Dusseldorf When the sporting goods giant Adidas announced last week that HR manager Amanda Rajkumar was leaving the company after only two and a half years, it brought back memories for many observers. For example, to Martina Merz, who was replaced as CEO of Thyssen-Krupp at the end of April after around three and a half years. Or to SAP Labor Director Sabine Bendiek, who is not renewing her contract, which is due to expire at the end of the year.
But the appearance that women retire from their top positions more frequently and earlier than men is deceptive. From September 1, 2022 to July 1, 14 of the 99 female members and 92 of their 599 male colleagues left the Boards of in Dax, MDax and SDax listed corporations again. This corresponds to 14.1 percent of women and 15.4 percent of men.
The figures come from an exclusive evaluation by the Allbright Foundation for the Handelsblatt. The organization is committed to more women and diversity in management positions in business.
Even if you look at a longer period of time, women did not walk more often. Between March 1, 2018 and March 1, 2023, around 15 percent of the female board members left the management ranks before the end of five years. For men it was 22 percent.
However, the situation is different if you look at the average length of stay. It is higher for men than for women. But this is mainly due to the fact that women have only come to management levels in larger numbers in recent years. Before 2018, there were hardly any female board members.
SAP and FMC bosses only stayed a few months
Headline-grabbing departures distort the debate. SAP co-boss Jennifer Morgan, the first CEO in the leading index Dax, or Carla Kriwet, short-term head of Fresenius Medical Care, had to resign after only a few months.
There are counterexamples. Claudia Nemat, for example, has been on the board of Deutsche Telekom since 2011 and is by far the longest-serving top manager in a DAX company. Or Bettina Orlopp, who was the first woman on the Commerzbank board of directors in 2017 and is now CFO and deputy chairwoman of the board.
The manager has been on the board of Deutsche Telekom since 2011.
(Photo: imago images/Future Image)
Wiebke Ankersen, Executive Director of the Allbright Foundation, says. “Recruiting women is no more risky than recruiting men, and is usually even more successful for the company.” Relatively fewer women who have been recruited from outside in the past five years have already left the company management.
As possible explanations, Ankersen mentions that women are screened more closely before they are hired, are more adaptable – or that the corporations try harder not to lose them.
Kathleen Dunton, partner at the Boyden recruitment consultancy, sees it similarly: “Women are just as successful as men in managerial positions,” she says. In the case of departures – whether men or women – it is always worth taking a look behind the scenes.
The German-American, who serves as International Chairwoman for Boyden, explains that it is not usually just one candidate who fails a task. The committees or the entire company share responsibility. “Not only does the woman have to work, but the organization has to really want to.”
More women than ever in leadership
The fact that there are more people leaving is also due to the fact that more women than ever are represented in the executive bodies of Germany’s largest listed companies. As a current study by the Fidar initiative shows, their share on the supervisory boards of the 180 companies currently listed on the Dax, MDax and SDax and on the regulated market with equal co-determination has risen to 35.3 percent. In 2022 it was still 33.5 percent. Fidar advocates for more women in the supervisory bodies.
On the board of directors, the share reached a new high of 18.3 percent, after 14.7 in the previous year. According to Fidar founding president Monica Schulz-Strelow, the driver of this development is the minimum participation requirement for women on executive boards, which has been in effect since last August: “The success shows that the massive criticism of the quota was unfounded and exaggerated. Fixed quotas are necessary because voluntary commitments have not worked.”
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Since the beginning of the year alone, a further 15 women have been appointed to the boardrooms of the 62 companies currently affected. Almost all of these companies, which according to the regulation must have at least one woman on the board, achieve the required quorum.
Only four companies still need to take action: the medium-sized holding company Indus, the printing machine manufacturer Koenig & Bauer, the automotive supplier Vitesco and the insurer Wüstenrot & Württembergische. However, Vitesco has already announced the appointment of Sabine Nitzsche as CFO on November 1st.
For Federal Women’s Minister Lisa Paus (Greens), it is clear: “We are on the right track. The legal requirements are successful, the fixed quotas for supervisory boards and executive boards are having an effect.” The politician now wants “to take a look at the entire management”. With their high qualifications and strong performance, women would make a significant contribution to the success of companies. This must also be reflected in all management levels.
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