Business

International Women’s Day: A look at women leading Europe’s top companies

Published

2 months ago

March 8, 2024

For years, women have fought their way to the top. Those who’ve succeeded have become trailblazers in their own right.

Take private equity giant Ardian’s CEO Dominique Senequier, who was among the first women to be admitted into her university, École Polytechnique. Allison Kirkby of telecoms company BT became the first female CEO in the company’s 178-year history last month.

When investigating Europe’s most powerful and influential women for International Women’s Day, we found a common thread–the wealth of experience they bring.

We discovered around 35% of Fortune 500 Europe’s female CEOs and half of the European women on Fortune’s Most Powerful Women list are aged 55 and over. From that group we found accomplished experts across industries—from commodities to financial services and pharmaceuticals—who’ve spent several decades in the corporate world now.

To recognize their sizable achievements this International Women’s Day, Fortune curated a handpicked selection of female leaders at the helm of European companies, aged 55 and above. We drew upon our flagship lists—Fortune 500 Europe and Most Powerful Women—while also keeping an eye out for other up-and-coming leaders.

This inaugural list will be the first of many, highlighting the greatest female business leaders in continental Europe and, arguably, the world. While the list is not exhaustive, it sheds light on how female leaders are shaking up today’s world.

However you look at it, there’s an unacceptably low number of female CEOs in Europe. When Fortune launched its debut list of Europe’s top 500 companies based on revenue last year, we found only 7% were run by women. That’s a tiny fraction, and reveals how much more work we have ahead of us.

There’s an obvious business case for doing so—women-led companies have shown higher profit margins and are linked to greater climate-related investments, consultancy The Pipeline found in a study of FTSE 350 companies.

For all those on the path to become future leaders, Netherlands-based Achmea’s executive board chair, Bianca Tetteroo, shared the following words of wisdom: “Dare to jump into the deep end. What’s the worst thing if it doesn’t work out?”.

Explore 5 spotlighted executives along with two up-and-coming leaders we have our eyes on, and the full list below.

Editor’s Note: The list below combines data from both the Fortune Europe 500 and the Most Powerful Women lists, as captured in 2023. Revenue and other data were captured at the time of the list creation and may not reflect the latest data available.

The Callouts

Our team curated a hand-picked group of European female CEOs who’ve blazed the trail for the next generation of leaders. Meet them below:

Halvor Molland/Hydro

Hilde Merete Aasheim, CEO of Norsk Hydro

Aasheim is a true jack of all trades. She’s led the Norwegian aluminum and energy giant Norsk Hydro since 2019, steering it through the highs and lows of the pandemic-time demand and price volatility. Starting off as an accountant, she climbed up the ranks over 35 years by working in a variety of functions from human resources to senior management. Aasheim, who is now the CEO and president of Hydro, has been at the company for close to 20 years.

“The best thing you can do is to take the chance when you have it, say yes rather than thinking about all the challenges, and rather look at it as an opportunity,” Aasheim said in an interview with S&P Global last year.

Hydro was ranked #173 in the Fortune 500 Europe list and Aasheim was ranked #60 on the Most Powerful Women list.

Courtesy of Merck KgA

Belén Garijo, CEO of Merck KGaA

Garijo’s journey began as a physician in Spain. Eventually, that landed her in a boardroom. She is now among the few female CEOs in the mammoth-sized chemicals and life sciences sector, and is the first one at 355-year-old Merck. She also sits on the board of French beauty giant L’Oréal.

Garijo has been honored for her achievements in furthering gender diversity. Over a third of Merck’s top leaders are women.

“Still today, many women in science will encounter people who resist any change to the status quo. And that’s when you need to be surrounded by people who believe in you—sometimes more than you believe in yourself,” Garijo said in a LinkedIn post last month.

Merck was ranked #165 the Fortune 500 Europe list and Garijo was ranked #30 on the Most Powerful Women list.

Joel Sagat—AFP/Getty Images

Dominique Senequier, CEO of Ardian

To lead one of Europe’s largest private equity firms is no small feat.

Senequier rose to fame when she founded insurance firm AXA’s private equity arm in 1996. That eventually morphed into Ardian in 2013, and is now a sprawling 1,050-people operation.

But Senequier’s trail-blazing journey began well before that, when she was one of seven to be admitted to Ecole Polytechnique’s first intake for women in 1972.

Ardian, under the French private equity veteran, has committed itself to bringing more women into this niche of finance. The firm’s ratio of new hires who were female was 42% last year.

Senequier was ranked #66 in Fortune’s Most Powerful Women list in 2023.

Courtesy of Vodafone

Margherita Della Valle, CEO of Vodafone

Della Valle has spent the better part of her life—over 30 years—at British telecoms behemoth Vodafone. In that time, she has worked in diverse roles from marketing to finance.

She was the group’s CFO for several years before becoming CEO in 2023.

The Italian-born economics graduate is among the nine FTSE 100 companies that are led by women.

Since taking over the helm of Vodafone, she has undertaken a massive restructuring effort, cutting down the number of markets it operates in, and pull back up its slumping share prices.

“Being a woman in business today is a bit of a superpower because you bring a different voice,” she told This is Money. “It is very difficult to get around the table. But once you are there, your voice can really be heard because you have a different perspective.”

Della Valle was ranked #36 in Fortune’s Most Powerful Women list in 2023.

Hollie Adams—Bloomberg/Getty Images

Ana Botín, Executive Chairman of Santander

Banking runs in Botín’s blood.

She took over from her father Emilio as the executive chair of Banco Santander, one of Europe’s biggest banks, in 2014. Botín is the fourth-generation in the family to lead the company.

Botín is, in every sense, a banking expert as she spent her entire career working in the industry since starting at JPMorgan in New York in 1980.

She has scaled the bank to new heights, establishing it as an multinational juggernaut while expanding women’s presence at the board and senior leadership levels. Botín also serves on the board of The Coca-Cola Company.

In Botín’s view, rotating women within different banking roles can be a useful way to uplift them and provide them opportunities to climb the corporate ladder faster, she told CNBC last year.

Botín was ranked #19 in Fortune’s Most Powerful Women list in 2023.

Ones to watch

Here are two leaders who we believe are tipped for future success:

Barbara Martin Coppola, CEO of Decathlon

Martin Coppola is a true global citizen—she’s lived and worked in nine countries. Her corporate pedigree includes Google and Ikea, before she took over the top-job at French sports retailer Decathlon in 2022. She is the family-owned company’s first female CEO and first chief hired externally.

She is an expert at business development and digital expansion—two elements she hopes will propel Decathlon to new heights. The retailer might be relatively young (at 47 years) compared to the other companies highlighted above, but Decathlon is already present in 70 countries and has established itself as one of the biggest sporting companies globally.

In Martin Coppola’s first year as CEO, Decathlon’s sales grew 12% annually—but that’s not all, the number of women in senior leadership roles doubled.

The Decathlon CEO was ranked #61 in Fortune’s Most Powerful Women’s List in 2023.

Debra Crew, CEO of Diageo

Crew had big shoes to fill when she took over from Ivan Menezes, who was among the FTSE 100’s longest-serving CEOs. In becoming Diageo’s chief, Crew, 53, joined the small but mighty group of women leading FTSE 100 companies.

Crew is a veteran in the food-and-beverage space, having worked at Pepsi, Nestlé and others prior to joining the Guinness-maker. She has a tall task as the world’s largest spirits maker faces a cocktail of problems from an inventory glut to a slump in demand.

Before Crew entered the corporate world, she served as a U.S. military officer.

Diageo ranked #166 in the Fortune 500 Europe list.

View our full list of female European CEOs, in no particular order, below.

Ana Botín

Company: Santander
Country: Spain
Director and Executive Chairman tenure (years): 20+

Margherita Della Valle

Company: Vodafone Group
Country: Italy
CEO tenure (years): 1+

Dominique Senequier

Company: Ardian
Country: France
Founder and President tenure (years): 20+

Allison Kirkby

Company: BT
Country: U.K.
CEO tenure (years): Two months. (Previously President and CEO of Telia Company).

Isabelle Ferrand

Company: Crédit Mutuel Group
Country: France
CEO tenure (years): 1+

Christel Bories

Company: Eramet
Country: France
Chairman and CEO tenure (years): 6+

Annie J. Krist

Company: GasTerra
Country: Netherlands
CEO tenure (years): 6+

Nancy McKinstry

Company: Wolters Kluwer
Country: US (Netherlands-based)
Chairman and CEO tenure (years): 20+

Hilde Merete Aasheim

Company: Norsk Hydro
Country: Norway
President and CEO tenure (years): 4+

Nina Jönsson

Company: ICA Gruppen
Country: Sweden
CEO tenure (years): 1+

Michelle M. MacKay

Company: Cushman & Wakefield
Country: US
CEO tenure (years): Eight months.

Belén Garijo

Company: Merck Group
Country: Spain
Chair of Executive Board and CEO tenure (years): 2+

Sophie Bellon

Company: Sodexo
Country: France
Chairwoman and CEO tenure (years): 2+

Bianca E.M. Tetteroo

Company: Achmea
Country: Netherlands
Chair of the Executive Board tenure (years): 2+

Credits: This year’s list was prepared under the direction of Fortune Europe’s List Director, Grethe Schepers.

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Jefferies starts US Steel stock with Buy rating, highlights growth potential By Investing.com

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2 hours ago

May 20, 2024

Investing.com

On Monday, Jefferies initiated coverage on (NYSE: X) stock with a Buy rating, accompanied by a price target set at $45.00. The firm’s analysis suggests that US Steel’s valuation stands out within its peer group, noting that the company’s share price is notably lower than the offer from Nippon, which has been accepted. As a result, the firm sees significant potential for the stock.

The coverage highlights US Steel’s growth potential, particularly from its Big River 2 project, which is expected to contribute to the company’s volume growth. The firm also anticipates that US Steel will benefit from its position as a blast furnace-basic oxygen furnace (BF-BOF) operator, sharing advantages with industry counterpart Cliffs, especially given its current product mix.

The rationale behind the Buy rating includes several key factors. Jefferies points out US Steel’s relatively high leverage, which could be favorable in a context of strong demand and possible price increases. The firm also favors BF-BOF operators in a robust macroeconomic environment.

Another significant factor for the positive outlook is the expected demand surge following the resolution of the United Auto Workers strike. The strike’s end was previously a catalyst for a sharp increase in flat-rolled steel prices in late 2023, and similar dynamics could unfold moving forward, potentially benefiting US Steel.

Jefferies’ coverage suggests a promising outlook for US Steel, underpinned by a combination of valuation appeal, growth prospects, and favorable industry conditions. The $45.00 price target reflects this optimism for the stock’s future performance.

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As Jefferies initiates coverage on US Steel with a bullish stance, real-time data from InvestingPro reinforces the potential that analysts see in the company. With a market capitalization of $8.07 billion and a price-to-earnings (P/E) ratio standing at 9.28, US Steel presents an investment profile that may appeal to value-oriented investors. The company’s adjusted P/E ratio has decreased to 8.02 in the last twelve months as of Q1 2024, indicating a potentially more attractive valuation compared to historical figures.

InvestingPro Tips highlight that US Steel has maintained dividend payments for 34 consecutive years, signaling a commitment to returning value to shareholders. Additionally, despite a decline in revenue growth by 12.6% in the last twelve months as of Q1 2024, the company remains profitable over the same period. These factors, combined with a solid track record of dividend payments, could be particularly reassuring for income-focused investors.

For those considering an investment in US Steel, there are 2 more InvestingPro Tips available that could provide further insights into the company’s prospects. To delve deeper into these expert analyses, visit https://www.investing.com/pro/X and don’t forget to use the exclusive coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Business

Iran’s President Ebrahim Raisi dead in helicopter crash

Published

7 hours ago

May 20, 2024

Najmeh Bozorgmehr

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Iran’s President Ebrahim Raisi has died in a helicopter crash, state media reported on Monday.

The helicopter carrying the president came down on Sunday in a remote and mountainous region of the country’s north-west, according to Tasnim News Agency, which is closely linked to the elite Revolutionary Guard. Rescue teams battled for hours to reach the crash site, with fog and snow hindering efforts.

State media showed video footage of a convoy of ambulances struggling to make their way through fog up a mountain road. The crash site was in Arasbaran Forest near the border with Azerbaijan, according to Tasnim.

Helicopter Iranian president’s convoy crashes-2

Iran’s foreign minister Hossein Amir-Abdollahian was also on board the helicopter as part of Raisi’s entourage.

They were returning from a visit to the country’s north-western province of East Azerbaijan, where they took part in the inauguration of a dam. The president of northern neighbour Azerbaijan was present at the ceremony as well.

Raisi, 63, was elected in 2021 in a vote with a record-low turnout in the country’s history. He had been expected to seek re-election next year, and his name had emerged in political circles as a top candidate to succeed Iran’s supreme leader, 85-year-old Ayatollah Ali Khamenei.

The president showed unconditional loyalty to the ayatollah and maintained close relations with the Revolutionary Guard. After decades of tense relations between Iran’s presidents and the supreme leader over the extent of their powers, Raisi was the first to end these tensions.

This is a developing story

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China’s EV makers are having more trouble paying their bills and now take 2 to 3 times longer than Tesla does

Published

11 hours ago

May 19, 2024

Pearl Liu, Linda Lew, Bloomberg

The time it’s taking for some of China’s electric-car makers to pay suppliers is ballooning — a further sign of stress in the nation’s increasingly cutthroat auto market.

Nio Inc. was taking around 295 days to clear its receipts payable, the vast majority of which are owed to suppliers, at the end of 2023 versus 197 days in 2021, according to the most recent available data compiled by Bloomberg. Xpeng Inc., another US-listed Chinese EV maker, was taking 221 days to honor its obligations to vendors and related parties, up from 179 days, the data show.

Elon Musk’s Tesla Inc., by comparison, only took around 101 days, and that period has remained largely stable in the past three years.

The extended payment cycles are indicative of the pressure many automakers are under in China, where economic growth remains sluggish and consumer sentiment is subdued. That’s translated into reduced demand for electric cars, and the once fast-growing market is now beset with intense price wars and crunched profit margins.

Since Beijing phased out a national subsidy program for EV purchases in 2022, some smaller manufacturers have been pushed to the brink. WM Motors filed for restructuring in October, and Human Horizons Group Inc., the owner of premium EV brand HiPhi, suspended operations for at least six months in February.

“Everybody’s suffering,” said Jochen Siebert, managing director at consultancy JSC Automotive. “For manufacturers, price reductions mean less money coming in. So the money they owe to their suppliers may be necessary for them to remain liquid.”

Representatives for Nio and Xpeng didn’t respond to requests for comment.

Delayed payments are starting to have a knock-on effects at auto-parts suppliers, Siebert said.

“Tier-three or four suppliers really get bitten, because they can’t pass it on,” he said, adding the EV sector may see a “messy consolidation” as suppliers go bankrupt, quickly causing production issues for automakers down the line.

Indeed Jiaxing, Zhejiang-based Minth Group Ltd., a supplier of exterior body parts, saw its accounts and notes receivables surge more than 40% to 4.74 billion yuan ($656 million) as of December from the end of 2020, while its cash and equivalents shrank by almost one-third to 4.2 billion yuan over the same period, according to data compiled by Bloomberg.

Hunan Yuneng New Energy Battery Material Co., which is a major supplier to BYD Co., according to data compiled by Bloomberg, saw its accounts and notes receivables more than triple to 10.43 billion yuan at the end of 2022 from a year earlier, while cash reserves fell to 435.2 million yuan.

“The price war won’t end soon and the stress eventually will be delivered to suppliers,” said Zhu Lin, a Shanghai-based managing director with turnaround management firm Alvarez & Marsal.

“We’ve seen more car components producers approaching us to improve their performance and some of them are thinking about offloading unprofitable businesses,” Zhu said. “The weak ones in the supply chain will face a high risk of being kicked out of the game.”

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