Good morning, Broadsheet readers! Taylor Swift is Time Magazine’s 2023 Person of the Year, another woman filed a sexual assault lawsuit against Sean “Diddy” Combs, and a J&J exec’s departure raises familiar questions about women and ambition. Have a thoughtful Thursday.
– Executive ambition. A few months ago, I interviewed Ashley McEvoy, then Johnson & Johnson’s EVP and worldwide chairman for medtech, a $27 billion business at the pharma giant. We discussed her journey from leading consumer brands like Tylenol and Listerine to running a complex business entrenched in the health care industry.
McEvoy, 53, had been at J&J for 27 years at the time of our conversation, and, at the end, I asked her if she wanted to be a CEO.
It’s a question that we at Fortune frequently ask executives. It can tell you a lot about an exec’s career journey—whether they see themselves as winding up or winding down. It can tell you what they value—whether holding that top spot matters to them, or if other parts of their work—or personal lives—are more important. For instance, Sarah Jones Simmer, a former Bumble exec who became the CEO of the weight-loss startup Found, told me that she realized becoming a CEO was important to her after she was diagnosed with cancer. Alicia Boler Davis, a former Amazon exec who’s now CEO of prescription delivery startup Alto Pharmacy, says she realized that a Fortune 500 CEO job wasn’t for her. She wanted to build something from the ground up rather than continue a longstanding business strategy. It’s even a revealing question for women who are already chief executives; Williams Sonoma CEO Laura Alber, for example, says she’s not interested in running a different company.
When I asked McEvoy if she wanted to be a CEO, her response was swift: “Absolutely.” “It’s not just about CEO, it’s around using its impact. It’s driving—being a force in the world to effect change,” she added. You may remember some of that from her interview in the Broadsheet, which published in mid-September.
According to the Wall Street Journal, McEvoy’s interview with me struck a chord with another audience, namely, McEvoy’s bosses at J&J. The Journal reported this week that McEvoy’s “public airing of interest in a CEO role didn’t go over well among J&J’s leaders,” including CEO Joaquin Duato. (It’s important to note, I asked McEvoy about her interest in any CEO job.) McEvoy had been a leading contender for the J&J CEO job, the Journal reported in the story about who may be next to lead the pharma giant. Instead, McEvoy ended up announcing her resignation from J&J in late October. “It’s impossible to overstate how important this company has been to me and how grateful I am for my career here,” she wrote on LinkedIn at the time. “I’m excited…for what the next chapter will bring.”
The episode raises some critical questions: Is it OK for execs to voice their ambitions? And are those ambitions perceived differently when a woman is stating them?
Johnson & Johnson exec Ashley McEvoy stepped down in October. Courtesy of Johnson & Johnson According to 2017 research by Korn Ferry, women don’t often see themselves as future CEOs. Of 57 female CEOs interviewed for the study, only five always wanted to be CEO. Three didn’t want the job at all, but took it out of duty. Two-thirds “didn’t realize they could be CEO until someone else told them.”
So women who do know they want to be CEOs are rare. Voicing those ambitions is even rarer.
We know that women’s ambitions are perceived differently than men’s. Women are seen as too ambitious, or as not ambitious enough. This is a topic that has been studied especially in politics; in 2020, academics found that voters actually didn’t have a problem with ambitious women, the prime example being Kamala Harris—it was only party gatekeepers (like corporate bosses?) who objected.
We don’t know for sure why McEvoy left J&J; she declined to comment on the Journal story and Johnson & Johnson didn’t respond to request for comment. Whether an offhand comment in a Fortune interview contributed to her departure or not, one thing’s for sure: Women shouldn’t be penalized for having ambition—or being open about it.
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
|
|
|
Subscribe to the new CEO Weekly Europe newsletter |
Get the CEO perspective on the biggest business stories in the region. Every week, learn how the CEOs of Europe's largest companies are navigating the trends and news impacting business in the region. Sign up |
|
|
- Swift sweep. Taylor Swift, the center of cultural discourse, was unsurprisingly picked as Time Magazine’s 2023 Person of the Year. The 33-year-old singer captivated international attention this year with the rereleased version of her 1989 album, her romance with Travis Kelce, and an ongoing tour projected to make $1 billion—which she discusses in a rare interview. Time
- More allegations surface. A fourth woman is now accusing hip-hop mogul Sean “Diddy” Combs of sexual assault, this time for an alleged gang-rape that happened when the accuser was a minor. The lawsuit filed on Wednesday claims that Combs and others gave her drugs and alcohol before assaulting her at his New York recording studio in 2003. Combs denies the allegations. Variety
- Amending sexism. The Irish people will vote on March 8, International Women’s Day, to decide whether sexist language in the Irish Constitution should be removed. One section in question argues that women should be in the home for the good of the country. An amendment would place value on all family caregivers. Politico
- A league of their own. The Professional Women’s Hockey League will start its first season ever on Jan. 1, but those involved remain cautious about the new league’s longevity. Time will tell whether the new league, whose teams in six cities still don’t have names or logos, will fall victim to the funding and attention deficits that sank two previous women’s hockey leagues in the past 16 years. The Athletic
- Meta meddle. Joan Donovan, a former Harvard Kennedy School research director, claims she lost funding for her research that showed Facebook was aware of, but ignored, misinformation on the platform after the school received a $500 million donation from the Chan-Zuckerberg Initiative. In a legal complaint, she claims she was dismissed before her contract expired. Harvard denies the claims and asserts that Donovan was unable to find a faculty sponsor and turned down a part-time adjunct lecturing position that would have allowed her to stay at the school. Washington Post
MOVERS AND SHAKERS: The National Association of Corporate Directors named Kathy King as associate director, communications and brand.
|
|
|
Thanks for reading. If you liked this email, pay it forward. Share it with someone you know: |
|
|
Did someone share this with you? Sign up here. For previous editions, click here.
To view all of Fortune's newsletters on the latest in business, go here.
|
|
|
|
