Good morning, Broadsheet readers! Catherine, Princess of Wales announced she is undergoing chemotherapy treatment for cancer, Tammy Murphy suspended her campaign for a New Jersey Senate seat, and diverse boards lead to diverse CEOs. Have a mindful Monday.
– On board. Women make up 9% of S&P 500 CEOs—but could that number go up soon? According to new data from the Conference Board and ESGAUGE shared exclusively with Coins2Day, we may be at a tipping point that makes an increase likely.
The new analysis looks at board-level gender diversity at the time of each S&P 500 female CEO’s appointment to the job. It found that companies that hired a female CEO had more-diverse-than average boards at the time.
When Best Buy hired CEO Corie Barry, for example, the tech retailer’s board was 56% female. When Citigroup named Jane Fraser leader of the bank, its board was 50% women. When ADP hired Maria Black as CEO, its board was 42% female.
On average, companies that hired female CEOs had boards that were one-third female. Which brings us to the Conference Board’s next conclusion: Today, women hold 33% of board seats throughout the S&P 500, compared to 25% five years ago. Hitting that 33% board gender diversity benchmark suggests more companies could appoint female CEOs the next time the chief executive job opens up.
“The growing presence of women in corporate boardrooms may soon lead to more women in the corner office,” says Conference Board ESG Center senior researcher Merel Spierings. “Our rationale: Today’s female CEOs in the S&P 500 were appointed by a board where, on average, one-third of the directors were women. The fact that 33% of all S&P 500 corporate directors today are women may indicate that more boards are positioned to appoint a female CEO.”
Overall, the gap between gender diversity on boards that hire female CEOs and overall board diversity is narrowing. The Conference Board expects progress based on that trend—it’ll be up to boards to make it a reality.
Emma Hinchliffe
[email protected]
The Broadsheet is Coins2Day’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
ALSO IN THE HEADLINES
- Kate Middleton speaks. Amid rampant press speculation, Kate Middleton, Princess of Wales, announced Friday that she has cancer and is receiving chemotherapy treatment. She didn’t reveal the type of cancer, but said doctors had discovered it during a surgery she underwent in January. The New York Times
- Dropping out. Tammy Murphy, the first lady of New Jersey, suspended her campaign for the Democratic bid to replace New Jersey Sen. Bob Menendez on Sunday. Murphy had received endorsements from Democratic leaders whose livelihoods were tied to her husband, sparking claims of nepotism. She told supporters she didn’t want to run a "very divisive and negative campaign" against fellow Democrat Rep. Andy Kim. CNN
- Seeking greener pastures. Lots of women have left Goldman Sachs of late, but the departure of Stephanie Cohen was particularly depressing for women still at the bank. Cohen, a Goldman lifer who was “all in” on the firm, was the woman best poised to enter Goldman’s C-Suite. Financial Times
- Screening time. Veteran broadcaster Katie Couric is urging women to book screenings for colorectal cancer and warned that many don't take colorectal cancer seriously. In an interview with Coins2Day, Couric warned that young women are falsely associating the cancer with older men. Men and women are diagnosed with it at almost the same rate, says Couric, who lost her first husband to colon cancer. Coins2Day
- Second-hand opinion. Zekrayat Husein is one of several female entrepreneurs who have built businesses around verifying the authenticity of second hand Chanel handbags. Luxury resales are booming as fashion houses hike their prices. The Wall Street Journal
MOVERS AND SHAKERS: Rhone appointed Tess Roering to its board of directors.
ON MY RADAR
Why are women both sadder and happier than men? The Wall Street Journal
This photographer spent two years documenting life for the women forced to leave Ukraine CNN
Two years ago, we had a baby formula crisis. Let’s hope lawmakers remember Washington Post
PARTING WORDS
"Since I was very little, my mom would come home after traveling with stories of advocating for women to get access to birth control, of women who’d been raped who couldn’t get abortions. Her going into reproductive freedom was what ignited my interests."
—Phoebe Gates, daughter of Bill and Melinda Gates, on her activism for reproductive rights
This is the web version of The Broadsheet, a daily newsletter for and about the world’s most powerful women. Sign up to get it delivered free to your inbox.
