Infographic: The 2013 Chief Executive Study: Women CEOs of the last 10 years
by Ken Favaro, Per-Ola Karlsson, and Gary L. Neilson
Published: April 29, 2014
This infographic draws on Strategy&’s unique database about outgoing and incoming CEOs. We highlight two key differences in the career tracks of women and men CEOs at the world’s largest public companies between 2004 and 2013. The graphic also shows where women CEOs have been most and least prevalent in terms of geography and industry — and predicts how the share of women CEOs will grow.
The 2013 Chief Executive Study: Women CEOs of the last 10 years
As much as one third of the incoming class of CEOs will be women by 2040, based on a 10-year trend in our data, ever-higher education of women, continuing entry of women into the business workforce, and changing social norms of corporate leadership around the world. Ken Favaro, Senior Partner
For 14 years
Strategy& has examined CEO turnover and the incoming class of CEOs at the world’s largest public companies
We focus on incoming and outgoing CEOs rather than all CEOs.
These critical decision points can help us understand what companies are looking for in their CEOs and how the role is changing.
This year, in addition to undertaking our usual analyses, we looked at our past 10 years of data on
have entered or left oﬃce at these companies since 2004.
A total of
More women CEOs, slowly but surely
the last 10
8 Years out of
the proportion of women in the incoming class of CEOs has been larger than in the outgoing class, indicating women CEOs are becoming more prevalent at the world’s largest 2,500 public companies.
Diﬀerence between the shares of incoming and outgoing women CEOs
Percentage of women CEOs in incoming and outgoing classes
2.8% +75% 1.6%
More women CEOs in the incoming than outgoing classes in the past decade
In 2012: 4.3% In 2013: 3.0% A 1.3 percentage point drop in the incoming class of 2013, despite the overall rise.
Where women lead
Women lead companies in every region and industry. We studied the percentage of women CEOs over a decade, and these are our results:
Percentage of incoming and outgoing CEOs Company headquarters region
US and Canada
Other mature China Brazil, Russia, India Other emerging Western Europe
Consumer staples Consumer discretionary Utilities Energy Financials Telecommunications services Industrials
Hiring women CEOs
Women CEOs are diﬀerent from their male peers in that they are more often outsiders.
Incoming and outgoing CEOs by insider versus outsider status.
Outsider Insider 35% 22% 78%
That women CEOs are more often outsiders may be an indication that companies have not been able to cultivate enough female executives in-house. So when boards look for new CEOs, they necessarily ﬁnd a larger pool of female candidates outside their own organizations. Gary L. Neilson, Senior Partner
Women CEOs have about the same professional backgrounds as their male peers in that they:
Usually come from the same region as company headquarters Only sometimes have experience working internationally
Are of similar age
Are rarely granted a joint CEO/chairman title
Our research shows that on the whole, insider CEOs generate higher returns over their tenures than outsider CEOs, so companies seeking to hire women may beneﬁt from looking inside more often than they do today. Per-Ola Karlsson, Senior Partner
How women leave oﬃce: more often forced out
Outgoing CEO succession reason by gender Women
13% Outgoing CEO succession reason 60% Planned Forced
Source: The 2013 Chief Executive Study: Women CEOs of the last 10 years
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