Chicago Business Leaders Speak Out
CHICAGO, Jan. 16, 2005 - Today, The Chicago Network
released its annual Census Report, which measures the
progress of women at the highest levels of Chicago's top 50
public companies. While progress remains stagnant, the
group identified several members of Chicago's esteemed Civic
Committee who are leading the way with winning business
strategies. These forward-thinking CEOs are speaking
out on the value of moving more women into executive and
board positions. They know from experience what research
has proven -- there's a positive correlation between the
representation of women at executive levels and better
financial returns.
John Edwardson, chairman and CEO, CDW Corporation, links
his company's continued growth throughout the recession and
the technology downturn to having an inclusive corporate
culture, in which women play key, senior roles. He said,
"If you value a corporate culture where everyone feels
included and numerous perspectives are encouraged, having
women in senior leadership positions is important."
Miles D. White, chairman and CEO, Abbott, also believes
having women at the top is a winning business strategy.
"Talent is not easy to find. It's a simple business
proposition. If you're not working to recruit women to
leadership positions, you're leaving half the talent pool
untapped," he said.
In addition, R. Eden Martin, president of the Commercial
Club of Chicago and its Civic Committee, offered his
support in asking other CEOs to take action.
Even with this visible support, Chicago's largest 50
public companies overall have been slow to move more women
into top positions.
"The trend is upward but our progress continues to be
glacial," said Erin McInerney, executive vice president,
Harris Bank, and chair of this year's Census Committee.
"There are now numerous studies that positively correlate
business success with the number of women in senior roles.
Given that and the fact the best-in-class companies
nationally have senior ranks of up to 40% women, it's clear
we are nowhere near where we need to be in Chicago with
representation in the low teens."
The Chicago Network has been tracking the representation
of women in key executive positions - board seats, top
earners and executive officers - since 1998. Key 2004
Census findings for Chicago's largest 50 companies include:
- No women CEOs -- a decrease from two in 2003
- A less than one percent increase in women
directors (from 12.2% to 13.0%)
- A less than one
percent increase in women executive officers (from 13.5% to
14.4%)
- 32 companies still had zero women top
earners
- Three Chicago companies still had no
women directors or executives
In addition to CEO support, The Chicago Network recently
expanded its voice by helping form the InterOrganization
Network (ION), a group linking professional women's
organizations in Atlanta, Boston, Chicago, Detroit,
Philadelphia and Milwaukee, who advocate increasing the
number of women on corporate boards and in executive
positions.
"Best practices show it takes leadership at the top for
real progress to occur," said Deborah L. DeHaas, vice chair
and regional managing partner, Deloitte, and past Census
Report chair. "The Chicago Network looks forward to working
with Chicago's business leaders to create meaningful change
in the near future."
The Chicago Network 2004 Census comes on the heels of a
recent landmark study released by Catalyst, a leading
research and advisory organization working to advance women
in business. Its data on the Fortune 500 continues to show
a correlation between company profitability and the number
of women in top leadership positions. Specifically,
Catalyst found that companies with the highest
representation of women on their senior management teams
had 35% higher financial returns than companies with the
lowest representation.
The entire 2004 Census Report can be found online at
www.thechicagonetwork.org. This year Deloitte performed data
collection and analysis. Find the Catalyst Report entitled
"The Bottom Line: Connecting Corporate Performance and
Gender Diversity" at www.catalystwomen.org.
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