Postcards

How the power players do it - by Fortune senior editor at large Patricia Sellers

Women at the top, not!

December 11, 2008: 1:08 PM ET

Many of Fortune's Most Powerful Women -- a group we've tracked since 1998 --  contend that corporate America will have parity at the top someday.

No way, I say. It's not that the glass ceiling won't shatter. Indeed, this year's MPWomen list, released two months ago, has more Fortune 500 company CEOs in the top tier than ever. But as I've overseen the MPWomen franchise over the past decade, I've gotten to know these top women leaders. And I've learned that they're a rare breed, unlike most corporate women on the way up.

The gist of women and power: Most women view power horizontally: power is about influence more than about rank. Women also tend to view their lives in chapters. So many drop out early to do other things. Look at Meg Whitman retiring from eBay (EBAY) at 51 and now considering politics -- a run for California governor, perhaps?

So it's not terribly surprising that Catalyst's just-released study on Fortune 500 corporate officers reveals that only 15.7% are women. This is scant progress, since 15.4% were female in 2007. But there is one place where women practically rule: Edison International (EIX), the California-based utility, where fully half of the 14 most senior corporate officers are women. Next on Catalyst's 2008 list: Dollar General, now privately held by KKR, and Kraft Foods (KFT), Northeast Utilities (NU) and Reynolds American (RAI).

A few other companies on Catalyst's list happen to be represented on Fortune's Most Powerful Women list: Both Western Union (WU), led by CEO Christina Gold, and Avon (AVP), where Andrea Jung is chief, have women holding at least one-third of the most senior officer positions. As does Johnson & Johnson (JNJ), where Sheri McCoy is the rising star to watch. In October, she got promoted to worldwide chairman of J&J's $25 billion pharmaceuticals group and may be a contender for CEO someday.

Which Fortune 500 companies have no women in their top officer ranks? Catalyst lists Apple (AAPL), Dell (DELL), McGraw-Hill (MHP), TRW (TRW), Whirlpool (WHR), and Winn-Dixie Stores (WINN), among 69 others. As my colleague Jessica Shambora noted on Postcards on Wednesday, how can retailers and other consumer companies thrive without women executives contributing? Apple seems to have no trouble with all guys in charge.  Steve Jobs did, though, add a woman, Avon chief Andrea Jung, to his board in January. Smart guy.

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About This Author
Pattie Sellers
Patricia Sellers
Senior Editor at Large, Fortune
Executive Director of MPW/Live Content, Time Inc.

Fortune senior editor at large Pattie Sellers has written some of Fortune's most talked-about cover stories, including "Marissa Mayer: Ready to Rumble at Yahoo," "Oprah's Next Act," "Can Meg Whitman Save California?" "The $100 Billion Woman" (Melinda Gates), and "Remodeling Martha" (Martha Stewart). She has helped oversee Fortune's "Most Powerful Women in Business" package every year since its launch in 1998. Pattie is Executive Director of the Fortune Most Powerful Women Summit, the preeminent gathering of women leaders in business and beyond. She oversees MPW programs that enable women leaders to extend their influence and empower the next generation—such as Fortune MPW Entrepreneurs and the Fortune-U.S. State Department Global Women Leaders Mentoring Partnership. Beyond her Fortune duties, she is also developing Live Content across Time Inc. Pattie grew up in Allentown, PA, graduated from the University of Virginia, and started at Fortune in 1984. Her blog, Postcards, is about how power players lead, manage others, and navigate their careers.

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