The new CEO of Best Buy will join a growing – but tiny – club

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With the announcement of the appointment of Corie Barry as Best Buy's CEO, the number of female CEOs in the S & P 500 companies is expected to reach the 26th from here entry into office. Barry, in June, according to the latest count of the nonprofit research group Catalyst. These 26 women CEOs will represent only 5.2% of all S & P 500 CEOs.

Barry will also join the board of Best Buy, which will now include 13 directors.

Currently Chief Financial Officer of Best Buy, Barry will become the company's 5th CEO and its first female CEO. She replaces Hubert Joly, who will assume the newly created role of executive chairman of the company's board of directors.

For a new CEO, Barry is quite young and is 44 this week. In comparison, the average age of male and female management appointees is about 55, according to Equilar, an enterprise data search service provider.

The appointment of Barry is good news for those who advocate for more women leaders and board members.

But PSA: We are well into the 21st century and women have been in the workforce for decades.

While women make up nearly half of the total workforce in S & P 500 companies, the percentage of women in higher positions is much lower. According to Catalyst, only about 27% of executive positions are held by women, and only about 5% of CEOs are women.

Why the big drop?

"We are still struggling with many cultural issues – there is not enough mentorship and sponsorship of women to make sure they get the jobs" hot ", said Lorraine. Hariton, President and CEO of Catalyst.

"Hot" jobs are primarily revenue-generating and growth-generating jobs that provide people with the skills and visibility to put them on the trail of CEOs.

Women who go after C typically non-revenue generating roles in finance, marketing or human resources, Hariton noted.

How Hubert Joly, outgoing CEO of Best Buy, saved the company

In addition, she added, there are still unconventional prejudices and stereotypes about women at work, as well as a "Goldilocks syndrome". For example, a woman risks being perceived as too assertive or not strong enough for a given role. In other words, "it must be really perfect to go forward," said Hariton.

In Barry's case, she went through the finance channel but also served along the way, in certain operational roles at Best Buy, including a position of Strategic Growth Manager.

The good news is that, by all indications, Barry was ready to take the position of CEO, Hariton said.

And there is growing understanding today that companies that make concerted efforts to advance women leaders have better financial and competitive outcomes, she added.

– Nathaniel Meyersohn from CNN contributed to this report.

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