The stock market talks with money: it tells you what it thinks about corporate decisions by how the stock price moves. If the price goes up, the market likes you. If it goes down, investors are angry. The market likes Ursula Burns. Ursula's appointment as CEO of the Xerox Corporation led to a 2.2% one day increase in the company's stock price and applause from Xerox shareholders around the world. In addition to inspiring the market, Burns has energized an army of black women and men by becoming the first black female to ever take the reigns of a Fortune 500 company.
With the recent announcement that Burns will take over Xerox on July 1, the company has surpassed a milestone for black women that is long overdue. Even without regard to all the Xerox copies that will be made during her time as CEO, Burns will surely be creating copy cats of her own within the black communty. Young women everywhere are inspired by Burns' achievements, and she is now a part of history. But what does the promotion of Burns say about the state of black women in corporate America? Have we hit the finish line?
"This occasion is unequivocally, a cause for celebration," says Dr. Kendra Harris, Assistant Professor of Marketing at North Carolina Central University. "That said, this kind of 'first' nearly a decade into the 21st century is a sad testimony to systemic lack of awareness of the talent among the ranks of minority women."
Burns, who has a BA from New York University and a Masters degree from Columbia University, represents the eptimone of the black female presence in corporate America: sharp, together, hard working and focused. She rose out of a housing project in New York to become one of the most powerful leaders in the corporate world. With a market value of nearly $6 billion dollars and revenues of $17 billion, Burns guides a ship that will require Obama-like skills to navigate.
Times are tough for Xerox, a company that has seen its share price drop by more than half from its one year high of $14.62. The company has been preparing for Burns to take over for years, as changing CEOs can be quite a complicated process. Xerox, as financially strong as it may be, was nearly bankrupt a few years ago, but was saved by Burns' predecessor, Anne Mulcahy, who ran the company for 8 years. Burns is sure to have her own tests as the head of the company, since the global printing industry is changing by the second.
Before They Were Famous
Before Oprah became the media billionaire we know her for today, she started out at the very bottom of her industry.
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Oprah: Radio Announcer
Oprah got a lucky and early start to her career. From 2spare.com: "Arriving at a radio station to collect a watch she had won through a promotional contest, a 16-year-old Winfrey read for producers and secured herself a spot as an on-air reporter earning $100 per week."
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Ironically, the strong-willed Simon Cowell got help from his father to start his career.
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Simon Cowell: Mail Room Boy
From AOL Music UK: "After leaving school at 16 and being sacked from various 'menial jobs' due to issues with his bosses, Cowell's music industry executive father came to the rescue. He got him a job in the [mail] room at EMI Publishing. From there he plotted his rise divulging to CNN, 'I would just drive everybody crazy when delivering mail. I'd go into the bosses' offices and tell them they should give me a better job.'"
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Whoopi Goldberg talks tough now, but she must have really been physically tough to do her old day job.
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Whoopi Goldberg: Bricklayer
From VirginMedia.com: "Believe it or not, Whoopi Goldberg used to work as a bricklayer in the days before she took the comedy and film world by storm. A pretty unlikely job for a would-be performer, and probably a bit of a grind. Thing is, she's such a great actor that even if her heart wasn't in it, we bet she put in a pretty convincing performance!"
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Pink spent some time near deep fryers at the start of her climb to the top.
Jon Kopaloff, FilmMagic
Pink: McDonald's Employee
From AOL Music UK: "Bad girl Pink had a novel way to get the party started at work, she has said, 'I'd turn up tripping on acid ... and I would say, "Could I have bathroom duty?" And I would sit in the bathroom and watch the tiles.'"
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Rod Stewart was digging something else, way before people started digging his music.
Chris Gordon, WireImage
Rod Stewart: Grave Digger
From TheImproper.com: "After trying out for a football career with Scottish giants Celtic and London minnows Brentford, a young Rod Stewart decided the glamorous career of a footballer wasn't for him and opted for the not-so-glamorous career as a grave digger. He wasn't there for too long though, before pursuing a career in music. The Maggie May songwriter took up street singing, travelling around Europe... indeed he was actually deported from Spain for vagrancy for his art!"
Corbis / WireImage
While some would argue that the promotion of Ursula Burns is a clear signal that black women have "made it", not everyone agrees with this assessment. Dr. Julianne Malveaux, President of Bennett College for women and a leading advocate for women's rights, says there is more to the story.
"Glass ceilings are shattering and sisters are celebrating this amazing milestone," says Dr. Malveaux. "After the dust clears, let's focus on both the glass ceiling and the sticky floor that suppresses the wages and salaries of most working women."
Dr. Malveaux has a point. According to the US Census Bureau, women only earn 77.4 cents for every dollar that men earn to do the same work. The numbers are worse for African American women, who earn roughly 64 cents for every dollar earned by white males. Such disparities perpetuate the continuous double-whammy of sexism and racism for black women in America.
Dr. Mary Stoddard, a professor and prominent attorney in Louisville, KY, agrees that the struggle is far from over. "Because one black female has been bestowed the job, that does not remove the many who are qualified and denied the opportunity because they are a black woman," says Dr. Stoddard, who earned both a PhD and law degree while raising five successful children.
While we are aware of the limitations of the Ursula Burns appointment, there is certainly a bright side. After all, we can't hang the plight of the black community on the heads of Xerox executives can we? Not only does Ms. Burns stand for something greater for black professional women, she also serves as a milestone for young black women across America. "With each obstacle she overcomes, that is one less that our children will have to encounter," said Sheri Mitchell, whose daughter attends Columbia University, where Burns earned a Masters Degree.
The community is buzzing about Ursula Burns. To read what other black professional women and educators have to say about her, please click here. There is no shortage of opinions, as the appointment of Burns opens doors of economic opportunity for ambitious black female professionals everywhere. It also opens doors of thought for those trying to contextualize the "post-racial" America allegedly created by the Obama Administration. As long as serious disparities in pay and opportunity exist for African Americans, we are not living in any kind of post-racial society. Additionally, black celebration over Obama's election cannot mute the reality that black women deserve the same opportunities as black men.
The bottom line is this: Ursula Burns has reached an amazing social landmark for herself, her family and her community. Xerox should be applauded for having the courage to judge this woman on the content of her character and the constitution of her capabilities. But the fight is far from over, and before the party begins, we must realize that Ursula is not the only black woman in America capable of guiding an organization through a difficult economic storm. Black women have been doing that with their own families since slavery. Far from being a pinnacle of success for black female corporate achievement, Burns is the beginning of long period of racial and gender corporate correction. We are proud of her nonetheless.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good". For more information, please visit www.DrBoyceMoney.com. To get Dr Boyce commentary delivered directly to your mailbox, please click here.




Comments: (12)
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By: monique on 5/27/2009 11:22AM
This is an extraordinary achievement. This woman should be proud. People have to also remember that we are not out of the woods yet. There is still alot left to do.
By the way - I love you Dr. Boyce! Thank you for standing up for black women.
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By: monique on 5/27/2009 11:24AM
Thank you for standing up for black women Dr Boyce! You're awesome!
We are not out of the woods yet. This woman's achievement is remarkable, but it is just the beginning. HOpefully, she will open doors for others.
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By: kcn9971 on 5/27/2009 3:19PM
Your use of capital letters are inappropriate! it should be "hopefully" not "HOpefully".....now THATS a disgrace!!!!
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By: kcn9971 on 5/27/2009 12:49PM
Dr.Boyce, please..."...Young women everywhere are inspired by Burns achievement..." I can gauratee that very few women have ever heard of Ursula Burns before this post. And your comment of "...Burns has energised an army of Black women and men..." Where is the location of this army? Are Black people so dispirited that we have to place a "JESUS" complex on any African American who achieves any level of sucess. Ursula Burns achievement is commendable, and she most likely was promoted because of her expertise, not skin color or her ability to change water to wine. The problem with "so called" Black commentators like yourself is, you always contradict yourselves. On one hand you praise the leaps and bounds made by Black men and Women through their hard work, talent, and determination(despite racism); Then on the other hand you tell Blacks "...The White man in America is not giving us enough". We have to stop this perception that Blacks are so incompetent; that when they do achieve a level of sucess they are regaurded as "The chosen one" or "The door has now opened" or "A credit to their race". These labels are not compliments sir, they are racial insults.
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By: monique on 5/27/2009 12:54PM
Your misspellings are an insult to your race. You don't spell "energize" with an "s".
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By: JustMe on 5/28/2009 8:32AM
Please consult your nearest dictionary before posting your comments or use spell check or have someone proofread your comments. How embarrassing?!?!?
What Dr. Boyce is saying is not that white people aren't 'giving' us enough. He is stating a well known fact, women and people of color do not receive the same consideration for certain opportunities as their white counterparts.
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By: Lou on 5/29/2009 12:44AM
does 'AA' mean 'African American' or 'Affirmative Action'? Never mind, it's all the same thing.
Waaah! Waah! It's racism, it's racism!!!
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By: eric on 6/05/2009 9:35PM
In this case it means "Affirmative Action" Things must either be pretty bad for them financially to make this decison, or they're just seeking a bail out!
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By: eb on 6/02/2009 11:20PM
a first congratulations
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By: vivian on 6/03/2009 7:30PM
Your article is one well needed to encourage us as both females and minorities not to give up on our dreams as well as each other.
Females have the education and still must work twice as hard as their male peers. Ms. Burns serves as one who finally met the challenge which all females must under go. Congratulations to both Ms. Burns and Mr Boyce for a well written piece on the success of the Ceo of Xerox.
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