Women have historically been underrepresented in positions of financial leadership. But things are altering.
This year's list of Fortune's Most Powerful Women (MPW) was dominated by women in finance. The retail and healthcare sectors were closely followed by the technology sector. The list of influential women in business is already in its 25th year, and getting on it was quite difficult. Instead of distinct international and domestic versions, it is now a global list. CEOs or people who are aspiring to be one filled every position. Karen Lynch, CEO of CVS, took the top slot.
CFOs from Google and Microsoft, two of the biggest tech corporations in the world, made the list.
Since 2015, Ruth Porat (No. 12) has served as SVP and CFO at Google and Alphabet. Porat managed Google's $5.4 billion acquisition of cybersecurity firm Mandiant this year, which was finalized last month. It was the second-largest acquisition the corporation had ever made.
Since joining the company in 2002, Amy Hood (No. 15), EVP and CFO, has held her current role since 2013. Hood is in charge of Microsoft's announced $69 billion acquisition of Activision Blizzard. Microsoft should become more competitive in gaming and the metaverse thanks to the acquisition.
With hiring freezes and even layoffs, Porat and Hood have both been guiding their businesses through a market downturn that has been devastating the tech sector.
Financial industry leaders on the list include Thasunda Brown Duckett, CEO of TIAA, Shemara Wikramanayake, managing director and CEO of Macquarie, Ana Botin, executive chair of Banco Santander, Marianne Lake and Jennifer Piepszak, co-CEOs of JPMorgan Chase's Consumer and Community Banking, Mellody Hobson, co-CEO and president of Ariel Investments, and Penny Pennington, managing partner of Morgan Stanley
The group CEO of Aviva, Amanda Blanc (ranked No. 24 on the list), has developed a blueprint for boosting women in finance. In order to assist the executives of U.K. financial services organizations in achieving gender parity, Blanc collaborated with Bain & Company to provide a set of suggestions. The plan of action puts an emphasis on hiring, keeping employees, and promoting them, as well as on culture and behavior and embedding diversity, equity, and inclusion. According to the research published in March, a recommended course of action for hiring is: "A centralized process, investigated for prejudice and focused on abilities over experience, with a large talent pool and commitment to interview 50% women for posts at all levels."
According to the most recent volatility report from executive recruitment company Crist Kolder Associates, times are changing as the proportion of women serving as CEOs and CFOs has risen to an all-time high. 7.3% of the CEOs at 681 Fortune 500 and S&P 500 businesses as of the first half of this year are women, up from 3.5% in 2012. In addition, women make up 16% of CFOs today compared to 9.4% in 2012.
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