The Achievement
Katharine Graham became president of the Washington Post Company in 1963 and its CEO in the early 1970s, making her the first woman to lead a Fortune 500 company. She ran the company for three decades, overseeing its transformation from a regional newspaper into a media empire that included Newsweek, television stations, and cable systems.
She did not choose this path. She was thrust into it. Her husband Phil Graham, who ran the company, died by suicide on August 3, 1963. Katharine, who had spent 20 years raising their four children while her husband ran the family business, suddenly found herself at the helm of one of the most powerful media companies in the country.
She considered selling. She had no management experience. She had spent her career as a homemaker. But she held on, and within a decade, the decisions she made would shake the United States government.
Life Before the Post
Katharine Meyer was born into wealth and media. Her father, Eugene Meyer, was a financier who bought the Washington Post at a bankruptcy auction in 1933 for $825,000. Her mother, Agnes Ernst Meyer, was a journalist and philanthropist.
Katharine attended Vassar and the University of Chicago, then worked briefly as a reporter at the San Francisco News. In 1940, she married Philip Graham, a brilliant and charismatic lawyer. Her father chose Phil to run the Post, passing over Katharine despite her journalism experience.
For the next two decades, Katharine raised children and hosted dinner parties while Phil expanded the company. Phil suffered from bipolar disorder, and his behavior became increasingly erratic. He died on August 3, 1963.
The Pentagon Papers
In June 1971, the New York Times began publishing the Pentagon Papers, a classified government study revealing that the Johnson administration had systematically lied about the Vietnam War. A court injunction stopped the Times from continuing to publish.
The Washington Post obtained its own copy of the documents. Graham faced a decision that could destroy her company. The Post was about to go public (its stock offering was days away). Publishing classified documents could trigger criminal charges and jeopardize the company's television station licenses.
Her lawyers advised against publishing. Her editors pushed to publish. Graham authorized publication. The Supreme Court ruled 6-3 in favor of the press in New York Times Co. v. United States, establishing a landmark precedent for press freedom.
Watergate
On June 17, 1972, five men were arrested breaking into the Democratic National Committee headquarters at the Watergate complex. Two young Post reporters, Bob Woodward and Carl Bernstein, began investigating the connections between the burglars and the Nixon White House.
The Nixon administration retaliated. Attorney General John Mitchell reportedly told Bernstein: "Katie Graham's gonna get her tit caught in a big fat wringer if that's published." The White House challenged the Post's television station licenses, which were worth far more than the newspaper.
Graham stood behind her reporters. She later said the decision was not brave so much as it was obvious: "We just kept doing our jobs." The investigation ultimately led to President Nixon's resignation on August 9, 1974.
Building the Business
Graham's leadership extended far beyond editorial courage. She was a skilled businesswoman who grew the Washington Post Company's revenue from $84 million in 1963 to over $1.4 billion by the time she stepped down as CEO in 1991.
She acquired Newsweek (already owned by the company when she took over), expanded the company's television holdings, and invested in cable systems. She recruited Warren Buffett as a board member and investor, a relationship that lasted decades.
She also navigated a bitter 1975 pressmen's strike, keeping the paper running with replacement workers. The strike lasted 139 days and permanently changed the Post's labor relations.
Legacy
Graham's autobiography, "Personal History," published in 1997, won the Pulitzer Prize for Biography in 1998. The book was remarkably candid about her insecurities, her husband's mental illness, and her own transformation.
She died on July 17, 2001, at age 84, from injuries sustained in a fall in Sun Valley, Idaho.
The Washington Post was sold to Jeff Bezos in 2013 for $250 million. By then, the company Graham had built was worth far more in cultural influence than in dollars. Under her leadership, the Post had exposed government lies about Vietnam, brought down a president, and proved that a woman could run a major corporation at a time when the idea was still treated as an experiment.
Frequently Asked Questions
Who was the first woman CEO of a Fortune 500 company?
Katharine Graham, who led the Washington Post Company beginning in 1963 and served as CEO from the early 1970s.
How did Katharine Graham become CEO?
She took over after her husband Phil Graham died by suicide on August 3, 1963. She had no prior business experience.
What role did Katharine Graham play in Watergate?
She backed her reporters Woodward and Bernstein against Nixon administration pressure, authorizing continued investigation despite threats to the company's broadcast licenses.
How many women are Fortune 500 CEOs today?
About 10% as of 2024, a record high.
Did Katharine Graham win a Pulitzer Prize?
Yes, for her autobiography "Personal History" in 1998.