Of all the talent wars being fought across corporate America, few are as tough as the battle to find a great CEO. With the accelerating pace of change and increased demands on leaders, the metrics for success have become more complicated.
And yet, as our second annual CEO Next list shows, the next generation of contenders to lead America’s largest companies is looking strong. They have lived and led through booms and busts, financial meltdowns and periods of prosperity, transformative innovation and a pandemic that has shifted the way we work and live. They are diverse, although diversifying the top ranks of business remains frustratingly slow. And they embrace the human side of leadership as few of their predecessors ever had to do.
We surveyed top recruiters, executive coaches, consultants and the Forbes newsroom to create this year’s list of 50 leaders who look poised to step into large-company CEO jobs. Some are clear contenders within their own company—a common path in a year when fewer than 19% of new CEO hires have been external candidates, according to Crist Kolder Associates, versus more than 30% in 2019. Others are entrepreneurs who are disrupting from within, or are in C-suite roles that have not typically been a stepping stone to the CEO job. (To understand why, read our look at what skills and backgrounds boards demand now.)
What unites the executives on this list is that their accomplishments and talent are being noticed by those who have built their careers and reputations on finding and working with the CEOs of tomorrow. Nobody applied to be on the list; for some, it may be a recognition they’d prefer to do without. This list doesn’t capture the visionary founders or people leading small businesses, nor does it recognize the leaders from our inaugural list who have only gotten stronger.
We focused on those deemed likely to lead large U.S. companies because that role comes with a particular power and responsibility. The behemoths of business have the scale and reach to impact millions of lives, for good and for ill. How those leaders choose to make their products, treat their people and manage their operations can set a new gold standard for accountability, sustainability and success—or undermine trust, prosperity and the planet.
For the past two years, many boards and chief executives have been focused on steering their companies through a global pandemic and rising inflation, lowering turnover in the corner office. But as those storms begin to calm, the succession rate is picking up again—making way for another generation. (See our exclusive look at new CEO succession data here.) Here are 50 contenders many experts feel are well positioned to navigate the rough waters ahead.
Recruiters credit Abrams-Rivera with rebuilding Kraft Heinz as a “digital first” company, increasing his odds of being next in line to run the food and beverage company, where he oversees its largest zone. Abrams-Rivera has had to manage price increases, supply chain snarls and product recalls since coming to The Kraft Heinz Company in 2020 from Campbell Soup Co., where he ran its snacks and Pepperidge Farm businesses. It was a return of sorts: The Puerto Rico native started his corporate career at Kraft Foods, moving on to senior roles in the global snacks business that spun off to become Mondelez International.
With responsibilities that range from sales and pricing to e-commerce and digital merchandising, Aitken has a broad scope of responsibilities at the grocery giant. Kroger has been helped by a pandemic-fueled rise in home cooking, but leaders like Aitken have also had to deal with the challenges of inflation and supply chain issues. Aitken’s credentials include prior CEO experience at two data science companies, as well as high-profile marketing roles at Michaels Stores and Safeway.
Recruiters say Arasu is a strong strategic leader who has leveraged the CTO role to drive growth, innovation and productivity gains at Autodesk. In her previous role as senior vice president of platform engineering at Intuit—a company recruiters say is known for building strong leaders—Arasu helped lead the software company’s platform strategy as well as its cloud transformation. She’s also held leadership roles at StubHub and eBay, as well as a board seat at MediaAlpha.
Arnoldi has held several key leadership roles since coming to AT&T from Accenture in 2008. That includes being CEO of Vrio Corp, a digital entertainment services business unit in Latin America that AT&T sold to Grupo Werthein last year. Prior to that, she was president of technology and network operations, overseeing a team of nearly 200,000 employees. Now leading a team that handles 180 million customer interactions a year, she’s viewed as an exceptional operator, as well as a strong advocate for advancing women in STEM roles in her company and beyond.
Chiefs of staff—a role borrowed from Washington that has proliferated in many corporations—often act as a proxy for the CEO in meetings, while requiring the trust of top brass and relationships that span the company. While Beckwith’s role, which includes leading the Salesforce Foundation, is not the usual path to the corner office, it’s one some recruiters find intriguing. Reporting to Benioff, she has a front-row seat on the business. She serves on the board of directors of Poshmark. And she appears to have the ambition: On her personal blog, #BossNotes, she writes that “I still feel like I’m just getting started.”
Belsky first joined Adobe in 2012 through the acquisition of Behance, a social media platform he cofounded in 2006. He left a few years later to focus on his work as an advisor and investor in companies like Uber, Pinterest and Sweetgreen, rejoining Adobe in late 2017. Along with overseeing Adobe’s creative products and services, he also runs Adobe’s global design team. Recruiters say he’s a strong contender for a CEO job because of the scope of that role, as well as his long runway at the age of 42. His experience as an entrepreneur and leader in a top-tier tech firm is another plus.
One recruiter calls her a “hidden gem” because of a pedigree that includes Pepsi and American Express—as well as her leadership experience at IHG during the travel industry’s pandemic-fueled downturn. Bennett is credited with understanding the services business while thinking like an operator. As the global chief customer officer, she is responsible for marketing, loyalty programs, partnerships and the total guest experience—skills that recruiters say could make her a prime candidate to run a retail or other hospitality business.
Bird has held several senior roles at the energy holding company, which distributes natural gas and electricity, along with building out infrastructure from pipelines to wind farms. Praised as a far-sighted dealmaker with a global mindset and a desire to make Sempra a leading innovator in the energy transition, Bird represents a new generation of sustainability-minded leaders rising in the energy sector.
Bjorlin’s arrival at Meta late last year sent a strong signal that the company formerly known as Facebook was serious about building out the processing power of its infrastructure to thrive in an immersive virtual world. An engineer with a PhD in materials science, Bjorlin previously led the optical systems division at Broadcom, reporting to CEO Hock Tan, and held several senior roles at Intel. One recruiter says that with Bjorlin’s mix of IQ and EQ, he would put her “up in front of anyone.”
Borthwick has worked across several key businesses and functions, giving him the kind of silo-busting perspective that a CEO needs. He also has a longstanding commitment to diversity and inclusion, through internal efforts at the bank and his work on the Posse Foundation. With Bank of America’s current leadership likely to remain in place through the end of the decade, the Scottish-born executive is being eyed as someone who could be appealing to a number of competitors.
Brown came to this newly-created role late last year after being CEO of the American Diabetes Association, where she’s credited with leading a digital transformation. She has also held leadership roles at companies like Sam’s Club, AMD, American Express and P&G, gaining experience in areas from technology and financial services to energy and consumer goods. That breadth makes Brown a desirable candidate for roles in several different industries.
Calio joined United Technologies in 2005 and spent the next 15 years helping to transform the conglomerate, culminating in a merger with Raytheon that completed as the world went into lockdown in April 2020. Having navigated strong headwinds much of his career, Calio’s focus on innovation and culture is credited with helping make the merger a success.
Running Pfizer’s vaccine business through a global pandemic is a role that would thrust any leader into the spotlight. Cocero has not only delivered, recruiters say, but gained geopolitical experience that will be an asset in her next job. She has thrived in a role that carries significant operational demands, risk management skills and crushing visibility. Along with carrying strong academic credentials—a PhD in pharmacology from the University of Pennsylvania and a Wharton MBA—the Puerto Rico-born Cocero is considered one of the most influential Latinas in business.
Colbert was recently tapped to take charge of Boeing’s defense unit, which has struggled amid high-profile cost overruns and delays related to an Air Force One deal forged during the Trump Administration. But tackling big challenges comes naturally to Colbert, who’s had successful stints at the helm of Boeing Global Services and as Boeing’s CIO. A passionate supporter of Historically Black Colleges and Universities (HBCUs), Colbert has championed programs to advance Black students in STEM professions and just won the prestigious Black Engineer of the Year award. With successful stints at both Citigroup and Ford, recruiters say Colbert could land a CEO role in a number of industries.
When recruiters cite companies that cultivate great leaders, Starbucks is often on the list, with Conway as the “rock star” example. Having excelled in numerous key roles over the past decade, Conway now leads operations in 80 markets while forging new channels and partnerships for the brand. Praised as a strong multichannel operator with extensive global experience, Conway’s name repeatedly comes up when talking with CEO recruiters.
Who better to bring Google’s consumer products to life than the woman who built a successful scrunchie business in Costa Rica at the age of 15? She later leveraged those entrepreneurial chops to cofound a solar company that was acquired in 2010. Corrales also held key operational roles at Nest and Cisco prior to joining Google and sponsors Google’s Latino Employee Resource Group. “Ana understands where the world is going,” said one recruiter, “and she knows how to get there.”
As long as digital transformation continues to be a coveted skill in the executive suite, leaders like Dhandapani are likely to be in demand. Previously, she held the role of chief transformation officer within the real estate firm, she held a similar role within the financial services division of Capital One. At CBRE, Dhandapani also has a track record that includes overseeing human resources, marketing, supply chain operations, research and other key functions.
When the boss is intent on transformation, it’s good to be where the action is. As former COO of North America, Drake knows how to navigate the sticky challenges of supply chains and Ford’s many stakeholders, too. The Pittsburgh native, who also held positions in engineering and purchasing, has also been active in efforts to bring more women into the automotive sector.
Edwards started his career as a front line plant supervisor at Delphi, when it was part of General Motors, before moving on to GE’s transportation business and then Caterpillar’s rail subsidiary. Known for being a strategic manager, Edwards now leads the industrial giant’s remanufacturing division, which offers lower-cost replacement parts remanufactured from Cat components, offering him enterprise-wide experience managing what’s seen as the centerpiece of the company’s sustainability strategy.
As with all the big Wall Street banks, there is a roster of talent ready to step into the top job. Esposito is widely viewed as having the best mix of skills and overall understanding of the business should that job come open soon. The New Jersey native and former varsity wrestler credits his father, a longtime senior executive on Wall Street, with instilling in him and his two brothers a strong work ethic. (All three have ascended to senior roles in finance.) But it’s his prowess in transforming the business to get ahead of trends that’s caught the eye of recruiters in finance.
In addition to overseeing Pfizer’s digital strategy, Fonseca leads the company’s learning and development, as well as its push to improve how it creates and delivers products. Pfizer has automated more than 90% of all processes across the company under her watch. Fonseca’s priorities: improving health outcomes, accelerating medicine development and fueling innovation such as AI-powered predictive algorithms to track and treat disease.
Having previously led Sam’s Club with impressive results and often pinch-hitting for CEO Doug McMillon on core issues, Furner is every inch the company man. He grew up in the company’s hometown of Bentonville, Arkansas and began working part-time at Walmart as a teen. He has since held multiple roles from a store manager and buyer to head of marketing and merchandising for Walmart China. As chairman of the board of directors for the National Retail Federation, he also understands the importance of being a leading industry voice.
Garay came to Moderna from Merck, where she was CMO of its Human Health business. She also comes in with extensive global experience and leadership of key units such as Merck’s U.S. vaccine business. Her marketing expertise could prove critical as Moderna evolves from a research pioneer that created a COVID vaccine utilizing messenger RNA to a commercial enterprise that aims to scale its mRNA research to revolutionize medicine. If Garay can navigate the tricky terrain of competition, compliance and end-user costs, she could be well positioned for a CEO role in healthcare and beyond.
Geraghty started her career as a lawyer, coming to JetBlue to handle litigation and regulatory issues. From there, she went on to oversee talent and then the customer experience before stepping into the COO job. Through the airline’s “Fly Like A Girl” program, she’s pushed to boost the number of women choosing to become pilots and airline technicians. As one recruiter put it: “She runs operations with an eye to seeing new opportunities for the industry.”
Gomez has held several key roles at Target, from strategy and e-commerce to marketing. Prior to joining the retailer, he worked at MillerCoors and PepsiCo. In singling out Gomez, one recruiter praises him for “brand-building prowess” and track record of delivering results. Wendy’s Chairman Nelson Peltz, who helped recruit Gomez to that board, highlighted his commitment to corporate social responsibility.
Some names on this list are true up-and-comers. Others are all but anointed. Blackstone’s Jon Gray, who is widely viewed as the heir apparent to Stephen Schwarzman, falls into the latter category. The former real estate chief, who joined Blackstone out of Wharton in 1992, is known for lucrative dealmaking such as the $26 billion acquisition of Hilton hotels in 2007 and has been leading day-to-day management of the firm since 2018. Unlike many clash-of-the-titans financial services hand-offs, the long-running succession at Blackstone has been noted for its lack of drama. The shock would be if Gray doesn’t ascend to the top job.
Hayes often shows up on top CFO lists as a strategic leader who’s adept at doing deals, managing multiple stakeholders and driving growth. Recruiters say he’s shown leadership during previous roles at publicly traded companies such as ITC and Exelon, as well as earlier in his career at firms like Lazard and Banc of America Securities.
Hood is credited by recruiters with being a “business-minded” CFO who comes to the job with general management experience and a strong track record. Along with overseeing significant acquisitions and investments in key growth areas, Hood has been at the forefront of Microsoft’s digital transformation. Equally important, she has long been viewed as a partner to CEO Satya Nadella in bolstering the company’s culture and commitment to initiatives around sustainability. Her five years on the board of 3M has also given her a broader view of the global business landscape.
As CEO of the industrial giant’s U.S. division, Humpton leads a $17 billion business in its largest market. Humpton also chairs the company’s foundation and serves on several nonprofit boards, along with hosting Siemens USA’s Optimistic Outlook podcast. She previously ran Siemens Government Technologies, and held senior roles at Booz Allen Hamilton and Lockheed Martin.
Janki came to Delta last year from GE, where he ran and repositioned the power businesses, and held key roles in finance, shared services, energy and investor relations. He’s viewed as a strong operating and strategic leader who knows how to invest for growth. As one observer put it: “a true CFO-plus who is on his way to being a CEO.”
The Geneva, Switzerland-based executive leads the $14.8 billion Beauty business at P&G, a company long known for growing talent and the place where she’s spent her entire career. Since taking the helm of the company’s Beauty portfolio in 2017, Keith, known as Alex, has reversed seven years of decline with six straight years of top-line growth. A board member for Thermo Fisher Scientific, Keith also helps lead the company’s sustainability efforts.
Whether he’s helping transform Cadillac or marketing at Frito Lay, Krishnan has brought a data nerd’s brain and a philosopher’s mindset to his work. On his blog, Ramalytics, he sets out to explore the intersection of “tech, data, and humanity in a fast-moving world.” One recruiter calls him a “leader who really thinks about leadership and the responsibility that brings.”
Limp is a leading force in “ambient computing” – creating a technology-embedded environment in which devices like Alexa interact seamlessly with humans and each other. He also oversees Amazon’s $10 billion Project Kuiper to build a network of satellites in low-earth orbit with the goal of delivering high-speed internet worldwide, as well as Zoox. Such ambitious and transformative projects make Limp an exciting CEO candidate, and one recruiter lauds Limp for his ability to execute and build teams. The challenge may be wooing him away.
Levinson was the quintessential CTO when he cofounded the autonomous vehicle startup Zoox in 2014 – a brilliant young researcher who’d developed the algorithms for Stanford’s $1-million winning entry in the 2007 DARPA Urban Challenge. When his board ousted cofounder Tim Kentley-Klay as CEO, they hired Aicha Evans to run Zoox–and sell it to Amazon a year later. While Levinson continues to oversee the technology, he has also developed a broader leadership presence. With dad Arthur Levinson chairing the Apple board and running Calico Labs, he no doubt gets good counsel.
Lockwood-Taylor came to Bayer in 2018 to head up consumer health in North America. Two years later, he was also put in charge of the U.S. operations for Bayer group, which added pharmaceuticals and crop science to his portfolio. The Procter & Gamble veteran, whose prior leadership roles include being CEO of the Oneida Group, has helped position Bayer as a leading voice on topics like food security. One recruiter credits Lockwood-Taylor with having a “measurable impact on organic growth” in a traditionally slower-growth company, as well as for his deft handling of lawsuits that Bayer inherited as part of its Monsanto acquisition.
With a resume that reads like a “who’s who” of Big Tech, Martinez has made stops at Cisco, Salesforce, Microsoft and AT&T’s Bell Labs—but she’s also been CEO of a small startup. She now leads operations at Cisco, where her responsibilities include oversight for strategy, customer experience, supply chain, IT, services and the company’s “transformation” efforts. She was previously Cisco’s chief customer experience officer.
Mason has played a critical role in helping Citi deliver strong results amid volatile markets. He was also a key figure in driving Citi’s $1 billion initiative to close the racial wealth gap. Along with having valued experience in wealth management and various operational roles, Recruiters say Mason’s experience in strategy roles at Lucent and Marakon Associates have given him a broader mix of skills and experience than many peers who come up through the finance function.
The workflow software firm’s explosive growth means its executives are closely watched candidates for recruiters looking to find executives who’ve managed that kind of expansion at a company that’s defined a new sector. A board member at software platforms Roblox and Gong, Mastantuono is what one recruiter calls a “CFO-plus,” an executive who is not only a top performer in the finance function but who thinks like a strategic operational leader across the firm.
In addition to being one of the top-ranking women in the gaming industry, Miele is one of the few executives to straddle both a creative and an operational role. With giants like Amazon and Netflix moving into the space, her experience makes her a daunting competitor and an executive others want to recruit. As someone who’s passionate about games herself, Miele brought a renewed focus on players and creative talent.
In July, Coca-Cola announced its president and chief operating officer would be retiring in February, and that Murphy, the beverage giant’s CFO, would be adding the title of president Oct. 1. That appears to be a sign that Murphy, 60, an Irishman whose global background includes leadership stints running the former Asia Pacific group and parts of the company’s Latin American unit, could be in line to succeed current CEO James Quincey.
O’Neill leads Nike’s direct consumer business, which includes all stores, e-commerce and app sales globally, as well as its marketplace partners organization and the Nike brand in four major global geographies. Over her 24 years at Nike, she built its direct to consumer business, as well as its women’s division, now a multibillion dollar business. A marketer by background, she now leads a substantial chunk of Nike’s business, making her a likely bet, recruiters say, to lead a major brand.
Peluso’s industry-hopping career spans health care and pharmacy (her current post), technology (IBM), financial services (Citigroup) and fashion (Gilt). She’s even been a CEO herself, leading a turnaround at Travelocity in the mid-2000s when she was in her 30s. But the thread that runs through it all is a focus on marketing, digital sales and digital transformation, skills recruiters say are in growing demand in the CEO’s job.
Peterson is credited with launching innovative programs that have enhanced loyalty, helped double online revenue and kept competitors like Amazon at bay. Recruiters believe she’s in a strong pole position to be the next CEO, but point out that her experience in omnichannel and brand strategy has value far beyond the realm of retail.
Raman heads up P&G’s largest business, representing about one-third of sales and iconic brands from Tide and Downey to Febreze and Swiffer. Recruiters point to his strong track record for innovation, having helped launch products like Tide Pods. “He’s a humble, authentic and decisive leader who understands how to succeed in the complex matrix of P&G,” says one, who also credits Raman with bringing more focus to inclusion and diversity initiatives. His role is also viewed as a stepping stone to the top job, as his predecessor Shailesh Jejurikaris is now COO.
Samat, who oversees the Android and Google Play products, came to Google with the important credentials of having two successful startups under his belt. As head of the world’s biggest app store, Samat is also navigating the compromises needed to address concerns from developers and antitrust regulators. He also announced an initiative to create a more racially inclusive camera for Google’s Pixel devices. Such experiences are critical for leaders in a world of growing scrutiny over the power of Big Tech, which may explain why one recruiter says he’s often the top choice for e-commerce companies seeking a new CEO.
As the CFO at Stripe, Suryadevara has led the company’s finances through a period of surging growth, experience that will make her attractive to other boards. Combined with her exerience as CFO of General Motors, Suryadevara has the kind of resume where she “wins every award under the sun; she’s an absolute rock star,” said one executive search leader. As a top executive at a company that’s still founder-led, she’s at the top of many recruiters’ radar screens.
Viewed as one of the top executives on co-CEO Marc Benioff’s team, Taychakhoonavudh is “universally admired” and the type of leader others readily follow, one recruiter said. Before her current role leading the customer relationship, she led the team that developed strategies for Salesforce’s customer in different industries. She joined Salesforce from Oracle in 2009, and could be ready for her next move.
When Union Pacific CEO Lance Fritz announced in February that Whited would oversee the push to become the nation’s No. 1 supply chain logistics provider and help the railroad reach net zero by 2050—while continuing to oversee human resources—he praised her as “the perfect person to lead Union Pacific in these critical areas.” Indeed, Whited has a track record of success in several roles across the company, from running the distribution services business and marketing to enhancing talen around the HR function. One recruiter echoes her boss’s sentiments, arguing that “few people know that company or the industry better than Beth.”
Williams has worked at three top financial services firms—Wells Fargo, Bank of America and JPMorgan—and sits at the intersection of strategy and digital change management that’s pivotal to banks’ operations today. Recruiters say he transformed Wells Fargo’s digitization efforts while managing to stay above the fray during recent scandals, which could set him up to lead a regional bank.
One recruiter called Yehoshua “a bit of a dream mix for tech firms,” as a chief product officer with an engineering background who also manages product—an increasingly common path in the tech world for up-and-coming CEOs. She joined Slack in 2019 after running some of Google’s most important product categories, including search, identity and privacy.
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