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href="/our-people/thomas-meakin" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Tom Meakin</span></a><span> </span></span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/kurt-strovink" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Kurt Strovink</span></a></span></span></div><div class="mdc-u-grid-col-md-start-8 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-8 mdc-u-grid-col-lg-end-11 ArticleContent_mck-c-article-content__share-tools__kWRRw"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-5"><div class="mck-u-links-inline">Many new CEOs reshuffle their top teams, but surprisingly few make them more diverse. Can we do better?</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Ffeatured%20insights%2Fgender%20equality%2Fclosing%20the%20gender%20gap%20a%20missed%20opportunity%20for%20new%20ceos%2Fclosing-the-gender-gap-a-missed-opportunity-for-new-ceos.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_2734c4f" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="closing-the-gender-gap-a-missed-opportunity-for-new-ceos" data-layer-report-name="closing-the-gender-gap-a-missed-opportunity-for-new-ceos>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f"> (PDF-101 KB)</span></a></div></div></div></div> <p><strong>Diversity matters</strong> in the workplace. It is an important social issue, and a performance imperative: more diverse top-management teams appear to benefit from a richer decision-making dialogue, which can contribute to better financial performance.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="f06cae03-aed4-4887-83f4-25ae48d4cf15"><sup class="FootNote_footnotesup__e73z_">1</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="f06cae03-aed4-4887-83f4-25ae48d4cf15" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline">McKinsey research indicates that companies in the top quartile for gender diversity in the executive team are, for example, 21 percent more likely to outperform bottom-quartile peers on EBIT margin and 27 percent more likely to outperform them on long-term-value-creation metrics, such as economic profit. See Vivian Hunt, Lareina Yee, Sara Prince, and Sundiatu Dixon-Fyle, “<a href="/capabilities/people-and-organizational-performance/our-insights/delivering-through-diversity">Delivering through diversity</a>,” January 2018.</span></span></span></a></span></p>  <p>CEO transitions matter, too. Our research has shown that a CEO’s likelihood of outperforming his or her peers depends heavily on the mix of strategic and organizational <a href="/capabilities/strategy-and-corporate-finance/our-insights/what-makes-a-ceo-exceptional">decisions made during the first two years on the job</a>. Management reshuffles—a critical piece of the performance puzzle for many new CEOs, according to our research—should create opportunities for new CEOs to boost gender diversity. Too few do so, however, suggesting that new CEOs, and the boards that hire them, should be asking tougher questions about diversity and asking those questions sooner than they normally do. </p> <h2>A missed opportunity</h2> <p>At the beginning of their tenures, new CEOs typically change the makeup of their management teams. Our research shows that more than two-thirds of chief executives replace at least half of the members of their top teams within two years of taking office.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="18b97b12-4938-4565-a6f1-952024f8d397"><sup class="FootNote_footnotesup__e73z_">2</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="18b97b12-4938-4565-a6f1-952024f8d397" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline">For a perspective on why CEOs should make bold strategic moves early in their tenures, see Michael Birshan, Thomas Meakin, and Kurt Strovink, “<a href="/featured-insights/leadership/how-new-ceos-can-boost-their-odds-of-success">How new CEOs can boost their odds of success</a>,” <em>McKinsey Quarterly</em>, May 2016.</span></span></span></a></span> They may do so to strengthen the capabilities of those teams, to embark on new strategic directions, or simply to replace former peers they had competed against for the top job, who may have different ideas about the way ahead. The management reshuffles that happen during transitions hold the potential to serve as “unfreezing moments,” dramatically improving the representation of women at senior levels and sending a strong signal to the organization that this issue matters and that the CEO expects to increase gender diversity going forward. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_2734c4f" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--default___f-hQM_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f mdc-c-icon--size-xxl___cL3ZT_2734c4f mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>About the research</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body"><p>To understand how new CEOs reshape their top teams, we used our CEO-transitions database to track the moments when companies change CEOs; the strategic moves CEOs make, including management reshuffles; and these CEOs’ sector exposure and history before becoming chief executives. We combined this information with data from <a target="_blank" href="http://corp.boardex.com/data/">BoardEx</a> to measure the gender change in the composition of the senior-management teams of these CEOs, from the start to the end of their tenures. (BoardEx defines senior managers as C-suite officers and divisional and regional heads.) These new data were complemented by insights from McKinsey’s ongoing Women in the Workplace research, which explores, in more detail, the corporate pipeline, the support women receive from their managers, the opportunities women believe they have, and the promotion and attrition experienced by women relative to men. </p></div></div></div></div></div></div> <p> Yet only a small number of new CEOs are taking advantage of the narrow window of opportunity a transition provides to boost the top team’s diversity (see sidebar, “About the research”). For example, we found that within three years, gender diversity in senior teams that new CEOs reshuffled increased by only two percentage points—raising the proportion of women in management to only 14 percent, from 12 percent. The picture of female representation didn’t improve when we expanded the time period to cover management reshuffles over the entirety of the CEOs’ tenures. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-disruptor1up mck-o-md-center mck-u-inline-module-border-top mck-u-inline-module-border-bottom mck-u-screen-only" data-layer-region="disruptor-1up"><div class="mdc-u-grid mdc-u-grid-gutter-md mdc-u-grid-col-lg-12 mdc-u-grid-col-md-12 "><div class="mdc-u-grid-col-md-span-12"><header data-component="mdc-c-header" class="mdc-c-header"><div class="mdc-c-header__block___i1Lg-_2734c4f"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Discover and subscribe to McKinsey Quarterly Audio</div></h3><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-7"><p><div><strong>Five ways to subscribe:</strong></div></p></div></div></header><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f mck-c-disruptor1up__content Disruptor1Up_mck-c-disruptor1up__content--links__VV4lE mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="https://itunes.apple.com/us/podcast/mckinsey-quarterly-audio/id1437925222?mt=2" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--primary___Ed-lT_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" target="_blank"><span class="mdc-c-link__label___Pfqtd_2734c4f">Apple Podcasts</span></a><a data-component="mdc-c-link" href="https://open.spotify.com/show/5mb2zYJnrPcRrML8gx5doD" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--primary___Ed-lT_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" target="_blank"><span class="mdc-c-link__label___Pfqtd_2734c4f">Spotify</span></a></div></div></div></div> <p>This finding suggests that even if a dearth of women in the management pipeline limited progress during the transition period, those same CEOs didn’t change the pipeline and promotion picture during their tenures. The trend was consistent across time as well: CEOs who took charge in recent years were no more likely to promote women to senior roles than those who became corporate leaders 20 or 30 years ago. And though our data focused solely on gender, research by our colleagues on the additional <a href="/sitecore/service/notfound.aspx?item=web%3a%7b2cc8bf50-5b5a-44d6-92dc-9330f203c8aa%7d%40en">difficulties faced by women of color</a> suggests that top-team transitions do little to help on that front either.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="c2467ad0-0668-4bc1-b10f-568e1fa87e92"><sup class="FootNote_footnotesup__e73z_">3</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="c2467ad0-0668-4bc1-b10f-568e1fa87e92" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline">For a deeper assessment of gender-diversity initiatives and the importance of addressing intersectional issues with race, see <em><a href="/sitecore/service/notfound.aspx?item=web%3a%7b2cc8bf50-5b5a-44d6-92dc-9330f203c8aa%7d%40en">Women in the Workplace 2017</a></em>, LeanIn.Org and McKinsey, 2017.</span></span></span></a></span> Behind all the apparent inaction—and missed opportunities—we found three complex underlying patterns. </p> <h2>Up from the bottom</h2> <p>First, new CEOs in the <em>least</em> diverse companies and industries seem to make the most significant improvements in gender diversity over the course of their tenures (exhibit). Chief executives who took over companies where women made up less than 15 percent of the senior-management team, for example, increased female representation, on average, to 14 percent, from 10 percent—twice the level of improvement achieved by all CEOs who undertook management reshuffles. While the sample size is unfortunately small, the same effects are seen when looking at female incoming CEOs specifically. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/featured%20insights/gender%20equality/closing%20the%20gender%20gap%20a%20missed%20opportunity%20for%20new%20ceos/svgz_qweb_newceo_gender_diversity_ex1.svgz?cq=50&cpy=Center"/><img alt="New CEOs hired internally and CEOs in industries with less diverse teams are more likely to make gains in gender diversity." src="/~/media/mckinsey/featured%20insights/gender%20equality/closing%20the%20gender%20gap%20a%20missed%20opportunity%20for%20new%20ceos/svgz_qweb_newceo_gender_diversity_ex1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Digging deeper, we found that CEOs who take the helm of companies in historically male-dominated industries made the most significant improvements, although the sample size was small. For instance, new CEOs in heavy-industry sectors, which had the lowest levels of female representation at the start of their tenures, more than doubled it on their executive teams, to 13 percent, from an average of 5 percent. Although the companies these CEOs led started from a lower base and had the greatest room to improve, it is still positive that their companies are addressing major imbalances even when the talent pipeline doesn’t make this easy. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-disruptor1up mck-o-md-center mck-u-inline-module-border-top mck-u-inline-module-border-bottom mck-u-screen-only" data-layer-region="disruptor-1up"><div class="mdc-u-grid mdc-u-grid-gutter-md mdc-u-grid-col-lg-12 mdc-u-grid-col-md-12 "><div class="mdc-u-grid-col-md-span-12"><header data-component="mdc-c-header" class="mdc-c-header"><div class="mdc-c-header__block___i1Lg-_2734c4f"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Would you like to learn more about our <a href="https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/how-we-help-clients">Strategy & Corporate Finance Practice</a>?</div></h3></div></header></div></div></div> <h2>The cost of complacency</h2> <p>Our second finding was that, eventually, diversity appears to hit a ceiling. New CEOs at companies with the highest percentage of women in senior roles at the point of transition were the least likely to improve gender diversity. On average, in fact, companies with new CEOs where women made up 15 percent or more of the management team actually saw a <em>reduction</em> in the proportion of women in senior roles during reshuffles. </p> <p>We take this finding to mean that more diverse companies tend to become complacent over time: the arrival of a new CEO is more likely to result in stagnation or decline than to help the organization capitalize on its momentum or positive starting position. The evidence suggests that once companies reach a minimum standard of diversity, the perceptions of their leaders—and, as a result, their priorities—change. This conclusion is consistent with the finding that nearly 50 percent of men believe that women are well-represented in leadership roles in companies when they account for only one in ten executives. </p> <h2>The insider’s edge</h2> <p>Finally, as the exhibit shows, our research reveals that CEOs promoted from <em>within</em> companies increase their gender diversity to a much greater extent, on average, than those hired <em>externally</em>. The difference is stark: internal CEOs raised female representation on management teams by nearly six percentage points more than external CEOs, who kept gender ratios stable, on average. Again, this is also the case when looking only at the female CEOs in our data set. </p> <p>This finding offers an interesting counterpoint to some conclusions of our earlier research on transitions more broadly. In that work, we found that CEOs hired from outside companies were typically bolder in the number of strategic moves they made early in the game. As a result, they outperformed other CEOs over their tenures, on average. </p> <p>The apparent divergence between bold strategic moves, on the one hand, and a lack of corresponding boldness in addressing gender issues, on the other, may result at least partly from the difficulties some leaders face in overcoming unconscious bias among other members of the top-management team. CEOs promoted from inside tend to know where the talent is, and that helps them mitigate the impact of biases among other senior executives. External appointees are less likely to have the same richness of information and may therefore find themselves defaulting to male-skewing conventional picks recommended by other leaders or the board. Of course, both inside and outside CEO hires are also susceptible to—and must guard against—<em>their own</em> unconscious biases. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-disruptor1up mck-o-md-center mck-u-inline-module-border-top mck-u-inline-module-border-bottom mck-u-screen-only" data-layer-region="disruptor-1up"><div class="mdc-u-grid mdc-u-grid-gutter-md mdc-u-grid-col-lg-12 mdc-u-grid-col-md-12 "><div class="mdc-u-grid-col-lg-span-4 mdc-u-grid-col-md-span-5 Disruptor1Up_mck-c-disruptor1up__image___2Gc4"><picture data-component="mdc-c-picture"><img alt="Still looking for room at the top: Ten years of research on women in the workplace" src="/~/media/mckinsey/featured%20insights/gender%20equality/still%20looking%20for%20room%20at%20the%20top%20ten%20years%20of%20research%20on%20women%20in%20the%20workplace/still-looking-for-room-at-the-top_1536x1536_300.png?cq=50&mh=145&car=16:9&cpy=Center" loading="lazy"/></picture></div><div class="mdc-u-grid-col-lg-span-8 mdc-u-grid-col-md-span-7"><header data-component="mdc-c-header" class="mdc-c-header"><div class="mdc-c-header__block___i1Lg-_2734c4f"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Still looking for room at the top: Ten years of research on women in the workplace</div></h3></div></header><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f mck-c-disruptor1up__content Disruptor1Up_mck-c-disruptor1up__content--links__VV4lE mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="/featured-insights/gender-equality/still-looking-for-room-at-the-top-ten-years-of-research-on-women-in-the-workplace" class="mdc-c-link-cta___NBQVi_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Read the article</span><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mck-link-arrow-right-icon"></span></a></div></div></div></div> <h2>Tough questions</h2> <p>Even if CEOs do make progress on gender balance early in their tenures, when they have a mandate to undertake significant management reshuffles, <a href="/featured-insights/gender-equality/still-looking-for-room-at-the-top-ten-years-of-research-on-women-in-the-workplace">the job isn’t finished</a>. New CEOs who aspire to create an inclusive culture that drives significant progress on gender diversity must ask and answer several difficult questions: </p> <ul> <li>How do I communicate the economic and strategic imperative of creating a diverse top team and make this a shared goal throughout the organization?</li> <li>What specific measures to improve gender diversity are appropriate for my organization, and how will I ensure that they take effect lower down the ladder? </li> <li>How do I make sure that women are moving into roles with profit-and-loss responsibility, as well as roles overseeing support functions, to prepare them for broader executive roles? </li> <li>How can I accelerate the pipeline of female talent while ensuring that fast- tracked women are supported and helped to succeed? </li> </ul> <p>Success in this context is perhaps best measured by the legacy that CEOs create for their successors: Will those who follow them be starting afresh from a disappointing position, or maintaining momentum on the back of real progress? </p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p><strong><a href="/our-people/michael-birshan">Michael Birshan</a></strong> is a senior partner in McKinsey’s London office, where <strong><a href="/our-people/thomas-meakin">Thomas Meakin</a></strong> is a partner; <strong><a href="/our-people/carolyn-dewar">Carolyn Dewar</a></strong> and <strong><a href="/our-people/kurt-strovink">Kurt Strovink</a></strong> are senior partners in the San Francisco and New York offices, respectively. </p><p> The authors wish to thank Denis O’Connor and Markian Mysko von Schultze for their contributions to this article, as well as Lareina Yee and Vivian Hunt for their expertise as leaders of McKinsey’s overall research on diversity.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--align-center___ar3mu_2734c4f"><a 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href="/capabilities/strategy-and-corporate-finance/our-insights/what-makes-a-ceo-exceptional" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f"><div>What makes a CEO ‘exceptional’?</div></a></h6></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Closing the gender gap A missed opportunity for new CEOs","displayName":"Closing the gender gap A missed opportunity for new CEOs","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"dd1eca57-5473-461e-b27f-47c9dd1b0e32","itemLanguage":"en","itemVersion":2,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"Closing the gender gap: A missed opportunity for new CEOs"}},"sEOTitle":{"value":"Closing the gender gap : A missed opportunity for new CEOs"},"description":{"jsonValue":{"value":"Many new CEOs reshuffle their top teams, but surprisingly few make them more diverse. Can we do better?"}},"sEODescription":{"value":"New CEOs have a chance to close the gender gap among senior teams. Most miss the opportunity."},"displayDate":{"jsonValue":{"value":"2018-10-19T00:00:00Z"}},"body":{"value":"[[DownloadsSidebar]] \u003cp\u003e\u003cstrong\u003eDiversity matters\u003c/strong\u003e in the workplace. It is an important social issue, and a performance imperative: more diverse top-management teams appear to benefit from a richer decision-making dialogue, which can contribute to better financial performance.[[footnote 1]]\u003c/p\u003e\n[[Audio 1]]\n\u003cp\u003eCEO transitions matter, too. Our research has shown that a CEO\u0026rsquo;s likelihood of outperforming his or her peers depends heavily on the mix of strategic and organizational \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/what-makes-a-ceo-exceptional\"\u003edecisions made during the first two years on the job\u003c/a\u003e. Management reshuffles\u0026mdash;a critical piece of the performance puzzle for many new CEOs, according to our research\u0026mdash;should create opportunities for new CEOs to boost gender diversity. Too few do so, however, suggesting that new CEOs, and the boards that hire them, should be asking tougher questions about diversity and asking those questions sooner than they normally do. \u003c/p\u003e\n\u003ch2\u003eA missed opportunity\u003c/h2\u003e\n\u003cp\u003eAt the beginning of their tenures, new CEOs typically change the makeup of their management teams. Our research shows that more than two-thirds of chief executives replace at least half of the members of their top teams within two years of taking office.[[footnote 2]] They may do so to strengthen the capabilities of those teams, to embark on new strategic directions, or simply to replace former peers they had competed against for the top job, who may have different ideas about the way ahead. The management reshuffles that happen during transitions hold the potential to serve as \u0026ldquo;unfreezing moments,\u0026rdquo; dramatically improving the representation of women at senior levels and sending a strong signal to the organization that this issue matters and that the CEO expects to increase gender diversity going forward. \u003c/p\u003e\n[[Sidebar 1]]\n\u003cp\u003e Yet only a small number of new CEOs are taking advantage of the narrow window of opportunity a transition provides to boost the top team\u0026rsquo;s diversity (see sidebar, \u0026ldquo;About the research\u0026rdquo;). For example, we found that within three years, gender diversity in senior teams that new CEOs reshuffled increased by only two percentage points\u0026mdash;raising the proportion of women in management to only 14 percent, from 12 percent. The picture of female representation didn\u0026rsquo;t improve when we expanded the time period to cover management reshuffles over the entirety of the CEOs\u0026rsquo; tenures. \u003c/p\u003e\n[[Disruptor1up Qaudio]]\n\u003cp\u003eThis finding suggests that even if a dearth of women in the management pipeline limited progress during the transition period, those same CEOs didn\u0026rsquo;t change the pipeline and promotion picture during their tenures. The trend was consistent across time as well: CEOs who took charge in recent years were no more likely to promote women to senior roles than those who became corporate leaders 20 or 30 years ago. And though our data focused solely on gender, research by our colleagues on the additional \u003ca href=\"/sitecore/service/notfound.aspx?item=web%3a%7b2cc8bf50-5b5a-44d6-92dc-9330f203c8aa%7d%40en\"\u003edifficulties faced by women of color\u003c/a\u003e suggests that top-team transitions do little to help on that front either.[[footnote 3]] Behind all the apparent inaction\u0026mdash;and missed opportunities\u0026mdash;we found three complex underlying patterns. \u003c/p\u003e\n\u003ch2\u003eUp from the bottom\u003c/h2\u003e\n\u003cp\u003eFirst, new CEOs in the \u003cem\u003eleast\u003c/em\u003e diverse companies and industries seem to make the most significant improvements in gender diversity over the course of their tenures (exhibit). Chief executives who took over companies where women made up less than 15 percent of the senior-management team, for example, increased female representation, on average, to 14 percent, from 10 percent\u0026mdash;twice the level of improvement achieved by all CEOs who undertook management reshuffles. While the sample size is unfortunately small, the same effects are seen when looking at female incoming CEOs specifically. \u003c/p\u003e\n[[Exhibit 1]]\n\u003cp\u003eDigging deeper, we found that CEOs who take the helm of companies in historically male-dominated industries made the most significant improvements, although the sample size was small. For instance, new CEOs in heavy-industry sectors, which had the lowest levels of female representation at the start of their tenures, more than doubled it on their executive teams, to 13 percent, from an average of 5 percent. Although the companies these CEOs led started from a lower base and had the greatest room to improve, it is still positive that their companies are addressing major imbalances even when the talent pipeline doesn\u0026rsquo;t make this easy. \u003c/p\u003e\n[[Disruptor1Up 1]]\n\u003ch2\u003eThe cost of complacency\u003c/h2\u003e\n\u003cp\u003eOur second finding was that, eventually, diversity appears to hit a ceiling. New CEOs at companies with the highest percentage of women in senior roles at the point of transition were the least likely to improve gender diversity. On average, in fact, companies with new CEOs where women made up 15 percent or more of the management team actually saw a \u003cem\u003ereduction\u003c/em\u003e in the proportion of women in senior roles during reshuffles. \u003c/p\u003e\n\u003cp\u003eWe take this finding to mean that more diverse companies tend to become complacent over time: the arrival of a new CEO is more likely to result in stagnation or decline than to help the organization capitalize on its momentum or positive starting position. The evidence suggests that once companies reach a minimum standard of diversity, the perceptions of their leaders\u0026mdash;and, as a result, their priorities\u0026mdash;change. This conclusion is consistent with the finding that nearly 50 percent of men believe that women are well-represented in leadership roles in companies when they account for only one in ten executives. \u003c/p\u003e\n\u003ch2\u003eThe insider\u0026rsquo;s edge\u003c/h2\u003e\n\u003cp\u003eFinally, as the exhibit shows, our research reveals that CEOs promoted from \u003cem\u003ewithin\u003c/em\u003e companies increase their gender diversity to a much greater extent, on average, than those hired \u003cem\u003eexternally\u003c/em\u003e. The difference is stark: internal CEOs raised female representation on management teams by nearly six percentage points more than external CEOs, who kept gender ratios stable, on average. Again, this is also the case when looking only at the female CEOs in our data set. \u003c/p\u003e\n\u003cp\u003eThis finding offers an interesting counterpoint to some conclusions of our earlier research on transitions more broadly. In that work, we found that CEOs hired from outside companies were typically bolder in the number of strategic moves they made early in the game. As a result, they outperformed other CEOs over their tenures, on average. \u003c/p\u003e\n\u003cp\u003eThe apparent divergence between bold strategic moves, on the one hand, and a lack of corresponding boldness in addressing gender issues, on the other, may result at least partly from the difficulties some leaders face in overcoming unconscious bias among other members of the top-management team. CEOs promoted from inside tend to know where the talent is, and that helps them mitigate the impact of biases among other senior executives. External appointees are less likely to have the same richness of information and may therefore find themselves defaulting to male-skewing conventional picks recommended by other leaders or the board. Of course, both inside and outside CEO hires are also susceptible to\u0026mdash;and must guard against\u0026mdash;\u003cem\u003etheir own\u003c/em\u003e unconscious biases. \u003c/p\u003e\n[[Disruptor1Up 2]]\n\u003ch2\u003eTough questions\u003c/h2\u003e\n\u003cp\u003eEven if CEOs do make progress on gender balance early in their tenures, when they have a mandate to undertake significant management reshuffles, \u003ca href=\"/featured-insights/gender-equality/still-looking-for-room-at-the-top-ten-years-of-research-on-women-in-the-workplace\"\u003ethe job isn\u0026rsquo;t finished\u003c/a\u003e. New CEOs who aspire to create an inclusive culture that drives significant progress on gender diversity must ask and answer several difficult questions: \u003c/p\u003e\n\u003cul\u003e\n \u003cli\u003eHow do I communicate the economic and strategic imperative of creating a diverse top team and make this a shared goal throughout the organization?\u003c/li\u003e\n \u003cli\u003eWhat specific measures to improve gender diversity are appropriate for my organization, and how will I ensure that they take effect lower down the ladder? \u003c/li\u003e\n \u003cli\u003eHow do I make sure that women are moving into roles with profit-and-loss responsibility, as well as roles overseeing support functions, to prepare them for broader executive roles? \u003c/li\u003e\n \u003cli\u003eHow can I accelerate the pipeline of female talent while ensuring that fast- tracked women are supported and helped to succeed? \u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eSuccess in this context is perhaps best measured by the legacy that CEOs create for their successors: Will those who follow them be starting afresh from a disappointing position, or maintaining momentum on the back of real progress? \u003c/p\u003e"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Article"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":{"name":"McKinsey Quarterly","displayName":"McKinsey Quarterly","title":{"value":"McKinsey Quarterly"},"relatedlinks":{"url":"/quarterly/overview"},"landinglinks":{"jsonValue":{"value":[]}}}},"externalPublication":{"value":""},"mobileReady":{"boolValue":true},"forClientsOnly":{"boolValue":false},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2018-10-19T00:00:00Z"}},"footnotes":{"value":"\u003col\u003e\n \u003cli\u003eMcKinsey research indicates that companies in the top quartile for gender diversity in the executive team are, for example, 21 percent more likely to outperform bottom-quartile peers on EBIT margin and 27 percent more likely to outperform them on long-term-value-creation metrics, such as economic profit. See Vivian Hunt, Lareina Yee, Sara Prince, and Sundiatu Dixon-Fyle, \u0026ldquo;\u003ca href=\"/capabilities/people-and-organizational-performance/our-insights/delivering-through-diversity\"\u003eDelivering through diversity\u003c/a\u003e,\u0026rdquo; January 2018.\u003c/li\u003e\n \u003cli\u003eFor a perspective on why CEOs should make bold strategic moves early in their tenures, see Michael Birshan, Thomas Meakin, and Kurt Strovink, \u0026ldquo;\u003ca href=\"/featured-insights/leadership/how-new-ceos-can-boost-their-odds-of-success\"\u003eHow new CEOs can boost their odds of success\u003c/a\u003e,\u0026rdquo; \u003cem\u003eMcKinsey Quarterly\u003c/em\u003e, May 2016.\u003c/li\u003e\n \u003cli\u003eFor a deeper assessment of gender-diversity initiatives\n and the importance of addressing intersectional issues\n with race, see \u003cem\u003e\u003ca href=\"/sitecore/service/notfound.aspx?item=web%3a%7b2cc8bf50-5b5a-44d6-92dc-9330f203c8aa%7d%40en\"\u003eWomen in the Workplace 2017\u003c/a\u003e\u003c/em\u003e, LeanIn.Org\n and McKinsey, 2017.\u003c/li\u003e\n\u003c/ol\u003e"},"contributoryPractice":{"targetItems":[]},"aboutTheAuthors":{"value":"\u003cp\u003e\u003cstrong\u003e\u003ca href=\"/our-people/michael-birshan\"\u003eMichael Birshan\u003c/a\u003e\u003c/strong\u003e is a senior partner in McKinsey\u0026rsquo;s London office, where \u003cstrong\u003e\u003ca href=\"/our-people/thomas-meakin\"\u003eThomas Meakin\u003c/a\u003e\u003c/strong\u003e is a partner; \u003cstrong\u003e\u003ca href=\"/our-people/carolyn-dewar\"\u003eCarolyn Dewar\u003c/a\u003e\u003c/strong\u003e and \u003cstrong\u003e\u003ca href=\"/our-people/kurt-strovink\"\u003eKurt Strovink\u003c/a\u003e\u003c/strong\u003e are senior partners in the San Francisco and New York offices, respectively. \u003c/p\u003e\u003cp\u003e\nThe authors wish to thank Denis O\u0026rsquo;Connor and Markian Mysko von Schultze for their contributions to this article, as well as Lareina Yee and Vivian Hunt for their expertise as leaders of McKinsey\u0026rsquo;s overall research on diversity.\u003c/p\u003e"},"authors":{"targetItems":[{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"D32AF5E00B32488BBB2E0F21E6F99B0E","name":"Michael Birshan","authorTitle":{"value":"Michael Birshan"},"description":{"value":"Global coleader of our Strategy \u0026 Corporate Finance Practice, partnering with bold and determined leaders to set strategy, transform organizations, and deliver sustainable value"},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/michael birshan/michael birshan_8840_fc-mask_profile_1536x1152.png","alt":""},"emailLinks":{"value":"Michael_Birshan@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/michaelbirshan"},"description":{"value":"Global coleader of our Strategy \u0026 Corporate Finance Practice, partnering with bold and determined leaders to set strategy, transform organizations, and deliver sustainable value"},"locations":{"targetItems":[{"name":"London","displayName":"London"}]},"firmTitle":{"value":"Senior Partner"},"thumbnailImage":{"alt":"","src":"/~/media/mckinsey/our people/michael birshan/michael birshan_8840-1_fc-mask.png"},"url":{"path":"/our-people/michael-birshan"}}]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"757BDDBFE94046AFA35A477FC1C2E5BF","name":"Carolyn Dewar","authorTitle":{"value":"Carolyn Dewar"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/carolyn dewar/carolyn-dewar_1743_fc-mask_1536x1152.png","alt":"Carolyn Dewar"},"emailLinks":{"value":"Carolyn_Dewar@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/carolyn-dewar-502b204/"},"description":{"value":"Delivers large-scale performance-improvement programs that foster culture change and counsels senior executives making leadership transitions"},"locations":{"targetItems":[{"name":"Bay Area","displayName":"Bay Area"}]},"firmTitle":{"value":"Senior Partner"},"thumbnailImage":{"alt":"Carolyn Dewar","src":"/~/media/mckinsey/our people/carolyn dewar/carolyn-dewar_1743_fc-mask_988x741.png"},"url":{"path":"/our-people/carolyn-dewar"}}]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"86FF4EB381314F16AED9FAB412DDDFE4","name":"Tom Meakin","authorTitle":{"value":"Tom Meakin"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/thomas meakin/meakin_tom_01_print_fc-mask_profile_1536x1152.png","alt":"Thomas Meakin"},"emailLinks":{"value":"Thomas_Meakin@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/thomas-meakin/"},"description":{"value":"Serves technology, media, and telecoms companies on their most challenging strategic, commercial, and operational issues."},"locations":{"targetItems":[{"name":"London","displayName":"London"}]},"firmTitle":{"value":"Senior Partner"},"thumbnailImage":{"alt":"Thomas Meakin","src":"/~/media/mckinsey/our people/thomas meakin/meakin_tom_01_print_fc-mask_headshot_988x741.png"},"url":{"path":"/our-people/thomas-meakin"}}]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"22150E04C301498988477B6C139A0195","name":"Kurt Strovink","authorTitle":{"value":"Kurt Strovink"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/kurt strovink/kurt strovink-17431_fc-mask_profile_1536x1152.png","alt":""},"emailLinks":{"value":"Kurt_Strovink@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/kurt-strovink-70372316a/"},"description":{"value":"Leads our global CEO Initiative to help build great CEOs and CEO counselors and the New York office as its managing partner; 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