Explore the latest data and trends in Fortune 500 board appointments
2023 DATA
TRENDS DATA
Board Monitor US
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This analysis is part of Heidrick & Struggles’ long-standing study of trends in board composition in countries around the world. Produced by our global CEO & Board Practice, these reports track and analyze trends in non-executive director appointments to the boards of the largest publicly listed companies in Australia (ASX 200), Belgium (BEL 20), Brazil (B3), Canada (TSX 60), Colombia (COLCAP), Denmark (OMX Copenhagen 25), Finland (OMX Helsinki 25), France (CAC 40), Germany (DAX and MDAX), Hong Kong (Hang Seng), Ireland (ISEQ), Italy (FTSE MIB), India (Nifty Top 200), Japan (TOPIX Core 30), Kenya (NSE Top 40), Mexico (BMV IPC), the Netherlands (AEX), New Zealand (NZX 10), Norway (OBX), Poland (WIG20), Portugal (PSI 20), Saudi Arabia (Tadawul), Singapore (STI 30), South Africa (JSE Top 40), South Korea (KOSPI 50), Spain (IBEX 35), Sweden (OMX Stockholm 30), Switzerland (SMI Expanded), the United Arab Emirates (ADX and DFM), the United Kingdom (FTSE 350), and the United States (Fortune 500). Information about executives is gathered from publicly available sources, BoardEx, and a Heidrick & Struggles proprietary database.
About the research
of Fortune 500 companies brought on at least one new director
52%
board appointments were made in 2023
386
Number and share of appointments
16%
COO
23%
CFO
42%
CEO
73%
of appointments went to directors with cross-sector experience
60%
of seats went to directors with international experience
of seats went to retired executives
41%
went to those active in executive roles
59%
of seats went to first-time public board directors
33%
Professional experience
The average age was
59
Under 45
45–54
55–69
70+
N/A
4%
19%
65%
2%
10%
of seats went to women
43%
6%
2%
10%
14%
68%
Arab/Middle Eastern
Hispanic/Latino
Asian
Black
White
Diversity
DIVERSITY
PROFESSIONAL EXPERIENCE
APPOINTMENTS OVERVIEW
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2015
2016
2017
2018
2019
2020
2021
2022
2023
59
Average age at appointment
The average age of people who gained board seats in 2023 stayed at 59, which is also a high
100%
2015
2016
2017
2018
2019
2020
2021
2022
2023
Black
Hispanic/Latino
Asian
Other
White
Ethnicity diversity trends
And a small decrease in the share of seats going to directors of diverse ethnicities overall, though there was a small uptick in the share for Asian and Asian American directors
2015
2016
2017
2018
2019
2020
2021
2022
2023
43
Gender diversity trends (%)
There was a slight uptick in the share of seats that went to women
2015
2016
2017
2018
2019
2020
2021
2022
2023
23
42
CEO
CFO
CEO & CFO experience (%)
There was an increase in the share of appointments for directors with CFO experience, reaching the highest since we started tracking board composition
2015
2016
2017
2018
2019
2020
2021
2022
2023
33
First time board members (%)
As did the share of seats going to first-time directors
2015
2016
2017
2018
2019
2020
2021
2022
2023
59
Active executives (%)
The share of seats going to directors who are active in executive roles has remained stable over the past four years
2015
2016
2017
2018
2019
2020
2021
2022
2023
386
Number of seats filled
The appetite for board refreshments continued to decrease in 2023
AGE AT APPOINTMENT
ETHNICITY
GENDER
CEO & CFO
BOARD EXPERIENCE
ACTIVE VS RETIRED
NUMBER OF SEATS
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CEO & Board Practice
Heidrick & Struggles’ CEO & Board Practice has been built on our ability to execute top-level assignments and counsel CEOs and board members on the complex issues directly affecting their businesses.
Europe CEO & Board of Directors Practice
Kit Bingham
London
kbingham@heidrick.com
Alice Breeden
London
abreeden@heidrick.com
2024
C-suite experience (Share of appointments)
Race/ethnicity breakdown
57
56
56
57
58
58
57
59
30
28
38
40
44
41
45
40
19
16
16
18
21
16
14
18
54
50
47
60
50
38
40
43
36
25
36
31
28
38
43
32
57
54
62
55
50
57
62
62
399
421
358
462
467
425
449
414