Women CEOs are Mighty Fine
Fortune released its Global 500 list and it is our good fortune that they also focused on the 51 women CEOs in the Fortune 1000 (24 women in the Fortune 500 and 27 in the broader Fortune 1000). The editors wrote about what they have in common and it sure is fascinating. You can also sign up for their new newsletter, wisely called the Broadsheet. Here are some key facts:
- There are more Fortune 1000 companies in New York with women CEOs, followed by California and Illinois.
- Specialty retailers lead the list with female CEOs, followed by food production, products and services, and gas and electric utilities.
- Only 5% of Fortune 1000 companies have female CEOs but they account for 7% of the Fortune 1000’s total revenue ($935,192, in millions).
- 39% of Fortune 1000 female CEOs have MBAs.
- The most common college major among female CEOs in the Fortune 1000 is engineering (9 CEOs), followed by economics (7 CEOs), accounting (5 CEOs), business (5 CEOs) and psychology (4 CEOs). AND the 7 CEOs with economic majors are not Home Economics majors! Had to add that!
- More women CEOs in the Fortune 1000 are married with children vs. the national average. I wonder how many live with stay-at-home dads? If you are interested in a totally honest and intriguing interview with a female CEO, married with kids, check out this interview with PepsiCo’s CEO Indra Nooyi on why you can’t have it all. Deadly truthful.
My favorite stat however is below. Apparently, Fortune 1000 companies with female chieftains outperform the S&P 500 index (over their respective tenures). Take a look. Of course, it is a small sample. Catalyst has repeatedly shown, as other studies have, that Fortune 500 companies with more women on their boards deliver significantly greater financial performance compared to those companies with boards made up of fewer women.
All good news, despite the small sample of Fortune 500 female CEOs. Better than 1998 when there were only two female CEOs of Fortune 1000 companies (at Mattel and Golden West Financial). Some progress (although admittedly, not enough).