At current rates it will take 81 years to reach global CEO gender parity, an increase of seven years from 2022’s figures according to a study by Russell Reynolds Associates.

The finding is part of Russell Reynolds Associates’ 2023 Global CEO Turnover report which analyses the trends driving CEO appointments and departures over the past twelve months across twelve national and international stock markets.

Despite departures remaining high across all global indices last year, the estimated time to achieve parity shows significant variance. At the current rate of change the S&P 500 finds itself 22 years ahead of the global average (81 years). Meanwhile, the FTSE 100 is not on track to reach this goal until 2141, 117 years from now.

Last year, global indices saw 12% of CEO appointments (22) go to women candidates, a joint record with 2022. European and Australian indices lead the pack, with a quarter (25%) of CEO roles going to women in the Euronext 100 and ASX 200. The FTSE 100 was not far behind at 19%.

However, 2023 was also a record year for the rate of women CEO departures. A tenth of all global CEO departures this year were women, with women three times as likely to leave for personal reasons (16% versus 5% for men) and significantly more likely to be removed from the role (34% versus 25%).

As a result, men on average serve as CEO for four and a half years longer (8.7 years compared to 4.1 years) than women globally. This figure does however vary significantly across the globe, with the FTSE 100 beating the 2023 global average with women’s tenure trailing men’s by 2.4 years and while the S&P500 fares significantly worse at 7.8 years.

“Though 2023 saw more women appointed to the CEO role globally than ever before, the rate of change is still too slow if we are going to get to parity in a reasonable time frame,” said Laura Sanderson, UK Lead and EMEA Co Lead of Russell Reynolds Associates.

Meanwhile, in 2023, 10% (178) of global CEO roles changed hands, as the trend of historically high CEO turnover continued. The leading reason for departures was retirements at just under a third (29%).

Almost a fifth (19%) of this cohort moved on to non-executive roles, with just 5% retiring entirely. Dismissals feature as a close second, accounting for 27% of departures. The analysis found that 178 chief executive officer (CEO) roles changed hands over 2023, amounting to 10% of the top firms across 12 UK and international stock markets.

“The role of the CEO is fundamentally changing, and we’re seeing a level of turnover that reflects the realities of many CEOs coming to terms with this change.” said Luke Meynell, global lead, Russell Reynolds Associates’ Board & CEO Advisory Partners at Russell Reynolds Associates. “We’re seeing CEOs stepping down from their roles for myriad reasons, including increasing work pressures, life priority choices, or simply that conditions for their success have been compromised. And it is little wonder, as the challenges that CEOs are facing continue to multiply, including net-zero ambitions, high inflation, and ongoing global supply chain challenges.”