Findings from the Jack Hammer Report on senior executives have revealed the number of black CEOs – defined as both black and coloureds – has declined from 15% to 10% in recent years.
The Report also revealed that despite black and coloured South Africans accounting for 89% of the population, only 21% of all senior executives in the country’s top companies fall into this demographic, leaving the pool of future black and coloured CEOs at a low base.
Moreover, of the 21% of black and coloured senior executives, only 10% were in core business functions – namely business strategy, operations and finance. CEOs typically gain experience in these core functions, which means we are unlikely to see a change in the demographic of CEOs in South Africa anytime soon.
To put all this into perspective, out of 50 million black and coloured South Africans, only 36 are on track to ever become a CEO in one of the top 40 companies in the country. Thirty-six!