Good morning! Treasury Secretary Janet Yellen pushes for extra debt reduction, Kamala Harris reportedly has at the least one Wall Road chief on her facet, and girls CEOs misplaced floor in Europe this 12 months. Take pleasure in your Wednesday.
– Ups and downs. Whereas the share of girls working Fortune 500 firms within the U.S. stayed regular at 10.4% over the previous 12 months, the Fortune 500’s European counterpart has been extra challenged. On the second annual Fortune 500 Europe, launched right now, ladies run 6.2% of firms, down from 7% final 12 months. That’s a lack of 4 CEO jobs, from a complete of 35 to 31, on an inventory that accounts for 57% of Europe’s GDP and 14% of the world’s GDP.
Not solely did ladies CEOs lose floor in relation to what number of firms they lead—their companies fell down the checklist itself by dimension.
The highest-ranked woman-led firm on the Fortune 500 Europe continues to be Engie, the French vitality enterprise, which claimed that honor final 12 months. However this 12 months Engie falls at No. 31 on the checklist in comparison with No. 18 a 12 months in the past; the corporate has mentioned elements together with a light winter lowering demand for heating contributed to a income decline.
Engie is adopted by Eire-incorporated Accenture (No. 48, led by Julie Candy). Subsequent up are the German enterprise behind Mercedes-Benz, Daimler Truck Holding (No. 55, led by chief Karin Radstrom for the reason that begin of this month), and the French utility Veolia (No. 77, led by Estelle Brachlianoff).
Some notable year-to-year departures from this group of women-led European firms embody Sweden’s H&M; CEO Helena Helmersson abruptly stepped down from the function at first of this 12 months, citing the “very demanding” nature of the job. Hilde Merete Aasheim left her function because the CEO of the Norwegian aluminum and renewable vitality firm Norsk Hydro. Katie Bickerstaffe ended a run as co-CEO of the British retailer Marks and Spencer. Slovenian utility Petrol Group misplaced its feminine CEO. Siobhan Talbot left her function as head of Glanbia, the Irish firm behind manufacturers together with Slim Quick and Optimum Diet.
New entrants on the Fortune 500 Europe’s contingent of women-led companies (along with Daimler) embody Germany’s Fresenius Medical Care, led by Helen Giza, which joins the checklist at No. 199, and Belgium’s Euroclear Holding (No. 407), led by Valerie Urbain. One CEO stored her job at a brand new firm; the Belgian supplies firm Syensqo (No. 438) is led by Ilham Kadri after a derivative from Solvay.
Throughout the checklist, firms run by feminine CEOs noticed mixed earnings fall by 20%, with the steepest declines in telecommunications, well being care, and tech. Corporations with male CEOs—which embody the booming companies that take up the primary 30 slots on this 12 months’s checklist—noticed earnings enhance year-over-year. The distinction isn’t giant sufficient to be statistically important, Fortune’s knowledge evaluation workforce reviews, however possible displays the roles ladies are tapped for (your basic glass cliff situations) or the industries the place they’re extra more likely to be leaders. Normally, the Fortune 500 Europe displays the dominance of conventional industries within the area and lacks the high-growth tech companies which have grown to outline a lot of the enterprise world within the U.S. and China.
All through the area, the U.Ok. leads on gender variety in management with 9 feminine CEOs, adopted by France with six. Jap Europe has only one feminine chief: Veselina Lachezarova Kanatova-Buchkova, chief of Bulgaria’s utility BEH Group.
Learn extra in regards to the Fortune 500 Europe right here.
Emma Hinchliffe
[email protected]
The Most Highly effective Ladies Every day e-newsletter is Fortune’s each day briefing for and in regards to the ladies main the enterprise world. At the moment’s version was curated by Nina Ajemian. Subscribe right here.
ALSO IN THE HEADLINES
– Debt reduction. Forward of the Worldwide Financial Fund and the World Financial institution’s annual conferences, Treasury Secretary Janet Yellen referred to as debt a “substantial burden” to low- and center earnings nations, pushing monetary establishments to hurry up their debt reduction efforts. She additionally pushed again in opposition to lending practices in China, citing the nation as usually being “a barrier to making rapid progress.” New York Occasions
– Behind closed doorways. JPMorgan chief Jamie Dimon has reportedly mentioned he helps Kamala Harris within the U.S. presidential election, though he has not endorsed Harris publicly. Dimon has additionally mentioned he would contemplate a task in a Harris administration, in line with this story. New York Occasions
– Precedence pledge. AT&T, Capital One, Cisco, and Deloitte have launched an initiative referred to as the Athena Pledge. The challenge’s objective is to encourage assist of girls’s sports activities from different manufacturers and to make ladies’s sports activities a precedence for the businesses themselves. The Gist
– Similar price. New knowledge exhibits that, within the second half of 2023, ladies in abortion-ban states obtained abortions at across the identical price as they did earlier than Roe v. Wade was overturned. Telehealth performed a task right here, which ladies more and more relied on in line with the #WeCount report. ABC
MOVERS AND SHAKERS
HSBC named Pam Kaur chief monetary officer; she would be the first lady to carry this function. At present, she serves as HSBC’s group chief threat and compliance officer.
Starbucks named Tressie Lieberman international chief model officer. Most not too long ago, she was CMO at Yahoo. Beforehand, she was VP of digital advertising and off-premise at Chipotle.
Nanit, a child displays and parenting tech firm, appointed Victoria Vaynberg as chief buyer officer, Grace Fu as chief authorized and administrative officer, and Maya Simon as chief income officer. Beforehand, Vaynberg was CMO at Zola, Fu was basic counsel at KAYAK, and Simon served as basic supervisor of Zola’s vendor market.
ShiftKey, a healthcare workforce options supplier, named Bhavna Kamalia CFO. She was beforehand the corporate’s government vp of finance and accounting.
Arcoro, a HR software program firm for building and subject companies, named Kristen Wright CMO. Most not too long ago, she was CMO at Forj.
The Coca-Cola Firm appointed Bela Bajaria to its board of administrators. Bajaria is chief content material officer at Netflix.
ON MY RADAR
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PARTING WORDS
“The fashion industry employs so many women, but it really does not favor them in the span of this incredible, important stage in their lives.”
— Clare Waight Keller, present Uniqlo inventive director and former Givenchy inventive director, on the affect turning into a mom has on ladies’s careers in trend
