Women CEOs face intense public scrutiny and are frequently judged by conflicting standards, according to new research. A study by leadership advisory firm Russell Reynolds Associates (RRA) found that women in top executive roles are more likely to be described as both too ambitious and lacking ambition.
This impossible paradox, experts say, reflects deep-rooted societal biases.
The analysis, based on more than 20,000 news articles covering nearly 750 CEOs across FTSE 100, S&P 500 and Euronext 100 companies, reveals that ambition is 73% more likely to be discussed in reference to women CEOs than men. But women are 2.1 times more likely than men to be described as overly ambitious and equally as likely to be seen as lacking ambition.
Hetty Pye, a member of RRA’s Board & CEO Advisory Partners and co-founder of RRA Artemis, said the problem was societal, not what was being reported in the media.
“Behind closed doors, women CEOs often tell us that they are held to different standards and experience more intense scrutiny than their peers,” she said. “News reports provide a fascinating window into how these biases play out in public discourse; but make no mistake, they are rooted in our society, not the media. Knowing how these double standards show up in public discourse allows all of us to spot them in the boardroom.”
Confidence ‘Another Double Bind’
The same pattern emerges regarding confidence. The research found that no women CEOs in the study were described as having the “right” level of confidence. Instead, they were 3.56 times more likely than men to be described as lacking confidence, while men were 1.25 times more likely to be criticised for having too much confidence.
Laura Sanderson, co-head of Europe, Middle East and India at RRA, pointed to a “glaring double standard”, saying: “[Y]ou just can’t get it right. You’re either too ambitious or too apathetic.
Society often expects women in leadership positions to walk a tightrope between being seen as competent, which requires displaying ambition, and likeable, which often requires downplaying ambition. This contributes to women’s sense of ambivalence when it comes to owning up to any aspiration that they may have to take on the CEO role.”
Women CEOs Under More Public Scrutiny
Women CEOs remain underrepresented in leadership, accounting for just 9.2% of chief executives in major listed companies across the UK, US and Europe. Despite making up a fraction of leadership roles, they receive disproportionate levels of media attention—particularly when they step down.
RRA’s 2024 Global CEO Turnover report found that women represented just 11% of CEO appointments and 6% of CEO departures at the world’s largest listed companies last year. But when they leave their roles, they receive 1.7 times more media coverage than their male counterparts.
Moreover, the sentiment of the coverage is more negative. While 18% of stories about male CEO departures carry a negative tone, it rises to 28% for women CEOs.
Pye believes this visibility and scrutiny can deter future female talent from aspiring to CEO roles. “It is an exceptionally lonely job because you are in the spotlight on your own in a very different way, and you are much more vulnerable because, statistically, this is a more perilous road for you,” she said. “Straight away the backdrop is not attractive and that’s before you add in the levels of personal scrutiny and potential criticism.”
Perceptions of Leadership Differ by Gender
The study also found that the way CEOs are described differs depending on gender. Men are far more likely to be recognised for their industry expertise and business acumen, whereas women are more often judged based on their personal qualities.
Women CEOs are 27% more likely to be described with people-oriented adjectives than men, while men are 24% more likely to be defined by their task-oriented skills.
This difference is particularly stark when it comes to the way leadership is framed. Male CEOs are twice as likely to be described as “innovators”, whereas women CEOs are 72% more likely to be labelled “inspirational”.
Margot McShane, co-lead of RRA’s Global Board & CEO Advisory Practice and co-founder of RRA Artemis, believes these gendered perceptions need to change. “It’s time to fundamentally rethink our definitions of what it actually takes to succeed as a CEO and recognise that diverse leadership styles create more adaptable, innovative organisations,” she said.
“I truly believe that if a wider set of skills, rooted in proven leadership qualities, were more closely aligned with exceptional CEOs in today’s world, then more women would be attracted to the positive impact of the position.”
What Needs to Change?
The research identifies key actions businesses can take to break down the barriers women face in reaching top leadership roles:
- Developing a stronger CEO pipeline for women – Women remain underrepresented in roles that feed into CEO succession plans, such as COO, CFO and P&L leadership. Companies must provide early career pathways and deliberate development opportunities to prepare more women for top roles.
- Redefining leadership success – As industries evolve, companies have the chance to challenge outdated views of leadership and expand their understanding of what makes an effective CEO.
- Addressing unconscious bias – Bias remains a significant barrier for women leaders. Raising awareness and openly challenging these biases will help shift perceptions and create fairer leadership opportunities.
With greater awareness and deliberate action, experts say organisations can foster more diverse leadership, ensuring that executive talent is recognised for ability rather than gender-based expectations.
