(FORTUNE Magazine) – If the Asian, black, and Hispanic CEOs of the FORTUNE 1,000 all got together, they would barely fill a small conference room. Yes, our survey indicates that many companies are including more minorities at all levels, but when will the occupants of the corner office reflect those efforts?

Jesse Jackson Sr., who grabbed the attention of corporate America in January when he hosted a Wall Street summit on eco-nomic empowerment for minorities, says truly "good" companies for minorities are those that have someone of color within shouting distance of the top job. "They're all going to have a minority or two on the board to signal 'We are sensitive,' " says Jackson. "The question is this: Is there a black, a Hispanic, or a woman in your company who, if all things are equal, can expect to become chairman within the next ten years? That's when you are in the system, as opposed to being an appendage to the system."

The system is evolving--slowly. Last month Kellogg, No. 43 on our list, named Hispanic Carlos Gutierrez (left) president and chief operating officer; most important, he's the likely heir apparent to the Michigan-based cereal empire. Next year Lloyd Ward, an African American, is expected to take over at Maytag when its chairman and chief executive retires. Also in 1999, Franklin Raines will replace Jim Johnson as CEO of Fannie Mae, No. 4. Others near the top include African Americans Ken Chenault, president and COO of No. 30 American Express; Tom Jones, who heads the Salomon Smith Barney asset-management arm of Travelers Group; Time Warner President Richard Parsons; and Asian American Theodore Shen, chairman of Donaldson Lufkin & Jenrette's capital markets division.

--Carol Vinzant