Measured Progress for Women in Top Positions at Leading Chicago Companies
Rate of Selection for New Positions Down

Despite their increasing economic power, women remain significantly under-represented on the boards of directors and in the executive suites of Chicago's 50 largest publicly reporting companies, according to the 12th annual Chicago Census from The Chicago Network. The 2009 Census - Spotlight on the Data, published online this year - found that there were gains in the percentages of women executive officers and women top earners, but a fall in the percentage of women directors. More worrisome, the Census found that the percentages of women selected for new director and executive officer positions - out of all new executives and directors - shrank last year.

The Chicago Network, the premier organization of Chicago's women leaders, tracks the representation of women in key leadership positions - board members, executive officers and top earners - based on fiscal year 2008 proxy filings from the area's 50 largest publicly traded companies by revenue.

Key findings from the 2009 Census:

• Women directors decreased to 14.1% from 15% in 2008, though the absolute number remained the same at 77.
• Seven companies, up from six, have no women directors.
• Women executive officers increased from 14.4% last year to 14.9%, still below the high of 15.4% reached in 2005.
• The number of companies with no women executive officers grew by one to 17; 34% of the Chicago 50 - a third - had no women executive officers.
• The percentage of women top earners increased from 6% last year to 7.7%.
• The number of companies with no women among the top earners decreased to 32, from 36.
• The percentage of women directors out of all new directors is 14%, compared to 21.3% last year.
• The percentage of women executive officers of all new executive officers is 17.5%, compared to 24% last year.

The numbers matter, according to Spotlight on the Data, which notes the connection between the number of women in leadership positions and the financial returns of companies. National research shows women directors can, and do, influence the number of operating positions held by women, an important rung on the ladder for upward mobility.

"Chicago companies that understand the linkage between diversity in leadership ranks and a stronger bottom line will prosper," says Cheryl Francis, chair of The Chicago Network and co-chairman of the Corporate Leadership Center. "These are the companies that despite current economic challenges continue to take advantage of the broadest possible talent pool and maintain a focus on diversity."

For the fifth consecutive year, the Census also gathered data on women of color. Just 2.7% of all directors are women of color, down from 3.1% last year and from 3.5% in 2007; 1.8% of all executive officers are women of color, up from 1.6% last year and 1.3% in 2007. These numbers put Chicago companies below the national averages in these key metrics.

Each year, the Census highlights best and worst performers in the Top 50 companies. Among the noteworthy results:

• Five companies exceeded 25% representation of women on their boards: Discover Financial Services, Jones Lang LaSalle, Kraft Foods Inc., Sara Lee Corporation and Sears Holdings Corporation.
• Eight companies exceeded 25% representation of women executive officers: Baxter International Inc., CME Group, Corn Products International, Inc., Exelon Corporation, Hewitt Associates, Inc., Kraft Foods Inc., Northern Trust Corporation and The Allstate Corporation.
• At the other end of the spectrum, four companies had no women among their directors, executive officers or top earners: CNA Financial Corporation, LKQ Corporation, Sauer-Danfoss and U.S. Cellular Corp.

In conjunction with publishing the Census, The Chicago Network will launch a new section of its website called The Advancement of Women. Readers will be able to search the data The Network has collected over the past twelve years, read interviews with CEOs and civic leaders and determine what action steps to take at their own companies. The material is designed to encourage those in the Chicago business community to be advocates for women in leadership positions in their organizations and throughout the city.

"We cannot rest on past achievements, but must continue to be vigilant about creating opportunities for women," says Monica Fohrman, chair of the 2009 Census Committee. "It is an ideal time for executives and directors to reset goals and stake out leadership positions. With more women in the workforce and our economic power rising, a diverse management team and board room can benefit a company's customers and strengthen its financial base."

The 2009 Census Report can be found online at www.thechicagonetwork.org. Data collection and analysis for the Corporate Census was again conducted by Deloitte Consulting LLP.