• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

2

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

3

As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales

1

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

2

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

3

As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
MPW

Why female CEOs are staying quiet on activist investors

By
Caroline Fairchild
Caroline Fairchild
Down Arrow Button Icon
By
Caroline Fairchild
Caroline Fairchild
Down Arrow Button Icon
February 12, 2015, 7:00 AM ET
GM's Mary Barra  Pepsi's Indra Nooyi, Yahoo's Marissa Mayer, DuPont's Ellen Kullman, Mondelez's Irene Rosenfeld and HP's Meg Whitman
GM's Mary Barra Pepsi's Indra Nooyi, Yahoo's Marissa Mayer, DuPont's Ellen Kullman, Mondelez's Irene Rosenfeld and HP's Meg WhitmanPhotograph by AP/Getty Images/Reuters

Do activist investors really see women CEOs as easier targets?

That’s the question that media pundits and experts alike are abuzz with as six prominent female CEOs fend off bids from aggressive activist investors. Most recently, GM CEO Mary Barra is feeling pressure from an activist who is trying to get on her board. She joins Pepsi’s Indra Nooyi, Yahoo’s Marissa Mayer, DuPont’s Ellen Kullman, Mondelez’s Irene Rosenfeld and HP’s Meg Whitman who are also under pressure from the likes of activists.

With only 25 female CEOs in the Fortune 500, it’s hard not to pause and question if gender targeting is really going on. But rather than join the discussion on whether or not they think these activists are targeting them on gender grounds, all the executives are staying quiet. None of the women have come out publicly on the issue and all of them either denied Fortune’s request for comment or didn’t respond immediately. Why?

Call it good common sense. Becoming the “poster child” for any issue — gender aside — when your company is under pressure to perform is the last thing any CEO should do, a group of experts told Fortune. Commenting publicly on the issue would not only put these women in a position of weakness, but could encourage activist investors to see their gender as a barrier to them being an effective leader.

“Chief executives are interested in maintaining both their power and reputation,” said Davia Temin, the founder of Temin & Co., a crisis-management firm. “There would be no benefit in acknowledging your gender. In fact, a lot of detriment could come of that. A female CEO doesn’t need to remind anyone else that she is a woman seeking the very same leadership goals as a man.”

It’s true that activists investors could likely see women as softer targets for a takeover because of their gender — even if it’s unconscious, said Melody Kimmel, a senior vice president and director of communication training at FleishmanHillard. But responding would only make the CEOs seem defensive, she said, adding that there is no upside to speaking about an issue that draws attention to the activist pressure in any way.

“All CEOs have to be strategic about the causes they pick up and if makes sense for their business to do so,” she said. “They need to be the face and the voice of the company, not the poster child for whatever issue, in this case gender.”

In fact, for Allan Chernoff, the owner of Chernoff Communications, the issue doesn’t relate to gender at all. From an investor standpoint, it doesn’t make sense for any CEO to comment publicly on any part of a bid from an activist investor. Equating coming forward to defend themselves to a CEO “pouring honey on them to attract the bees,” Chernoff said activists are already distracting to management and this would only provoke them to continue to pester.

While all the communication experts agreed that the CEOs themselves should not address the issue, Paul Argenti, a professor of corporate communication at the Tuck School of Business at Dartmouth, said he was surprised that another female CEO at a strongly performing company hasn’t “come to their defense.”

“I am surprised that no female leaders are talking about it at all,” he said. “Standing up and pointing the finger to say something wrong is going on could be played to their advantage. It would show a lot of courage, which is an important trait for a leader.”

Fortune’s Pattie Sellers started the discussion last month by pointing out Nelson Peltz has targeted three female CEOs in the Fortune 500. Then Andrew Ross Sorkin of the New York Times questioned earlier this week whether or not gender really plays a factor in the recent activist trend. Yet for Chernoff and others, it’s clear that to some degree, these female leaders are being singled out because of their minority status as CEOs. That doesn’t mean they should acknowledge it — however.

“Of course, there is gender bias, but these are very smart capable women and like smart male CEOs, they don’t want to play the activist investors game. Certainly on the public stage,” said Chernoff.

To subscribe to Caroline Fairchild’s daily newsletter on the world’s most powerful women, go to www.getbroadsheet.com.

 

About the Author
By Caroline Fairchild
See full bioRight Arrow Button Icon

Latest in MPW

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in MPW

Nvidia CFO Colette Kress: ‘AI is no longer a nice-to-have’
MPWMost Powerful Women
Nvidia CFO Colette Kress: ‘AI is no longer a nice-to-have’
By Sheryl EstradaMay 30, 2026
2 hours ago
TIAA CEO Thasunda Brown Duckett is trying to fix America’s broken retirement system
Personal Financechief executive officer (CEO)
TIAA CEO Thasunda Brown Duckett is trying to fix America’s broken retirement system
By Marco Quiroz-GutierrezMay 30, 2026
2 hours ago
Arianna Huffington warns Gen Z that no one with an ‘interesting job’ can simply shut their laptop at 5 p.m.—and if you can, you should change jobs
SuccessThe Promotion Playbook
Arianna Huffington warns Gen Z that no one with an ‘interesting job’ can simply shut their laptop at 5 p.m.—and if you can, you should change jobs
By Orianna Rosa RoyleMay 30, 2026
4 hours ago
Why Meta hired Dina Powell McCormick
NewslettersMPW Daily
Why Meta hired Dina Powell McCormick
By Ellie AustinMay 29, 2026
21 hours ago
Meet the Black women on Fortune’s Most Powerful Women list shaping business leadership
MPWMost Powerful Women
Meet the Black women on Fortune’s Most Powerful Women list shaping business leadership
By Cheyann HarrisMay 29, 2026
23 hours ago
whitmer
MPWElections
Gretchen Whitmer said she wasn’t running for president. That lasted until lunch
By Joey Cappelletti and The Associated PressMay 29, 2026
23 hours ago

Most Popular

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
Magazine
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
3 days ago
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
9 days ago
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
Success
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
By Emma BurleighMay 28, 2026
2 days ago
Current price of oil as of May 29, 2026
Personal Finance
Current price of oil as of May 29, 2026
By Joseph HostetlerMay 29, 2026
1 day ago
UBS says Ron DeSantis has a problem with his plan to help 92% of homeowners save on property taxes: His own state's data
Personal Finance
UBS says Ron DeSantis has a problem with his plan to help 92% of homeowners save on property taxes: His own state's data
By Nick LichtenbergMay 28, 2026
2 days ago
Researchers let AI models run a simulated society. Claude was the safest—and Grok committed 180 crimes and went extinct within 4 days
AI
Researchers let AI models run a simulated society. Claude was the safest—and Grok committed 180 crimes and went extinct within 4 days
By Jake AngeloMay 28, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.