2009's best of the best stand out for their stellar succession plans, metrics for managers, and commitment to bringing women into P&L posts.

By Betty Spence

Aetna In the past three years, Aetna inaugurated the “Diverse Discoveries” leadership initiative specifically directed at women and people of color, including a seven-month program to increase visibility, enhance skills and savvy, help manage personal and professional goals, and create access to mentoring and networking opportunities. Business plans for departments must include metrics for women and people of color in managerial positions, as well as action plans to build the pipeline. Plus, managers’ compensation is linked to achieving these objectives. Aetna also started a six-month leadership program for women in the corporate law department.

AstraZeneca New to the list, the pharma giant swept into the Top Ten with its deep and broad attention to women in succession plans. Management reviews all women at director level and above—keeping an eye on emerging talent from other levels as well—and identified a 40 percent female candidate cache for near- or longer-term senior roles. At VP and above, women make up 36 percent of identified global high potentials, and women are 23 of 55 members of the U.S. governance teams. Something else we heartily applaud: specific attention given to filters on assessment that may devalue women’s contributions.

Avon Products The only Top Ten company with a female chief executive and with women comprising 40 percent of the board, Avon remains profitable in a difficult economy. CEO Andrea Jung has built the global business, notably increasing the number of Avon reps in China; but women are finding this a good income source stateside as well. Jung is complemented by her second-in-command, President Elizabeth Smith, who in 2007 rolled out the first global ad campaign. Fortune magazine named both among the 50 Most Powerful Women in Business. At Avon, we see a promising pipeline, with women as 56 percent of senior managers.

General Mills. Not many companies get it about women the way General Mills does, with a chief executive and senior management that set out several years ago to drive change for women with a comprehensive, strategic plan. Now a new CEO demands accountability via officer-level goals, tools to address development challenges, and senior leaders’
identifying and removing systemic barriers. Last year, women made up 54 percent of participants in leadership training at the GM Institute, concentrating on strategic results and business/financial acumen. With women as a third of P&L corporate executives, General Mills is closing the leadership gap.

IBM Corporation In the 2007 Global Women Leaders Survey, women reported their top perceived barrier as access and visibility to key positions. To remedy this, the Global Women’s Task Force implemented shadow programs, and the company’s “fiveminute drills” continue to bring transparency to executive reviews by highlighting open positions, candidate slates, and closed positions. The program “Gender Differences” began strengthening communication skills
of men and women, while at the same time expanding networks. IBM has more women’s networks than anyone, including Diversity Network Groups, Women’s Councils, Diversity Councils, Subnets for discussing career development, and the Super Women’s Group that hosts virtual, global discussions.

Johnson & Johnson NAFE welcomes another newcomer to the Top Ten and salutes its Women’s Leadership Initiative (WLI) for its critical role. With a grass roots structure and a steering committee of senior women, the WLI meets regularly with senior management. Johnson & Johnson is part of the Smith College Consortium, sending high-potential women for training in leadership and strategic thinking. In addition, Smith and Dartmouth’s Tuck School of Business have created an executive education program to help Johnson & Johnson women assume responsibility for global businesses or functional areas. The very active WLI also initiated a career acceleration program for multicultural women.

Liz Claiborne Women continue to excel at Liz, where they are 77 percent of the workforce, 67 percent of senior managers, and 40 percent of executives with profit-and-loss responsibility that report directly to the CEO. Women oversee major brands: Elizabeth Munoz serves as president of Lucky Brand, Benedetta Casamento as president of Liz Claiborne Brands, and Gela Taylor as co-president of Juicy Culture with Pamela Skaist Levy. NAFE lauds Liz’s outstanding education program for ending domestic violence, including implementation of the “Love is not Abuse” and “Love is Respect” curricula in more than 1,000 high schools in 48 states, teaching students about dating violence.

Marriott International Women are more than half of Marriott associates, nearly half of managers, and 30 percent of VPs. We love the stories of women like Lucy Martin, who started as a cocktail waitress at the New York Marriott Marquis and now is executive pastry chef at the Orlando World Center Marriott; or Stephanie Billstone, once an hourly PBX operator and now regional senior director for hotels in Texas; or Erica Qualls, GM of the Atlanta Marriott Marquis, who 15 years ago was answering phones on a night shift in California. An innovative electronic language program, Sed de Saber (“Thirst for Knowledge”), helps Spanish-speaking associates learn English.

Principal Financial Group Most U.S. companies have glass walls—between staff and line jobs—as tough to get past as their glass ceilings, but not Principal. Last year, Nora Everett moved from legal, where she was deputy general counsel, to overseeing the mutual fund business as SVP-Retirement and Investor Services and president, Principal Funds. Two other notable women have slipped between staff and line: Deanna Strable, formerly an actuary, now is SVP-individual life and specialty benefit division; and Julia Lawler returned to the staff side as CIO after serving as president of the real estate equity group. A whopping 89 percent of employees consider their company committed to the fair treatment of all employees.

Procter & Gamble In the past three years, women count as 50 percent of global management new hires and P&G has seen a 20 percent increase in the number of women at president, VP, and general manager levels. Accountability helps: the company links stock options for top 30 execs to diversity leadership results. The North America Market Development Organization combines forces with the Regional Women’s Network and National Women’s Board to influence senior leadership to deliver on improved retention and development of women. Fortune continues to list three P&G women among its 50 Most Powerful Women in Business: Susan Arnold, Melanie Healy, and Deb Henretta.

Read more about what went into our 2009 list

Companies listed in alphabetical order