Watch as we explore the evolution of the Fortune 500 over the past 70 years.
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00:00 Priscilla, we're celebrating the 70th anniversary of the Fortune 500 this year.
00:05 What does it mean to you that Fannie Mae is on the Fortune 500?
00:09 It means that we have a responsibility.
00:12 We play a very large role in the economy.
00:15 Being on the Fortune 500 list, it's a responsibility to do our job well,
00:20 to build the trust of the U.S. consumer,
00:24 and to run the company safely and soundly
00:27 so that we're there in good times and in bad times.
00:30 I think it is quite an honor to know that we serve a small part of the U.S.,
00:37 a very important part of the U.S.,
00:39 but the loyalty that our members have granted to us
00:42 give us the depth and breadth to be qualified as one of the largest companies in America.
00:48 We are truly honored. We're humbled.
00:50 We're blessed to be part of the Fortune 500 list.
00:54 It's a huge milestone for us as a company,
00:57 and we are super excited to join more than 60% of the Fortune 500
01:02 who are already our customers on your list.
01:04 The Fortune 500 is a very comprehensive grouping of companies based on their revenues.
01:13 It represents kind of their weight in the economy based on how much they're selling,
01:17 how much fuel oil they're selling,
01:20 how many products they're making and selling,
01:22 how many services they're providing.
01:25 Number one is Walmart,
01:27 but then you've got Amazon and UnitedHealthcare
01:31 and mainly services companies that are dominating the list at this point.
01:36 It was first published in 1955.
01:39 In those days, the 500 had quite a different definition than it does today.
01:43 Originally, it was all companies that made something.
01:46 GM was number one.
01:48 GE was in the top 10.
01:50 There were several oil companies, including Exxon and Mobil and Gulf,
01:54 that were all in the top 10.
01:56 So this was a very, very different list
01:58 than the extremely tech and healthcare-heavy listings that we see today at the very top.
02:04 I actually don't think of myself in running a Fortune 500 company.
02:08 I think of this job and the role that I have
02:11 and basically building the legacy that I inherited.
02:15 And we've been around for over 140 years.
02:17 I recognize that I stand on a lot of people's shoulders out there,
02:21 and I feel a tremendous sense of obligation.
02:24 When I was at college,
02:27 you know, there weren't that many different magazines.
02:30 You know, there was Time magazine, Fortune magazine.
02:33 And I particularly was interested in your list of 500 largest companies in the world.
02:39 And I'm old enough to remember when GM became a big deal
02:43 because they were the first $1 billion sales company.
02:47 I find it informative, so I mean, I don't want to overdo it,
02:51 but it has been a very positive thing.
02:53 Of course, the tech companies weren't included on the list much in 1955.
03:03 There were a few giants like IBM that were getting started and taking off,
03:08 but basically they've taken over the list
03:11 to the point where the most valuable companies are now the Apples, the NVIDIAs,
03:16 and essentially the Magnificent Seven that we keep on hearing about
03:19 that have taken over such a gigantic weighting in the overall list.
03:24 Certainly one of the great trends on the list is the rise of female CEOs.
03:30 To have 50 women on the list, which is 10% of the total,
03:34 is an extraordinary achievement.
03:36 Of course, it's still much, much too low,
03:39 but it's certainly moving the right way.
03:41 When you became CEO of Land O'Lakes in 2018,
03:44 you became the first openly gay female CEO on the Fortune 500.
03:48 Represent!
03:49 Karen was our cover of our Fortune 500 issue
03:54 because CVS Health is the number 11 global 500 company in the world.
03:59 No woman has ever run a company anywhere remotely the size of CVS.
04:03 We're talking over $300 billion in revenue.
04:06 Running a company like CVS Health, we have purpose,
04:13 and that's really kind of what gets all of us going every day
04:17 because we have the purpose of really improving the health of all Americans.
04:22 And we also have a big change.
04:24 Now there are eight Black CEOs running Fortune 500 companies.
04:28 In 1955, there were zero.
04:30 So the first great, great list was the Fortune 500,
04:35 and it's got tons of offspring,
04:37 many of which were launched by Fortune as well.
04:40 Well, it's clearly a great honor.
04:41 It's a recognition of being an important company in the world,
04:44 and not only the Fortune 500, but best companies to work for, and innovation,
04:49 because for us, trust and innovation and what we do is all part of our story.
04:54 Fortune 500 is one of the great, great brand names in the whole business world,
04:59 and you get a lot of attention.
05:01 The higher you are on the list, the more prestigious it is.
05:04 When I mention that I work for Fortune,
05:08 whether the person I'm speaking to has any connection to business at all,
05:12 they usually say, "Ah, yeah, the Fortune 500,"
05:14 which goes to show the strength and the breadth of that brand.
05:17 I'm very proud of it.
05:18 I'm proud of the work that we do at Fannie Mae,
05:20 to be there to lead a group of employees so dedicated to what we do every day.
05:25 And if I could be an inspiration to other young women or young people of color,
05:31 that's significant to me.
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