The Numbers Don’t Lie, But They Paint a Worrying Picture
In 2024, Bloomberg shockingly reported that there was no female CEO leading any of Ireland’s listed companies. Additionally, the Balance for Better Report 2024 highlighted that despite significant gains in gender diversity at the board level, women remain vastly underrepresented in executive leadership. This raises a pressing question: Why are there so few female CEOs, and what challenges do women face at the executive level?
Even though women now represent 40% of board members within ISEQ20 companies, they hold only 11.3% of executive director positions. The absence of female CEOs in ISEQ20 companies signals a critical issue—a lack of succession planning and a weak pipeline for female leadership.
A Broader European and Global Issue
What does the picture look like in Europe? Bloomberg also reported that Ireland is one of only two EU states with no female CEOs leading listed companies. Even across the EU, female leadership at the CEO level remains scarce, with only 8% of CEO positions in the largest listed companies occupied by women in 2023. The U.S. paints a slightly better picture, but still, only 10% of Fortune 500 CEOs are women.
This issue is exacerbated by the dominance of traditionally male-led industries like construction, finance, and manufacturing, where women struggle to break into leadership positions. Moreover, research suggests that women are often considered for top roles only in times of crisis, a phenomenon known as the glass cliff—where female executives are set up for failure in struggling companies.
Barriers Holding Women Back from CEO Roles
Women face multiple structural and cultural barriers that limit their ascension to CEO positions. Some of the key challenges include:
- The Glass Cliff/ Ceiling- The glass ceiling prevents women from advancing to top leadership roles, while the glass cliff often places them in high-risk positions during times of crisis. Studies have found that when a company is thriving, male candidates are preferred, but when it is struggling, women are more likely to be appointed—often to failing companies with little support.
- Lack of Representation in Feeder Roles- CEO roles are often filled from key C-suite positions like COO, CFO, and heads of P&L departments. However, women hold only 20% of CFO positions and 24% of P&L leadership roles. On the other hand, 72% of CHROs (Chief Human Resources Officers) are women, a role that is rarely a steppingstone to the CEO seat.
- Bias and Double Standards- Research suggests that people associate leadership with stereotypically male traits like competitiveness and decisiveness. This bias means that when women exhibit the same leadership style as men, they are often judged more harshly.
- The Broken Rung Effect-Women are held back early in their careers due to fewer promotions to first-level management. This results in fewer women in leadership pipelines, making it nearly impossible to reach the C-suite in significant numbers.
- Limited Sponsorship and Advocacy- While mentorship is valuable, what women really need is sponsorship—senior leaders advocating for them in leadership decisions. Studies show that many female CEOs never envisioned themselves in the role until a mentor or boss encouraged them.
How We Can Bridge the Gender Gap in Leadership?
Despite these challenges, there are concrete ways to improve female representation in executive leadership. Companies and stakeholders must actively work to remove these barriers and create environments where women can succeed.
1. Strengthen Succession Planning-Companies need to develop a clear pipeline for female leadership, ensuring that women are prepared for CEO roles by giving them experience in critical P&L, finance, and operations positions.
2. Provide Flexible Work Policies- The pandemic proved that flexible work arrangements can be highly effective. Organisations should embrace hybrid work models and family-friendly policies to attract and retain female leaders.
3. Promote More Women into Feeder Roles -Since most CEOs come from COO, CFO, or P&L leadership roles, companies should ensure that more women gain experience in these areas. Setting internal targets for gender parity in these roles can help build a stronger pipeline.
4. Increase Sponsorship and Advocacy – Women need sponsors, not just mentors. Leaders—especially male executives—should actively advocate for women, ensuring they receive high-visibility assignments and leadership opportunities.
5. Address Workplace Bias and Stereotypes- Leadership training should challenge stereotypes about leadership traits and create a culture where different leadership styles are valued equally.
6. Create Inclusive Benefits and Pay Equity -Organisations should implement policies that address pay gaps, parental leave, and career development programmes that support women through different stages of their careers.
7. Set Gender Targets and Accountability Measures- Governments and companies can follow the EU’s approach in mandating gender diversity in boardrooms and executive leadership. Setting targets for 30-50% representation in C-suite roles can help ensure progress.
The Path Forward: More Women at the Helm
Breaking barriers for women in executive leadership is not just a diversity issue—it’s a business imperative. Studies show that companies with more women in leadership positions perform better financially, are more innovative, and have stronger workplace cultures.
While progress has been made, the journey towards gender parity in CEO roles requires continued focus, strategic interventions, and a commitment to fostering female leadership at every level. By addressing structural barriers, challenging outdated biases, and investing in women’s leadership development, we can ensure that more women rise to the top—and that businesses, economies, and societies benefit from their leadership.
Women are ready for executive leadership—but are companies ready to support them? It’s time to move from conversation to action.
