If you want to land a job as a CEO, your chances are vastly improved if you’re already a successful CEO elsewhere. This catch-22 helps explain why it’s so hard to improve diversity at the top of corporations. But this may be changing.
One notable shift is a reversal of the dip in female hires. In the first six months of 2021, women accounted for 13% of the 103 appointments made. The proportion was just 8% in the first half of 2020 and 6% in the second. Heidrick & Struggles suggests the likely explanation is that when the pandemic first hit, boards had been prioritising CEOs with existing experience in the role, and such candidates are more likely to be men.
For starters, the serial CEO is becoming less prevalent. Looking at newly appointed bosses’ past two jobs, a prior CEO role was less common in the first half of 2021 than during the same period the year prior. New CEOs were also less likely to have previously been a CFO. That’s the traditional stepping stone to the top job given it’s the other common executive board role. Chief risk officer, chief strategy officer or chief technology officer are becoming common pathways.
It’s welcome that boards are gradually taking a different approach and looking within, rather than just hiring automatically from the existing pool of CEOs and CFOs. Divisional heads below the board may have skills just as useful for running big companies. And it’s possible to support that layer of talent to make the leap to the CEO directly.
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