Blogs

Heidrick & Struggles' annual "Board Monitor" revealed the following director profile trend data among new appointments to Fortune 500 boards in 2023.

Key findings include:

• The number of new director appointments declined from a peak of 467 in 2019 to 386 in 2023—representing a near-record low since 2015.
• The percentage of women director appointments increased to 43% of all board seats in 2023 from 40% in 2022 (down slightly from a peak of 45% in 2021).
• The percentage of appointments of racial or ethnic minorities other than for Asian/Asian American directors declined from 2022:
  
• Compared to 2021’s record-breaking 43% of first-time directors, new directors with no prior public company board experience declined to 33% in 2023 (up from 32% in 2022).
• The percentage of new directors in active executive roles remained generally on par with recent years at 59%.
• New directors with CEO experience declined slightly year-over-year, but at 42% is down significantly from 60% in 2018. New directors with CFO experience hit a record high (since 2015) in 2023 of 23%.
• The average age of new directors at appointment was on par with 2022 at 59 years old, which reflects the peak since 2015. Nearly two-thirds of new appointees were in the range of ages 55 to 69, while 19% were between 45 and 54.
• Consistent with evolving risks and stakeholder focus, 60% of new appointees in 2023 had international experience, while 73% had cross-sector experience.