Despite decades of progress, the very top of corporate leadership remains overwhelmingly male. While representation has improved in middle management and board roles, the CEO position continues to lag behind.
A new report highlights just how slow that progress has been. Women accounted for only 9 percent of incoming CEOs worldwide in 2025. Across the same year, 234 CEOs stepped down globally, a 16 percent increase from the previous year and 21 percent above the eight-year average. Yet even with more leadership turnover, the gender gap at the top remains largely unchanged.
So why does this gap persist, and what is actually shifting?
The path to the top is still uneven
The issue is not just who gets the CEO role, but who gets positioned for it in the first place.
Leadership pipelines remain heavily skewed. A 2022 analysis by Russell Reynolds found that 43 percent of Fortune 250 CEOs were promoted from chief operating officer roles. However, in the latest data, only two COOs across the companies analysed are women.
That imbalance creates a structural bottleneck. If women are not present in the roles most likely to lead to CEO, representation at the top cannot meaningfully change.
Leadership expectations are still gendered
Even when women reach the top, the challenge does not disappear.
Research from Saïd Business School at the University of Oxford shows that female CEOs often have to navigate conflicting expectations. They are expected to lead decisively while also avoiding being perceived as too forceful.
As Michael Smets, Associate Professor in Management and Organisation Studies, explains:
“Even the successful female CEOs in our sample admitted that it could be difficult to feel authentic when adopting some ‘masculine’ leadership behaviours, and that there was a risk that people would react negatively when they did so.”
Confidence gaps still influence progression
Another barrier sits internally as well as externally.
Data shows a clear difference in how men and women assess their readiness for leadership. Nearly 70 percent of men believe they could step into their manager’s role if needed. Only 50 percent of women say the same.
Women are more than twice as likely to believe they are not equipped for the next step, despite often being equally qualified.
This plays out in career decisions too.
While 60 percent of men say they are ready to make a career move, only 49 percent of women report the same. When considering a move, women are more likely to prioritise company culture, while men are more likely to focus on pay.
The motherhood penalty
Career progression is also shaped by life stages.
Women continue to face disproportionate impacts from career breaks, caregiving responsibilities, and reduced flexibility. The pandemic highlighted this further, with women more likely to experience job cuts, reduced hours, and underrepresentation in decision-making bodies related to COVID-19 response.
In contrast, Nordic countries offer a useful model. Policies such as shared parental leave and affordable childcare help reduce the long-term career impact of motherhood, allowing more women to remain on leadership trajectories.
What is starting to change
While the challenges are clear, there are signs of progress.
Research from Oxford Saïd points to a shift in how women are navigating leadership paths and what organisations can do to support them.
1. Don’t wait to be asked
Many female CEOs report that they actively pursued opportunities rather than waiting to be recognised. Building skills in communication, reasoning, emotional intelligence, and financial acumen remains critical.
2. Don’t count on others
With fewer women in senior roles, networks matter more. Proactively building relationships with mentors, sponsors, and peers can help open doors that might otherwise remain closed.
3. Play the long game
Career progression often involves deliberate trade-offs. Many female leaders describe making conscious decisions about work and family, while managing the scrutiny that can come with those choices.
4. Own your career trajectory
Encouragement from mentors plays a significant role. Many women only considered CEO roles after being actively supported or sponsored, highlighting the importance of visible advocacy.
5. Develop a distinctive leadership style
Perfectionism and fear of failure can hold women back from pursuing stretch opportunities. Those who succeed often move forward before feeling fully ready, building confidence through experience rather than waiting for it.
Networking and mentorship is also so important. Because there are fewer female leaders, actively building a supportive network of peers and mentors is crucial to navigating the path to the top, something WiiN members say they gain a lot from.
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Written by Elaine Keep www.elainekeep.com