Sub Header 2
In just three years, businesses have had to navigate the first global pandemic in 100 years, a wave of social justice movements, the war in Ukraine, systemic global supply chain disruptions, and major technological developments in artificial intelligence. Leaders have had to make critical decisions faster and take a stand on social issues more often.
The overwhelming response from Fortune 100 companies was to expand their leadership teams—the people reporting directly to the CEO—to bolster their collective skill sets and increase the diversity of perspectives around the table in every way.
Snapshot: The evolution of Fortune 100 executive teams, 2020–2023
Card or Section Title
Get in touch
Contact us to continue the conversation
How can we help?
Average team size
2020
The average size of the Fortune 100 executive team has increased by half since 2020, and the total number of executives on those teams has risen almost as much.
Card or Section Title
Total number of executives
1
2023
2020
2023
10
15
1,006
1,455
The functions most often added to leadership teams since 2020 are quality, assurance, and compliance; strategy; and sustainability.
The roles most often added to executive committees are chief human resources officer, chief information officer, and chief communications officer.
2023 (%) Percentage point increase from 2020
2023 (%) Percentage point increase from 2020
Share of companies with each function
Share of companies with each role
Quality, assurance, and compliance
45
pp
34
pp
21
60
Strategy
pp
20
25
Sustainability
pp
14
16
DE&I
pp
14
53
Marketing
pp
13
41
Commercial
pp
13
46
Public or
corporate affairs
pp
12
20
Supply chain
pp
12
75
Technology
or digital
pp
11
19
Customer experience
pp
5
25
CMO
pp
5
19
Chief digital officer
pp
24
CTO
pp
11
25
Chief communications officer
pp
13
15
Chief diversity officer
pp
16
48
CIO
pp
41
86
CHRO
From 2020 to 2023, there was a small but important overall increase in the shares of women and people from underrepresented racial or ethnic groups.
Types of diversity: Share of companies in each group (%)
2020 2023
No diversity
Ethnic diversity, no women
Women, no ethnic diversity
Gender and ethnic diversity
6
0
3
1
19
12
72
87
There was progress in gender balance, but women are still heavily underrepresented in roles that most often lead to the CEO position.
2020 2023
Share of companies with women on leadership teams (%)
Overall share of women on leadership teams (%)
Women in stepping stone roles (%)
91
99
24
29
23
Head of division
17
16
17
COO
16
14
CFO
21
16
All three roles
18
13
All three roles
6
3
CFO
16
14
COO
21
16
Head of division
Underrepresented ethnicities in stepping stone roles (%)
17
21
Overall share of underrepresented races and ethnicities on leadership teams (%)
75
88
Share of companies with people from underrepresented races or ethnicities on leadership teams (%)
2020 2023
The pattern is similar, but with lower percentages, for racial and ethnic representation.
Fortune 100 leadership diversity in a nutshell (%)
White men
54
White women
20
Asian women
2
Asian men
7
Black women
4
Black men
4
Latina women
2
Latino men
2
N/A
4
Other
1
1 Our research explores how the composition of Fortune 100 leadership teams changed between February 2020 and July 2023.
7
White men
54
White women
20
Black men
4
Asian men
7
Latino men
2
Latina women
2
Asian women
2
Other
1
N/A
4
Black women
4
Slow but steady increases in diversity
Leadership teams constantly evolve, but the pace of change since early 2020 has been faster than ever. The challenges and opportunities shaping business during this period have created an environment of increased uncertainty, as more stakeholders are demanding their voices be heard and more is at risk for corporate leaders.
Looking ahead: Treating your leadership pipeline as a strategic asset
The increasing size and scope of leadership teams is also reinforcing the importance of senior leaders, meaning that boards must focus on retaining promising leaders at all levels through strategic, transparent executive succession planning and career development. Companies should always be planning for changes in their leadership team, be they driven by strategy or circumstances.