The headlines look promising. Women now hold 43% of board positions in FTSE 350 companies. The UK is second globally for women on boards, behind only France. Progress, it seems, is being made.
But look more closely at the data, and a different picture emerges. Of the 350 largest listed companies in the UK, just 19 have a female CEO. That’s 7% of the total. There are more chief executives named Andrew and Simon in the FTSE 100 than there are women. And the number of female CEOs has actually fallen in the past year, down from 20 in 2023.
This is what the FTSE Women Leaders Review calls “the stand-out disappointing statistic amongst a sea of progress.” The glass ceiling hasn’t shattered. It’s just moved higher.
The executive gender paradox
Research from Cranfield University has identified an “executive gender paradox” in UK businesses. While overall female representation on boards continues to rise, the number of women in executive positions has actually fallen. In FTSE 250 companies, women holding executive directorships dropped 11% between 2022 and 2024, from 47 to 42.
The increase in female board representation has been driven almost entirely by non-executive director appointments. Women now hold nearly 50% of NED roles. But NEDs, while valuable, don’t run companies. They provide oversight and governance, not operational leadership. The roles that lead to CEO, the executive positions with profit and loss responsibility, the finance director and chief operating officer roles remain overwhelmingly male.
The numbers tell the story clearly. Women make up just 17% of FTSE 350 Chairs, 22% of Finance Directors, and 7% of CEOs. In the FTSE 250 specifically, women represent only 12% of executives. The pathway to the top executive role remains stubbornly narrow.
Why the CEO role matters
Some might argue that board representation is what counts, that having women in governance roles ensures female voices influence company direction. But research suggests otherwise. Having women in executive leadership, particularly as CEO, has a different and often greater impact on organisational culture, policy, and performance than having women in non-executive positions.
Studies show that companies with more than 30% female executives yield around 6% higher profits than those with less diverse leadership. McKinsey research found that companies in the top quartile for gender diversity on executive teams are 25% more likely to have above-average profitability. The business case is clear.
Beyond financial performance, female executives influence organisational culture in ways that benefit everyone. Research shows women in senior leadership positively impact work-life practices, equality initiatives, and employee wellbeing programmes. They’re more likely to implement policies that support diverse talent pipelines, which, in turn, create more inclusive workplaces.
The pipeline problem
The CEO shortage isn’t just about imbalance at the top. It’s a pipeline issue that starts much earlier. Women are underrepresented in roles that traditionally lead to the CEO position: operational roles with profit and loss responsibility, international assignments, and line management of large teams.
Grant Thornton’s research warns that the lack of women in middle management and senior leadership creates a “fragile” situation. If a female CEO leaves, there often isn’t another woman ready to step into that role. The pipeline doesn’t exist. This means progress at the very top can be reversed quickly, as the decline from 20 to 19 female FTSE 350 CEOs in a single year demonstrates.
What senior women can do
If you’re already in a senior leadership position, you have more power to influence this than you might realise. Not just to advance your own career, but to shape the environment for women coming up behind you.
Seek out CEO-feeder roles
If you aspire to the top job, be strategic about your career path. Roles with profit and loss responsibility, operational leadership, and significant team management are the traditional routes to CEO. If your current role is primarily functional or advisory, consider what moves would give you the experience boards look for when appointing chief executives.
Sponsor other women
Research consistently shows that sponsorship, having someone senior actively advocate for you, is critical for career advancement. If you’re in a position to sponsor emerging female talent, do it deliberately. Put their names forward. Advocate for their promotion. Create opportunities they wouldn’t otherwise have access to.
Influence succession planning
If you have visibility into how your organisation identifies and develops future leaders, use that position to ensure women are being considered for high-potential programmes and stretch assignments. Challenge assumptions about who is “ready” for the next level.
Continue investing in your own development
Senior leadership requires ongoing learning. The skills that got you here aren’t necessarily the ones that will take you further. Strategic thinking at the highest level, navigating board dynamics, and leading organisational transformation all require deliberate development.
Developing strategic leadership capability
Learnmore’s Women in Leadership: Leading with Strategic Impact programme, is designed for senior women who want to operate at the highest level. Over nine months, you’ll develop the capabilities needed to shape organisational direction, influence at board level, and lead transformational change.
- “Reflecting on the incredible experience in the Women in Leadership program. This isn't just about personal growth; it's a powerful demonstration of our company's commitment to gender equality and empowering women to lead. It's fostering a culture of growth and opportunity, where diverse perspectives are valued and women are empowered to reach their full potential, which benefits everyone.”
- Women in Leadership Learner
The programme is ILM assured, backed by over 15 years of Learnmore’s experience in leadership development, and includes dedicated sessions on strategic decision-making, organisational culture, and creating lasting change. It’s an investment in your capability to lead at the highest level and to shape a more equitable leadership landscape for those who follow.
The bigger picture
Progress on gender equality in leadership isn’t inevitable. It requires sustained effort, intentional action, and women who are willing to push into spaces that haven’t traditionally welcomed them. The current generation of senior female leaders has an opportunity, and perhaps a responsibility, to widen the path for those coming next.
The data shows we’re not there yet. But it also shows what’s possible when organisations commit to change. If you’re ready to develop your strategic leadership capability and contribute to changing the landscape, explore what the Women in Leadership: Leading with Strategic Impact programme could offer you.
Speak to us to see which programme is right for you
ILM Assured: Women in Leadership – Leading with Strategic Impact
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ILM Assured: Women in Leadership – Bridge to Boardroom
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ILM Assured: Women in Leadership – The Management Launchpad
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