Ironically, a US electronics chain with dusty image makes what the German Dax companies do not create: a woman appointed as CEO.
Anyone who has ever been to a Best Buy store would not necessarily call the US electronics chain a modern company. The stores have bright lights, dusty floors and overpowering competition in internet commerce. So far, there has been no reason to be more interested as a German newspaper reader for the US version of Mediamarkt. So far. For now, Best Buy has just turned out to be modern. With a move: The company has appointed a woman as chairman of the board. When Corie Barry takes office in June, the number of American corporations from the S & P 500 leading index run by a woman is growing to 26. As a reminder, it's the year 2019.
The numbers are still better than in Germany. There has never been a Dax company with a boss. At just 8.8 percent, the proportion of women in the boards of 160 German stock exchange companies – as little as in any other industrialized country. If women are missing out on simple board posts, it is unlikely that a woman will lead the board. Finally, board members often rise to CEOs. Whenever a man leaves, he is replaced by a man. According to the magazine Forbes is Melanie Kreis, the chief financial officer of Deutsche Post, Germany's second most powerful woman. It says a lot about our country that most people do not know it.
Now we can again and again discuss a women's quota. We can continue to call for a change in culture away from stereotypes that push women into jobs that are less powerful. But who wants to have the same debate? Maybe it's time to lose patience. Perhaps we should stop shopping at companies like Fielmann, Freenet or Zalando, which not only do not have bosses, but have set themselves the target of zero for the number of women on the board, as the Allbright Foundation has just denounced. Some do not decry themselves to promise in their annual reports, “not to fall below the target zero in the future”. Maybe young people who get top grades from universities should not apply to companies without women on the board. Perhaps no one should invest savings in stocks of companies that can not prove that they are promoting women. That would be worthwhile anyway.
Because the failure to bring women into positions of power is also an offense to the interests of the company. To the interests of the employees, including the male, for whom more diversity is better. And to the interests of shareholders, especially, but not only in the consumer goods industry. 80 percent of purchasing decisions are made by women, even in cars. In 2016, the bank also found Credit Suisse in a study that companies in which women occupy a quarter of the decision-making positions, four percent higher cash flow yields. Deutsche Börse is currently playing with the idea of a “Diversity Dax”, an index for which it selects the stocks according to the diversity of the managers of the companies. He would have exceeded the normal Dax within the past two years by 4.3 percent. It is remarkable that the chauvinism of decision-makers has so far exceeded even their capitalistic profit drive.
Now, most of the boards and senior executives have known all these studies for a long time. There are just no women who can and want to, they say for just as long. What a pity. But women who move up to the top, do not fall from the sky, you have to promote them. Best Buy, the surprisingly modern company, has made it and planned Barry's rise from a long-term. She got to know all sides of the group. Most recently, she was Chief Financial Officer, before that Strategy Director and Head of a division and responsible for writing sales.
It is not enough to promote women to board positions such as staffing or communication, where they are included in the women's quota but are unlikely to rise to the top of the board. Best Buy did it right. Anyone who has ever been in one of the shops knows that German executives must be ashamed, that this company is named as a role model. It's time to lose patience.
. (tagsToTranslate) Women and Career (t) Best Buy (t) Leadership (t) Company (t) Economy (t) Süddeutsche Zeitung (t) SZ