Female Representation in Senior Roles Dropped in 2023, Mirroring Trends in Footwear

After an encouraging stint of progress in gender parity at the top levels of corporate America, women are once again falling behind.

According to a recent study from S&P Global Market Intelligence, growth in women’s representation across all senior leadership positions in the U.S. plunged to 0.5 percent in 2023, the lowest rate in over a decade compared to the 1.2 percent average. Within C-suite roles, female representation regressed for the first time since 2005, with women holding just 11.8 percent of C-suite roles in 2023, down from 12.2 percent in 2022.

“The growth in women’s representation among senior corporate positions, once a bright spot for gender parity, potentially faces an alarming turning point,” read the opening to the study, which analyzed 90 percent of firms in the S&P Global Total Market Index that had filed regulatory documents. “Exponential growth over a decade is showing signs of losing momentum. Growth no longer appears exponential. A waning focus on diversity initiatives suggests a potential inflection point and calls our previous gender parity estimates into question.”

S&P Global Market Intelligence data found that U.S. companies are now projecting gender parity in senior roles to be achieved between one and seven years later (between 2033 and 2042) than the goal in 2022.

The data, which covers several industries, mirrors a similarly concerning trend in the footwear industry, which has stalled in its diversity and gender parity efforts in recent months. Despite progress at some companies such as Foot Locker, Red Wing Shoe Co. and Pacsun, the industry is still largely run by men. What’s more, some high profile female leaders left their roles in the last year and were replaced by men. In March, Stephanie Linnartz’s announced her sudden departure from Under Armour after a year as the company’s first female chief executive officer. She will be replaced by the brand’s male founder Kevin Plank. And last year, Jay Schmidt replaced Diane Sullivan when she stepped down as CEO of Caleres.

At the same time, almost four years after George Floyd’s murder sparked a long overdue racial reckoning in corporate America, diversity progress has lost its momentum in footwear and other industries.

In analyzing earnings call transcripts, S&P Global Market Intelligence found that public companies are speaking less and less about diversity and inclusion. Since 2020, mentions of ‘diversity’ and ‘inclusion’ on S&P 500 earnings calls have been on a downward trend, with mentions for the 2023 fiscal year the lowest since 2012.

In general, CEOs have become more reluctant to take a stand on diversity issues and widespread cost-cutting means many existing programs are on the chopping block.

When it comes to CEOs, a report from leadership advisory firm Russell Reynolds Associates on CEO turnover in 2023 found that women are more likely than men to retire from the role for personal reasons and are also more likely to be fired from this role than men.

“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,” wrote Russell Reynolds’ UK lead and EMEA co-lead Laura Sanderson in a statement in the report. “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.”