Leading the charge: These 25 female-heavy C-suites highlight the dearth of women in Europe’s boardrooms

Ryan HoggBy Ryan HoggEurope News Reporter
Ryan HoggEurope News Reporter

    Ryan Hogg was a Europe business reporter at Fortune.

    WOM-0924
    From left to right: Poppy Gustafsson, CEO of Darktrace; Britt Olsen, CCO of On; Hege Skryseth, Executive VP , Technology, Digital, and Innovation at Equinor; Milena Mondini de Focatiis of Admiral Group.
    Photo-illustration by Fortune; photographs: Courtesy of Darktrace; Courtesy of On; F. Carter Smith—Bloomberg/Getty Images; Matthew Horwood/Courtesy of Admiral Group

    Fortune’s inaugural list of high-growth, innovative companies led by women offers a stark reminder of the state of play at the top of the corporate ladder: Women at the summit still have a long way to go in the search for equality.

    To build this list, we looked at the fastest-growing companies across all sectors in Europe and selected those with women holding key positions that drove growth and innovation. That includes women working in roles like CEO, COO, and CCO, as well as in more explicitly innovation-oriented positions like chief AI officer, head of technology, or chief digital officer. 

    The 25 companies on our list represent standout leaders in a range of sectors, including banking, cybersecurity, and retail, where a focus on equality has helped women move into positions of influence. 

    Combined, these 25 companies earned €18.7 billion ($20.5 billion) in profits in 2023. They have also grown revenues at an average rate of more than 50% in the past three years, demonstrating that having smart women at the top pays dividends.

    Milena Mondini de Focatiis, CEO of Welsh insurance firm Admiral, is one of the leaders driving that growth. She became the insurer’s first female boss in 2021 and is on track to break the 10 million customer mark, as her group recorded a 31% jump in revenue last year.

    These 25 companies earned €18.7 billion ($20.5 billion) in profits in 2023.

    Mondini de Focatiis is not alone on this list. Others, including Benedicte Schilbred Fasmer of Norway’s SpareBank 1 and Poppy Gustafsson of U.K. cybersecurity firm Darktrace, have also grown their companies as CEOs.

    Poppy Gustafsson, chief executive officer of Darktrace Plc, during a Bloomberg Television interview at the Bloomberg Tech Summit in London, UK, on Wednesday, Sept. 28, 2022. The UK has struggled to keep its tech firms owned by local investors. Photographer: Chris J. Ratcliffe/Bloomberg via Getty Images
    Poppy Gustafsson, chief executive officer at Darktrace.
    Chris J. Ratcliffe/Bloomberg via Getty Images

    But inevitably, our list underscores the relatively small pool of companies with female leadership, and highlights that even when they reach the top, the glass ceiling persists in 2024. At Fortune, we believe in making business better—and as we build on this important list, we will champion more female leaders in the future.

    Innovators, led by women:

    The inaugural Fortune Leading the Charge list looks at Europe’s fastest-growing companies, and honors those with women in key leadership positions that drive innovation.

    RankCompanyHeadquarters Compound Ann. Rev. Growth (%)*Net Income € millions 2023Key Women
    1EquinorNorway3310,752Hege Skryseth Executive Vice President and Chief Technology Officer
    2Euroclear HoldingBelgium714,224Valerie Urbain Chief Executive Officer
    3Sparebank 1 SR-BankNorway29399Benedicte Schilbred Fasmer Chief Executive Officer
    4Admiral GroupU.K.39390Milena Mondini-de-Focatiis Executive Director and Chief Executive Officer
    5HafslundNorway97381Toril Benum EVP Projects & Elise Horn EVP, Corporate Development
    6LatvenergoLatvia37350Ilvija Boreiko Chief Development Officer
    7Dino PolskaPoland36323Izabela Biadała Director of Logistics and Warehouses
    8Arcadium LithiumIreland45299Barbara Fochtman Chief Downstream Operations Officer and Head of International Operations
    9AkerNorway49289Lene Landoy Senior Vice President, Strategy and Business Development
    10Oaknorth BankU.K.32160Sharon Miles Chief Operating Officer
    11LyseNorway41149Marianne Froystad Anestad Executive Vice President of Infrastructure & Circular Energy 
    12GlobantLuxembourg37143Patricia Pomies Chief Operating Officer & Carolina Dolan Chandler Chief Digital Officer
    13Oma SäästöpankkiFinland37110Sarianna Liiri CEO and Chief Financial and Administrative Officer
    14DarktraceU.K.38100Poppy Gustafsson Chief Executive Officer & Nicole Eagan Chief Strategy and AI Officer
    15NOBA Bank GroupSweden5495Malin Jonsson Chief Operating Officer
    16Primeo EnergieSwitzerland4491Laura Keshtmand Head of Business Development 
    17On HoldingSwitzerland6286Jiahui Yin Chief Operating Officer & Amanda Regele Chief Digital Officer & Britt Olsen Chief Commercial Officer
    18Alm. BrandDenmark4382Anne Mette Toftegaard Deputy Chief Executive Officer & Camilla Amstrup Chief Commercial Officer
    19Hexatronic GroupSweden5876Lise-Lott Schönbeck Chief Marketing Officer
    20Better CollectiveDenmark5340Petra Zackrisson SVP of Growth
    21NNEDenmark3939Marianne Regin Palme Vice President, Sales, Front-End & Innovation & Lotte Vistisen VP, Process and Facility Design
    22CamurusSweden7239Agneta Svedberg VP, Clinical Development & Behshad Sheldon President
    23NCAB GroupSweden2536Ann Juviken Chief Digital and Information Officer
    24KempowerFinland34434Sanna Otava Chief Operating Officer
    25AlfenNetherlands3930Michelle Lesh Chief Commercial Officer
    *3 years to December 2023 / Source S&P Capital IQ

    “This list screens for Europe-based companies with more than 100 employees, positive net earnings in 2023, three-year compound annual revenue growth rates (2021-2023) in the top decile in their industry, and women in key leadership roles for growth and innovation (e.g., CEO, operations, technology, digital, or innovation). Companies are ranked in order of 2023 net revenue.”

    On running to success

    Shoemaker On is one of our standout female-driven companies with innovation at its heart. Former triathlete and cofounder Olivier Bernhard would experiment with cut-up pieces of garden hose for the first prototypes of a shoe that could help with injury prevention. 

    The retailer hasn’t looked back since its 2010 launch. On has closed the gap with incumbents like Nike and Adidas by achieving average net revenue growth of 62% over the past three years, with sales topping $2 billion last year.

    On’s chief commercial officer, Britt Olsen
    On’s chief commercial officer, Britt Olsen.
    Courtesy of On

    The Swiss brand got a major profile boost in 2019 with an investment from tennis legend and countryman Roger Federer. It struck gold when runner Hellen Obiri wore its shoes in her victorious Boston Marathon races.

    But it’s On’s female-filled C-suite who can claim credit for the explosive growth enjoyed by the sports brand. Unusually for a company as big as On, women command multiple C-level positions there, including chief operating officer Jiahui Yin; Amanda Regele who heads up digital; and On’s chief commercial officer, Britt Olsen. The company’s leadership team is 45% female.

    Such breadth of female influence in the C-suite is rare. According to S&P Global Market Intelligence, the share of women at an executive level declined last year for the first time in two decades, making up just 11.8% of the 15,000 C-suite roles it analyzed. 

    “I find that females can add a different perspective and oftentimes have a higher EQ…”Britt Olsen, On CCO

    For On’s Olsen, better representation has been pivotal to the group’s growth, which has helped its valuation double in the first half of 2023 to $12.4 billion. When Olsen joined nearly a decade ago, the running landscape was quite different, and the typical running shoe was a far cry from the sleek, fashionable products you see on shelves today.

    “Those were the days when you would walk into a run specialty store and look at a running wall, and it was almost as if everything had to be just incredibly awful-looking and poorly designed in order to be a good running shoe,” she says.

    On’s CloudTec product has helped cement its highly recognizable cavernous soles in consumers’ minds, implicitly telling shoppers that running in its shoes is like running on a cloud. “We saw something really unique in innovation and product, and that’s what we stayed focused on,” Olsen says. “There was no way at the time that we could compete with the marketing budgets of other brands.” 

    Olsen says On, which now employs around 2,300 people, maintains a startup mentality where moving fast is vital. The voices of Olsen and her female executive peers have helped them make the right decisions as they do so. 

    “Generally, I find that females can add a different perspective and oftentimes have a higher EQ, or bring a vulnerability to a conversation and are not afraid to ask questions that sometimes feel scary or that people have a fear around asking,” Olsen says. “So I actually find having a female voice in a room often gets a conversation much further along.”

    Not enough companies are following suit

    Female-led C-suites are already a rarity, as are women in technical positions. Only 7% of Fortune 500 Europe companies are led by female CEOs, for example. That’s a worse share even than the dismal rate in the U.S., where one in 10 women hold the top job.

    Women make up just 8.3% of chief technology officer positions in the U.S., and are still overwhelmingly more likely to reach executive roles in fields like HR, finance, or marketing, according to KPMG.

    There is just one female CTO among our top 25 firms, Equinor’s Hege Skryseth. We do spotlight the occasional chief strategy and AI officer, including Darktrace’s Nicole Eagan (a former co-CEO with Poppy Gustafsson). But typically women who rise to the top are more likely to occupy positions on the commercial or operational side.

    Reflecting on these challenges, Olsen tells Fortune: “You can’t be what you can’t see, so representation matters.” 

    This article appears in the Europe edition of the August/September 2024 issue of Fortune with the headline, “Leading the charge: Spotlighting the 25 companies smashing the glass ceiling.”

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