Postcards

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

Fortune 500 women CEOs hit a milestone

November 12, 2012: 7:57 AM ET

With Friday's news that Marillyn Hewson will take the helm at Lockheed Martin (LMT), women in corporate America are about to hit a milestone. On January 1, there will be 21 female Fortune 500 CEOs.

That's a record, and one more than the U.S. Senate, which increased its female representation by two, to a record 20 female Senators, in last week's elections.

Granted, it's not quite time to pop the champagne. After all, 21 female CEOs represent a paltry 4.2% of Fortune 500 chiefs. Nonetheless, it is significant as well as surprising that the women rising to the top these days are different from women leaders of the past, who tended to make it in industries like retail, beauty and consumer packaged-goods.

At the end of this year, Phebe Novakovic is due to take charge of another giant defense contractor, General Dynamics (GD).  Meanwhile, America's two largest tech companies appointed female chief executives in the past year or so: Meg Whitman at Hewlett-Packard (HPQ) and Ginni Rometty at IBM (IBM). Another of this year's high-profile CEO placements: Marissa Mayer at Yahoo (YHOO).

And leading Fortune 500 wannabes—that is, companies ranked 501 to 1000 on Fortune's annual list of America's largest companies—are 21 more women. These female chiefs are leading multibillion businesses in oil, energy, and steel—fields that are obviously not just for the boys anymore.

Posted in:
  • Meet the woman taking over Lockheed Martin

    Marillyn Hewson, a nearly 30-year Lockheed veteran, currently runs the company's largest division.

    By Beth Kowitt, writer

    FORTUNE -- The fall of Lockheed Martin's incoming CEO Christopher Kubasik has elevated one of Fortune's Most Powerful Women.

    Marillyn Hewson, No. 19 on our power list this year, was due to become COO on January 1 when Kubasik took over the top job from Bob Stevens -- that is until today when Kubasik resigned after MORE

    - Nov 9, 2012 7:00 PM ET
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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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