Female representation on FTSE 100 boards reached 42% in 2024, up from 12% in 2011. Female CEO numbers have grown more slowly — 12 in 2024 vs 5 in 2018. The pipeline blockers are different and the slower CEO progress reflects them.
Why boards improved faster
Mandatory disclosure (Hampton-Alexander targets, FCA listing rules). Smaller talent pool needed (fewer board seats than executive jobs). Boards can recruit externally for diversity; CEOs usually require deep company experience. Pension funds and asset managers explicitly demanded board diversity.
Why CEO progress is slower
CEO selection usually happens from internal C-suite. Women in C-suite remain underrepresented. Glass cliff phenomenon — women appointed during crisis periods, shorter tenures. The pipeline from C-suite to CEO is still heavily male.
Real CEO progress requires C-suite progress, which requires earlier-career progress at director and VP levels. That work is slower and less visible than board appointments. The next decade's CEO numbers depend on what's happening at director levels right now.