her zon had about 175 fulfillment facili- sters and other unions have tried to
public profile—and put her on the ties worldwide. But “we’re adding a organize Amazon’s workforce, though
radar of one of the few companies ton,” Boler Davis tells Fortune; today, without much success so far.
whose logistics needs are as compli- “I’d say we probably have 250 to close
cated and intricate as GM’s. to 300 across at least 16 countries.” Throughout her automotive career,
Boler Davis had a reputation for
J EFF WILKE, a Princeton- “I imagine [Boler Davis’s] role will building good relationships with the
trained chemical engineer, only become more important to Ama- rank and file, and Amazon would cer-
has long been Jeff Bezos’s zon as they insource more transporta- tainly benefit if she could do the same
right-hand man—and is tion and delivery,” says Sebastian, the there. At GM, “our hourly workforce
one of the architects of Amazon’s Baird analyst. contributed a lot to the ideas, to the
enormous e-commerce apparatus. improvements, to how things were
A few years back, a mutual friend With both its retail operations and done,” she says. “That’s something
introduced Wilke to Boler Davis, and its profitable cloud services business that I definitely bring with me: the
they met for lunch. She recalls being throwing off cash, Amazon’s infra- expectation of engagement.”
impressed with Wilke’s depth of structure spree hasn’t fazed investors.
knowledge about his company’s vast The stock is up more than 80% this As someone who knows what it’s
operations; he could talk about Ama- year. As Google, Microsoft, and other like to be the only woman or the
zon the way she could talk about GM. competitors cut into Amazon’s cloud only Black person in a room, she also
lead, the company’s cash flow could wants to bring people like her up
Boler Davis didn’t know much weaken in the future; antitrust threats through the company. “It can be hard
about Amazon at the time beyond could also, at least in theory, erode being the only one. Whether you’re
having shopped there. But after she profits. But for now, Boler Davis’s carrying it around on your shoulders
did some research, she was impressed team is in the enviable situation of or not, it’s the reality,” she says. She
by its customer-centric culture: It having the money to build whatever already has some protégés and has
“resonated with my values and how they decide customers need. spoken at Amazon employee affinity
I like to work,” she says. Wilke was group meetings. “I think I’m off to a
equally impressed, and the meeting Putting people in those new good start,” she says.
led to a job offer. (“I knew the auto- warehouses could be a trickier
mobile industry and loved it, but why proposition. Just ahead is the holiday As she strives to build cohesion,
not go and try something different?” shopping season, traditionally Ama- there’s at least one enthusiastic hire
Boler Davis now says.) In an email to zon’s busiest. Boler Davis announced Boler Davis can claim credit for. Jon-
employees this summer, announcing recently that the company would athan Jones, the factory shift leader
Boler Davis’s appointment to the S- need to hire another 100,000 work- from Fort Wayne, recently decided
team, Wilke wrote, “We hit it off right ers by the end of this year just in the to leave GM after 17 years—for a job
away. I was so impressed with her U.S. and Canada. (The humans won’t as an Amazon operations manager.
leadership experience, technical acu- be working alone: Integrating more Watching Boler Davis’s ascent gave
men, and especially her dedication to of Amazon’s new shelf-stocking ro- him confidence, Jones says: “It’s hard
the workers on the shop floor.” bots is also a priority, as Boler Davis to leave, but she made me feel like
brings the new facilities online.) this is a good call.”



GOLDEN GATE BRIDGE

The Golden Gate Bridge was financed with municipal bonds.

ALSO KEPT TAXES AT BAY

Dubbed one of the ‘Wonders of the Modern World’, the Golden Gate Bridge opened to the public on
May 27, 1937. At the time, it was both the longest and the tallest suspension bridge in the world, with
a main span of 4,200 feet and a total height of 746 feet. It is still the tallest bridge in the United States,
transporting 110,000 vehicles every day. To help raise the $35 million it cost to build, the authorities in
California issued tax-free municipal bonds.

Still Going Strong About Hennion & Walsh
And, just like that iconic structure, Since 1990 Hennion & Walsh has
municipal bonds are still going strong today specialized in investment-grade tax-
as a way for investors to invest in civic free municipal bonds. The company
projects, while earning income that’s free supervises over $3 billion in assets
of federal taxes and potentially state taxes. in over 16,000 accounts, providing
individual investors with institutional
Many US investors use municipal quality service and personal attention.
bonds as part of their retirement
planning. Here’s why: Our FREE Gift To You
In case you want to know more about
Tax-Free Income the benefits of tax-free Municipal Bonds,
Income from municipal bonds is not subject our specialists have created a helpful
to federal income tax and, depending on Bond Guide for investors. It’s free and
where you live, may also be exempt from comes with no obligation whatsoever.
state and local taxes. Tax-free income can
be a big attraction for many investors. FREE Bond Guide
Without cost
or obligation

Call (800) 316-2804

© 2020 Hennion & Walsh Inc. Securities offered through Hennion & Walsh Inc. Member of FINRA, SIPC. Investing in bonds involves
risk including possible loss of principal. Income may be subject to state, local or federal alternative minimum tax. When interest rates
rise, bond prices fall, and when interest rates fall, bond prices rise. Past performance is not a guarantee of future results.

CHAMPIONSHIP DRIVE
LeBron James soars for a
bucket against the Miami
Heat in Game 3 of the
NBA Finals. James and the
Lakers emerged from the
bubble with an NBA title.

NATHANIEL S. BUTLER—NBAE/GETTY IMAGESNBAHOWTHE
KEPT THE
BUBBLE FROM
BURSTING

TO SAVE ITS SEASON, THE LEAGUE TOOK ON
GIANT COSTS AND A MASSIVE LOGISTICAL
CHALLENGE. IT ALSO PARTNERED WITH ITS
PLAYERS ON SOCIAL JUSTICE ADVOCACY.
THE RESULT WAS A CASE STUDY IN LEADERSHIP.

BY ADAM LASHINSKY
& BRIAN O’KEEFE

ADDITIONAL REPORTING BY ANDREW NUSCA

96 FORTUNE NOVEMBER 2020

O N THE SECOND SUNDAY IN OCTOBER, an unprecedented 12 months JOE MURPHY—NBAE/GETTY IMAGES
after the National Basketball Association’s 74th season tipped off
with preseason games, the league finally crowned a champion—the
Los Angeles Lakers. It was a made-for-TV moment: LeBron James
captured his fourth title and, more historically, did it with his third
team. By leading the Lakers to victory against the feisty Miami
Heat—the team with which he won his first two rings—James com-
pleted his mission to restore the storied franchise to its past glory. He
also solidified his claim as one of the game’s all-time greatest players.

But the night was about so much more than the triumph by James and his team-
mates. It also was the capstone to a year of unprecedented tumult that included a
financially painful spat with China last fall, the unexpected death of former com-
missioner David Stern on New Year’s Day, and the tragic demise weeks later of re-
tired Laker superstar Kobe Bryant in a helicopter crash. And that was all before the
NBA suspended its season on March 11 after a Utah Jazz player tested positive for
COVID-19—a watershed moment in the early days of the pandemic that reinforced
the seriousness of the health crisis at hand.

That James was able to hoist the Larry O’Brien trophy at all is a testament to
how the NBA rebounded in the weeks and months after the shutdown. By now the

THE NBA BUBBLE — LEADERSHIP

D AV I D D O W — N B A E / G E T T Y I M A G E S  outline of the story is well known. Shuttered SCREEN TIME light on the league’s product. And it further
for much of the spring and early summer, the To create practice boosted the reputation of NBA commissioner
NBA crafted a plan for a Disney-hosted bubble space in the bubble, Adam Silver, considered by many to be the
in Orlando and worked out an arrangement the NBA installed best in professional sports.
with the players to restart play with 22 of courts in a Disney
the league’s 30 teams. (The bubble excluded hotel ballroom. And Restarting a season after stopping it cold
teams without a realistic shot at the playoffs to bring fans into was an operational feat of epic proportions.
to reduce headcount.) It then proceeded to the mix virtually, And pulling it off with a minimum of dissent
stage 172 games over two-plus months without the league installed and drama represents a textbook case of labor
a single player, league official, or team staffer giant video displays relations done right—a nontrivial achievement
testing positive for the novel coronavirus. in the arenas. Among given the amount of money and the size of the
the fans “attending” egos involved. The feat is all the more remark-
The NBA’s fractured season came at a tre- Game 1 of the finals able given that it came about during a period
mendous cost. Bubble expenses alone totaled were TV anchor Robin of generational social justice upheaval that
about $180 million, and the league undershot Roberts, retired NBA profoundly affected the NBA’s players, from
its preseason revenue projections by as much star Shaquille O’Neal, superstars to scrubs, and that at more than one
as $1.5 billion because of the pandemic. Yet and former President point threatened to torpedo the season.
the overall success of the NBA in the face of Barack Obama.
adversity is something many other businesses Those with the most on the line seem to ap-
can only dream of. The bubble not only preciate the victory of a shortened but healthy
salvaged what could have been a devastating season. “I think the league did a masterful job
year financially, but it also put a global spot- of doing the best it could to keep revenue com-
ing in for both the teams and the players,” says

98 FORTUNE NOVEMBER 2020

Los Angeles Clippers owner Steve Ballmer, the BUBBLE BUDDIES The logistics were like nothing Flatow, a 14-
former Microsoft CEO and a member of the NBA commissioner year veteran of the NBA, had ever seen. Her
NBA’s board of governors, which met weekly Adam Silver group puts on more than 200 events a year,
throughout the crisis. “Juggling those interests (left, being from the All-Star weekend to games outside
and being willing to put in some significant interviewed before the U.S. Planning for these events begins years
costs with some significant benefit, I just think a finals game) in advance, though, and they never involve
the league was phenomenal.” was in constant more than two teams. “This was having 22
communication teams and roughly 350 players, all coming
The NBA wasn’t the only sports league to with players’ union together in one environment,” she says. “There
snatch victory from the jaws of a pandemic. president Chris was no playbook or blueprint for this.”
The WNBA pulled off a similar bubble expe- Paul (driving to
rience in Bradenton, Fla., on the state’s west the basket for Flatow’s team spent the late spring and
coast. NHL teams finished the season shut- Oklahoma City in a early summer on Zoom calls and messaging
tling between two Canadian cities, Toronto playoff game) as the each other on Slack from their respective
and Edmonton. And even Major League bubble plan came homes near New York City. After they got to
Baseball, though hampered by multiple together. the Disney World ESPN World Wide Sports
outbreaks of the virus over the course of a Complex, home base to the bubble, a core
truncated schedule, has managed to make it group of 15 met daily at 8 a.m. to discuss the D O U G L A S P. D E F E L I C E— G E T T Y I M A G E S
deep into its playoffs with televised games in tasks of the day—whether it was building
stadiums with cardboard cutouts for fans. seven practice facilities, including one that
went up in a Disney World hotel ballroom, or
But by mastering the bubble the way it did, erecting a broadcast center for games without
the NBA showed once again why it is viewed fans. Every Sunday Flatow hosted an all-
as one of the world’s best-managed sports hands meeting for the cross-functional staff
leagues. “I don’t think there’s a brand in Amer- of nearly 150 that spanned communications
ica that is more consistent than the NBA,” says and medical to IT and security.
David Carter, a sports business professor at
USC’s Marshall School of Business, strategic By the time games were in full swing, it
marketing consultant, and longtime observer took an even larger number, a proverbial
of the league. “To me, a brand is a promise, 6,500-person village, to service the entire
and you know what you’re going to get out of community in the bubble in Orlando. “I
the NBA, just as you know what you’re going analogize it a bit to when you go to a movie
to get out of Tiffany and Harley-Davidson.” and you see the actors on the screen and then
the credits start rolling at the end, and they
Compared with other professional leagues, keep rolling and they keep rolling,” Adam
says Carter, the NBA “just seemed to be
more uniform, more in lockstep for how they
handled major issues, whether it’s COVID,
or social justice, or putting together a bubble
that works.” And understanding why reveals
valuable lessons for businesses and leaders
well beyond the realm of sports.

HRIS PAUL, the star guard for

C the Oklahoma City Thun-
der and the president of the
National Basketball Players
Association, knows firsthand
what, and who, it took to make
the bubble work. In fact, when
he arrived in Orlando he says
he sought out Kelly Flatow, executive vice
president for events for the NBA. “I just
wanted to give her the biggest hug,” says Paul.
“Because we had been on all these Zooms
together where we’d been talking about this,
talking about that, talking about logistics.”