Metro Atlanta’s position as a Fortune 500 company city finally clear

At long last, we know without question how metro Atlanta ranks as a hub for Fortune 500 companies.

Fortune Magazine just released its 70th annual 500 issue detailing which companies made its Fortune 500 list. The issue also provided a map showing how many Fortune 500 companies in the United States were headquartered in metropolitan areas.

According to Fortune, Atlanta ranks 8th in the highest concentration of Fortune 500 companies — a commendable attribute worth bragging rights. But Atlanta does not have the third greatest concentration of Fortune 500 companies, a claim folks have made in the past.

For years, it’s been a pet peeve of mine that Fortune had a misleading rank that overstated Atlanta’s role as a Fortune 500 headquarters city. I tried to set the record straight in a column I wrote in 2011. Then I tried again in 2020 in another column.

Finally, Fortune’s map of the United States lets everyone know where we stand.

Metro Atlanta has 16 Fortune 500 company headquarters. That is one less than the 17 we had last year because NCR split into two companies — NCR Voyix and NCR Atleos — which helped boost the number of our Fortune 1000 companies from 35 to 37.

The CEOs of NCR Voyix (David Wilkinson) and NCR Atleos (Timothy Oliver) engaged in a conversation about their amicable separation from one company into two during the June 24 program of the Rotary Club of Atlanta. Katie Kirkpatrick, president and CEO of the Metro Atlanta Chamber, moderated the conversation that ranged from when NCR relocated its headquarters from Dayton, Ohio to Gwinnett County in 2009. Then in 2018, NCR opened its new global headquarters campus in Midtown Atlanta, where both NCR Voyix and NCR Atleos still call home.

“We share the building. We alternate floors,” said Oliver, who used to serve as the chief financial officer of NCR. He went on to say it’s hard to pull apart at company with 140 years of history.

NCR began as National Cash Register in 1884. The company evolved from cash registers to digital commerce that included ATM machines as well a portfolio of financial services for restaurants, retailers, hospitality, technology and telecom.

“We were one company aspiring to be two,” Oliver explained. 

NCR Atleos has the ATM business with revenues of about $4.5 billion employing about 21,000 people. It ranks as No. 723 among Fortune 1000 companies.

By comparison, NCR Voyix has revenues of about $4 billion with a total of about 15,000 employees. Its Fortune 1000 rank is No. 770.

“We are the retail, restaurant, software, digital service side — anything that powers commerce,” Wilkinson said.

Since October, both companies have been busy building out their executive teams and their corporate boards. Both Wilkinson, who has been with NCR for 14 years, and Oliver, who joined the company four years ago, reaffirmed the location of Atlanta for the headquarters.

Wilkinson said that eight months into the split, the challenge was to find the right people and put them in the right roles. “I wanted Atlanta talent,” he said. “This is a very talent-rich environment.”

Being based in Atlanta makes it easier to attract a diversity of employees, which Oliver said includes race, gender, ethnicity and a myriad of other characteristics. 

“It’s incredibly important for us to find diverse talent. I also have found it easy to attract people to Atlanta,” Oliver said. “The quality of life is great here. We’re a global company. The airport is phenomenal. And the educational pool is amazing.”

When asked about branding, both executives said there was value in the NCR brand, and they both wanted it to be part of the names of their respective companies.

The two companies do share custody of the NCR Foundation, and both Wilkinson and Oliver serve on the Foundation’s board.

After the program, I asked both executives about NCR no longer being a Fortune 500 company due to the split. Last year NCR was number 474.

Stay tuned, they both said.

“We are not going to be a $4 billion company for long,” Oliver said. “Each of our industries need consolidation. We could be a Fortune 500 company [in the future.]”

Wilkinson echoed that sentiment.

“We both have big growth plans,” he said. “There are going to be a lot of opportunities.”

Watching the number of Fortune 500 companies ebb and flow goes with the territory of business today. For example, in 2016, Atlanta added a new Fortune 500 company, Veritiv, that had the first woman CEO of a Georgia Fortune 500 company. But in 2023, Veritiv came in a No. 503, and it was acquired and turned into a private company, so it’s dropped off the list.

In the 2024 edition, Fortune Magazine also had a map displaying which states had gained and lost Fortune 500 companies in the past five years. Georgia’s number was flat with a total of 18 companies.

The state that lost the most Fortune 500 companies was New Jersey, down six headquarters. And the state that gained the most Fortune 500 companies was Arizona with a net of four new headquarters.

Atlanta and Georgia clearly are important places for Fortune 500 companies. Our top Fortune 500 companies are Home Depot (23), UPS (45), Delta Air Lines (70), Coca-Cola (95), Southern Co. (163), Genuine Parts (175) and WestRock (202).

“Metro Atlanta’s steady, robust presence of Fortune 500 and 1000 companies is a good indicator of the region’s global reputation as a center for business, as well as our commitment to innovation and research,” Kirkpatrick said in a statement. “It means talent knows that when they come to Atlanta, they can find a career – and a community.”

At least now we know where we stand compared to other cities around the country.