Proactive Investors - Female bosses were fired at a higher rate than their male counterparts, research by Russell Reynolds Associates (RRA) revealed.
Analysis of listed companies across the world, including those in the FTSE 350, revealed that 2023 was a record year for the departure of women bosses, accounting for 10% of global chief executive officer departures.
Women CEOs were three times more likely to leave for personal reasons (16% compared to 5% for men) and had a higher likelihood of being removed from their roles (34% compared to 25%).
“Today’s CEOs are expected to be more of a public figure than ever before and the relative scarcity of female CEOs automatically gives them a higher degree of prominence. So they get disproportionate media attention,” Laura Sanderson, at RRA explained.
“If you’re a woman, you are under more pressure to visibly outperform — and woe betide you if you’re seen to be enjoying the profile of the CEO role too much or if you become too prominent, as tall poppy syndrome is never far away.”
Of the FTSE 100 departures in 2023, 23% were women chief executives.
The broader context of CEO turnover, as found by RRA’s research, indicated that retirements accounted for 29% of departures, with dismissals ranking second at 27%.
Globally, 12% of chief executive appointments went to women, with European and Australian indices leading the way.
The FTSE 100 followed closely with 19% representation for women in chief executive roles.
Notable FTSE female departures included NatWest’s Alison Rose after the Coutts debanking scandal and Entain (LON:ENT) boss Jette Nygaard-Andersen, who left after pressure from shareholders following a lacklustre share price performance.