The Impact of Mentorship and Gender of CEOs on Women's Corporate Success

Abstract

The glaring statistic of only 10.6% female CEOs in Fortune 500 companies as of 2023, despite a notable 44% increase since 2000, underscores a persistent challenge in corporate leadership. The current study addresses this disparity, and investigates the interplay of mentorship and CEO gender on women's corporate success. Previous research has offered insights into women’s career progression, often focusing on early-career professionals or limited examination windows, yielding valuable but narrow perspectives on mentorship's impact over a short-term duration. Insights have shown that mentorship is beneficial for career advancement. Building upon these findings, the current study examines mentorship's role in the career trajectories of executives at the highest levels. The study aims to explore long-term effects of mentorship, and the influence of leaders' gender on female executives' career advancement. Based on open-ended interviews with 5 male and 5 female CEOs from Fortune 500 companies, their responses were analyzed to explore role of mentorship, particularly through informal relationships, in achieving corporate success for women in the C-suite. Results highlight the importance of individuals actively seeking tailored mentorship and engaging with multiple mentors for comprehensive support. One finding underlines the importance of psychological safety in mentorship relationships, particularly for female executives navigating gender biases. Results suggest it is necessary to foster environments that prioritize psychological safety, especially for women in leadership positions. Despite the limitations of these findings, such as sample size and narrow industry representation, they provide valuable insights into mentorship dynamics and gender challenges in corporate leadership. Future research should explore additional factors, such as broader industry coverage, and how marital status affects corporate success, to further enrich our understanding of career success in diverse organizational contexts.