The largest 500 corporations in the U.S. now employ 55 women CEOs, a gain of three from the 52 that held those positions in 2023 and 2024. Women now run 11% of companies on the 2025 Fortune 500 list, the publication said this week.
The small gain came as six female CEOs either exited their roles or saw their company drop out of the ranking. Nine women CEOs joined the list when they were hired or their companies were elevated into the top 500 over the last year.
Despite the bigger number for 2025, “the pace of change remains stubbornly slow,” Jennifer McCollum, president and CEO of Catalyst, a workplace gender equity organization, told Fortune for a post on its website. “This minor uptick, while positive, is not a signal that we can ease off our efforts; if anything, it shows the deep-seated nature of the barriers that still exist.”
Among the departures, CVS Health in October 2024 parted ways with CEO Karen Lynch, who led the health care business for almost four years; CVS Health, ranked at No. 5 on the Fortune 500 in 2025 with $372.8 billion in revenue, was the largest company ever led by a female CEO. Lynch’s successor was David Joyner, who previously headed the company’s pharmacy benefits business.
Duke Energy’s CEO Lynn Good retired in April after more than 20 years at the company. Lori Ryerkerk and Barbara Rentler stepped down from Celanese and Ross Stores, respectively. CEO successors at all of those businesses were men.
Last month, Gina Boswell stepped down as CEO of Bath & Body Works—and the company didn’t make the Fortune 500 this year due to a drop in revenue. Neither did Clorox, which was ranked at No. 485 in 2024 and is still headed by Linda Rendle.
The nine who joined the list, the majority of whom were promoted from within their companies, include Kathleen Quirk, promoted to CEO from CFO at Freeport-McMoRan, Deanna Strable-Soethout, promoted from president at Principal Financial and Kecia Steelman, moving up from COO at Ulta Beauty.
J.B. Hunt Transport and U.S. Bancorp tapped their respective presidents Shelley Simpson and Gunjan Kedia as president and CEO. Marathon Petroleum named its executive vice president and CFO Maryann Mannen president and CEO, while Albertsons appointed executive vice president and chief operations officer Susan Morris to helm the company.
In November 2024, Marina Cheung became president and CEO of S&P Global, after serving as president of S&P Global Ratings.
One business already led by a woman became a Fortune 500 company this year: SiriusXM is now on the Fortune 500 for the first time, after its September 2024 spinoff from Liberty Media, with CEO Jennifer Witz (pictured above) at the helm since 2021.
There are still only two Black female CEOs leading Fortune 500 companies: Thasunda Brown Duckett at TIAA and Toni Townes-Whitley at Science Applications International Corporation, or SAIC. Other women of color who lead Fortune 500 companies include AMD chief Lisa Su and Fannie Mae president and CEO Priscilla Almodovar.
The Fortune 500 has for 71 years ranked the largest U.S. companies by revenue. This year, the companies that make up the Fortune 500 represent $19.9 trillion in revenue and two-thirds of total U.S. GDP. At the top are giants Walmart and Amazon; the highest-ranked Fortune 500 company run by a woman is GM, at No. 18, with CEO Mary Barra.