It’s Time to Stop Hoping for More Female CEOs - And Start Acting

Written by Jo Sweetland

This International Women's Day, Green Park's Managing Director, Jo Sweetland, highlights the lack of progress in appointing female CEOs.

Last week’s FTSE Women Leaders Review triggered a wave of mutual back-slapping over the “seismic shift” in boardroom gender balance. Women now hold 43% of FTSE 350 board seats - up from just 9.5% in 2011.

But amid the applause, an elephant sat stubbornly in the (board)room: the number of female CEOs is falling. From 21 in 2022 to 20 in 2023, to just 19 in 2024. In 2011, there were 15. A net gain of four in nearly 15 years.

Today’s data shows there are 20 female CEOs (plus one interim) out of 261 - just 7.7%, or 1 in 13. Yet the assumption persists that a rising share of women on Executive Committees (29%) and in direct reports to ExCos (36%) will somehow automatically produce more female CEOs. The data says otherwise: in the past year, 30 CEOs have been appointed. Only one was a woman.

The "pipeline" argument doesn’t hold. Women remain disproportionately stuck in functional rather than commercial roles, narrowing their route to the top. Certain male-dominated industries skew the numbers further. But the real problem isn’t structural. It’s systemic.

Cultural and attitudinal barriers remain deeply entrenched. Women face unconscious bias, lack of sponsorship, rigid work environments, and much, much more. Many businesses still lack concrete strategies to retain, develop, and promote female talent - let alone map a clear path to the CEO role.

The numbers tell the story: the average CEO tenure is 5.5 years, meaning turnover is happening. Half of current FTSE 350 CEOs have been appointed since autumn 2020. So why aren’t more women making the cut?

It’s time for real action.

1. Acknowledge the elephant. Stop pretending the CEO pipeline will fix itself.
2. Make a plan. Every board should have a succession strategy focused on getting women onto CEO shortlists—and into the top job—within five years.

Fifteen years ago, the 30% Club sparked real change for board representation. It’s time for the same bold ambition at the CEO level.

40 by ’30. It’s doable. 50 would be better.

But let’s stop hoping—and start acting.