Incoming GM CEO Mary Barra Paves the Way for Women Executives & Business School Grads
by Betsy Berkhemer-Credaire, President
As an executive search expert and student of what it takes for women to achieve success in business, I join resounding applause around the globe to see a woman become CEO of General Motors. Mary Barra increases to 24 the number of women CEO’s of the Fortune 500, along with Debra Reed, CEO and Chairman of Sempra Energy. Debbie is featured in my book “The Board Game–How Smart Women Become Corporate Directors” and like Barra started her career at GM, Reed began as an intern at Southern California Gas Company, and worked her way up the ladder over three decades to become the CEO of the holding company. Also among the 58 women corporate directors featured in my book is Cynthia Telles who is one of the now-five women corporate directors on the board at General Motors, including Barra. Cynthia lives here in Los Angeles, is chair of the board of the California Community Foundation, and leads the UCLA Medical School’s Spanish-speaking Clinic.
A great deal of news coverage resulted from naming Mary Barra to the top post in a male-dominated industry. As CEO, she is an important role model for women executives as well as recent graduates of business school. When women and girls see other women making it to the top job, it gives us confidence that we can do it. And gradually, we will see more women become corporate directors, counseling CEOs of large global companies. Research shows that companies realize better business performance when they have women on their boards of directors. Historically, corporate boards have preferred to bring on new board members who are or have been CEOs because, the theory is, current or previous CEOs will have relevant experience to counsel and guide the CEO of the company. That requirement has been a roadblock for women, since there are so few women CEOs. Certainly having 24 among all Fortune 500 companies is not a big number yet. And there only 913 board seats held by women out of the current 5,433 directors on Fortune 500 corporate boards. But for every woman who makes it to the top post, or to the board of directors, or to the C-suite, there are many more coming behind who are encouraged and motivated by their success. So we thank all our role models for the hard work they achieved in order to be all they could be–and pave the way for generations of other women.
In “The Board Game,” I give the three strategies for women (and they work for men too) who want to move up in their careers, even if they stay with one company all the way like Barra and Reed did. These are: 1) strategic networking–building relationships with executives in higher places along the way to learn from them and be remembered by them when they hear of opportunities that might be right for you; 2) greater visibility–become visible in your industry and business community in order to be known, be seen, and be ready for opportunities; and 3) get board experience–serving on large nonprofit boards in your business community not only adds to your circles of valuable contacts, but also gives you valuable experience about fiduciary responsibility, managing large organizations, and understanding board dynamics.
