What Is the Significance of Being the First Woman in the C-Suite
On International Women’s Day, professional services firm Grant Thornton released its 20th annual report on women in senior roles at mid-market companies globally. The report, based on a survey of 5,000 executives at companies valued between $100 million and $4 billion, revealed that progress in promoting women to leadership roles has been slow. In fact, the percentage of women CEOs worldwide dropped from 28% to 19% over the past year.
The report highlights a concerning trend: many women CEOs leave their positions voluntarily due to psychologically unsafe environments. In Canada, women hold 10% of executive officer roles, a record high, but less than 2% are BIPOC. Grant Thornton’s report suggests three key strategies to improve gender parity in leadership: commitment from the C-suite to sponsor women, a clear and measurable DEI strategy, and greater workplace flexibility. Companies with hybrid or flexible work models tend to have more women in senior roles.
We spoke to six Canadian CEOs who are the first women to lead their companies. They share a common goal of driving change within their organizations and industries to promote more women to senior positions.
Justine Hendricks, President and CEO of Farm Credit Canada (FCC), has been in her role for 1.5 years. A problem-solver by nature, Hendricks has balanced a demanding career with single motherhood. She values the support of friends and family and involves her daughters in her work and interests. Hendricks sees significant opportunities for growth in the agriculture and food industry and is dedicated to solving problems and promoting women in leadership roles.
Meghan Roach, President and CEO of Roots, has been in her role for 4.5 years. Influenced by her family’s support and her early interest in investments, Roach transitioned from private equity to Roots’ interim CFO before becoming CEO. She has focused on re-establishing Roots’ premium brand status, promoting sustainability, and creating gender-free product categories. Roach emphasizes the importance of supporting and mentoring women, acknowledging the challenges of balancing motherhood and a demanding career. She believes in showing that it’s okay to find things difficult and to continue learning and growing.
