Although the number of women reaching CEO positions in S&P 500 companies is increasing, they still represent a small fraction compared to their male counterparts.
According to the latest annual compensation survey by The Associated Press and Equilar, 25 out of 341 CEOs are women. This is the highest number since the survey started in 2011, with the previous peak being 21 in 2017. The survey includes CEOs who have served at least two fiscal years in their companies, with proxy statements filed between January 1 and April 30, 2024.
Christy Glass, a sociology professor at Utah State University specializing in equity and leadership, commented that while the increase in female CEOs is encouraging, overall trends remain disappointing. There are occasional increases in the number of women CEOs, but these are often followed by significant turnover.
Lisa Su, CEO and Chair of Advanced Micro Devices, was the highest-paid female CEO in the survey for the fifth consecutive year, with a total compensation of $30.3 million in 2023. This includes a base salary of $1.2 million, a performance bonus of over $1.4 million, and $21.8 million in stock awards. Su has led AMD since 2014, during which time the company’s stock price surged 127% in 2023 due to increasing interest in AI tools.
Other top-paid female CEOs include Mary Barra of General Motors with $27.8 million, Jane Fraser of Citigroup with $25.5 million, Kathy Warden of Northrop Grumman Corp. with $23.5 million, and Carol Tome of UPS Inc. with $23.4 million. Some notable female CEOs, such as Julie Sweet of Accenture and Sue Nabi of Coty Inc., were not included due to their shorter tenure or different proxy statement filing periods.
The median pay for female CEOs increased by 21% to $17.6 million, compared to a 12% rise for their male counterparts, whose median pay reached $16.3 million. Despite this progress, the highest-paid male CEOs still earn significantly more, with Broadcom’s CEO Hock Tan receiving $161.8 million, primarily in stock awards.
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