NEW YORK
Shareholder activism targeting CEOs has surged, with a notable increase in campaigns aimed at women leaders. Between 2018 and 2025, 16% of campaigns focused on CEOs, and of those, women made up 15%, despite representing only 8% of CEOs in the Russell 3000. This disparity, with female CEOs being twice as likely to be targeted as their male counterparts, suggests perceptions of influence and performance attribution may play a role. Activists often perceive female CEOs as more cooperative, and research shows they are dismissed at similar rates regardless of company performance, unlike male CEOs who are less likely to face removal during strong periods.
The report from The Conference Board, based on data from ESGAUGE, reveals that activism campaigns have tripled since 2018, peaking in 2024 with over 400 campaigns before slowing to around 300 in 2025. The rising intensity of these campaigns reflects growing shareholder scrutiny of CEO leadership amid market volatility. Despite the introduction of universal proxy rules in 2022, which were expected to benefit activists, boards continue to hold an edge, with most proxy fight outcomes favoring incumbents. Additionally, the use of exempt solicitations has dropped slightly in 2025 after a sharp rise in previous years.
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