The Modern CEO
The Modern CEO of the Year isn’t the chief executive of the most valuable company in the world (that would be—for now—Tim Cook, CEO of Apple), nor does the title go to perhaps the most decorated executive of 2024, AMD’s Lisa Su, who has earned “CEO of the Year” nods from Time, Chief Executive magazine, and Barron’s for engineering a turnaround of the semiconductor company.
Su and Cook are outstanding leaders, but Modern CEO set out to recognize an executive who embodies the traits and values we’ve been covering in this newsletter for the last two years: inclusion, accessibility, humility, and innovation. We solicited reader nominations and talked to executive recruiters and leadership experts—this accolade is more “vibe” than strict methodology—and one name popped: The inaugural Modern CEO of the Year is E.l.f. Beauty CEO Tarang Amin.
THE MAKING OF A MODERN CEO
Under Amin, who joined the beauty brand in 2014, E.l.f. Beauty has reported 23 straight quarters of net sales and market share growth. Recently, Amin told investors the company expects 28% to 30% growth in sales for fiscal 2025. E.l.f. products are especially coveted by young consumers, who appreciate their affordability ($2 lip liners and $6 foundations), wide availability, and vegan formulations.
E.l.f. also prides itself on its engagement with consumers and employees, and Amin credits many of the company’s innovations to the symbiotic relationship its workers have with customers. “We’re known for our speed in terms of product innovation and for having an incredibly diverse team that reflects our community,” he says, citing an example of an $8 lip oil that E.l.f. rolled out in 16 months in response to customer demand for a budget-friendly alternative to popular luxury offerings. “When you have a team that reflects your community, you can move at a much faster pace because you’re not hiring someone to interpret what your community wants,” he says.
EQUITY IN ACTION
Earlier this year, E.l.f. proclaimed its commitment to diversity when it launched “Change the Board Game,” a campaign to encourage corporate board diversity. “I’m proud to say that our board has 78% women and 44% diverse representation,” Amin tells Modern CEO. “We’ve seen the power in our own business of having that type of representation, but we don’t want to be the only company.”
As part of its board diversity effort, the company sponsored 20 diverse candidates for a National Association of Corporate Director’s program for boardroom readiness and grabbed headlines with its “So Many Dicks” research that found there are more men named Richard, Rich, Rick, or Dick on U.S. public company boards than entire groups of underrepresented candidates. “There’s nothing wrong with being a Richard or a Dick,” Amin says with a smile. “I just want to make room for everyone else.”
What might have been seen a few years ago as a cheeky take on a corporate issue now feels a bit subversive amid challenges to diversity programs. Earlier this month a U.S. appeals court struck down Nasdaq rules aimed at setting racial and gender targets for boards on its listed companies. “We feel companies have a role for societal good, particularly at a time when many are rethinking their diverse and inclusive efforts,” Amin says.
BE TRUE TO YOU
I asked Amin what advice he’d give CEOs who are feeling pressure to abandon or pull back on diversity, equity, and inclusion (DEI) commitments. “My counterpoint would just be, ‘stay focused on your community and your employees,'” he says. “Activists or those who like to attack companies have a very loud voice. The louder voice is what you really believe in and your true constituents.”
Modern CEO of the Year Honorable Mentions
Bijal Shah, CEO, Guild: Guild named Shah CEO in April, after an 8-month stint as interim CEO, a role she took on when founder and former CEO Rachel Romer suffered a stroke. Shah, who cut her parental leave short to lead Guild, is credited with helping grow the company in her previous role as chief experience officer. “Bijal’s time as CEO has been marked by significant strides across new product development, M&A, and scaling Guild’s business fundamentals to ensure its mission can endure,” adds Ken Chenault, Guild board member and General Catalyst Partners chairman and managing director. “Her focus has been—and continues to be—what is best for Guild. As a result, she’s earned the trust of Guild’s employees and clients.” At a time when technology is dramatically changing workplaces, Guild’s work to build the workforce of the future through employee education and skilling programs feels more urgent than ever.
Shantanu Narayen, CEO, Adobe: Though Adobe this month lowered its guidance for fiscal 2025 revenue, earlier this year, the software giant announced programs to invest in a new generation of creators and technologists. In January, the company launched a $6 million film and television fund to support underrepresented creators, and in October, announced a program that aims to teach artificial intelligence (AI) and content creation skills to 30 million people by 2030. Under Narayen, who has been CEO since 2007, Adobe has made a big bet on AI, notably training its Firefly generative AI image tool exclusively on licensed imagery, earning it the No. 33 spot on Fast Company‘s 2024 Most Innovative Companies list.
Tammy Sun, founder and CEO, Carrot Fertility: The February Alabama Supreme Court ruling that embryos created via in vitro fertilization (IVF) should be legally considered children led to the temporary shutdown of three fertility clinics in the state. Fertility benefits provider Carrot collaborated with its network of providers to minimize disruptions to Alabama members. In October, under Sun’s leadership, Carrot launched Faith-Inclusive Fertility Care, a product that provides support for clients seeking family-building options that align with their religious beliefs. Sun has said she hopes the program will encourage more fertility providers to accommodate patients with faith-based preferences in their care, thus making the industry more inclusive.
WHO’S AT THE TOP OF YOUR CEO LIST?
Who tops your list for Modern CEO of the Year? Tell me your thoughts—and why they merit inclusion—via stephaniemehta@mansueto.com. I’d love to publish a list of your top Modern CEOs before the end of the year.
Fonte Fast Company
