Ann Gugino’s appointment Monday as chief financial officer at pizza giant Papa John’s International Inc. adds to the record number of women now holding the top finance jobs at large U.S. companies. Gugino, who was hired from Target Corp., follows appointments of female CFOs in the past few months at Harley-Davidson Inc., Smith & Wesson Brands Inc. andInc., among others.
“We’re sitting at an all time high now,” said Tom Kolder, president of executive recruiter Crist Kolder Associates, which counted 90 women in the CFO role at S&P 500 and Fortune 500 companies as of Aug. 1. That’s already more than in any other entire year. Source: Crist | Kolder AssociatesA sustained focus on gender parity by investors such as BlackRock Inc. and Vanguard Group Inc. is partly responsible for the gains.
CFOs are increasingly likely to also hold operational responsibilities, as more companies eliminate chief operating officers and assign those duties to CFOs. While this will benefit women on balance, it's not all positive, said Beau Lambert, who specializes in finance executive hiring at recruiter Korn Ferry. That's because companies have fewer women in operational roles, so this creates another obstacle to getting a job in the C-suite.
“There’s no question there is an uptick in the appointment of women CFOs,” Lambert said in an interview. And more often than in the past “there’s a through-line from the CFO role to the CEO role.”
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