Why Women CEOs Leave Sooner – And How Boards Can Change the Story

Things have certainly changed over the years, and we continue to see more women stepping into CEO positions which is a real win. However, the data shows that they are also leaving sooner than their male counterparts – and often under very different circumstances. This goes beyond being just a gender issue to being a governance and board performance issue as well.

Statistically Speaking

A recent Russell Reynolds study revealed that since 2018, women CEOs have served an average of 5.2 years, while men remain in the role for 7.9 years. Within Fortune 500 companies, women average 4.5 years, while men stick around for over 7. Interestingly, nearly one-third of women CEOs are dismissed within three years – compared to about a quarter of men.

Let that land for a moment.

The Reality

As someone who works closely with boards and non-executive directors (NEDs), this raises the question: Are we truly setting women CEOs up for long-term success – or just for trying their best under pressure?

Here are just a few reasons for the status quo:

1. The glass cliff is real (read more about it here): Women are often appointed during turbulent times given the special set of skills (especially EQ) that they bring to the table. The business is in trouble, morale is low, results are slipping, and a woman is appointed to fix it – and fast. When results don’t turn around overnight, trust wanes and tenure shortens.
2. Different reasons for leaving: Female CEOs are more likely to exit for external opportunities, due to succession planning or because of personal reasons. This tells us that many feel that they either hit a ceiling or are burned out by trying to break through it.
3. Higher scrutiny, harsher judgement: Even when women deliver, their leadership is often dissected more intensely. Their exits tend to be louder, more dramatic, and often tinged with unnecessary speculation.

So what needs to change?

We know that women in leadership bring more than skills; they bring perspective. From their personal experience, they understand what it really takes to lead and deliver in a male-dominated environment. This experience often builds courage under pressure, and an ability to challenge the status quo. Women are known to ask the hard questions, foster accountability, and raise concerns that others may avoid. These are not soft skills – they are strategic assets in any boardroom and as CEOs.

One of the most important ways to support women in these roles is to encourage and equip them to cultivate an inner game that is grounded in resilience, strategic focus, self-awareness, and a strong personal support system. Boards and mentors can play a powerful role here, from offering coaching and regular check-ins to making sure that the leadership support system is truly fit for purpose.

When it comes to appointing and nurturing female CEOs, boards and NEDs need to:

• Be mindful of the glass cliff: Don’t appoint to tick a box or hand over a sinking ship without a strategy.
• Provide practical support: Coaching, peer networks, clarity on KPIs, and strategic alignment all matter.
• Interrogate decisions around succession and dismissal: Ask questions such as: “Would we make the same call if this were a male CEO?”
• Acknowledge media narratives and help to shape them when needed: A dignified, measured approach matters.
• Build conditions for women leaders to thrive: Leverage why they are there – because of their abilities, skills, knowledge and experience.

The Way Forward

Having spent much time working within the board space across Africa and beyond – and having had the privilege of meeting incredible female leaders and board members, alongside their equally inspiring male counterparts – I see both challenges and golden opportunities when we actively recognise what every person brings to the table.

Let’s move the conversation beyond inclusion towards intention. If we want to see more women in CEO seats for longer, boards have a responsibility to do better and to lead that change from the top down.

Let’s back our leaders when the numbers look good, when the conditions are tough, and when the leadership required is bold, collaborative, and future-focused.

We owe that to the women who have often worked twice as hard to get there – and to the future female CEOs who are watching, learning, and preparing to lead.

Image: © Julia Malinowska via Canva.com