Lately, women in the workforce have been regularly making headlines. We’ve seen topics such as the “number of women in the workforce tops pre-pandemic levels for the first time” and that “more mothers are working than ever before.”
Thus, for our October newsletter, we are taking a look at gender compensation data for CEOs. In the past, we’ve examined gender data for life science vs. tech CEOs. This time, we’ll look at how CEO compensation was impacted by gender and total amount of financing.
Thelander has been tracking gender and ethnicity for executives for over five years, and we’ve used this exclusive data in our analysis. Let’s jump in!Chart 1 shows CEO compensation by gender at companies with less than $15 million in total financing. Thelander data shows that male CEOs are compensated more in total cash (which can be a combination of base salary and bonus, or just base salary) and equity (both founder and non-founder) compared to their female counterparts.
Chart 2 shows CEO compensation by gender for companies with $15 – $49.9 million in total financing. Thelander data shows:
- The biggest impact on the mix of cash and equity comes from the total amount of financing (as discussed here).
- Female CEOs are making more in total cash compared to their male counterparts.
- The founder and non-founder equity is competitive for both male and female CEOs.
Chart 3 looks at the next financing bracket ($50 – $89.9 Million). Thelander data shows:
- Cash has increased and the equity has decreased (due to dilution), when compared to the first two financing brackets.
- Female CEOs are making more than their male counterparts in median total cash – but less when looking at the 75th %ile.
- Male CEOs have more non-founder equity compared to female CEOs.
- The founder total equity is higher for female CEOs compared to male CEOs.
Our findings:
Overall, the playing field is more level in terms of male vs. female compensation than in past years. Compared to 2022, there was a slight uptick in the amount of female CEOs, but the compensation stayed relatively stable YoY. What’s worth noting is how many MORE male CEOs there are compared to female CEOs.
Why is this data important?
Having access to market data on base salaries, bonuses, total cash, and equity helps level the playing field. It allows us to see what the market is paying based on different filters, such as total amount of financing. As investment firms continue to put an emphasis on investing in women-founded and led companies, Thelander will continue to track gender compensation trends.
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The Thelander Digest is powered by the Thelander Private Company Compensation Survey & Online Platform. Thelander has been surveying privately held companies for more than 25 years. The result? An, interactive platform with real-time data on base salaries, actual & target bonuses, total cash, and founder / non-founder equity for more than 300 positions. When you participate in the Thelander Private Company Compensation Survey here, you can trial the platform to see how your compensation compares to the market for a subset of jobs + upgrade at a discounted price.
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