For old ages. tradition and wives’ narratives have dictated that the lone adult females named CEO of a major corporation were those who inherited the rubric by birth or founded the company. but modern female CEOs are taking the tradition and throwing it off. Three of the female CEOs who topped companies in the Fortune 500 in 2006 earned their manner to the top merely like the old male childs did –education. hard-work and eternal self-promotion. The top of the three is Patricia Woertz at Archer Daniels Midland.
Her company was figure 56 on the Fortune 500 in 2006 and figure 59 on the Fortune 500 in 2007. with a program to interrupt into international ethanol fabrication with a sugar-cane ethyl alcohol works in Brazil. She began as an comptroller and went to work for Chevron. working long hours and ever endeavoring to acquire in front. Brenda C. Barnes’ resume looks like something straight out of the old boy’s web. She serves on the board of managers for New York Times Publishing and for Staples. She spent 22 old ages with PepsiCo. . lifting to CEO of PepsiCo North America before go forthing for greener grazing lands.
She has an honorary doctor’s degree grade. an Master in business from Loyola University in Chicago and a household. Mary Sammons has served as Chief executive officer in her current place longest of the three. taking over financially-troubled Rite Aid in the Spring 2003. In her first eight months. Sammons tripled the company’s stock monetary values. restored seller assurance and began to acquire a grip on the looming debt. She took a opportunity on a company headed for bankruptcy and turned it around with sound direction patterns and a strong will. TABLE OF CONTENTS Transmittal Memo 1
Executive Summary 2 Table of Contents 3 Summary 3 Works Cited 8 SUMMARY While there may hold been a clip when female main executive officers received their assignment via an familial place or by get downing their ain companies. three of the female top-executives at Fortune 500 companies are turn outing the old stereotypes are incorrect. And. they are withstanding conventional wisdom that a adult female can non be an executive. a married woman and a female parent. In short. these adult females are turn outing that you can hold it all. if you earn it. Patricia A.
Woertz is the Chief executive officer at Archer Daniels Midland. a bioproducts company based in Decatur. Illinois. ADM’s motto. “We feed the world” . is lone portion of the $ 36 billion company’s occupation description. In add-on to fabricating immense Numberss of soy-based nutrient merchandises. ADM is a world-leader in the production of ethyl alcohol from maize. It was likely that 2nd line of concern that led the company to choose her over four work forces competing for the place. “In April she beat four rival campaigners. all work forces. for the CEO occupation at ADM. She hit the land running – with a few bumps.
Early on in the forenoon on her first twenty-four hours at ADM central office in Decatur. Ill. . Woertz got off the lift and found herself trapped on a bantam landing with three locked doors and an lift that wouldn’t reopen. ” ( “Money” 2006 ) . She began her calling as an comptroller and so moved to Gulf Oil which was finally to go portion of Chevron. Woertz left her place at Chevron. where she oversaw a division of 20. 000 employees worldwide. because after 4 old ages in the place. the challenges were gone and so were the chances for promotion.
The Chief executive officer at Chevron was expected to remain for several more old ages. go forthing Woertz with nowhere to travel ( “Money” . 2006 ) . She resigned in February. 2006 and was hired at ADM two months subsequently. “Kelvin Westbrook. the ADM board member who led the hunt. says he and his fellow managers were impressed by Woertz’s leading accomplishments. her path record at Chevron. and besides by “how good she understood our concern. ” ( Birger. 2006 ) . Key to it all was her apprehension of the refinement procedure and a vision to travel ADM into the following epoch of ethanol production.
She late announced programs to construct an ethanol production works in Brazil utilizing sugar cane to bring forth the fuel. This Chief executive officer has been described as hyperambitious. cognizing from early in her calling that she wanted to run the company. but she did non follow the old corporate theoretical account that said a adult female had to give up her ain life to be an executive. Woertz acknowledges that sometimes her calling and household balance has been more geared toward her calling. but said she and her ex-husband had decided early on that one of their callings should boom and they put that attempt into hers.
She returned to work shortly after her oldest kid was born and was at a meeting until she went into labour with her twins. Then. she drove herself to the infirmary ( “Money” . 2006 ) . Like she had determined her calling way early on. Woertz besides determined her life way. rejecting advice from an early foreman to “get yourself fixed –and disbursal it” so as non to derail her calling with her household ( Birger. 2006 ) . While it has ne’er been reported that Barnes and Sammons were given every bit antediluvian advice. the world is that when each of these adult females were immature and in the work force they likely faced similar picks.
That is why some viewed Brenda Barnes assignment in 2005 to CEO of Sara Lee as a victory for stay-at-home mas. Like Woertz. Bares worked her manner up through the ranks. for her it was at PepsiCo alternatively of Chevron. and she served on the board of managers of legion multi-million dollar companies before coming to Sara Lee in 1999. In what appears to be a new tendency for adult females CEOs. she was made CEO at a clip when the company was in major demand of restructuring and in a fiscal muss. Since taking over she has divested Sara Lee of extratenous divisions. like Hanes dress. to concentrate entirely on the nutrient merchandises line.
Selling off full divisions has meant a important bead in jutting net incomes. but besides major cuts in operating disbursals and long-run debt. Barnes inherited a mish-mash of companies when she became CEO last twelvemonth. So she began selling noncore concerns like Hanes dress to concentrate on nutrient. “The divested units made up 40 % of Sara Lee’s grosss. which were $ 19. 3 billion when Barnes took over and are expected to shrivel to about $ 11. 6 billion this twelvemonth. The stock is still dawdling. as Barnes has been forced to take down the company’s long-run targets” ( “USA Today” 2005 ) .
Like Woertz. she besides managed to be a married woman and female parent. contrary to the thought that adult female must be married to her calling to lift above the glass ceiling ( “Forbes” . 2005 ) Sammons is the oldest of the three adult females and coming up on her 5th twelvemonth as CEO at Rite Aid Durgstores. another company in fiscal crisis when it turned to a adult female to take it back to financial duty. “At the clip Sammons joined the company. Rite Aid’s old direction had been forced out due to burgeoning debt and a fiscal restatement that touched off a federal condemnable probe.
Seller dealingss were hapless. with many providers kicking about inordinate chargebacks ( former chief executive officer Martin Grass plead out to an eight-year prison term for cabaling to blow up income by $ 1. 8 billion ) . ” ( “Goliath” . 2004 ) . Like the other two adult females discussed here. Sammons worked her manner up through the ranks. get downing as a direction trainee at Fred Meyer shops and finally traveling through the retail division through purchaser into senior direction where she was when Kroger bought the company. She went on to work at other retail giants including Sears before being brought into the muss that was Rite Aid.
In her first eight months. she made such important alterations that the stock monetary values had about tripled and she was named 2003 Retailer of the Year for her attempts to alter the corporation ( “Golaith” . 2004 ) . “Not bad for a company that was one time the object of one of the country’s most serious fiscal accounting dirts. and non bad fur a company still pouring out $ 300 million a twelvemonth in involvement disbursal. ” remarks Richard Hastings. main retail analyst for Bernard Sands. “Mary Sammons clearly led the manner to credibleness and good dealingss with employees. investors. fund directors and sellers.
She had to maintain everybody on” ( “Goliath” . 2004 ) . Like Barnes and Woertz. she did while keeping a household outside of the office every bit good. A disruptive economic system and uneven stock monetary values have left the companies in inquiry every bit far as the stock market is concerned. though each is making stableness. Rite Aid’s stock is about dual what it was when Sammons took over. down from a high of about $ 7 a portion to $ 4 a shate. but still manner up for the $ 2. 17 it was when she took over. ( “Morningstar” . 2007 ) .
Sara Lee saw a steady diminution in stock monetary values from before the barnes epoch until mid-2006. since so the monetary values have stabilized at approximately $ 17 a portion and ADM stock is about ternary the value that it was 2002. but by and large steady since Woertz’ take over ( “Morningstar” . 2007 ) . Works Cited Birger. John. “Patricia Woertz. the Ousider” Fortune. October 2. 2006. & lt ; hypertext transfer protocol: //money. cnn. com/2006/09/29/magazines/fortune/mpw. woertz. fortune/index. htm? postversion=2006100208 & gt ; ( Accessed December 12. 2007 ) .
“Female CEO Index” Money. September 29. 2006. & lt ; hypertext transfer protocol: //money. cnn. com/2006/09/29/magazines/fortune/mpw. femaleCEOs. presentation. fortune/index. htm & gt ; . ( Accessed December 12. 2007 ) . Forbes List. Forbes. November. 2007. & lt ; hypertext transfer protocol: //www. forbes. com/lists/2007/11/biz-07women_Patricia-A-Woertz_XEIG. hypertext markup language & gt ; . ( Accessed December 12. 2007 ) “Goliath” . & lt ; hypertext transfer protocol: //goliath. ecnext. com/coms2/summary_0198-67362_ITM & gt ; . ( Accessed December 12. 2007 ) . Stock quotes. Morningstar. & lt ; hypertext transfer protocol: //quote. morningstar. com/Quote/Quote. aspx? ticker=adm’ & gt ; ( Accessed December 12. 2007 ) . “Women CEOs” . USA Today. December 22. 2005 & lt ; hypertext transfer protocol: //www. usatoday. com/money/companies/management/2005-12-22-women-ceos-usat_x. htm & gt ; ( Accessed December 12. 2007 ) .