Key Takeaways

  • The total number of African American/Black CFOs at Fortune 500 and S&P 500 companies fell to 15 from 16 last year, a 25% decline from 20 in 2021, according to the Mid-Year 2026 Volatility Report released Monday by Crist Kolder Associates. The report counted 663 CFOs in total.
  • This decline contrasts with increases in the number of Asian and Hispanic CFOs, partially explaining why the share of non-white executives in top finance roles has plateaued this year. The combined share of Black, Asian, and Hispanic CFOs fell to 14.4% this year after rising from 6.5% in 2016 to a high of 14.9% in 2024.
  • The report reflects a shift in attention to diversity efforts in business, government policy, and broader culture that began around the COVID-19 pandemic, said Josh Crist, co-managing partner at Crist Kolder.

Deep Dive

The U.S. Supreme Court's 2023 ruling banning affirmative action, along with executive orders issued by the Trump administration in 2025 directing federal agency heads to target diversity, equity, and inclusion programs, have prompted many companies to scale back DEI initiatives, CFO Dive previously reported.

This reversal comes after many boards had "pushed hard" to increase diversity in their ranks, Crist told CFO Dive. In the immediate post-pandemic period, boards tended to select from a more diverse pool of candidates. But that is no longer the case, he said.

In contrast to Black and African American executives, some groups have seen their representation in the C-suite rise in recent years. The share of Asian CFOs has nearly tripled over the past decade, although their number fell by one to 61 this year. Meanwhile, the number of Hispanic/Latino CFOs increased by one this year to 20, a ten-year high.

Women's representation in CFO roles also appears to have plateaued, rising slightly to 17% this year from 16.5%, but still below the 2023 high of 18.5%. The technology sector has the most female CFOs, with 22.

The report uses the U.S. Equal Employment Opportunity Commission's (EEOC) diversity definitions to categorize demographic groups.