Across the S&P 500, women CEOs were 32% more likely to spend time in a role as president before being named chief executive. Citi chief Jane Fraser, Clorox CEO Linda Rendle, ADP chief Maria Black, and Otis chief Judith Marks are just a few of the women who made stops as presidents on their way to the very top.

Men, more often, skipped that step and went straight from leading a business unit to becoming CEO. Twenty-nine percent of male CEOs went from a business division job, while only 23% of female CEOs did (Accenture CEO Julie Sweet and Expedia CEO Ariane Gorin are two among them).

Seventeen percent of men went from COO to CEO while only 8% of women did (like AMD chief Lisa Su). CFO is one role that has proven to be a solid launching pad for women—10% of female CEOs were CFO directly beforehand (like Best Buy CEO Corie Barry), while only 6% of male CEOs were.

The extra step women are taking on the way to CEO “suggests that they often need to go further to prove they’re ready for the top job” says Eos Foundation president Andrea Silbert. “One possibility is that some corporate boards or CEO hiring committees perceive women as carrying additional risk and therefore want to see them serve as presidents before considering them for the CEO role,” she adds.

This analysis of the pathways women take to CEO also sheds some light on why women are less likely to put themselves forward for jobs without feeling fully qualified. “Women may actually be acting rationally,” Silbert says, “because in practice, they do need to be more qualified to advance.”

Emma Hinchliffe
emma.hinchliffe@fortune.com

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ALSO IN THE HEADLINES

- Sharing her diagnosis. Paramount Global Chair Shari Redstone was diagnosed with thyroid cancer, with an “excellent” prognosis. While undergoing treatment, Redstone is trying to close a multibillion-dollar merger with Skydance, which has been complicated by President Donald Trump’s lawsuit against CBS News. New York Times

- Restriction removal. The Democratic attorneys general of four states have asked the FDA to remove restrictions on the abortion pill, calling these restrictions “medically unnecessary.” Their petition comes just after the FDA commissioner announced he will be reviewing the safety of mifepristone. Washington Post

- Regulation revamp. After being confirmed as the Federal Reserve’s new vice-chair for supervision, Michelle Bowman has promised to overhaul bank regulations, met with support from bank lobbyists. “With well over a decade of change in the banking system now behind us post-implementation,” Bowman said of post-financial crisis regulations, “it is time to evaluate whether all of these changes continue to be relevant.” Financial Times

- Against the law. A federal investigation reveals that a Texas hospital violated the law when it discharged a pregnant woman, denying her an emergency abortion for her nonviable, dangerous pregnancy. The Trump administration’s new policy announced last week, though, would permit this practice. CNN

MOVERS AND SHAKERS

After six years at Faire, Lauren Cooks Levitan is stepping down as president and joining the wholesale marketplace’s board of directors. She will also be launching a startup, which she will lead as CEO.

Kate Rouch is taking leave from her role as CMO at OpenAI to undergo treatment for breast cancer.

Louis Vuitton appointed Carole Bildé SVP, image and communication. She most recently served as chief marketing and communication officer at Veuve Clicquot.

David’s Bridal appointed Lisa Horton as chief communications and creative officer. Most recently, Horton was president of Astrsk.

True Religion promoted CMO Kristen D’Arcy to the expanded role of CMO and head of digital growth and named Tina Blake creative director; SVP design, merchandising, and brand image. Blake was most recently the denim company’s SVP of men’s and women’s design and brand image, and D’Arcy was previously CMO.

Fox (No. 308) appointed Puja Vohra to the newly created role of CMO and EVP, Advertising Sales, effective June 16. Vohra previously served as EVP, Marketing for Paramount+ at Paramount Global (No. 147). 

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.

ON MY RADAR

Trump and Elon Musk are feuding online. Wait, wasn’t it women who are meant to be ‘too emotional’ to lead? Stylist

The Stanley Cup’s viral moment may be waning. A new brand chief has a plan Wall Street Journal

At Sean ‘Diddy’ Combs’ trial, the women testifying are on trial too Los Angeles Times

PARTING WORDS

“Basically, if you could bring people together and give them a group hug, that's what we wanted to do.”

— Tribeca Enterprises CEO Jane Rosenthal on founding the Tribeca Film Festival after 9/11; now in its 24th year, the festival kicked off last week