Many female leaders are at the top of some of the world's largest companies. CVS Health, for example, is run by CEO Karen Lynch, who ranks fourth on the Fortune 500 and 10th on the Global 500. Other prominent women at top companies include the CEOs of Best Buy, Citigroup, and TIAA.
Despite the lack of female leaders in other companies, the women at the top of these companies are making strides. Carbon, a 3D printing technology company, is led by a female CEO, Ellen Kullman, who has made the company a female-empowering workplace. Kullman, who joined Carbon at the end of 2018, has increased the percentage of women in her leadership team to 45%, and she is working towards a goal of 50 percent. This achievement is particularly impressive in a field that men have historically dominated.
The rise of female CEOs is partly due to increased diversity on boards. According to a study from Fortune magazine, 25.5% of board seats are filled by women. Abby Johnson transformed Fidelity Investments, which offers index funds, financial advice, and brokerage services. Ellevest CEO Sallie Krawcheck strongly advocates closing the gender pay gap. Despite this progress, women still have a relatively small number of CEO positions. A woman leads only 8.6 percent of Fortune 500 companies.
One of the most successful companies run by women is Rent the Runway. This company, founded by Jennifer Hyman, is now worth $1 billion. Hyman was inspired to start Rent the Runway after learning that her sister had to spend two thousand dollars on a dress. Together with her co-founder, Jennifer Fleiss, she set up the company modestly on the Harvard campus. It aims to provide affordable, high-quality designer clothing for women.
While women run many successful businesses, only a small percentage have become billion-dollar businesses. Women-owned companies have created $1.7 trillion in sales and are home to millions of women. The success of these companies is a testament to the power of women-led business owners.
The highest-ranking female CEO in the Fortune 500 is Karen Lynch of CVS Health. Under Lynch, the company's revenue increased by 9% in FY2021, and its share price rose by 42.7 percent in one year. Lynch has also been instrumental in the company's fight against Covid and has launched an innovative mental health program. So far, Lynch has been an effective executive, transforming CVS from a typical drugstore to a health hub.
There are several other notable examples of successful women in business. Founders Khloe Kardashian and Emma Grede are the faces of Good American, a fashion company that emphasizes body positivity and size inclusivity. In the beginning, Good American focused on creating women's jeans but has since expanded into many other items. It has also introduced new sizes to fit more women. Good American also supports charities for underprivileged women.
Women also run companies like Spanx. Founded by Sara Blakely over twenty years ago, Spanx has become a billion-dollar empire. The company encourages feedback from its customers and offers clear communication. Its employees are generous, and Blakely sold a majority stake in her company for $1.2 billion in 2021.