Karen Lynch's departure as CEO of CVS Pharmacy Corp. marks a significant setback for female representation in Fortune 500 leadership, where women remain vastly outnumbered.
'The Board believes this is the right time to make a change, and we are confident that David is the right person to lead our company for the benefit of all stakeholders,' said Roger Farah.
Despite an increase in female CEOs on the Fortune 500 list—from 24 in 2018 to 52 this year—women still represent only 10.4% of total CEOs.
The slowdown in female executive leadership may be attributed to reduced turnover among executives since the pandemic, hindering progress toward gender parity in corporate America.
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