Retail Troubles Create Opportunities for Female C-Suite Executives
Retail industry struggles have opened up doors for female C-Suite executives. According to an article by Bloomberg, women have been appointed to leadership positions as organizations have faced challenges and currently, have the highest representation in the top job among large sectors with 7% of women as CEOs.
Kohls and JC Penny brought on their first female CEOs in 2018, while Best Buy promoted its former chief financial officer Corie Barry to CEO last June. She is the first woman to take on the role. The company that owns the Journey’s shoe brand, Genesco Inc., named its first female CEO Mimi E. Vaugn, while cosmetics retailer Ulta has been successfully run by CEO Mary Dillion since 2013.
According to data from annual filings by Bloomberg, about 16% of women held senior roles at some of the largest consumer companies in 2018, a 17% increase from 2014. Top executive for Chico’s Molly Langenstein told Bloomberg women have a competitive advantage in the retail space because they can relate to retail’s main customers, women.
Backing up that concept, Senior Managing Director in retail and consumer practice at FTI Consulting Christa Hart added, “To some degree, I think boards like the idea that companies are being run by the customer that they’re targeting.”
The gains that women have made in retail haven’t come without some setbacks for women executives. Read more on this story and how the so-called “glass cliff” has come into play for women in this industry.