It's a First - Professional Women Advancing in All Key Areas

But Annual "Census" Finds Corporate Progress Less Than Acceptable

CHICAGO, Dec. 2, 2003 - For the first time in five years of measurement, women executives at Chicago's largest 50 public companies have advanced in the key categories -- number of CEOs, directors, top earners, and company officers. Yet despite this progress, the numbers are still too small and the rate of change far too slow.

"We are finally getting traction on all fronts with Chicago's top 50 companies," said Deborah L DeHaas, chair of The Chicago Network Census and Regional Managing Partner, Strategic Clients, for Deloitte & Touche LLP. "But the progress is still disappointingly slow. In this economy companies need to show their shareholders, their customers and their employees that they are making every effort to tap and promote all their talent."

The fifth annual Chicago Network Census report, issued today to the Network's members at its year-end dinner, quantifies the leadership status of women at the largest public companies in metropolitan Chicago.

"Corporate leaders have no excuses anymore," said DeHaas. "The pipeline of female talent is full, women have proven themselves in the workplace, and it's time to unleash the talent. Shareholders expect results, not the same old approaches and excuses. The pace of progress needs to increase."

Other business leaders echoed DeHaas' call for more meaningful progress in enabling women to exercise their skills to lead large companies.

"The current leaders of American business have to proactively change their organizations," said Betsy Holden, Co-CEO of Kraft Foods inc., who is featured in the 2003 Census. "We have made the business case for diversity. The goal is to maximize the potential of all employees, and maintain a talent pool that is capable of innovative solutions and leveraging everyone's strengths."

Women often bring different skills to the table that help businesses grow.

"U.S. corporations wouldn't be in the mess they're in if women were in charge," said Rance Crain, editor in chief of Crain's Chicago Business. "Women are better listeners, more methodical in their decisions, less confrontational and less likely to go off in unproven directions. Sound business reasoning suggests that you should deploy your top talent, regardless of gender."

Highlights of the 2003 Census include:

* The first two women CEOs
* Women directors comprise 12.6 percent of boards (up from 12.4 percent); yet five companies have no directors and only Kraft has more than 25 percent
* Women are top earners (based on the top five in securities filings) at 34 percent of companies (up from 26 percent); overall women comprise 8.3 percent of top earners (up from 6.8 percent); yet two-thirds of companies still have NO women top earners
* Women officers increased to 13.8 percent (up from 11.4 percent); still only half of the Chicago 50 have more than one officer, and 20 percent still have NONE

"While these findings show us what is happening with women leadership at the Chicago 50, the statistics don't tell us why it seems to be taking so long for women to be recognized and selected for top positions," DeHaas said. "We want to know what the problem is, and we want to be part of the solution. "There are a number of issues and challenges that require more attention."

Asking Questions

What is stopping senior management from making a concerted effort to tap all available talent?

Why is it acceptable, in 2003, for companies to produce leadership lists that include only white men and seem to lack diversity?

Why are companies content to show only incremental progress in advancing women to leadership positions?

Issuing Challenges

The Chicago Network challenges the Chicago 50 to include qualified women candidates in all searches for new CEOs and company officers.

The Chicago Network challenges companies in the Chicago 50 that currently have no women directors (5 companies), no women officers (10 companies), and no women top earners (34 companies) to make immediate progress in these areas.

The Chicago Network challenges the media, in its speculative articles about new CEOs, to include qualified women candidates in their stories.