Women at S&P 500 companies are more likely than men to serve as president or CFO before becoming CEO, according to a May report from Women’s Power Gap.
The report analyzed the roles held by S&P 500 CEOs immediately before their current positions. As of April 30, 48 women held CEOs roles at S&P 500 companies, up from nine in 2000.
Here are four findings from the report:
1. The CFO role can serve as a “launch position” for women aspiring to the CEO role, according to the report. Ten percent of female CEOs previously served as CFO, compared to 6% of male CEOs.
Becker’s has reported on at least two women who were promoted from CFO to CEO in 2025: Hannah McRae at Cody (Wyo.) Regional Health, and Kim Manus at Newport (Wash.) Hospital and Health Services. Both had served as interim CEO before taking on the permanent role.
2. Fifty percent of female CEOs served as president before being named CEO, compared to 38% of men. Men were more likely than women to serve as a regional market leader or COO beforehand.
3. The report noted a drop-off in women’s representation at the CEO level. Women hold 24% of the three main launch positions — COO, president or regional market leader — at S&P 100 companies, but 8% of the CEO roles, representing a 67% decline.
4. Across Russell 3000 companies, women are most represented among CEOs at utility companies (15%), compared to 9% at healthcare companies.
