Women CEOs made up a larger percentage of the top-paid CEO list in 2023

According to the annual compensation survey conducted by Equilar for The Associated Press, 25 out of 341 CEOs are women. This marks the highest number since 2011, with the previous high being 21 women in 2017. This survey includes CEOs of S&P 500 companies who have served at least two fiscal years, using data from proxy statements filed between January 1 and April 30, 2024.

Christy Glass, a sociology professor at Utah State University, noted that while the increase in female CEOs is positive, overall trends remain discouraging. “We’ll see a banner year for women CEOs,” she said, “but then significant turnover a year or two later.”

Lisa Su, CEO and Chair of Advanced Micro Devices, was the highest-paid female CEO for the fifth consecutive year in fiscal 2023, earning USD 30.3 million. AMD’s stock surged 127% in 2023. Other top-paid female CEOs include Mary Barra of General Motors (USD 27.8 million), Jane Fraser of Citigroup (USD 25.5 million), Kathy Warden of Northrop Grumman (USD 23.5 million), and Carol Tome of UPS (USD 23.4 million).

The median pay for female CEOs rose 21% to USD 17.6 million, surpassing the 12% increase for male CEOs, whose median pay was USD 16.3 million. However, Broadcom CEO Hock Tan earned USD 161.8 million, highlighting the disparity.

Glass also mentioned the “glass cliff” phenomenon, where women often become CEOs at struggling companies, putting them at a disadvantage.