2024 Women CEOs in America Report

In 2023, there was a sense of excitement around the number of women CEOs leading top American corporations. We had seen significant growth over the past few decades as women rose to top corporate positions, and finally, it seemed, we were on an upward swing, illustrated by the percentage of Fortune 500 women CEOs finally cresting above 10% in the first half of 2023.

And then, the momentum stalled.

As of July 2024, are still 52 women leading Fortune 500 companies. Eight women departed Fortune 500 CEO positions in 2024 and eight women replaced them. There was no growth at all. The number of women CEOs in the S&P 500 declined from 41 women CEOs in 2023 to 39 in 2024. There is, however, an increase in the number of women CEOs in the Russell 3000, from 204 to 270, and the percentage of women CEOs in private companies is up over 30% from 2023, so it is fair to say that the results are mixed across indices.

It is too early to predict what this means for the trends in representation. What we are seeing now may be more of a pause than a retrenchment, and one year of data is not enough to draw long-term conclusions. The lack of growth may indicate a blip or the beginning of a new trend.  This is “why” we publish this report: to monitor, track and analyze.

The need for Women Business Collaborative (WBC) and other forward-thinking organizations that monitor, track and advocate for women in leadership positions is as important as ever. Now is the time to press for more women in leadership positions and to urge corporations to make a commitment to diverse, equitable and inclusive (DEI) practices that allow for opportunities for greater representation of women

Change starts at the top. Boards and business leaders must continue to push for greater diversity in the C-Suite and in the top CEO positions, for the good of the company and its stakeholders, but also for the continued efforts to achieve a more robust business environment and a just and equitable society.

To be sure, there has been improvement over the past 20 years in the number of women CEOs, but the pace is slow, “glacially slow” in the words of Jennifer McCollum, President and CEO of Catalyst. It is imperative that companies continue to push for greater representation of women at all levels of the company and to make strategic commitments to fill the leadership pipeline by encouraging and promoting women into positions that give them the experience, development opportunities, and skills to compete for top leadership positions at their organizations.

Sustained change comes from strong systems and, our system is fragile at best. Systemic inequities continue to hinder progress, but where there are steady and consistent commitments and resources dedicated to building a robust leadership pipeline, results follow. Building a workforce that represents the dynamic opportunities of diversity, equity and inclusion leads to ‘increased productivity, adaptability to change and stronger innovation outcomes’ as noted in the latest Women’s Economic Forum Gender Gap report.

Despite inequities, there are bright spots in the data. There is strong growth of women entrepreneurs in companies worth over $1 million, and when women have greater access to capital; we expect to see even more women join these ranks. The will, drive and the tenacity are there, and we know that women can harness ideas and take them to market. According to the Wells Fargo 2024 Impact of Women-owned Businesses Report, women own 14,017,000 businesses representing 39.1% of all businesses, employing 12,164,000 million people and generating $2.7 trillion. Now we must give them the support by providing greater access to capital, including venture capital, as they develop their ideas. The potential is there to see an even greater positive impact on the economy.  We need to build the investment infrastructure and ecosystem that will drive more capital to the women-owned businesses that need it.

We also see an increase in women leading private companies and in women CEOs of Russell 3000. Clearly some organizational efforts are working, and women are making progress in some areas of business. There has been a loud and public backlash against DEI over the past year (funding cuts, company re-assessment of internal DEI functions, public statements from major business stakeholders, etc.), but the impact may simply be that companies are less vocal about their work but are still continuing to hold the course. While momentum across all sectors has diminished, it is not gone all together. WBC and its partners and companies recognize the importance of strong and consistent advocacy that holds companies accountable and we will continue to push for greater representation of women at the top.

“The noise may be loud, but the answer is clear, organizations and leaders must stay committed. If your efforts are under siege or questioned, stand firm: 76 percent say when DEI initiatives are attacked, companies should address the criticism.

Diversity, equity and inclusion work is not always easy, and the results do not always come immediately. It takes real time and genuine commitment. But organizations owe it to their employees, customers and all stakeholders. The work is worth it—for both employees and the business bottom line.’–Trisch Smith, Global Chief Diversity, Equity & Inclusion Officer, Edelman