Following in the footsteps of trail-blazing Black business leaders.

When I was finishing up my engineering degree in the mid-’90s, a friend told me about a book that, he said, I just had to read – a hybrid memoir-advice book by Reginald Lewis, who was the first Black American man to build a billion-dollar business.

I had heard about Lewis before, but I didn’t really know his story. I threw myself headfirst into his book that was provocatively titled Why should white guys have all the fun?

It was his life story – how he’d grown up in a middle-class Black neighborhood in Baltimore and was greatly influenced by figures like his grandfather, who wouldn’t tolerate racism. Lewis had a brilliant mind and was a terrific athlete, but his strongest asset was an indefatigable work ethic. After getting into an Ivy League school and then a Wall Street law firm, he began doing the leveraged buyout deals that sealed his reputation. While he had setbacks along the way, he never stopped striving towards his goals. “Keep going,” he advised, “no matter what.”

His story inspired me in many ways. From his courage and drive to be a trailblazer, to the importance he placed on family and core values. I was thrilled that PBS aired his story last weekend, titled Pioneers: Reginald F. Lewis and the Making of a Billion Dollar Empire. It gave me an opportunity to share his story with my children. Reginald Lewis, and other pioneering Black leaders in business, should be celebrated more often.

Celebrating Black leaders in business

Black History Month is about marking the distinct narratives of Black Americans, and it also focuses on role models. In addition to those in civil rights, sports and entertainment – and astrophysicists like Neil deGrasse Tyson – it’s important that we also highlight those who’ve made their mark on business. Figures like Reginald Lewis, or the legendary CEO and chairman of American Express, Kenneth Chenault, deserve recognition.

I’ve sought to learn from Kenneth Chenault’s career for many years, partly because his path has some similarities to my own: it began in the consulting world – Bain & Company for him, McKinsey & Company for me – and then transitioned to American Express. Chenault’s story resonated not just for the fact that he rose so far, but also because he successfully remained in the top job as long as he did, including through the 2008 financial crisis. I also look to executives like Roger Ferguson, who is transforming TIAA, and Merck’s CEO Kenneth Frazier, who has spoken passionately about inclusion.

To be frank, it’s not difficult to keep up with the careers of Black Fortune 500 CEOs, because there aren’t many. Today there are only three black CEOs of Fortune 500 companies: Kenneth Frazier, Roger Ferguson, and Marvin Ellison (JCPenney). At the peak in 2007, there were seven Black Fortune 500 CEOs, and this number has steadily decreased ever since. As my friend John Rogers, founder of Ariel Capital Management, once said, “It’s easier to make it to the NBA than to become a Black CEO of a Fortune 500 company.” His obvious point is that we have a lot of progress to make in corporate America. 

Working twice as hard as the next person

These distinguished business leaders grew up knowing they had to work harder and do more. No matter what the challenge, they broke through. They should be celebrated during Black History Month and always. Growing up, I vividly recall my father telling me that I have to be twice as good as the person next to me, because not everyone wants me to succeed.

Just as I have looked to the examples set by these Black executives in building my own career, I am also highly aware of my own role now as a role model to the next generation of young leaders, in particular, men and women of color.

There are different ways to move the needle. Outside BMO Harris, I participate in Chicago United, which aims to improve diversity on corporate boards, and the Executive Leadership Council, which works to support the development of Black leaders.

I am also happy to work for a company that values diversity and inclusion. Corporations play an important role in establishing the moral compass for society. BMO is proud to be acknowledged for its efforts by being a 2017 Catalyst Award recipient, particularly as it relates to our leadership in gender diversity. Catalyst, a global nonprofit advocating for inclusivity in the workplace, just came out with a new report on the emotional tax among men and women of color.

At BMO, I am proud to serve as the Executive Sponsor for our People of Color initiatives and to serve on the Leadership Council for Inclusion and Diversity. Our role is to ensure that we have a culture and environment that enables everyone to succeed, regardless of race or gender.

Black History Month is a time to reflect on what we’ve accomplished and where we still need to go. So, while we recognize the Black men and women who’ve led the way, I would like to give special recognition to the leaders that have been pioneers in business and corporate America. We have to recognize the challenges they’ve faced and the obstacles that they’ve overcome. The numbers clearly say that we have more work to do, but I remain optimistic. It is up to all of us to continue to fight for inclusivity and diversity in work and in all aspects of life. We owe this to future generations.