A company in Brazil made a controversial move to fight racism. Other CEOs should try it
Although she’s not a household name in the United States, billionaire Luiza Trajano, the richest woman in Brazil, might very well become one soon if her radical new model to confront structural racism takes hold.
Trajano made her fortune with her eponymous Magazine Luiza (or Magalu as it is known) — Brazil’s sprawling 1,000-store department store chain with over 40,000 employees. She recently announced, together with her son, Frederico Trajano, the company’s CEO, a bold and highly controversial move: Its coveted trainee program, long considered a major stepping stone into Brazil’s corporate world, will now only admit Black Brazilians into its ranks in an effort to upend a system that oftentimes sidelines Brazilians of African heritage from rising up the corporate ladder.
By Arick Wierson via CNN Business