For women with ambitions to become CEO, the most reliable path appears to be through the chief financial officer role. Ten percent of women CEOs reached the top after serving as CFO, compared to just six percent of men, according to the Eos Foundation’s 2025 Women’s Power Gap CEO Report. But even this promising route often comes with an added step, writes Fortune’s Lily Mae Lazarus.
Often, women are also expected to serve in an additional position—typically as president—before being deemed ready for the top job. The report found that 32% of women CEOs had to take this extra step, a proving ground that is rarely required of men.
While 11% of Fortune 500 companies are now led by women—a record high—the data shows that progress masks persistent obstacles. Women in the S&P 100 hold 24% of typical pre-CEO roles yet make up only 8% of CEO appointments from those positions.
Andrea Silbert, president of the Eos Foundation, says the imbalance reflects systemic bias in the final stretch of succession. “We can only surmise that there’s bias in that final selection process,” she tells Fortune.
Silbert notes that unconscious bias shows up in small but consequential ways. Boards often demand more proof of readiness from women, including language that suggests women are less visionary or assertive. “We’ve heard, ‘He has more potential.’ We’ve heard, ‘She doesn’t have executive presence,’” Silbert says.
Women are also overrepresented in C-suite roles that rarely lead to the CEO position, such as CHRO. In contrast, CFO roles offer board exposure and financial leadership, which are critical for being seen as CEO-ready.
The takeaway is clear. Women need early P&L experience, visible ambition, and strong internal sponsorship to move up. It falls on companies to foster this, but women also have some agency. “You can’t just keep your head down and work hard,” Silbert says. “You need to build your brand, network, and have coffee with the right people.”
Read the full story here.
Ruth Umoh
ruth.umoh@fortune.com
Today’s newsletter was curated by Lily Mae Lazarus.
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