Good morning, Broadsheet readers! Women that underwent mastectomies find hope in Skims’ nipple bra, financier Tammy Murphy eyes a Senate bid, and female CEOs got a record high share of open jobs last year. Have a thoughtful Thursday.
– Turnover report. Fortune (and the Broadsheet) keep close tabs on the number of female CEOs in the Fortune 500—but sometimes it’s helpful to take a look at a broader universe of businesses. New data that the Conference Board (in partnership with Heidrick & Struggles and the ESG data analytics firm ESGAUGE) shared exclusively with Fortune does just that.
Among Russell 3000 companies, the appointment of women CEOs reached a record high of 45 chief executives, or 12.1% of new appointments in 2022. That’s a lower share than in smaller universes like the S&P 500, where women CEOs accounted for 17.5% of successions in 2022. Over the past two decades, the Russell rate of female CEO hires averages out to 6.8%. Women hold only 6.6% of Russell 3000 CEO jobs in total, compared to about 10% in the Fortune 500.
The Russell 3000 is a stock index that includes the top 3,000 publicly-traded companies in the U.S. With 2,500 more businesses included in that group compared to the Fortune 500 or S&P 500 (which rank similar groups of companies), it accounts for much smaller companies that don’t make the 500 rankings and can fly under the radar.
Some of these smaller companies have faced less external pressure on issues of diversity and inclusion, so it’s “not totally surprising” that female CEO appointments would happen at a lower rate in the Russell universe, explains Lyndon Taylor, a partner at Heidrick & Struggles.
In the Russell 3000, health care added 11 female CEOs, or 16.2% of all CEO successions last year, the most of all sectors. The consumer discretionary sector followed, with 10 new women leaders. Energy and information technology were the only sectors without any new female CEOs last year.
When CEO turnover peaks, these numbers could be a high point. Taylor expects “some ups and downs” in the coming years, but anticipates that greater board diversity will help maintain “positive momentum” even as companies retreat to the basics amid economic uncertainty.
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
ALSO IN THE HEADLINES
- See the nipple. Skims’ new nipple bra is getting a warm reception from women who’ve undergone mastectomies. The product, which may also prove a hit with trans and non-binary communities, gives post-mastectomy women a chance to reclaim aspects of their body that they've lost. USA Today
- Murphy moves in. Tammy Murphy, financier and wife of New Jersey Gov. Phil Murphy, is expected to announce plans next week to run for the Senate seat of indicted New Jersey Sen. Bob Menendez next year. Murphy would be the state’s first female senator and the only governor’s spouse in history to win a Senate seat without ever previously holding an elected position. New York Times
- Protecting the net. About a quarter of the staff at Merav Behat’s Israel-based cybersecurity startup have been drafted into the military since Hamas invaded Israel. Now, with cyberattacks more prevalent as the conflict continues, her understaffed operations are more important than ever. Fortune
- Watching the gap. Men working full-time in the U.K. made 7.7% more than their female counterparts in 2023, a slight increase from last year but significantly narrower than pre-pandemic gaps. Women of color and women over 40 experienced wider disparities. Bloomberg
- Transparent parenting. #nonaestheticmoms is a growing community of moms resisting the bougie and unrealistic content of wealthy mommy bloggers. These women are normalizing the often messy and chaotic experience of being a middle-class mom to give real advice to their followers. Wall Street Journal
MOVERS AND SHAKERS: Coupa appointed Leagh Turner as chief executive officer. Ballistic Ventures announced Kiersten Todt as a federal advisor. Altus Power named Tina Chan Reich to their board of directors.
ON MY RADAR
Geena Rocero is writing her truth Glamour
Pregnancy is an endurance test. Why not train for it? New York Times
Jennifer Garner's Once Upon a Farm has an audacious, mission-driven plan for hyper-growth Inc
PARTING WORDS
"I love food and I love alcohol and I love life and I want to be healthy for my heart. I don’t like going to the gym. I like Pilates. That’s where I am. And I am tired of not feeling skinny enough. It’s boring and it’s a waste of my time."
—Actress Brooke Shields on disregarding her image to live life for her own enjoyment.
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