Indra Nooyi of Pepsi Inc. exits from her post as CEO of the company.
Top positions are generally occupied by men. Large companies are making efforts to elevate women to high posts, but such positions are immediately taken over by men when women entrepreneurs step down.
Indra Nooyi is being replaced by Ramon Laguarta as CEO of Pepsi.
This year, apart from Indra Nooyi four other women have left their top positions. 24 women who have been functioning as the CEO’s in various S&P 500 companies have stepped down from their top positions since 2009. Of these only three of these positions have been continued by women while the remaining have been replaced by men.
This data has been analyzed and reported by Spencer Stuart, who keeps track of the executive departures from top companies.
Even though the need for diversity has been sought by investors like BlackRock Inc and State Street Corp, as well as by the #MeToo movement, this situation has not changed or improved.
Tom Flannery from the Board of Global Chief Executives says that whenever executive positions are replaced, the replacement is generally by men. Even with the advancement made by women in the entrepreneurial position, they are not able to sustain their posts.
A special mention should be made, that Kohl’s Corp has women in both posts of CEO and President. The CEO is Michelle Gass while Sona Chawla is the president.
One place where a woman succeeded a woman CEO is when Debra Crew succeeded Susan Cameron at Reynolds American Inc. This is a record handover in six years at S&P 500. But this transition was short-lived as Reynolds was bought by Tobacco Plc, a British American Company and Crew had to quit.
Grant Thornton has reported that in 2018, women who were holding 25 percent of the executive team in 2017, has slipped to 24 percent this year.