Female CEOs lose ground in retail sector’s top echelons

economictimes.indiatimes.com:

In recent months, major retailers such as Gap, Stitch Fix, Victoria’s Secret, Kohl’s, the Vitamin Shoppe and the RealReal have appointed men to CEO positions previously held by women. Others such as Macy’s, VF Corp and Italian denim brand Diesel replaced men with men at the top. In general, it is rare for a female CEO to be succeeded by another woman regardless of the industry, according to an analysis by Catalyst. “It reminds me of the Barbie movie,” said Kimberly Lee Minor, who is the CEO of the consulting firm Bumbershoot. “We live in this society where women control the majority of consumer spending. They make the decisions and yet we still haven’t moved forward, and we have to go into this cycle.” While the number of female CEOs had been trending upward in recent years, nearly 90% of Fortune 500 companies are run by men. Of the 86 retail companies in the Fortune 1000, 13 had a woman as CEO as of July 2023, down slightly from the year before, according to the executive recruiting firm Heidrick & Struggles. Retail executives have long been quick to note that purchases are largely driven by women, who make most of the spending decisions for their households. The majority of the industry’s entry-level workforce is also female. Seventy-two percent of cashiers are women, and about half of retail salespersons are women, according to data from the Bureau of Labor Statistics.

Women are queueing up for a second innings at work

One of the reasons many companies are turning to men may be explained by the economic tension retailers are feeling in 2023. In times of uncertainty, companies become more risk averse and seek executives who have financial expertise and proven track records at previous companies,