2005 Census Fortune 500 Women Corporate Officers

10-Year Anniversary
2005 Catalyst Census of

Women Corporate Officers and Top
Earners of the Fortune 500
Ten Years Later:

Limited Progress, Challenges Persist
ABOUT CATALYST
Catalyst is the leading research and advisory organization working with businesses and the professions to
build inclusive environments and expand opportunities for women at work. As an independent, nonprofit
membership organization, Catalyst conducts research on all aspects of womens career advancement and
provides strategic and web-based consulting services globally. With the support and confidence of member
corporations and firms, Catalyst remains connected to business and its changing needs. In addition, Catalyst
honors exemplary business initiatives that promote womens leadership with the annual Catalyst Award. With
offices in New York, San Jose, and Toronto, Catalyst is consistently ranked No. 1 among U.S. nonprofits focused
on womens issues by The American Institute of Philanthropy.
2005 Catalyst Census of Women

Corporate Officers and Top Earners of the
Fortune 500
Sponsors:
DuPont
Heidrick & Struggles
2006 by CATALYST
NEW YORK 120 Wall Street, 5th Floor, New York, NY 10005-3904; (212) 514-7600; (212) 514-8470 fax
SAN JOSE 2825 North First Street, Suite 200, San Jose, CA 95134-2047; (408) 435-1300; (408) 577-0425 fax
TORONTO 8 King Street East, Suite 505, Toronto, Ontario M5C 1B5; (416) 815-7600; (416) 815-7601 fax
email: info@catalyst.org; www.catalyst.org
Unauthorized reproduction of this publication or any part thereof is prohibited.
Catalyst Publication Code D43; ISBN#0-89584-261-0
FOREWORD
The 2005 Catalyst Census of Corporate Officers and Top Earners of the Fortune
500 marks the tenth year Catalyst has tracked women in Fortune 500 corporate
officer positions. While we celebrate this milestone, we find little to celebrate in
the data. Our Census demonstrates that between 2002 and 2005, the
percentage of corporate officer positions held by women increased by a total of
just 0.7 percentage points to 16.4 percent. This rate of increase is significantly
lower than we have seen in previous years, and it is echoed in equally low
increases in all other data we collected. In other words, progress has almost come to a standstill.
This standstill reveals that the vast majority of Fortune 500 companies have yet to understand the
compelling business case for diversity or to take meaningful actions to address it. We find this particularly
surprising since the economic impact of diversity in leadership has become increasingly evident as U.S.
businesses expand into new markets, cultures, and workforces across the United States and around the
world.
In this report, we describe many of the issues that support the business case and show corporate leaders
what they can do to make change in their organizations. As usual, we provide evidence in the form of data
from our rigorous Census of Fortune 500 corporate leadership. This year, however, we have taken several
new steps, including applying a new, more consistent definition of corporate officer, delving more deeply
into the multiple and intersecting effects of race/ethnicity and gender on access to top corporate positions,
exploring industry effects, and interviewing women corporate officers from companies that have shown a
sustained commitment to gender diversity in corporate leadership.
We have also added Viewpoints at the end of each chapter that draw conclusions beyond the data
examined in this report. These conclusions are based on other Catalyst research and our years of
experience working with diversity and inclusion in the workplace. They are meant to provide explanations
and answers to some of the questions raised by the research and to highlight factors that we believe have
contributed to the findings.
We hope the data presented here, the issues raised, and the conclusions we have drawn provide a clear
and cogent call to action to those who have the power to drive positive change for women and business.
With your leadership, businesses can break the standstill and reap the extraordinary benefits of diversity.
Ilene H. Lang
President
Catalyst
TABLE OF CONTENTS
Introduction and Key Findings
Chapter 1: Women Corporate Officers of the Fortune 500
Chapter 2: Access to Power
13
Chapter 3: Intersections of Race/Ethnicity and Gender
19
Chapter 4: Women Corporate OfficersDoes Fortune 500 Rank or Industry Matter?
24
Chapter 5: Voices of ExperienceInterviews with Women Corporate Officers
29
Chapter 6: Conclusions and Call to Action
36
Acknowledgments
40
Appendix 1: Methodology
41
Appendix 2: Titles of Women Corporate Officers, by Company with Fortune 500 Rank
43
Appendix 3: Number and Percentage of Women Corporate Officers, Ranked by
58
Company Revenue
Appendix 4: Fortune 500 Industries, Ranked by Percentage of Women Corporate
63
Officers
Appendix 5: Number and Percentage of Women Corporate Officers, by Fortune 500
65
Industry with Company

Appendix 6: Number and Percentage of Women Corporate Officers, by SIC Industry
69
with Fortune 500 Industry

Appendix 7: Number and Percentage of Women Corporate Officers, by State with
81
Company
Appendix 8: States, Ranked by Percentage of Women Corporate Officers
85
Appendix 9: Fortune 500 Companies with At Least One Top-Earning Woman Corporate 86
Officer: 122
Addendum Notes
89
Also by Catalyst
90
Catalyst Board of Directors
DEFINITION OF TERMS USED IN THIS REPORT

Corporate Officer: This year, for the first time, we restricted our Census to only those corporate
executives who were board-elected or board-appointed. In past years, through our verification
process, we allowed companies to self-define their corporate officers, which contributed to
inconsistencies across companies. By imposing a stricter definition of corporate officers, our goal was
to standardize data across companies and over time.
The total number of corporate officers fell 20.5 percent from 2002 to 2005. To assess whether our new
definition of corporate officers was responsible for this decline, we examined whether there was an
overall fall in the number of corporate officers reported between 2002 and 2005. We compared only
those companies that were in the Fortune 500 in both 2002 and 2005 and also verified data in both
years. Limiting the analysis to companies present in both 2002 and 2005 ensured that the decrease
in number of corporate officers was not attributable to companies new to the Fortune 500 ranking in
2005, or those 2002 companies that were no longer ranked. Restricting the analysis further to only
those companies that verified in both years allowed us to see if the verification process led to changes
in the numbers: If the change in the definition of corporate officer had driven the fall in the total
number of corporate officers counted, then this decline would have occurred for companies across all
industries and Fortune ranks.
Data analysis showed that the decline in the number of corporate officers between 2002 and 2005
was industry- and rank-specific. In particular, the top 300 companies lost corporate officers, while the
bottom 200 companies gained corporate officers. Furthermore, some industries showed an increase
in the number of corporate officers, while others saw a decline.1
Top Earner: Companies are required to publicly report their five top earners. In the cases in which a top
earner was not also a corporate officer, he or she was not counted.
Clout: Corporate officers with clout hold the highest titles at a company. The titles that Catalyst
considers clout are CEO, Chair, Vice Chair, President, COO, Senior Executive Vice President (SEVP), and
Executive Vice President (EVP).
Line: Line officers are responsible for a companys profits and losses. We determined if a corporate
officer was responsible for profits and losses based on the officers title and functional area.
Staff: Staff officers are responsible for the auxiliary functioning of the business. We determined if a
corporate officer was responsible for auxiliary functioning based on the officers title and functional
area.
For companies that verified, industries that lost corporate officers between 2002 and 2005 were computer and data services, diversified financials,
hotels, insurance, mail, package, and freight delivery services, and medical products. Industries that gained corporate officers were food services,
transportation, and publishing.
2005 Catalyst Census of Women Corporate Officers and Top Earners of the Fortune 500
INTRODUCTION AND KEY FINDINGS
KEY FINDINGS
Women Corporate Officers and Top Earners
u In 2005, women held 16.4 percent of corporate officer positions, up just 0.7 percentage points from
2002.
u Women held 6.4 percent of top earner positions, up 1.2 percentage points from 2002.
u At the estimated growth trend for the past ten years (0.82 percentage points per year), it will take 40
years for women to reach parity with men in corporate officer ranks.
Women of Color
u Women of color held only 1.7 percent of corporate officer positions.

u Women of color were 1.0 percent of all Fortune 500 top earners.
Women in Line, Staff, and Clout Positions
u Women were almost two and one-half times as likely to hold staff positions (71 percent) as they were
to hold line positions (29 percent).
u Women held 9.4 percent of clout titles, up from 7.9 percent in 2002.
u In 2005, eight Fortune 500 companies were led by a woman CEO, up from six in 2002.
Women Corporate Officers, by Company Rank and Industry
u The percentage of women in any category measured did not vary systematically with Fortune 500 rank.
u Women had greater percentages of corporate officer positions in industries where women were 49
percent or more of the total workforce (finance, insurance, real estate, retail trade, and services).
THE BUSINESS CASE

Catalyst counts women corporate officers and top earners of the Fortune 500 because we believe that
diversity in the highest echelons of corporate leadership is not only good for women, but also good for
business.
Our study The Bottom Line: Connecting Corporate Performance and Gender Diversity has shown that the
Fortune 500 companies with the highest percentages of women corporate officers experienced, on
average, a 35.1 percent higher return on equity (ROE) and 34.0 percent higher total return to shareholders
(TRS) than did those with the lowest percentages of women corporate officers.2 While this study did not
prove causation, it showed a strong correlation between companies that have diversified their senior
management and companies that performed well financially.
Catalyst, The Bottom Line: Connecting Corporate Performance and Gender Diversity (2004).
Furthermore, as customers, employees, and suppliers now come from all parts of the world, and the
demographics of the U.S. marketplace and employee base changes, successful companies need to expand
their traditional leadership to include people who can relate to the diversity of the global marketplace. A
diverse leadership team will also help companies attract more diverse employees and remove barriers to
their advancement. Companies that can proactively and successfully harness all of their available talent
will sustain significant advantages over competitors with more traditional leadership teams.
Research suggests that companies that recruit, develop, and advance diverse employees, including women,
make better decisions, produce more marketable products, and retain several key business advantages
over more homogeneous companies.3 Furthermore, we contend that companies that achieve diversity and
manage it well attain better financial results than other companies.4
THE CENSUS RESULTS
Counting the number of women in corporate officer and top earner positions allows us to track the
progress that the largest public companies headquartered in the United States have made in diversifying
their leadership. Over the last decade, many organizations have recognized the need to diversify their
employee base and leadership. Many have hired Chief Diversity Officers and implemented detailed
diversity and inclusion strategies. We applaud those companies.
Nevertheless, our 2005 Census shows that, in the last three years, growth in the percentage of corporate
officer positions held by women slowed dramatically. In 2005, women held 16.4 percent of corporate
officer positions, only 0.7 percentage points more than they did in 2002. Furthermore, the percentage of
corporate officer positions held by women of color stagnated at 1.7 percent.
The failure of Fortune 500 companies to add womenespecially women of colorto their corporate
leadership in the last three years highlights a startling gap between rhetoric and reality. These findings
seem to indicate that few companies have fully grasped how integral diversity is to attaining business
objectives in the current global business environment. We urge companies across the Fortune 500
spectrum to reconsider the business case for diversity and reassess their diversity goals and strategies.
Rosabeth Moss-Kanter, The Change Masters: Innovations and Entrepreneurship in the American Corporation (New York: Simon and Shuster, 1983);
Sarah Moore, Understanding and Managing Diversity Among Groups at Work: Key Issues for Organizational Training and Development, Journal of
European Industrial Training, vol. 23, no. 4/5 (1999): p. 208-217; Poppy Lauretta McLeod, Sharon A. Lobel, and Taylor H. Cox, Ethnic Diversity and
Creativity in Small Groups, Small Group Research, vol. 27, no. 2 (May 1996): p. 248-264; and Gail Robinson and Kathleen Dechant, Building a
Business Case for Diversity, Academy of Management Executive, vol. 11, no. 3 (August 1997): p. 21-31.
4
3
WHY IS PROGRESS SO SLOW?

Through our research, we know that equal numbers of women and men senior managers aspire to top
positions, regardless of whether or not they have children under the age of 18 living at home with them.
We know that women and men employ the same strategies for business success. We know that work-life
quality issues affect men as much as they affect women.5 At the same time, women continue to surpass
men in higher education and women hold more than one-half of management and professional positions.
And yet, women struggle more than men as they climb the corporate ladder.
Why? Our research has found that women face three significant barriers that men rarely face: genderbased stereotyping, exclusion from informal networks, and a lack of role models. These obstacles combine
to restrain women from top positions by pigeonholing their talents, restricting access to essential
information, and discouraging their ambitions.
Women will only advance to the highest positions in large numbers when these barriers are removed from
their career paths. We encourage all organizations to examine the workplace policies, practices, and norms
that keep these barriers in place, and then work to change them.
HOW CAN COMPANIES IMPROVE DIVERSITY?
In 2005, the average Fortune 500 company had 22 corporate officers; 3.6 of them were women. Fully 75
percent of these companies did not have any women corporate officers earning one of the five highest
salaries at their company. How can companies go beyond this minimal level of diversity and reach the
numbers that will show genuine commitment to a variety of perspectives, ideas, and backgrounds?
CEOs and top leadership must recognize the strong business case for integrating diversity into a global
business strategy. Once the business case has been defined, appropriate initiatives and measures can be
implemented to achieve the goals set out by the business case.
CEOs must then communicate the business case to management, board members, shareholders, business
partners and suppliers, and employees. They must demand full commitment and accountability from all.
They must implement cultural changes that will encourage managers to recruit, develop, promote, and
track diverse talent. They must celebrate diversity as a better way to conduct business.
Catalyst, Women and Men in U.S. Corporate Leadership: Same Workplace, Different Realities? (2004).
PROGRESS IS NOT ASSURED

This Census shows progress for women cannot be taken for granted. The dramatic decline in growth is
highly worrisome and could indicate that many companies have succumbed to the comforts of tokenism.
Gender diversity is not achieved when there are almost five men corporate officers for every woman.
Companies need to redouble their efforts to enforce a meritocracy that is blind to gender and other
differences that unfairly advantage certain groups over others. When employees know they will be judged
solely on their merits and resultsnot stereotypic assumptions based on their appearancethey will all
make greater efforts to succeed. As a result, companies themselves will be more successful.
Companies therefore have a responsibility to their employees, shareholders, customers, suppliersand
societyto look for and support the most talented workforce possible, regardless of gender, color, or any
other difference from the historical norm. The data in this report argue for a vigorous re-evaluation of
current diversity goals, strategies, and outcomes. Without such action, it seems probable that growth in
gender diversity will continue to stall and both organizations and women will lose.
CHAPTER 1: WOMEN CORPORATE OFFICERS OF THE

FORTUNE 500
KEY FINDINGS
u In 2005, women held 16.4 percent of corporate officer positions, up just 0.7 percentage points from
2002.
u In the last three years, average growth in the percentage of corporate officer positions held by
women fell dramatically to 0.23 percentage points per year, the lowest yearly gain in the past ten
years.
u At the ten-year estimated growth trend of 0.82 percentage points per year, it will take 40 years for
the number of women corporate officers to equal the number of men corporate officers.
u Women of color held only 1.7 percent of corporate officer positions.
u Women held 6.4 percent of the top earner positions, up 1.2 percentage points from 2002.
WOMEN CORPORATE OFFICERS

In 2005, women held 1,783 (16.4 percent) of the 10,873 corporate officer positions at Fortune 500
companies.6
Figure 1: Percentage of Fortune 500 Corporate Officer Positions Held by
Women
Men
Women, 2005
16.4%
(N=1,783/10,873)
83.6%
(N=9,090/10,873)
This year, Catalyst used a new, more precise definition of corporate officer. In previous years, Catalyst allowed companies to define who their
corporate officers were. This year, Catalyst only counted corporate officers who were either board-elected or board-appointed. Bias tests showed
that the resulting change in definition did not appreciably alter the numbers of women and total corporate officers identified. See Appendix 1 or
page 1 for more information.
In 1995, when Catalyst first collected census data, women held 8.7 percent of all the corporate officer
positions.
Figure 2: Percentage of Fortune 500 Corporate Officer Positions Held by Women, 1995-20057
35%
30%
25%
20%
16.4%
15.7%
15%
10%
8.7%
10.0%
10.6%
11.2%
11.9%
12.5%
5%
N/A
N/A
N/A
2003
2004
0%
1995
1996
1997
1998
1999
2000
2001
2002
2005
Between 1995 and 2005, the percentage of corporate officer positions held by women grew at an
estimated trend of .82 percentage points per year.8 Higher-than-average growth occurred between 1995
and 1996 and between 2000 and 2002. Changes in growth did not appear to be related to changes in the
business cycle. During the last recession, between March, 2001, and November, 2001, the average yearly
growth in the percentage of corporate officer positions held by women was an uncharacteristically strong
1.6 percentage points.9
Table 1: Change in Percentage of Corporate Officer Positions Held by Women, 1995-2005
Year
Percentage of Corporate Officer

Positions Held by Women
Change in Percentage
1995
8.7%
1996
10.0%
1.3
1997
10.6%
0.6
1998
11.2%
0.6
1999
11.9%
0.7
2000
12.5%
0.6
2001
N/A
1.6*
2002
15.7%
1.6*
2003
N/A
0.23**
2004
N/A
0.23**
2005
16.4%
0.23**
*Change in percentage averaged over two years (15.7-12.5)/2

**Change in percentage averaged over three years (16.4-15.7)/3
In 2001, 2003, and 2004, Catalyst did not conduct a census of corporate officers and top earners.
Derived from the slope of the percentage of women corporate officers plotted against the yearly time trend.
9
In 2001, 2003, and 2004, Catalyst did not conduct a census of corporate officers and top earners.
8
At the estimated growth trend for the last ten years (0.82 percentage points per year), it will take 40 years
for women corporate officers to match men.10
Figure 3: Projected Growth of Women Corporate Officers, 1995 to 2046
.82 Growth Rate
60%
50%
40%
30%
20%
10%
0%
1990
2000
2010
2020
2030
2040
2050
Concurrent with the minor increase in the percentage of corporate officer positions held by women was a
steep decline in the number of total corporate officersfrom 13,673 in 2002 to 10,873 in 2005. While the
total number of corporate officers fell 20.5 percent in the last three years, the total number of women
corporate officers fell by a smaller 16.7 percent in the same time period.
Table 2: Number and Percentage of Women and Men Corporate Officers, 1995-2005
Year
Percentage
Total Number
Percentage Change Total Number Men
Corporate
Change
Women Corporate
Women Corporate Corporate Officers
Officers
Corporate Officers
Officers
Officers
Percentage
Change Men
Corporate Officers
1995
11,241
1996
13,013
15.8%
1,302
33.0%
11,711
14.1%
1997
11,101
-14.7%
1,173
-9.9%
9,928
-15.2%
1998
11,022
-0.7%
1,234
5.2%
9,788
-1.4%
1999
11,681
6.0%
1,386
12.3%
10,295
5.2%
2000
12,945
10.8%
1,622
17.0%
11,323
10.0%
2001
N/A
N/A
N/A
N/A
N/A
N/A
2002
13,673
5.6%
2,140
31.9%
11,533
1.9%
2003
N/A
N/A
N/A
N/A
N/A
N/A
2004
N/A
N/A
N/A
N/A
N/A
N/A
2005
10,873
-20.5%
1,783
-16.7%
9,090
-21.2%
10
Total Number
10,262
979
Derived from the slope of the percentage of women corporate officers plotted against the yearly time trend.
The average Fortune 500 company had 21.8 corporate officers and 3.6 women corporate officers. As Figure
4 shows, however, more than one-half of the Fortune 500 had fewer than three women corporate officers.
Figure 4: Number of Companies with Zero, One, Two, and Three or
2002
2005
More Women Corporate Officers, 2002 and 2005

238 236
250
200
150
100
96 98
95 99
One
Two
71 67
50
Zero
Three or More
WOMEN OF COLOR CORPORATE OFFICERS

In 2005, women of color held 1.7 percent of all corporate officer positions at the 327 companies for which
we had race/ethnicity and gender data.11
Figure 5: Percentage of Fortune 500 Corporate Officer Positions
Held by Women of Color, 2005
Women of Color Corporate Officers

All Other Corporate Officers
1.7%
(N=115/6,599)
98.3%
(N=6,484/6,599)
African-American women held 5.9 percent of all women corporate officer positions, Asian-American
women held 2.5 percent, Latinas held 2.1 percent, white women held 89.0 percent, and all other
racial/ethnic groups held less than 1 percent.12
11
Data on race/ethnicity was not publicly available. Catalyst gathered this information from 260 companies that agreed to provide it. Data was
collected on men and women corporate officers of the following racial/ethnic groups: White, African-American, Hispanic, Asian-American, Native
American, and Other. To calculate the percentages of women corporate officers of color, we included the 67 Fortune 500 companies that had no
women corporate officers for a total of 327 companies used in this analysis.
12
To gather race/ethnicity data, Catalyst asked companies to provide the total number of women and total number of men corporate officers by
race/ethnic identity by the following categories: White, African-American, Hispanic, Asian-American, and Other.
Figure 6: Race/Ethnicity of Non-White Women Corporate Officers, 2005
Percent of All Women Corporate Officers
7.0%
5.9%
6.0%
5.0%
4.0%
3.0%
2.5%
2.1%
2.0%
1.0%
0.2%
0.3%
0.0%
AfricanAmerican
AsianAmerican
Latina
Native
American
Other
TOP EARNERS
Research documents that men executives continue to earn higher salaries than women executives.13 This
Census highlights the gender salary gap by showing that women corporate officers were far less likely than
men corporate officers to earn one of the five highest salaries at their companies. In fact, in 2005, only 145
(6.4 percent) out of 2,250 corporate officer top earners were women.14
Figure 7: Percentage of Fortune 500 Top Earner Positions Held
Women
Men
by Women Corporate Officers, 2005

6.4%
(N=145/2,250)
93.6%
(N=2,105/2,250)
In 2005, 378 companies had no women corporate officers among their top five earners, down from 393 in
2002. In 2005, the number of companies with at least one woman top earner was 100, up 3 from 2002.
The largest increase came in the number of companies with two women top earners, which grew from nine
companies to 21 between 2002 and 2005. However, just like in 2002, there was only one company with
three or more top earners who were women.15
Marianne Bertrand and Kevin Hallock, The Gender Gap in Top Corporate Jobs, Industrial and Labor Relations Review, vol. 55, no. 1 (October 2001):
p. 3-21. See also Robert G. Wood, Mary E. Corcoran, and Paul N. Courant, Pay Differences Among the Highly Paid: The Male-Female Earnings Gap in
Lawyers Salaries, Journal of Labor Economics, vol. 11, no. 3 (July 1993): p. 417-441.
14
Companies publicly report their top five earners. In cases where the top earner was not also a corporate officer, he or she was not included in our
analysis. We counted 2,250 top earners who were corporate officers in 2005.
15
See Appendix 9 for a list of companies with at least one woman corporate officer top earner.
13
10
Figure 8: Number of Companies with Zero, One, Two, and Three or
2002
2005
More Women Top Earners, 2002 and 2005 NE 500 COMPANIES WITH WOMEN BOARD DIRECTORS
500
450
400
393 378
350
300
250
200
150
97 100
100
50
21
0
Zero
One
Two
Three or More
CATALYST VIEWPOINT
Steep Declines in Growth Are Troubling
Women are substantially underrepresented in top management positions in Fortune 500 companies. Given
womens education levels, expertise, experiences, and commitment to the labor force, we expected to see
women progressing to the top levels and salaries in much greater numbers.
u Women participate in the U.S. labor force in unprecedented numbers today.16
q In 2004, women earned more than 57 percent of all four-year college degrees.17
q In 2004, women earned 41.1 percent of master of business degrees.18
q In 2004, women earned 34.8 percent of M.B.A. degrees.19
q In 2005, 37.2 percent of managers were women.20
q In 2005, women made up 50.6 percent of the managerial and professional workforce.21
t These women have the expertise and capability to move into corporate officer positions.
q More women are working than ever before: 59.3 percent in 2005.22
q Mothers with young children are more likely to be in the labor force today than they were 20
years ago.23
16
Bureau of Labor Statistics, Current Population Survey, Annual Averages (2006). The number of women in the labor force has increased more than
50 percent in the last 25 years.
17
National Center for Education Statistics, Digest of Education Statistics, 2005 (2006).
18
National Center for Education Statistics, Digest of Education Statistics, 2005 (2006).
19
The Association to Advance Collegiate Schools of Business (AACSB), Overview of U.S. Business Schools, 2004-2005 (2006).
20
Bureau of Labor Statistics, Current Population Survey, Annual Averages (2006).
21
22
23
Bureau of Labor Statistics, Employment Characteristics of Families, (June 9, 2005); Bureau of Labor Statistics, Women in the Labor Force: A
Databook (May 2005).
11
With this level of representation at work, why are only 16.4 percent of corporate officers women?
u Catalyst research suggests that many stereotypes hold women back from top positions.24 Common
stereotypic perceptions include:

q Women lack ambition.
q Women dont have the right work experience.

q Women dont have the leadership skills.
q Women dont have the problem-solving skills.

q Women wont make the necessary sacrifices.
u Other barriers Catalyst research shows contributing to womens slow advancement include:25
q Lack of access to informal networks
q Lack of mentors
q Lack of access to influential colleagues

q Lack of role models
q Lack of stretch assignments
q Limited flexible work arrangements

u This Census highlights the impact that stereotypes and other barriers continue to have on women
in corporate America, and demonstrates the need for increased attention to the elimination of these
barriers.
q An organization with barriers is not a meritocracy.

q Barriers waste valuable talent.
q Few companies are taking full advantage of all their employee talent.
24
25
12
Catalyst, Women Take Care, Men Take Charge: Stereotyping of U.S. Business Leaders Exposed (2005). Catalyst, Connections that Count: The
Informal Networks of Women of Color in the United States (2006).
Catalyst, Women in U.S. Corporate Leadership: 2003 (2003); Catalyst, Women and Men in U.S. Corporate Leadership: Same Workplace, Different
Realities? (2004).
CHAPTER 2: ACCESS TO POWER
KEY FINDINGS
u Women held 10.6 percent of line positions, up 0.7 percentage points from 2002.
u Women held 21.1 percent of staff positions, up 0.7 percentage points from 2002.
u Women were almost two and one-half times as likely to hold staff positions (71 percent) as they were
to hold line positions (29 percent).
u Women held 9.4 percent of the highest executive titles, up from 7.9 percent in 2002.
u Eight companies in the Fortune 500 were led by a woman CEO, compared with six in 2002.
WOMEN EXECUTIVES: IN LINE OR ON STAFF?

Occupational segregation by genderwomen and men working at different jobs, at different levels within
jobs, and in different industriesis a key and worldwide characteristic of employment.26 At every level of
work, within and across industries and places of employment, research suggests that men have greater
access to the best jobs.27 Once again, our Census shows that this gendered feature persists in the executive
hierarchy.
CEOs consistently tell Catalyst that line experience is essential to reaching the most senior levels of many
organizations. Corporate officers in line positions are responsible for an organizations profits and losses,
while those in staff positions support the auxiliary functioning of the business. In order to gauge gender
segregation in executive officer positions, Catalyst measured the number of women and men corporate
officers in line and staff positions.
In 2005, women held 10.6 percent of corporate officer line positions, while men held 89.4 percent of line
positions. This reflects a 0.7 percentage point increase for women from 2002. At the same time, women
held 21.1 percent of corporate officer staff positions, while men held 78.9 percent. These numbers also
reflect a 0.7 percentage point increase for women from 2002. Compared with their 16.4 percent share of
all corporate officer positions, women continue to be underrepresented in line positions and
overrepresented in staff positions.
26
27
International Labour Office, Key Indicators of the Labour Market (Geneva, Switzerland: International Labour Office, 2004).
Augusto Lopez-Claros and Saadia Zahidi, Womens Empowerment: Measuring the Global Gender Gap (Geneva, Switzerland: World Economic
Forum, 2005).
13
Figure 9: Percentage of Line and Staff Corporate Officer Positions Held
Women
Men
by Women, 2002 and 2005
Staff 2002
20.4%
Staff 2005
21.1%
79.6%
78.9%
Line 2002
9.9%
90.1%
Line 2005
10.6%
89.4%
0%
20%
40%
60%
80%
100%
While men corporate officers were only slightly more likely to hold staff positions (52 percent) than they
were to hold line positions (48 percent), women were almost two and one-half times as likely to hold staff
positions (71 percent) as they were to hold line positions (29 percent).
Figure 10: Percentage of Line and Staff Corporate Officer Positions, by
Line
Staff
Gender, 2005
100%
80%
29%
48%
60%
71%
40%
52%
20%
0
Women
Men
WHO HAS CLOUT IN THE FORTUNE 500?

Catalyst found occupational segregation even within the highest executive ranks, where we know both
women and men are highly motivated, skilled, and successful. Women were significantly less likely than
men to hold the highest executive titles, including: CEO, Chair,28 Vice Chair, President, COO, Senior
Executive Vice President (SEVP), and Executive Vice President (EVP).
28
14
Chair: highest-ranking director in a corporations board of directors. Vice Chair: the second-ranking director in a corporations board of directors who
also served as corporate officer.
In 2005, women held only 9.4 percent of these highest corporate titles, up from 7.9 percent in 2002.
Figure 11: Percentage of Clout Titles Held by Women, 2005
Women
Men
9.4%
(N=224/2,383)
90.6%
(N=2,159/2,383)
Only eight Fortune 500 companies (1.6 percent) were led by women CEOs, up from six (1.2 percent) in
2002. However, in 2005, there were no Fortune 100 companies led by women CEOs, down from three in
2002.29
Table 3: Women CEOs as of March 31, 200530
Company
Company Name
Rank
Name
Year Woman
Became CEO
128
Rite Aid
Mary F. Sammons
2003
132
Xerox
Anne M. Mulcahy
2001
247
Lucent Technologies
Patricia F. Russo
2002
278
Avon Products
Andrea Jung
1999
321
Reynolds American
Susan M. Ivey
2004
424
Mirant
S. Marce Fuller
1999
435
Golden West Financial
Marion O. Sandler
1963
467
Pathmark Stores
Eileen Scott
2002
From 2002 to 2005, the percentage of clout titles held by women rose from 7.9 to 9.4 percentage points,
an increase of 1.5 points. This was double the 0.7 percentage point increase of women corporate officers
from 15.7 percent to 16.4 percent during the same period.
This means that women entered the highest ranks of corporate leadership at a faster rate than they
entered the overall corporate officer pool. This could have occurred for two reasons. First, companies may
have recruited women from outside their companies directly into clout titles. Second, companies could
have moved women up the executive ranks internally and at the same time replenished their lower-level
executive ranks with proportionally fewer women corporate officers from either within or outside the firm.
The Fortune 100 women CEOs in 2002 were Carleton S. Fiorina of Hewlett-Packard Company (Fortune rank 28 in 2002); S. Marce Fuller of Mirant
(Fortune rank 52 in 2002); and Patricia F. Russo of Lucent Technologies (Fortune rank 76 in 2002).
30
Eileen Scott resigned from Pathmark Stores on August 24, 2005; as of September 30, 2005, S. Marce Fuller was no longer CEO of Mirant as part of
that companys reorganization; Brenda Barnes was named CEO of Sara Lee on February 10, 2005, but she did not officially become CEO until July
3, 2005.
29
15
This trend extends back to 1997, when Catalyst first began to count clout titles. Between 1997 and 2005,
the percentage of clout titles held by women rose from 3.0 to 9.4 percent, or 6.4 percentage points. At the
same time, the percentage of women corporate officers increased from 10.6 to 16.4 percent, for an
increase of 5.8 points.
Table 4: Percentage of Clout Positions Held by Women and Men, 1997-2005
Year
Total Number
Total Number
Women as a
Total Number Men
Men as Percentage
Clout Title
Women Clout
Percentage of all Clout
Clout Title Holders
of All Clout Title
Holders
Title Holders
Title Holders
Holders
1997
1,728
51
3.0%
1,677
97.0%
1998
2,184
83
3.8%
2,101
96.2%
1999
2,249
114
5.1%
2,135
94.9%
2000
2,488
154
6.2%
2,334
93.8%
2001
N/A
N/A
N/A
N/A
N/A
2002
2,412
191
7.9%
2,221
92.1%
2003
N/A
N/A
N/A
N/A
N/A
2004
N/A
N/A
N/A
N/A
N/A
2005
2,383
224
9.4%
2,159
90.6%
Although the data shows women moving into clout titles at a higher rate than into corporate officer
positions overall, even within clout titles occupational segregation is evident. Women held a higher
percentage of Senior Executive Vice President and Executive Vice President positions than they held of the
even more elite positions. At the same time, men held higher percentages of the highest titles than they
did of the lower titles.31
Overall, companies with higher percentages of women corporate officers also had higher percentages of
women in clout positions.32
31
In cases where an officer held more than one title (e.g., President and COO), only the highest title was counted.
Correlation coefficient between share of women corporate officers and share of women in clout positions was a positive and significant 0.487, which
means that every 1 standard deviation increase in the share of women corporate officers was associated with a 0.487 percentage point increase in
the share of women in clout positions.
32
16
2005 Catalyst Census of Women Board Directors of the Fortune 500
Table 5: Percentage of Clout Positions Held by Women, by Title, 2002 and 2005
Total Number
Number Women
Percentage Clout
Clout
in Clout Positions
Positions Held by
Positions
Women
2002 2005
2002 2005
2002 2005
Chair Only
85
71
Vice Chair
132
110
2.3
6.4
CEO
502
502
1.2
1.6
President
155
139
4.5
2.9
COO
93
76
3.2
2.6
SEVP
69
57
12
17.4
12.3
EVP
1,376 1,428
160
196
11.6
13.7
Total Clout
2,412 2,383
191
224
7.9% 9.4%
CATALYST VIEWPOINT
Occupational Segregation Persists
Throughout their careers, women are tracked into staff jobs that prevent them from acquiring the results
and knowledge that are necessary for the highest advancement and salaries.
u Occupational segregation, as evidenced by the line-staff gender data, reflects stereotypic
assumptions about:
q Womens work-life needs, desires, and capabilities

q Womens ambition
q Womens career choices

u These assumptions channel and dead-end women into staff positions.
q Whereas men may be promoted to staff positions to accumulate experience and network
capital before being promoted to higher line positions, women promoted into staff positions
are often left there without adequate and appropriate continued attention to career
development.
u Occupational segregation also contributes to the small number of women top earners.
q Women are less likely to be employed in higher-paying clout positions than men are.33
q When more women hold more line positions, there will be more women top earners.
u The more women corporate officers there are at a company, the greater the likelihood that women
will hold clout titles.
q When there are more women corporate officers, there will be more opportunity for diverse
hiring and promotion outcomes.

33
Marianne Bertrand and Kevin Hallock, The Gender Gap in Top Corporate Jobs, Industrial and Labor Relations Review, vol. 55, no.1 (October 2001):
p. 3-21.
17
u To stay competitive, global companies need women in clout positions who can actively shape
company strategies.
q To achieve success, a companys talent pool at the top must reflect employees, customers,
and suppliers.
q Few companies have taken advantage of the opportunities diverse employees can provide.
18
CHAPTER 3: INTERSECTIONS OF RACE/ETHNICITY AND

GENDER
KEY FINDINGS
u Women of color held only 1.7 percent of all corporate officer positions at the 327 companies for which
we had race/ethnicity and gender data.
u Of the 195 Fortune 500 companies that verified race/ethnicity data in both 2002 and 2005, the
percentage of corporate officer positions held by women of color increased just 0.3 percentage points.
u Men of color held 6.4 percent of all corporate officer positions.
u Women of color corporate officers held just 1.0 percent of top earner positions.
WOMEN AND MEN OF COLOR CORPORATE OFFICERS

This year, for the first time, we more fully explored the multiple effects of race/ethnicity and gender by
counting men of color corporate officers in addition to women of color corporate officers. This new data
allowed us to assess the different impacts that race/ethnicity and gender may have on access to corporate
leadership positions. Because data on race/ethnicity was not publicly available, Catalyst gathered this
information from 260 companies that agreed to provide it. Data was collected on men and women
corporate officers of the following racial/ethnic groups: White, African-American, Hispanic, AsianAmerican, Native American, and Other.34
At the 260 companies that verified race/ethnicity data, men of color held 6.4 percent of corporate officer
positions. African-American men held 2.6 percent of all corporate officer positions, Asian-American men
held 1.5 percent, and Latinos held 1.7 percent. In comparison, women of color at those 260 companies
held 2.0 percent of corporate officer positionsAfrican-American women held 1.1 percent; AsianAmerican women held 0.4 percent, and Latinas held 0.4 percent.35
34
To gather race/ethnicity data, Catalyst asked companies to provide the total number of women and total number of men corporate officers by
racial/ethnic identity by the following categories: White, African-American, Hispanic, Asian-American, and Other.
35
Race/ethnicity analyses included only the 260 companies that verified race/ethnicity data. The totals include percentages for Native Americans and
those who did not identify a particular race (listed in Figure 12 as Other).
19
Figure 12: Race/Ethnicity of Women and Men Corporate Officers, 2005
Men
Women
3.0%
2.6%
2.5%
2.0%
1.7%
1.5%
1.5%
1.1%
1.0%
0.4%
0.5%
0.4%
0.4%
0.2%
0.0%
0.1%
0%
AfricanAmerican
AsianAmerican
Latina/o
Native
American
Other
For the 195 companies that verified race/ethnicity for our Censuses in both 2002 and 2005, the number of
women of color corporate officers grew by only 0.3 percentage points, from 1.8 percent in 2002 to 2.1
percent in 2005.36 More specifically, the percentage of African-American women corporate officers did not
change between 2002 and 2005, while the percentages of Asian-American and Latina women corporate
officers each rose 0.1 points.
Figure 13: Race/Ethnicity of Women Corporate Officers, 2002 and 2005
2002
2005
2.5%
2.1%
2.0%
1.5%
1.8%
1.2%1.2%
1.0%
0.4%
0.3%
0.5%
0%
36
20
AfricanAmerican
Women
AsianAmerican
Women
0.3%
0.4%
0.0% 0.1%
Latinas
Other Women
Total Women
of Color
For this time trend analysis, we used the 195 Fortune 500 companies that verified race/ethnicity data in both 2002 and 2005. In 2002, Catalyst did
not collect information on men of color.
WOMEN AND MEN OF COLOR IN THE WORKFORCE

In 2005, African-American women were 5.0 percent of the management and professional workforce,
Hispanic women were 3.3 percent, and Asian-American women were 2.6 percent.37 For African-American
and Asian-American women, these numbers were almost equal to the percentage of the total labor force
that these groups represent. For Latinas, however, the number was much lower.
This comparison shows us that for African-American and Asian-American women, barriers to corporate
officer ranks strengthen considerably at the transition from lower-level management jobs to executive
jobs. For Hispanic women, the barriers into management emerge at the entry to management positions.38
Men of color hold approximately 3 percent of managerial and professional workforce jobs across the three
major racial/ethnic groups.39 For African-American and Hispanic men, barriers to management positions
appear at lower-level management occupations. However, once African-American men are in
management, they are relatively well represented in corporate officer positions; Hispanic men continue to
face barriers as they attempt to ascend to the upper levels. Fewer barriers seem to appear for AsianAmerican men until they reach the upper levels of management, at which point they stop advancing at
approximately the same rate as Hispanic men. In all of these cases, men are better represented at the
corporate officer level than are women.
Table 6: Women and Men of Color in the Workforce, 200540
Total Labor Force
Management,
Professional, and Related
Occupations
Corporate Officers
African-American
6.0%
5.0%
1.1%
Asian-American
2.0%
2.6%
0.4%
Latina
5.2%
3.3%
0.4%
African-American
5.4%
3.1%
2.6%
Asian-American
2.3%
3.3%
1.5%
Latino
8.0%
3.1%
1.7%
Women
Men
37
Bureau of Labor Statistics, Current Population Survey, unpublished data (2006). Catalyst used the broader Bureau of Labor Statistics management,
professional, and related occupations category to measure the percentage of women in the managerial workforce instead of the more narrow
management, business, and financial operations occupations because the former category includes both lawyers and accountants, which are
potential pipeline occupations to the executive level. Nevertheless, all women of color were still underrepresented when compared with the
narrower category, which does not include the woman-dominated teaching and nursing professions.
38
Racial/ethnic differences in pre-labor market factors, such as education and family poverty, may underlie the occupational differences observed for
Latinas.
39
Bureau of Labor Statistics, Current Population Survey, unpublished data (2006). African-American and Hispanic men were each 3.1 percent of the
management and professional workforce, while Asian-American men were 3.3 percent. Men of all racial/ethnic groups, except white, were also
underrepresented as corporate officers when compared with their percentage of the narrower management, business, and financial operations
occupations.
40
Women and men of color labor force rates and management, professional, and related occupations rates are from the Bureau of Labor Statistics,
Current Population Survey, Annual Averages and unpublished data (2006).
21
WOMEN AND MEN OF COLOR TOP EARNERS

Once in the corporate ranks, both women and men of color were much less likely than white women and
men to be top earners. At the 260 companies that verified race/ethnicity of top earners, women of color
held just 1.0 percent of top earner positions, while men of color held 4.1 percent of those positions.
Table 7: Race/Ethnicity and Gender of Top Earners, 2005
Number of
Number of Men
Percentage of
Women
Women Top Earners
Race/Ethnicity
22
Percentage of Men
Top Earners
African-American
20
0.2%
1.6%
Asian-American
12
0.7%
1.0%
Latina/o
15
0.1%
1.2%
Native American
0.0%
0.2%
Other
0.0%
0.1%
Total People of Color
12
50
1.0%
4.1%
White
73
1,092
5.9%
89.0%
CATALYST VIEWPOINT
Growth for Women of Color is Stagnating
Multiple and intersecting barriers of race and gender continue to unfairly limit women of colors executive
management advancement.
u The negligible growth in women of color corporate officers seems to indicate that barriers identified
in previous Catalyst research are not weakening.41
q The concrete ceiling does not allow women of color to see themselves at the top.
q Lack of access to influential colleagues keeps women of color out of essential networks and
deprives them of new opportunities.
q Lack of mentors prevents women of color from obtaining the advice, connections, and
encouragement necessary to advance.
q Lack of role models discourages women of colors ambitions.
q Lack of high-visibility assignments prevents women of color from demonstrating their many
talents, and being recognized for them.

u There is a strong business incentive to hire, develop, and promote women of color.
q As customers, employees, and suppliers increasingly come from different parts of the world,
women of color who reflect the new demographics will have a significant advantage in
tapping into new markets, workforces, and supply chains.
q As birthrates decline in many parts of the world, it is imperative to take advantage of all
talented employees, not just white men.
q As global companies open offices in more countries, a diverse workforce that reflects the
local population will contribute greatly to maintaining a competitive position.
41
Catalyst, Advancing African-American Women in the Workplace: What Managers Need to Know (2004); Catalyst, Advancing Asians in the
Workplace: What Managers Need to Know (2003); Catalyst, Advancing Latinas in the Workplace: What Managers Need to Know (2003).
23
CHAPTER 4: WOMEN CORPORATE OFFICERSDOES

FORTUNE 500 RANK OR INDUSTRY MATTER?
KEY FINDINGS
u Fortune 500 rank was positively related to the percentage of women with clout titles.
u Women had greater access to corporate officer positions in industries in which women were 49
percent or more of the total workforce (finance, insurance, real estate, retail trade, and services).
u The retail trade industry had the highest percentage of women top earners and women in clout
positions.
WOMEN CORPORATE OFFICERS AND FORTUNE 500 RANK

The Fortune 500 list ranks companies by revenues. The data for this Census showed no clear relationship
between Fortune 500 rank and percentage of women corporate officers.
Table 8: Percentage of Women in Corporate Officer Positions, by Fortune 500 Rank, 2005
Average Number
Corporate Officers
Average Number Women

Corporate Officers
Average Percentage
Women Corporate Officers
F1-100
28.0
4.9
17.5%
F101-200
20.8
3.3
15.7%
F201-300
19.1
2.9
15.3%
F301-400
21.8
3.7
17.1%
F401-500
19.0
3.0
15.9%
F500 Average
21.8
3.6
16.4%
Further, no clear relationship was found between Fortune 500 rank and share of women top earners, or
women in line or staff positions.
24
Table 9: Percentage of Women in Top Earner, Line, and Staff Positions, by Fortune 500 Rank, 2005
Top Earners
Total Top Earners
Number of Women
Percentage of Positions Held

by Women
F1-100
453
28
6.2%
F101-200
461
28
6.1%
F201-300
447
33
7.4%
F301-400
455
27
5.9%
F401-500
434
29
6.7%
2,250
145
Total
F500 Average
6.4%
Line
Total Positions
F1-100
Number of Women

by Women
1,352
151
11.2%
F101-200
836
70
8.4%
F201-300
775
73
9.4%
F301-400
1,021
129
12.6%
F401-500
860
90
10.5%
4,844
513
Total
F500 Average
10.6%
Staff
Total Positions
Number of Women

by Women
F1-100
1,452
339
23.3%
F101-200
1,240
256
20.6%
F201-300
1,135
219
19.3%
F301-400
1,163
244
21.0%
F401-500
1,039
212
20.4%
Total
6,029
1,270
F500 Average
21.1%
25
However, Fortune 500 rank was positively related to the percentage of women in clout title positions:
Compared with the lowest ranked companies, higher-ranked companies had higher percentages of women
in clout positions. This was mainly a result of Fortune 100 companies having relatively large percentages
of women in Executive Vice President positions.
Table 10: Percentage of Women in Clout Positions, by Fortune 500 Rank, 2005
Total Positions
Number of Women
Percentage of Positions
Held by Women
F1-100
571
70
12.3%
F101-200
521
47
9.2%
F201-300
490
45
9.2%
F301-400
435
34
7.8%
F401-500
366
28
7.7%
2,383
224
Total
9.4%
F500 Average
INDUSTRY
The data showed large differences in the numbers of women in top leadership positions in different
industries. Industries in which women were 49 percent or more of the workforce had higher-than-average
shares of corporate officer positions held by women.42 In the FIRE,43 retail trade, and services44 industries,
women accounted for 55 percent, 49 percent, and 61 percent of the total labor force, respectively,45 and
held 17.6, 19.9, and 19.3 percent of the corporate officer positions, respectively.
Table 11: Percentage of Corporate Officer Positions Held by Women, by Industry, 2005
Percentage Women
Percent Women Employed
Corporate Officers
in Industry
Industry
Construction
13.6%
9.6%
FIRE
17.6%
55.3%
Manufacturing
12.9%
30.0%
9.6%
12.8%
Retail Trade
19.9%
48.7%
Services
19.3%
60.5%
Transportation and Utilities
15.7%
23.5%
Wholesale Trade
16.2%
28.7%
F500 Average/Industry Average
16.4%
33.6%
Mining
42
Women were at least 49 percent of the workforce in both 2000 and 2005 for these industries. Bureau of Labor Statistics, Current Population Survey,
unpublished data (2001 and 2006).
43
FIRE stands for financial services, insurance, and real estate.
44
Services include professional and business services, education and health services, leisure and hospitality, and other services (e.g., salons, dry
cleaners, funeral homes).
45
Bureau of Labor Statistics, Current Population Survey, unpublished data (2006).
26
Women held a higher-than-average percentage of clout positions in the FIRE and retail trade industries.46
Table 12: Percentage of Women in Clout Positions, by Industry, 2005
Percentage Clout Titles
Industry
Held by Women
Construction
Percent Women Employed

in Industry
2.3%
9.6%
12.3%
55.3%
Manufacturing
3.7%
30.0%
Mining
5.0%
12.8%
13.6%
48.7%
Services
8.1%
60.5%
8.0%
23.5%
Wholesale Trade
7.7%
28.7%
9.4%
33.6%
FIRE
Retail Trade
The retail trade industry had the largest percentage of top earners who were women, followed by
wholesale trade. Women had the highest share of line positions in services, followed by retail trade and
then FIRE. Women were overrepresented in staff positions in all industries except mining.
Table 13: Percentage of Women Top Earners, Line, and Staff Positions, by Industry, 2005
Top Earners
Line
Staff
Percent Women
Industry
Employed in Industry
46
Construction
3.4%
6.7%
18.5%
9.6%
FIRE
6.4%
11.0%
22.8%
55.3%
Manufacturing
4.4%
6.8%
17.9%
30.0%
Mining
2.7%
1.7%
14.2%
12.8%
Retail Trade
8.8%
15.4%
24.4%
48.7%
Services
6.8%
16.0%
22.0%
60.5%
6.7%
8.9%
20.2%
23.5%
Wholesale Trade
8.4%
8.1%
22.8%
28.7%
6.4%
10.6%
21.1%
33.6%
These industry advantages were not an artifact of company rank. In a regression with the percentage of clout titles held by women as the dependent
variable, there were significantly more clout titles held by women in the FIRE and retail trade industries even when Fortune rank was included in
the regression.
27
CATALYST VIEWPOINT
For Women in Executive Leadership, Fortune 500 Industry Matters
u Catalyst research has found that women managers in male-dominated industries suffer the effects
of gender stereotyping more than women managers in industries with more equitable distributions
of women and men employees.
q Men who report to a woman in male-dominated industries are more likely to perceive
women as inferior problem-solvers than men with women managers in other industries.47
u The organizational culture of some industries may also present extra challenges to women in those
industries.
q Historical norms, expectations, and practices create and sustain barriers that prevent women
from advancing.
u Companies in industries in which women represent at least 49 percent of the workforce (e.g., retail
trade, FIRE, and services) have successfully mirrored their customer bases.
q These companies have significant numbers of women employees, women managers, and
women corporate officers.
q As more women become middle managers and professionals, more women are making
business purchasing decisions; these decisions are often driven by diversity considerations
(e.g., corporate general counsel offices insisting that their outside law firms be more diverse).
uTwo primary motivations have led these companies to take serious actions to include women in their
leadership ranks.
q They want to address existing markets more effectively by better reflecting the population of
consumers.
q They want to expand into new markets with new demographics, and they need a more
diverse management team to understand and respond to these new markets.

u In industries in which women are not traditional employees (e.g., mining, construction,
manufacturing), forward-thinking companies have recognized that sustainability and being an

employer of choice depends upon diversity.
q Catalyst Award winners, such as BP p.l.c. and Shell, have been recognized for their diversity
initiatives.
47
28
Catalyst, Women Take Care, Men Take Charge: Stereotyping of U.S. Business Leaders Exposed (2005).
CHAPTER 5: VOICES OF EXPERIENCEINTERVIEWS WITH

KEY FINDINGS
u Women corporate officers used a variety of strategies to achieve success within their companies,
including: being committed to building the corporate business; developing effective relationships with
coworkers; working well on teams; and learning from others within the corporation.
u Mentors were a key factor in women corporate officers success.
u Women corporate officers dealt constructively with barriers and failures.
u There are several steps that sustained-commitment companies have taken, and that other companies
can take, to diversify corporate leadership positions.
WOMEN CORPORATE OFFICERS AT SUSTAINED-COMMITMENT COMPANIES

In stark contrast to a number of sobering statistics presented in this report, this chapter highlights the
achievements of a select number of Fortune 500 companies that have made solid and consistent progress
in placing women in corporate officer positions. These companies have maintained 25 percent or more
women corporate officers across multiple Catalyst Censuses since 1995. These sustained-commitment
companies have recognized and harnessed the power of diversity by including women in their top
corporate ranks. Moreover, they have implemented policies and procedures to ensure that women are well
represented at all levels of the corporation.
The sustained-commitment companies identified by Catalyst are:
25 percent or more women corporate officers for all seven Catalyst Censuses, 1995-2005
Avon Products, Inc.
Merck & Co., Inc.
Nordstrom, Inc.
PacifiCare Health Systems Inc.
Pitney Bowes Inc.
The Gap Inc.
25 percent or more women corporate officers for six of seven Catalyst Censuses, 1995-2005
Kelly Services, Inc.
29
LISTENING TO WOMEN CORPORATE OFFICERS

To understand the experiences of women corporate officers working for these sustained-commitment
companies, and to identify the steps these companies have taken to become leaders in this area, Catalyst
conducted in-depth interviews with ten women corporate officers about their experiences in corporate
leadership. This qualitative research had two objectives: First, we asked each woman corporate officer
about her career advancement and her experiences working for various organizations; and second, we
asked these women why their companies had demonstrated such a strong commitment to diversity in
corporate leadership and how this commitment was executed. Interviewing proved an excellent
methodology for these purposes because it provides access to the context of peoples behavior and
thereby provides a way for researchers to understand the meaning of that behavior.48
METHODOLOGY
From December, 2005, to January, 2006, Catalyst conducted in-depth interviews with ten women corporate
officers from five of the seven sustained-commitment companies named above. The interviews were
conducted over the phone and averaged 45 minutes in length. The companies from which the officers were
drawn represented a range of industries and company sizes, and the women interviewed brought diverse
and varied backgrounds and experiences to their companies.49
BECOMING SUCCESSFUL
The women corporate officers we interviewed, by definition, had achieved success at work. To better
understand how they became successful, Catalyst asked these women what they had done in their careers
to advance to officer positions while others had not. Responses were mixed, but one-half of the women
emphasized attachment to the company and a focus on the business. As one woman put it:
I really look at what drives the business, and contribute to what drives the growth of the
business.
Another woman concurred, stating:
Im very committed to achieving what you set out to achieve. And if you make a commitment
to the organizationto your peoplethat is truly a commitment. So that sort of focus and
resolve to make important things happen in an organization, I think thats one thing [that has
helped me advance when others have not].
48
49
30
Irving Seidman, Interviewing as Qualitative Research: A Guide for Researchers in Education and the Social Sciences (New York: Teachers College
Press, 1991): p. 4.
Catalyst guaranteed confidentiality to the corporate officers interviewed for this research. Because of the relatively small number of women in the
sample, Catalyst does not disclose identifying characteristics in relation to the women or quotations cited here.
In addition to focusing on the business at hand, almost one-half of the women corporate officers also
mentioned their ability to assemble effective teams and build solid relationships as key to their
advancement. One woman noted:
Ive been able to work effectively through people, to understand other perspectives, to be able
to build consensus, or at least [get people to] buy in to the right decisions, and then, over time,
to be able to manage people and lead an organization and get them committed to a vision.
Likewise, another woman stated:
Youre only as good as the people who work with you. So, I feel like my success is not only my
own ability, but largely the ability of the people Ive developed and created and nurtured around
me to make a great organizationnot just what I can personally do, but what we can do
together.
A few women corporate officers also named the ability to look and listen as another effective tool used
in their advancement. According to one woman:
I've always been a student, always recognizing that you can learn something from everyone
good things or not-so-good things. [Its] really just tapping into people who have succeeded and
have gotten good results and listening to how theyve done it.
Other strategies women corporate officers used to advance their careers included:
u building trust and demonstrating integrity;
u going above and beyond the assigned roles and responsibilities to develop new programs or make
recommendations for change or improvement; and
u dealing with barriers constructively.
WORK-LIFE QUALITY
We also asked the women corporate officers what choices, trade-offs, and changes they made to achieve
their success. In response, the women most often stated that they proved that work was a priority for
them, usually as it related to their personal lives. One woman stated:
I dont necessarily have the most balanced life. I wont say my identity is my work, but its
certainly a large part of what I do.
Several of the women emphasized this view and stated that in order to prove they were fully committed
to their jobs and their companies, they: sacrificed time with their families, and time for themselves; chose
not to have children; or immediately returned to work after the birth of a child. One woman mentioned
that she moved frequently, sometimes simply to retain her position, and at other times to advance her
career.
31
MENTORS AND CAREER ADVICE

When asked about career advice and discussions around career development and advancement, all of the
women corporate officers mentioned the presence of mentors who had supported them at various times
during their careers. The presence and support of these mentors was ubiquitous.
For these women, mentors were most often their current or previous supervisors, although some women
corporate officers turned to friends or colleagues for career advice. Regardless of the nature of the
relationship, it was clear that having a variety of mentors worked best for these women. As one woman
explained:
I dont have one-stop shopping ... I dont turn to the same people [for advice every time],
because I take a pulse and a calibration as to whos going to give me the most relevant
information for what I need to know, and theyre not always the same people.
As evidenced by the data, an array of mentors provided advice and critical information about corporate
norms and rules to these women. This support was critical in helping these women advance their careers.
LEVERAGING ADVERSE CIRCUMSTANCES
Catalyst also explored the barriers these women corporate officers encountered as well as failures they
experienced in their careersand the concomitant lessons that came with those experiences. The most
common theme that emerged from responses to this question was that of being passed over for
promotion. A few of the women corporate officers we interviewed named this as a failure or barrier they
had experienced. One woman told her story of this failure in the following way:
I think [one of the barriers] has been this sort of disease that a lot of companies probably
experience, where the person on the outside always looks a lot better than the people on the
inside that you know ... [My boss once] brought in [a man] at the same level as me, but then
there was a level to which I aspired to be promoted. [My boss] knew this, but he promoted the
newer person, who was completely undeserving of it And this was just not acceptable [to
me]. So, I sat down with [my boss], and I explained how this was affecting me, and I wanted
to know what I needed to do to get there. He laid out a project that he thought would be a good
one for me to take on. He said if I would accomplish that, then he would promote me. My code
word for the project was broomstick because I thought of it as bringing back the broomstick
of the Wicked Witch of the West. And thats exactly what happenedI brought back the
broomstick and I got the promotion. [The new guy] crashed and burned, and left.
32
For another corporate officer, her failure to be promoted was not a result of the grass is always greener
logic. Instead, she was passed over for promotion in favor of a woman from her own company. By her
account:
I was crestfallen. I was like, What did I do wrong? You know, this is such an affront to me.
Should I leave? But I had a discussion with [my boss], and at the end of the discussion I said
to him, Well youve obviously made your choice And so I have two ways to handle this
news: I can either deal with it and move on and make it work, or I can leave. And Ill decide. I
chose to stay.
What is evident from this quotationand what the women corporate officers emphasized when
discussing how to deal with barriers and failuresis that barriers must be handled in a constructive way.
The experience of a woman of color corporate attorney illustrates this point:
Ill never forget the day I went to moderate a customer dispute. I was waiting for the
attorney to return from lunch, and I was sitting there with my two clients, two white guysI was
in the middle and they were on either sideand the lawyer walked in the door and said to the
salespeople, because he knew both of them, So, I thought you were bringing your lawyer? Well,
I chose to use that to my advantage [and consequently] he never regained his equilibrium. So, I
could have sat there and said, How dare you? I am the lawyer! And what I did was, I just waved
at him. I said, They brought me. And he never could regain his composure. Well, I settled that
very nicely. You know, it was a subconscious thinghe was embarrassed the entire meeting! So
I could sit there [and] let that sap my energy and choose to be really hostile, frankly, and instead,
I just chuckled to myself and said, Go ahead and underestimate me. I just used that to my
advantage.
As evidenced by the fact that all of these women have become corporate officers, it is clear that the
hurdles these women faced were just thatbarriers faced and overcome at a specific moment in their
careers. These barriers did not preclude their rise to the top of the corporation. Instead, these women
leveraged these moments to build and refine their leadership skills.
33
WHAT WOMEN BRING TO THE TEAM

When asked about the ways in which their presence in leadership had affected the performance of their
companies leadership teams, some of the women corporate officers we interviewed said they were able
to use their leadership positions to influence others on the team,50 as well as to encourage the team to
address difficult issues in a pretty transparent and open way, as one corporate officer said. Some of the
corporate officers achieved these goals by being unfailingly candid and forthcoming, as one woman
declared of herself. Another said:
I think people [on the leadership team] are a little bit more open [because I am there]. I think
people want to know where they stand. People want to know how they're doing. People dont
want things to be sugarcoated, and as painful as some things may be, people respect and
appreciate honesty [Im] direct, but fair, honest, and respectful.
COMPANY PRACTICES AND GOALS: SUSTAINING COMMITMENT
A portrait of the experiences of women corporate officers at sustained-commitment companies would not
be complete without a look at the companies themselves. We asked women corporate officers about
particular acts, company policies, and practices that allowed these companies to be successful in
advancing women. Women corporate officers noted that to sustain growth of women in corporate
leadership, three basic requirements must be met.
1. Commitment across levels and time
[Advancing women] takes a serious commitment of fast-tracking, identifying high-potentials,

and you cant take it for granted You have to work hard at it, even in a company that does
have, by the numbers, a better track record It still is a serious commitment that needs to be
reviewed every year Whether its in promotions, whether its in compensation, whether its in
hiring, making sure we dont have a percent number in reality, but my theory is that it should be
even. Why? Because I think [the gender balance of the company] should reflect the population.
2. An inclusive culture that boasts women at all levels of the corporation
Its with the succession planning, looking at your early talent, your key talent, and moving them
through the grade levels to ensure you have women in leadership positions. So its an ongoing
process, and one that starts with women at lower levels and looks at how to bring them up into
higher levels, as well as looking for women outside the organization whom you can recruit.
50
34
Catalyst research has shown that both women and men in corporations view men leaders as better at influencing upward. Interestingly, women
corporate officers here named influential communication as their primary strength with respect to the leadership team. While influencing others
differs slightly from influencing upward in that the former focuses primarily on peers, the fact that the women sampled here viewed their influence
as notable seems contrary to the perceptions of many women and men in corporate leadership. See Catalyst, Women Take Care, Men Take
Charge: Stereotyping of U.S. Business Leaders Exposed (2005).
3. Measurement and accountability mechanisms that allow companies to track womens

progress and that hold managers accountable for diversity goals
[It truly is] part of the DNA [Our CEO will] say, Where are your women on the leadership
team? [Once] in a foreign country, the comment was, We dont have to track that under the
law here. And [the CEOs] response was, I didnt ask you what the law requires. Im telling you
what [this company] expects.
CATALYST VIEWPOINT
Sustained-Commitment Companies Allow Women to Succeed
Sustained-commitment companies realize that diverse leadership is not just nice, but necessary for a
company to succeed and be sustainable.
u Most of these companies have diversity programs in place that reflect the major categories of the
Catalyst Award criteria:
q Business Rationale
q Senior-Level Leadership
q Accountability
q Communication of Initiative
q Replicability
q Originality
q Target Population and Measurable Results

u Catalyst Award winners realize culture change and results because they work at it over many years.
q They set stretch diversity and inclusion objectives consistent with their strategic goals.
q They monitor their diversity and inclusion numbers with the same rigor and serious
accountability as they use when monitoring their revenue, profit, and market-share numbers.
u Sustainable-commitment companies operate under a true meritocracy.
q These companies remove barriers preventing womens advancement.
q When barriers exist, women and others waste time, energy, and resources trying to remove
the barriers, effort that could be spent more productively benefiting the company.
q When barriers exist, women are in effect removed from the pool of talent from which
companies can choose their leadership.
35
CHAPTER 6: CONCLUSIONS AND CALL TO ACTION
The numbers in the 2005 Census of Corporate Officers and Top Earners of the Fortune 500 are bleak.
Although women did increase their share of corporate officer and top earner positions relative to 2002,
the increases were minimal and the decline in growth from previous Censuses was drastic. This decline is
surprising, considering that women accounted for 46.4 percent of the labor force, 34.8 percent of all
M.B.A. recipients, and 50.6 percent of the managerial and professional workforce.51 In addition, a large
number of companies have instituted diversity and inclusion policies that aim to increase the retention and
advancement of women.
Figure 14: The Catalyst Pyramid: U.S. Women in Business
e
Th
t
Ca
ys
al
1.6%
F500 CEOs
S.
U.
9.4%
F500 highest titles
:
id
am
yr
tP
6.4%
F500 top earners
in
s
es
sin
Bu
50.6%
en
16.4%
F500 corporate officers
om
W
14 .7%
F500 board seats
Management, professiona
l, and related occupations
46.4%
U.S. labor force
Sources: Current Population Survey, Annual Averages, 2006;

Sources: Catalyst,
Current 2005
Population
Averages,
2005; of the Fortune 500;
CatalystSurvey,
CensusAnnual
of Women
Board Directors
Catalyst,2005
2005Catalyst
Catalyst
Census
of Women
BoardOfficers
Directors
theEarners
Fortune
500
Catalyst,
Census
of Women
Corporate
andofTop
of the
Catalyst,
Fortune 2005
500 Catalyst Census of Women Corporate Officers and Top Earners of the
Fortune 500
This Census demonstrates that there is a considerable amount of work that needs to be done before
Fortune 500 companies become meritocracies. Few companies have been able to remove the barriers that
prevent women and other diverse employees from achieving the same successes as white men. Across all
Fortune 500 quintiles and industries, companies that harbor barriers to the retention and promotion of
women will miss opportunities that womens expertise, skills, and knowledge could bring to decisionmaking processes. These lost opportunities will certainly lead to competitive disadvantages in the global
marketplace.
51
36
Bureau of Labor Statistics, Current Population Survey, Annual Averages (2006) and The Association to Advance Collegiate Schools of Business
(AACSB), Overview of U.S. Business Schools, 2004-2005 (2006).
CALL TO ACTION
Gender diversity in the workplace is supported by a compelling business case that argues for the health
and sustainability of the organization. Certainly a 35.1 percent higher return on equity (ROE) would be very
attractive to any CEO.52 CEOs and senior leadership know they can create tremendous change in their
organizations by modeling and demanding desired behaviors. Its up to CEOs and senior leadership to take
the next steps.
1. DEFINE THE BUSINESS CASE FOR DIVERSITY AND INCLUSION
In the United States, demographics in the marketplace and employee base are changing dramatically.
In order to be successful, companies need to be an employer of choice. Companies that can attract,
retain, and promote diverse employees will expand the talent pool available to them at all levels. A
larger talent pool will mean a greater likelihood of success in the marketplace.
At the same time, new customers, employees, and suppliers now come from all parts of the world,
and it is important that leadership at companies with global presence reflect this reality. Breaking into
new markets, understanding different employee cultures, and negotiating with non-U.S. suppliers
often requires a deep knowledge of country-specific work styles, expectations, and practices. A diverse
leadership team is more likely to have this knowledge, and, therefore, success, than a homogeneous
team.
2. DEMAND DIVERSITY
Organizational change will only come when it is clear that CEOs and senior leadership believe
diversity is integral to the achievement of key business goals. CEOs must demand diversity and lead
with actions that demonstrate the business importance of diversity. A prime example of leading with
actions is for CEOs to demand and support diverse slates, diverse selection teams, and diverse
outcomes when executive positions are filled. Although Boards must approve all corporate officers,
we know that they generally support the candidates CEOs recommend. CEOs who recommend diverse
candidates to their Boards demonstrate their commitment to diverse leadership teams, and the rest
of the organization will take note.
3. BREAK THROUGH STEREOTYPES
Catalyst research shows that stereotyping of women is a key barrier to womens advancement. In
particular, men managers perceive themselves as much better problem-solvers than women
managers. However, meta-analysis of more than 40 studies on leadership shows there are few
differences between women and men in workplace behavior and style.53 Clearly, actions, results, and
merit should determine advancement in the workplace, rather than stereotypic perceptions.
52
53
Alice H. Eagly and Blair T. Johnson, Gender and Leadership Style: A Meta-Analysis, Psychological Bulletin, vol. 108, no. 2 (September 1990): p.
233-256.
37
To break through stereotyping that might otherwise pigeonhole womens talents, examine and look
beyond your own stereotypes and the stereotypes that are potentially propagated by your leadership
team. Dont insist that women spend their valuable energies on disproving stereotypes. Alternatively,
dont penalize women whose behaviors dont fit stereotypes. Most importantly, dont let assumptions
based on stereotypes limit your expectations of women and what they can contribute to your
organization.
Eliminate double standards that may become evident in the performance review process. For
example, women are often penalized for lack of good citizenship, while men are not. At the same
time, men often receive credit for good citizenship, while women do not. When a woman is penalized
for a certain behavior, ask her manager if the same behavior is acceptable from men. Challenge
managers who make vague comments such as Shes not the right fit or She has sharp elbows to
cite rigorous gender-neutral facts to support their claimsthese types of statements are often code
for biases.
4. EXPECT THE BEST
Instead of assuming what women cant do at work, provide opportunities for women to prove what
they can do. Have high expectations for their contributions, and challenge them with meaningful
work. Have equally high expectations for what your organization can do to advance women. Expect
participation from all levels, not only your direct reports.
5. HOLD EVERYONE ACCOUNTABLE
Everyone from the CEO to senior leadership to local managers must be responsible for creating a
diverse and inclusive culture at work. CEOs must insist on accountability mechanisms that will induce
behavioral change. Measure hard data and tie success or failure in achieving goals to major incentives
that will kindle the transformation you demand.
The 2006 Catalyst Award recipientsBP p.l.c., The Chubb Corporation, and Safeway Inc.reached
new heights in this respect, as they all implemented diversity and inclusion initiatives that not only
had specific, quantifiable goals and metrics, but also had significant monetary and performance
evaluation incentives for the achievement of those goals.54
6. COMMUNICATE
A diversity strategy will only succeed if it is communicated throughout an organization clearly and
often at all levels of the organization. The following actions will help.
u Explain the business case for diversity.
u Talk about stereotyping and its effects.
54
38
For more information about Catalyst Award winners and the Awards process, visit www.catalyst.org.
u Challenge code speak and performance reviews that reflect double standards that hold women
and men to different assumptions, behaviors, or metrics.
u Motivate managers to judge results and merits, not gender, color, or style.
u Make the recruitment and promotion processes transparent so everyone is held to the same
standards and every qualified employee has an equal chance at open jobs.
u State your expectations explicitly and hold the appropriate managers accountable for fulfilling
them.
u Consistently utilize diversity scorecards that can precisely measure change over time and highlight
progress and setbacks.
u Publicly celebrate successes.
39
ACKNOWLEDGMENTS
Catalyst is grateful to our contacts at the Fortune 500 companies for verifying their company data, without
which we would not have as accurate a picture of women in corporate leadership.
This report came to fruition through the hard work of many Catalyst staff members. Catalyst President
Ilene H. Lang contributed her vision and business expertise. Nancy Carter, Ph.D., Vice President of Research,
provided leadership and guidance in developing this report and its findings. Lois Joy, Ph.D., provided
leadership and project development, conducted data analysis, and authored the report. Meesha Rosa
managed and planned the project and database, analyzed data, and contributed to data collection.
Mathieu Belanger, Ph.D., provided technical consulting, database management, and data analysis. Kate
Egan provided project development and management, data collection, data analysis, and contributed to
data presentation in charts and graphs.
Donya Williams managed and planned the project and data collection. The team of Kenitra Boone, Niloufer
Keravala, Jennifer Schumacher-Kocik, and Jael Labriel worked with the companies to verify information and
ensure the accuracy of the data.
Catalyst also thanks Emily Troiano, Staci Kman, and Deepali Bagati, Ph.D., who fact-checked this report.
Jan Combopiano provided secondary research materials for the report.
We acknowledge Heather Foust-Cummings, Ph.D., who, in addition to conducting interviews with women
corporate officers, authored Chapter 5. We thank David Megathlin and Staci Kman for their assistance in
developing the women corporate officer interview protocols, interviewing women corporate officers,
analyzing the interview data, and managing the interview process.
Joy Ohm contributed substantive revisions and, along with Kara Patterson, edited the report. Kristine
Ferrell designed the report. We are also grateful to Susan Nierenberg and the Public Affairs team, Caroline
Marvin and Sarah Tremallo, for publicizing the report. This was all done under the guidance of Debbie Soon,
Vice President of Marketing and Executive Leadership Initiatives. Ilene H. Lang, Debbie Soon, and Anabel
Perez, Vice President of Member Relations, secured funding for the report.
And finally, thanks to our sponsors, DuPont and Heidrick & Struggles.
40
APPENDIX 1: METHODOLOGY
Since 1995, Catalyst has been counting the numbers of women in corporate officer positions in Fortune
500 companies. Our verification and reporting methodology has remained consistent over time. As in
previous years, our data collection method consisted of first gathering publicly available data on corporate
officers by company. In June, 2005, we sent this list to our contacts at each Fortune 500 company and
asked them to verify the data for their company by either adding or subtracting names as appropriate and
fact-checking names and titles. Contacts, which varied by company, included human resources directors
and employees in investor relations and the diversity department. Names of contacts were obtained from
the previous Census database, recommendations from the prior company contact, or an outside source.
The list of the Fortune 500 companies was based on the April 18, 2005, publication of Fortune magazine.
The letter sent to the contact requested the companies to:
u Confirm the companys total number of board-elected or board-appointed corporate officers55 in the
period between April 1, 2004, and March 31, 2005.
u Verify the aggregate racial/ethnic information for all corporate officers as well as each individuals
gender.
Within two weeks of mailing the letters to the company contacts, the Catalyst Census team made followup phone calls to all of the non-responding companies to ensure the contacts received the verification
forms and to answer any questions the contact may have had. If a company did not verify during this time
period, Catalysts President sent a letter to the companys chief executive officer informing the CEO that
we had not received the company-vetted data, and that we would publish publicly available information
if the company did not provide verification.
For those companies that did not verify, despite repeated attempts on Catalysts part, the Census team
obtained the data from public sources, including annual reports, 10-K statements, and proxy statements.
In total, 263 letters to company CEOs were sent. The team made a total of 858 phone calls. We received
310 verifications, making our verification rate 62 percent.
55
Catalyst used a more precise definition of corporate officer when conducting the Census this year. Catalyst counted only board-elected or boardappointed executives in this years Census. In previous years, Catalyst allowed companies to define who their corporate officers were.
41
APPENDIX 1: METHODOLOGY
When we compared the percentage of women corporate officers from the verified sample with the
percentage of women corporate officers from the public data sample for the same companies, we saw that
public and verified data were virtually the same. For these companies, publicly available data showed that
16.2 of corporate officers were women, while the verified data showed that 16.4 percent were women. As
a result of this test, we believe the low verification rate does not appreciably alter the results.
The Catalyst Census is a snapshot in time. It represents the gender and racial/ethnic diversity of the
corporate officers of Fortune 500 companies for the time period between April 1, 2004, and March 31,
2005. Catalyst continues this work in order to highlight progress towards a diverse workplace.
42
APPENDIX 2: TITLES OF WOMEN CORPORATE OFFICERS, BY COMPANY

WITH FORTUNE 500 RANK
3M (105)
ALBERTSON'S (35)
AMERICAN INTERNATIONAL GROUP, INC. (9)
Asst. Secretary
EVP
SVP
Chief Accounting Officer
EVP, Human Resources
VP
SVP, Human Resources
ALCOA, INC. (79)
VP, Mergers & Acquisitions
Asst. Controller
ABBOTT LABORATORIES (100)
Asst. General Counsel, Frigid Packaging,
SVP
Foil & Asia
ADVANCE AUTO PARTS, INC. (487)
Asst. Secretary (3)
None
Asst. Treasurer (2)
ADVANCE MICRO DEVICES, INC. (387)
EVP, Corporate Development
SVP
Secretary
AMERICAN STANDARD COMPANIES, INC. (238)

SVP
AMERISOURCEBERGEN CORP. (23)
Manager, Stockholder Relations
AMGEN (212)
None
AMR CORPORATION (119)
VP
VP, Corporate Development
Corporate Asst. Secretary
VP, Audit
VP, Corporate Human Resources
SVP, Global Development
VP, Human Resources
VP, Corporate Real Estate
AES CORPORATION (226)
VP
ALLIED WASTE INDUSTRIES (362)

VP
VP, Communications
ALLSTATE CORPORATION (51)
VP, Financial Controls & Processes

VP, Integrated Utilities: IPL
AETNA INC. (108)
SVP, Dental
VP, Onboard Service

VP, Realtime & Analytical Systems
ALTRIA GROUP, INC. (17)
VP, Aetna Workers' Compensation Access
SVP, Mergers & Acquisitions

VP
VP, Behavioral Health
AMAZON.COM INC. (303)
VP, Business Solutions
SVP
VP, Key Accounts
AMERADA HESS CORPORATION (126)
VP, National Customer Operations
None
VP, Small Group & Individual
AMEREN CORPORATION (380)
VP, Strategic Systems & Processes

AFFILIATED COMPUTER SERVICES, INC. (460)
EVP, Commercial Operations
SVP
VP, Transmission
AMERICAN ELECTRIC POWER COMPANY (148)
VP, Interactive Marketing & Reservations

Controller
VP (2)
VP, Human Resources, Operations Support
SVP
ALLTEL CORPORATION (265)
VP, Customer Services Planning
VP, Safety, Security & Environmental

ANADARKO PETROLEUM CORP. (333)
VP (2)
ANHEUSER-BUSCH COMPANIES, INC. (139)
Asst. Secretary
VP (2)
VP, Communications
VP, Communications & Consumer Affairs
VP, Labor & Benefits Law
AON CORPORATION (218)
Treasurer
APACHE CORPORATION (367)
Corporate Secretary
VP
SVP, Marketing & Communications
EVP
VP, Ethics
EVP, AEP Utilities - East
VP, Oil & Gas Marketing
President & COO, IN/MI
APPLE COMPUTER, INC. (263)
AFLAC INCORPORATED (158)

EVP
SVP, Shared Services

AMERICAN EXPRESS COMPANY (62)
SVP (3)
SVP, Claims, Agents' Accounting/Remittance
Processing, Aflac New York Administration
SVP, Community Relations
EVP
SVP
EVP, Human Resources & Quality
VP
AMERICAN FAMILY INS. GROUP (313)
SVP, Policy Services
VP, Claims
AGCO CORPORATION (374)

None
AGILENT TECHNOLOGIES INC. (290)
Asst. Treasurer
VP, Human Resources
AMERICAN FINANCIAL GROUP, INC. (472)

Asst. Controller
VP (2)
VP (2)
VP, Investor Relations
VP, Taxation
VP, Human Resources

AK STEEL HOLDING CORPORATION (376)
Asst. Secretary
VP, Global Human Resources

ARAMARK CORPORATION (219)
VP, Education

AIR PRODUCTS & CHEMICALS, INC (281)
SVP
APPLIED MATERIALS, INC. (270)
ARCHER-DANIELS-MIDLAND COMPANY (44)

Group VP, Finance
VP, Government Relations
ARROW ELECTRONICS, INC (207)
President, Arrow Asia/Pacific
VP, Global Human Resources
VP, Global Strategy & Operations
See addendum notes on page 89.

Catalyst Census of Women Corporate Officers and Top Earners of the Fortune 500 from April 1, 2004 to March 31, 2005
43

ARVINMERITOR, INC. (244)
SVP, Communications
VP
ASBURY AUTOMOTIVE GROUP, INC. (358)
SVP
ASHLAND INC. (252)
Treasurer
BALL CORPORATION (360)

None
BANK OF AMERICA CORPORATION (18)
BIG LOTS, INC. (441)

SVP, Merchandise Planning & Allocation
VP (3)
Global Risk Executive
VP, Allocation
Global Technology, Service & Fulfillment
VP, Associate Relations & Development
Executive
BANK OF NEW YORK COMPANY, INC. (293)
VP, Human Resources Services

VP, Real Estate Administration
VP, Communications & Corporate Affairs
EVP (3)
VP, Store Operations
VP, Environmental Health & Safety
SEVP
VP, Transportation Service
VP, Human Resources

VP, Purchasing & Logistics
ASSURANT, INC. (282)
EVP
SVP
SVP, Finance
AT&T CORP. (56)
AUTOLIV, INC. (329)
None
AUTOMATIC DATA PROCESSING, INC. (277)
Corporate VP (3)
AUTONATION, INC. (112)
None
AUTO-OWNERS INSURANCE GROUP (407)
None
AUTOZONE, INC. (350)
SVP, Human Resources & Loss Prevention
SVP, Marketing
BARNES & NOBLE INC. (335)
BJ'S WHOLESALE CLUB, INC. (284)
CEO, Barnes & Noble.com
EVP, Merchandising
SVP, Corporate Communications & Public Affairs
SVP
VP, Human Resources
SVP
BAXTER INTERNATIONAL (237)

Corporate VP (2)
Corporate VP, Human Resources
BB&T CORPORATION (312)
SEVP
THE BEAR STEARNS COMPANIES, INC. (258)
None
BEAZER HOMES USA, INC. (473)
None
BECTON, DICKINSON AND COMPANY (388)
President, BD Asia-Pacific
President, North Latin America
VP, Corporate Regulatory, Public Policy &
Communication
BED BATH & BEYOND, INC. (434)
VP (10)
VP, Asst. General Counsel
VP, Operations, Zone 1
THE BLACK & DECKER CORPORATION (359)
SVP, Public Affairs
VP
THE BOEING COMPANY (25)
SVP
SVP, Office of Internal Governance
BORDERS GROUP INC. (475)
None
BOSTON SCIENTIFIC CORPORATION (352)
SVP, Clinical & Regulatory
BRINKER INTERNATIONAL, INC. (492)
VP
EVP, Christmas Tree Shops Inc.
VP, Loss Prevention
President, Christmas Tree Shops Inc.
EVP, Marketing & Brand Development

EVP, People Works
VP, Merchandising
VP (3)
SVP, Romano's Macaroni Grill
VP, Replenishment
VP, Customer Service
VP
VP, Human Resources
VP, Business Solutions
SVP
VP, Marketing
VP, Concept Development, On The Border
VP, Purchasing
AVAYA INC. (451)
AVERY DENNISON CORPORATION (366)

SVP, Worldwide Communications and
Advertising
VP, Store Operations

BELLSOUTH CORPORATION (87)
Chief Marketing Officer
Mexican Grill & Cantina

VP, Concept Strategy, Chili's Grill & Bar
VP, Corporate Accounting
VP, Human Resources & Training, Romano's
VP (3)
President, Consumer Services
VP, Strategy and Business Development, Retail
President, Regulatory & External Affairs
VP, Human Resources, Corner Bakery Caf
State President, North Carolina
VP, Human Resources, Training & Development
SVP, Corporate Compliance
VP, Innovation
VP
VP, Communications Group
VP, Marketing, Culinary & Beverages, On The
Information Services
AVNET, INC. (217)
None
AVON PRODUCTS, INC. (278)
Chairman & CEO
EVP
President & COO
SVP, Business Transformation
SVP, Communications
BAKER HUGHES INCORPORATED (330)
Corporate Secretary
44 See addendum notes on page 89.
BERKSHIRE HATHAWAY INC. (12)
Macaroni Grill
Border Mexican Grill & Cantina
Director, Internal Auditing
VP, Marketing, Romano's Macaroni Grill
Director, Taxes
VP, People & Performance
BEST BUY CO. INC. (77)
VP, People Services
EVP, Human Capital & Leadership
VP, Property Management
SVP
VP, Real Estate Development

VP, Tax

VP, Management Information Systems
BRINKS COMPANY (409)
CATERPILLAR, INC. (57)
None
BRISTOL-MYERS SQUIBB COMPANY (93)
President, Global Marketing
SVP, Corporate Development & Business
BRUNSWICK CORPORATION (377)
Chairman, Global Consumer Group
Asst. Secretary (2)
Chief Auditor, Citigroup Inc.
VP, Global Mining
Chief Marketing Officer, Global Consumer
CDW CORPORATION (347)

Asst. Corporate Secretary
Development
CFO, Citigroup Inc.
SVP
Group
Chief Operations & Technology Officer, Citigroup
Inc.
Asst. Secretary, Law (2)
VP (3)
EVP, Commercial Business Group
VP (2)
VP, Business Development
EVP, Global Consumer Group
VP, Corporate & Investor Relations
VP, Learning & Development
EVP, International Cards, Global Consumer
VP, Tax
CENDANT CORPORATION (107)
BURLINGTON NORTHERN SANTA FE CORP. (200)

Treasurer
EVP
VP
President, ERA Franchise Systems, Inc.
VP, Human Resources & Medical
CENTERPOINT ENERGY, INC. (209)

VP, Audit Services

BURLINGTON RESOURCES INC. (353)
CENTEX CORPORATION (204)
VP, Investor Relations & Corporate
VP
THE CHARLES SCHWAB CORPORATION (411)
Communications
C. H. ROBINSON WORLDWIDE, INC. (442)
VP
VP, Human Resources
CHARTER COMMUNICATIONS (390)

None
CABLEVISION SYSTEMS CORPORATION (394)

SVP
CAESARS ENTERTAINMENT (401)
None
SVP (3)
SVP, Law & Government Affairs

CAREMARK RX, INC. (73)
Asst. VP, Business Operations

Asst. VP, Investor Relations
Region VP
VP
VP, CarMax Auto Finance
Global Consumer Group

SVP, Global Community Relations, Citigroup Inc.
Investment Bank
CLEAR CHANNEL COMMUNICATIONS, INC. (239)
SVP
SVP, Corporate Affairs
SVP, Corporate Relations
VP, Corporate Accounting
Corporate Secretary, CIGNA Corporation
VP, Corporate Reporting
EVP
VP, Corporate Tax
VP, CIGNA Corporation

CINCINNATI FINANCIAL CORPORATION (500)
None
CINERGY CORP. (412)
VP
Asst. VP, Public Affairs
Sr. Managing Director, Women & Company,
SVP, Government Affairs
SVP
Asst. VP, Advertising
Management
Sr. Deputy Counsel, Citigroup Inc.
SVP, Finance
Corporate Secretary
Asst. VP
President, Latin America Region, Global Wealth
VP (2)
EVP, Compliance & Integrity

CARMAX, INC. (422)
Communications, Global Wealth Management

Managing Director
EVP
CIGNA CORPORATION (122)
CAPITAL ONE FINANCIAL CORPORATION (206)
Investment Banking
Managing Director, GWM Head of
VP, Global Government Affairs, Corporate &
CHUBB CORPORATION (161)
CAMPBELL SOUP CO. (297)
Head, Risk Management, Corporate &
EVP, Downstream
None
SVP, Marketing & Sales
Management
Treasurer, Global Consumer Group
CHS INC. (198)
SVP, Corporate Acquisitions
Group
Head, Operations & Technology, Global Wealth
Corporate Secretary
VP, Policy Government & Public Affairs
EVP (2)
EVP
CHEVRONTEXACO CORPORATION (6)
VP, Health, Environment & Safety
CALPINE CORPORATION (242)
CARDINAL HEALTH, INC. (16)
EVP (3)
VP, Transportation
EVP
Chief Administrative Officer
VP, Finance
CIRCUIT CITY STORES, INC. (231)
SVP
CISCO SYSTEMS, INC. (91)
VP
CIT GROUP, INC
None
CITIGROUP, INC. (8)
Chief Compliance Officer, Corporate &
THE CLOROX COMPANY (445)

Group VP
VP (3)
VP, Corporate Procurement & Contract
Manufacturing
VP, Customer Capability Development
VP, Manage Information
VP, Marketing, Laundry & Home Care New
Business
VP, Research & Development, Laundry and
Home Care
VP, Research & Development, Specialty Products
VP, Sales, Laundry & Home Care
VP, Technology Center of Expertise
Investment Banking
45

CMS ENERGY CORPORATION (356)
CONSOLIDATED EDISON, INC. (228)
VP
VP (3)
EVP, Finance & Regulatory
VP, Customer Operations, Consumers Energy
Secretary, Office of the Secretary
EVP, CFO & Chief of Staff
SVP, Customer Operations
VP (4)
SVP, Gas Operations
VP, Human Resources
CNF INC. (339)

SVP
SVP, Public Affairs
VP
VP, Energy Management
COCA-COLA COMPANY (92)

Asst. Secretary (2)
EVP
SVP (3)
VP (9)
COCA-COLA ENTERPRISES, INC. (123)
Asst. Controller, Financial Reporting &
Accounting
EVP, Financial Services & Administration
SVP
VP, Gas Operations

VP, Purchasing
CONSTELLATION ENERGY GROUP, INC. (167)
EVP
SVP
CONTINENTAL AIRLINES, INC. (232)
SVP
SVP, Flight Operations
SVP, Government Affairs
COOPER TIRE & RUBBER COMPANY (470)
CUMMINS (257)
VP, Marketing & Environmental Policy

CVS CORPORATION (55)
D.R. HORTON, INC. (203)
EVP
DANA CORPORATION (201)
None
DANAHER (306)
None
DARDEN RESTAURANTS, INC. (386)
SVP (4)
DEAN FOODS COMPANY (205)
VP
Corporate Controller
EVP
VP, Information Technology
VP (2)
SVP
VP, Risk Management

COLGATE-PALMOLIVE COMPANY (210)
CORNING INC. (480)

Secretary
DEERE & COMPANY (106)

Chief Compliance Officer
Vice Chairman
SVP (2)
SVP, Corning Incorporated
VP, Worldwide Marketing & Order Fulfillment -
COLLINS & AIKMAN CORPORATION (474)

SVP, Global Supply Chain Management
COMCAST CORPORATION (102)
COSTCO WHOLESALE CORPORATION (29)

SVP
SVP, E-Commerce & Publishing
SVP, Content Development
VP (12)
VP, Administration
VP, Corporate Merchandising
VP, Corporate Communications

VP, Human Resources
COMMERCIAL METALS COMPANY (404)
Controller
COMPUTER SCIENCES CORPORATION (142)
None
VP, E-Commerce Merchandising

COUNTRYWIDE FINANCIAL CORPORATION (150)
Senior Managing Director (2)
COVENTRY HEALTH CARE INC. (371)
VP
COX COMMUNICATIONS, INC. (322)
Worldwide Commercial and Consumer

Equipment Division
DELL (28)
None
DELPHI CORPORATION (63)
Corporate Secretary
Treasurer
VP
VP, Corporate Affairs, Marketing
Communications & Facilities
DELTA AIR LINES, INC. (138)
Asst. Secretary
President, Song
Controller
SVP, In-Flight Service
President, ConAgra Foods Foundation
SVP
VP, Airport Customer Service - East
SVP, Product Quality & Development
SVP, Operations
VP, Consumer Marketing
VP, Human Resources
VP (2)
VP, Corporate Tax
VP, Taxes
VP, Communication & Public Affairs
VP, Finance Marketing & International
VP, Workforce Effectiveness
VP, Customer Care
VP, Human Resources
VP, Materials Management
VP, Sales & Distribution
CONAGRA FOODS, INCORPORATED (121)
CONOCOPHILLIPS (7)
Asst. Controller
VP, People Services
Corporate Secretary
VP, Programming
Asst. Secretary
VP, Human Resources
VP, Strategy
Corporate Secretary
VP, Upstream Planning & Portfolio Management
VP, Talent & Development
CONSECO, INC. (443)

SVP, Internal Audit
SVP, Investor Relations
CROWN HOLDINGS, INC. (289)

Asst. Secretary
CSX (269)
SVP, Law & Public Affairs
DEVON ENERGY CORPORATION (243)
SVP, Administration
DILLARD'S INC. (274)
EVP
VP
VP, Merchandising (2)

Director, Global Sites & Kodak Rochester
DIRECTTV GROUP, INC. (179)
Operations
None
General Manager, Worldwide Film Capture,
DOLE FOOD COMPANY, INC. (369)

EVP
DOLLAR GENERAL CORPORATION (280)
ENTERGY CORPORATION (221)
President, Display & Components
President, Entergy Louisiana
VP
EVP
VP, Communications
EVP, Store Operations & Store Development

DOMINION RESOURCES, INC. (151)
VP, Human Resources

ECHOSTAR COMMUNICATIONS CORPORATION
SVP
(291)
None
SVP, External Affairs
ECOLAB INC. (455)
VP
None
Digital & Film Imaging Systems

EATON CORPORATION (227)
VP (2)
VP, Supply Chain

ENGELHARD CORPORATION (456)
President, Entergy Mississippi

ENTERPRISE PRODUCTS PARTNERS, L.P. (260)
Asst. Secretary (2)
VP (2)
ERIE INSURANCE GROUP (425)
Regional VP, Heartland Region
THE ESTEE LAUDER COMPANIES INC. (346)
VP, Business Planning & Market Analysis
EVP
VP, Tax
SVP, Research Development & Engineering
EVP, Global Communications
DOVER CORPORATION (354)
EDISON INTERNATIONAL (187)
None
SVP, Business Integration
THE DOW CHEMICAL COMPANY (34)
VP
VP, Community Involvement
None
DTE ENERGY COMPANY (296)
VP
DUKE ENERGY (86)
VP, Public Affairs, Washington, DC
President, Duke Power Company
EL PASO CORPORATION (314)
DYNEGY INC. (327)
President, El Paso Production & Non-regulated
EVP
Operations
E.I. DU PONT DE NEMOURS (66)
ELECTRONIC DATA SYSTEMS (95)
Chief Marketing & Sales Officer
Group VP, DuPont Safety & Protection
ELI LILLY AND COMPANY (152)
President, DuPont Capital Management

VP
Corporation
VP, Corporate Affairs
VP
VP, DuPont Central Research & Development
VP, Six Sigma

EMC CORPORATION (266)
VP, DuPont Corporate Operations
Senior Corporate Vice President

EXELON CORPORATION (145)
EVP (2)
EXPRESS SCRIPTS, INC. (137)
SVP, Product Management
EXXON MOBIL CORPORATION (2)
VP, Human Resources
VP, Safety, Health & Environment
FAMILY DOLLAR STORES, INC. (373)
Asst. Secretary
SVP
SVP, Strategy & Development
VP
VP, Information Technology Operations
FEDERAL-MOGUL CORPORATION (326)
FEDERATED DEPARTMENT STORES, INC. (133)
SVP
VP, DuPont Corporate Strategy
EVP
Vice Chairperson (2)
VP, DuPont Finance
SVP
VP, Area Research
EMCOR GROUP, INC. (406)
VP, DuPont Governmental Affairs

VP, DuPont Public Affairs
VP, Human Resources
VP, Government & Consumer Markets
VP, Marketing & Communications

EMERSON ELECTRIC CO. (134)
VP, Strategic Planning & New Business

Development-DuPont Agriculture & Nutrition
EASTMAN CHEMICAL (316)
SVP
EASTMAN KODAK COMPANY (153)
Asst. Secretary, Legal & Patent
Chairman, Greater Asia Region
Chairman, Greater China
SVP
VP
VP, Audit
VP, Executive Compensation
ENBRIDGE ENERGY PARTNERS, L.P. (448)
Controller
ENERGY EAST CORPORATION (400)
VP, Corporate Communications & External

Affairs
VP, Internal Audit
FEDEX CORPORATION (78)
None
FIDELITY NATIONAL FINANCIAL, INC. (261)
None
FIFTH THIRD BANCORP (317)
President, Western Michigan
SVP
THE FIRST AMERICAN CORPORATION (309)
Chief Diversity Officer, Global Diversity
President, Berkshire Gas
VP
Chief Information Officer, Worldwide
President, CMP
VP, Affiliated Business Ventures
VP, Public Affairs
Information Systems

47

VP, Corporate Services
EVP, Merchandising, Gap EVA
VP, Workforce Services
EVP, Merchandising, Old Navy
FIRST DATA CORPORATION (223)

EVP
President, First Data International
President, Western Union
FIRSTENERGY CORP. (163)
Assoc. General Counsel
EVP, Product Design & Development, Banana
Asst. Secretary
Republic
EVP
SVP
Global Head of Firmwide Business Selection &
SVP, Corporate Human Resources
SVP
SVP, Corporate Human Resources, Performance
None
FOOT LOCKER, INC. (365)
Management
Segment President, Electronics Systems

SVP, Merchandising, Banana Republic

SVP, Merchandising, Old Navy
SVP, Product Development
SVP, Product Development, Old Navy (2)
VP, Human Resources
SVP, Treasury
President, Ford of Mexico
GATEWAY (495)
None
GENERAL DYNAMICS CORPORATION (115)
VP
SVP, Planning & Development
VP, Environmental & Safety Engineering
VP
VP, Global Quality
Vice Chairman
GOODRICH CORPORATION (408)
SVP, Marketing, Old Navy
SVP, Strategic Planning
Group VP, Canada, Mexico & South America
Conflict Clearance
Principal Accounting Officer
SVP, Finance
FORD MOTOR COMPANY (4)
Asst. Treasurer (3)
EVP, Product Design & Development, Old Navy

SVP, Brand Strategy
FLUOR (241)
GENERAL ELECTRIC COMPANY (5)
VP
THE GOODYEAR TIRE & RUBBER COMPANY (120)
GRAYBAR ELECTRIC COMPANY, INC. (462)
VP, Human Resources & Strategic Planning
GROUP 1 AUTOMOTIVE, INC. (361)
None
GUARDIAN LIFE INS. CO. OF AMERICA (251)
SVP, Corporate Marketing
GUIDANT CORPORATION (485)
VP, Human Resources
VP (2)
President, Cardiac Surgery
VP, Corporate Audit Staff
VP (3)
FORTUNE BRANDS, INC. (301)

VP
FPL GROUP, INC. (213)
VP
VP, Corporate Business Development

VP, Executive Development
GENERAL MILLS, INC. (197)
H&R BLOCK, INC. (454)

H.J. HEINZ COMPANY (259)
Corporate Secretary
SVP
VP, Corporate Audit
VP, Internal Audit
VP (3)
VP, Government Affairs & Economic
GANNETT CO., INC. (283)

Chairman, Phoenix Newspapers, Inc.
GENERAL MOTORS CORPORATION (3)
Group President, Indiana Newspaper Group
GM VP, Environment & Energy
Senior Group President, Midwest Newspaper
GM VP, Global Human Resources
Group
SVP
SVP, Gannet Television
VP
VP, Compensation & Benefits
THE GAP, INC. (130)
Division EVP, Old Navy Finance
Division President, Banana Republic
Division President & Executive VP Gap Brand
Division President, Old Navy
Group VP
Secretary
GENUINE PARTS COMPANY (245)
VP, Finance
GEORGIA-PACIFIC CORPORATION (109)
Development
HALLIBURTON COMPANY (101)
VP
HARLEY-DAVIDSON, INC. (368)
Asst. Secretary
Asst. Treasurer
President, Harley-Davidson Financial Services
VP
President, North American Commercial Business
VP, Communication
VP, Corporate Communications & Corporate
VP, Enthusiast Services
Marketing
GILLETTE COMPANY (215)
EVP
President, Personal Care
SVP
EVP, Marketing, Old Navy
48
EVP, Product & Design Development
Asst. Controller
FISHER SCIENTIFIC INTERNATIONAL, INC. (414)
Chairman & CEO

THE GOLDMAN SACHS GROUP, INC. (59)
GOLDEN WEST FINANCIAL CORPORATION (435)
VP, General Merchandise

VP, Harley-Davidson Financial Services
VP, Marketing
HARRAH'S ENTERTAINMENT, INC. (396)
SVP, Acquisition Marketing
SVP, Communications & Government Relations


HARTFORD FINANCIAL SERVICES GROUP INC.
IKON OFFICE SOLUTIONS, INC. (415)
J.P. MORGAN CHASE & CO. (20)
Executive Committee & Chief Investment Officer
SVP, Marketing
Executive Committee, Legal & Compliance
Group SVP, Corporate Relations
SVP, Operations
Executive Committee, Treasury & Securities
SVP
VP
(88)
HCA INC (80)
ILLINOIS TOOL WORKS, INC. (183)
President, Financial Services Group
None
INGRAM MICRO, INC. (76)
President, Outpatient Services Group

SVP, Government Programs
SVP
SVP, Operations Finance
INTEL CORPORATION (50)
HEALTH NET, INC. (185)
Corporate Secretary
SVP, Organization Effectiveness
SVP
HENRY SCHEIN
VP (3)
None
INTERNATIONAL BUSINESS MACHINES CORP.
HERSHEY FOODS CORPORATION (436)

SVP
HEWLETT-PACKARD COMPANY (11)
EVP
Division President, Canada & EXPO Design

EVP
HONEYWELL INTERNATIONAL INC. (75)
President, Specialty Materials
JACOBS ENGINEERING GROUP INC. (423)

JEFFERSON-PILOT CORPORATION (461)
EVP
JOHNSON & JOHNSON (30)
Vice Chairman
VP, Advertising
General Manager, France & North Africa
VP, Human Resources
General Manager, Global Business
VP, Technical Resources
General Manager, Global Industrial Sector
THE HOME DEPOT, INC. (13)
VP, Communications & Investor Relations
VP
Consulting Services
SVP
JABIL CIRCUIT, INC. (324)
General Manager, eServer xSeries
Transformation Outsourcing, Business
EVP, Technology Solutions Group
Center
(10)
Services
Executive Committee, Treasury Services
Worldwide Chairman, Consumer & Personal

Care Group
JOHNSON CONTROLS, INC. (71)
General Manager, Information Management
SVP
General Manager, Northeast Europe
VP, Human Resources
Senior Managing Partner, Business Consulting
VP, Strategy, Investor Relations &
Services
SVP, Enterprise OnDemand Transformation
SVP, Marketing
INTERNATIONAL PAPER COMPANY (70)
Communication
JONES APPAREL GROUP, INC. (416)
EVP, Finance
President, Footwear, Accessories, & Retail Group
President, Transportation Systems
EVP
VP, Strategy & Business Development
SVP
SVP, Marketing
VP, Communications
SVP, Studios
Director, Corporate Communications
VP, Container Americas
VP (2)
VP
VP, Corporate Marketing
VP, Management Development
HORMEL FOODS CORPORATION (402)
HOST MARRIOTT CORPORATION (486)

EVP
VP, Legal
VP, Public Affairs
HOVNANIAN ENTERPRISES, INC. (457)

Asst. VP
VP, Audit Services
VP, Human Resources
VP, Mergers & Acquisitions
HUGHES SUPPLY, INC. (437)
None
HUMANA INC. (162)
VP, Wood Products

INTERNATIONAL STEEL GROUP, INC. (248)
KB HOME (300)
VP, National Purchasing

KELLOGG COMPANY (234)
SVP, Worldwide Product Innovation &
VP, Human Resources

INTERPUBLIC GROUP OF COMPANIES, INC. (332)
SVP
ITT INDUSTRIES, INC. (308)
SVP
VP (2)
J.C. PENNEY COMPANY, INC. (74)
Operations
VP
VP, Human Resources
VP, Research, Quality & Technology
KELLY SERVICES, INC. (389)
SVP (2)
SVP, Global Sales
SVP
Divisional VP (15)
SVP, Service
SVP, Government Relations
EVP (2)
SVP, Strategic Customer Relations
IAC/INTERACTIVECORP (325)
SVP (6)
VP (16)
CEO, IAC Local Media Services
VP (16)
VP, Administration-International
SVP, Strategy & M&A
VP & Assoc. General Counsel
VP, Corporate Accounts (3)

VP, EEO & Diversity

49

VP, HR
VP, Administration
President, Licensing
VP, International-HR First
VP, Business Development
President, Liz Claiborne Apparel
VP, IT-Application Development
President, Liz Claiborne Brands Accessories
VP, Employee Benefits
President, Liz Claiborne Europe
VP, Law
VP, Marketing Information
VP, Metro-Atlanta-Sales
VP, OOP-West
VP, PBAR
VP, Product Management & Recruiting
VP, Puerto Rico
VP, Service
VP, Strategic Account Resources
VP, Supplier Diversity
VP, Treasurer
VP, US Commercial Support
VP, Vendor Management Services
KERR-MCGEE CORPORATION (379)
VP
VP, Human Resources
KEYCORP (355)
EVP, Civic Affairs & Corporate Diversity
EVP, Corporate Marketing
EVP, MFG-Trust Services
President, District President
SVP
KEYSPAN CORPORATION (302)
EVP, Shared Services
SVP, Shared Services
VP
KIMBERLY-CLARK CORPORATION (135)
SVP
EVP
LAND O'LAKES, INC. (279)
VP, Human Resources
LEAR CORPORATION (127)
VP
LEGGETT & PLATT, INCORPORATED (384)
VP
LEHMAN BROTHERS HOLDINGS, INC. (94)
Vice Chairman, Lehman Brothers Inc.
LENNAR CORPORATION (214)
VP
LEVEL 3 COMMUNICATIONS, INC. (491)
Group VP, Human Resources
LEVI STRAUSS & CO. (464)
President, Dockers Brand, US
VP, Worldwide Community Affairs
LEXMARK INTERNATIONAL, INC. (370)
VP, Human Resources
LIBERTY MEDIA CORPORATION (254)
None
LIBERTY MUTUAL INSURANCE GROUP (111)
SVP, Corporate Human Resources &
Administration
LIMITED BRANDS, INC. (240)
EVP
LINCOLN NATIONAL CORPORATION (363)
President, Sigrid Olsen

President, Special Markets Accessories
President, Special Sales
VP
LOCKHEED MARTIN CORPORATION (47)
SVP
VP (6)
LOEWS CORPORATION (144)
VP
VP, Risk Management
VP, Tax
LONGS DRUG STORES CORPORATION (421)
District Manager (3)
VP
LOWE'S COMPANIES, INC. (43)
SVP
LUCENT TECHNOLOGIES INC. (247)
Chairman & CEO
Chief Strategy Officer
President, Network Solutions Group
SVP
LYONDELL CHEMICAL COMPANY (338)
SVP
VP
VP
SVP, Lincoln Life & Annuity
VP, Human Resources
VP, Investor Relations & Strategic
VP, Marketing & Communications
KINDER MORGAN ENERGY PARTNERS, L.P. (271)

VP (2)
KINDRED HEALTHCARE, INC. (499)
SVP
KMART HOLDING CORPORATION (113)
Communications
LIZ CLAIBORNE, INC. (418)
EVP (2)
Group President (3)
SVP
President, Axcess
SVP, Chief Creative Officer
President, C&C California (2)
SVP, Communications
President, City DKNY
KOHL'S CORPORATION (184)
President, Claiborne
M.D.C. HOLDINGS, INC. (466)
VP, Real Estate (Legal)

VP, Tax
MANPOWER INC. (140)
EVP, United States & Canadian Operations
SVP, Global Sales
MARATHON OIL CORPORATION (31)
SVP
VP, Human Resources
COO
President, Crazy Horse
EVP, Product Development
President, Dana Buchman
Corporate Secretary
President, DKNY Active
EVP, Communications
Group VP (2)
President, Emma James
EVP, Enterprise Accounting Services
SVP
President, International Alliances
EVP, Finance
THE KROGER COMPANY (21)
VP
L-3 COMMUNICATIONS HOLDINGS, INC. (305)
50
LAIDLAW INTERNATIONAL, INC. (419)
MARRIOTT INTERNATIONAL, INC. (224)
President, Jane Street
EVP, Finance, International Lodging
President, Juicy Couture (2)
EVP, Sales & Marketing


SVP (2)
VP, Global Sales Training
Director, Corporate Affairs
SVP, Finance, Marriott Vacation Club
VP, Human Resources (2)
Director, Human Resources
VP, Information Technology (2)
Executive Director, Global Securities Lending
VP, Leadership Development
Managing Director, Worldwide Markets HR&IS
VP, Marketing (7)
President, The Boston Company Asset
International
MARSH & MCLENNAN COMPANIES, INC. (176)
SVP
VP, National Promotions
SVP, Public Affairs
VP, Product Design (3)
Management LLC
MERCK & CO., INC. (84)
VP, Research & Design
EVP
VP
VP, Retail Development
President, US Human Health
VP, Sales
VP, Sales & Marketing
VP, Strategic Business Opportunities
VP (2)
MASCO CORPORATION (170)
MASSACHUSETTS MUTUAL LIFE INSURANCE
VP, Tax
MAXTOR CORPORATION (482)
COMPANY (83)
Corp. VP, Disability Income Insurance & Long-
EVP, Operations
THE MAY DEPARTMENT STORES COMPANY (147)
Term Care Insurance
None
Corp. VP, Law (2)
MAYTAG CORPORATION (410)
Corp. VP, Retirement Services (2)
VP, Public Affairs

MERRILL LYNCH & CO., INC. (53)
Asst. Secretary (2)
Asst. Secretary & First VP
Corporate Secretary
EVP
SVP, Corporate Human Resources
SVP, Marketing
SVP
SVP, Enterprise Services, Customer Services (2)
VP
VP
VP, Communications
SVP, Large Corporate Markets
MBNA CORPORATION (171)
SVP, Law
Group Executive, Affinity Maximization
SVP, Retirement Services

MATTEL, INC. (383)
Group Executive, Core Affinity Groups (2)
Counsel
Group Executive, Personnel & Compensation
Director (2)
MCDONALD'S CORPORATION (116)
Director, Brand Marketing
General Counsel, Corporate Secretary
Director, Package Design
President, U.S. Central Division

President, U.S. East Division
Director, Packaging
MCGRAW-HILL COMPANIES, INC. (375)
Director, Product Design
President, Mc-Graw-Hill Financial Services
EVP, Mattel
MCI, INC. (90)
GM, AG Place
Paralegal
EVP (2)
Sr. Counsel
EVP, Ethics & Business Conduct
Sr. Director, Photography/Graphics
SVP
Sr. Director, Product Design
SVP, Communications
Sr. Manager, Product Design
VP
MCKESSON CORPORATION (15)
SVP, Business Affairs

SVP, Consumer Strategy
EVP
SVP, External Affairs
SVP, Finance
MEADWESTVACO CORPORATION (267)
SVP, Research & Design
METLIFE, INC. (37)

President, Individual Business
SEVP
MGM MIRAGE (449)
SVP
SVP, Corporate Diversity & Community Affairs
MICRON TECHNOLOGY, INC. (439)
VP, Human Resources
MICROSOFT CORPORATION (41)
Corporate VP, Marketing
MIRANT CORPORATION (424)
EVP
Former President
MOHAWK INDUSTRIES, INC. (340)
None
MOLSON COORS BREWING COMPANY (447)
Chief Corporate Affairs Officer, Global
Chief Synergies Officer, Global
MONSANTO COMPANY (357)
President, Consumer Packaging Group
SVP, Corporate Strategy
VP (2)
SVP
VP
VP
VP, Capacity Planning
MEDCO HEALTH SOLUTIONS, INC. (48)
VP, Compensation/Benefits
VP, Corporate Communications & Government
SVP, Finance
VP, Customer Sales & Service
VP, Design & Development

VP, Design & Development Asia
VP, Entertainment Licensing
VP, Finance (4)
MEDTRONIC, INC. (246)
MORGAN STANLEY (36)

Fixed Income Division
VP (2)
MOTOROLA, INC. (49)
Corporate VP
Corporate VP, Human Resources, Supply Chain
VP
Corporate VP, Consumer Solutions, &
MELLON FINANCIAL CORP. (391)
Accessories, Mobile Devices

51

Corporate VP, Embedded Communications
Computing Networks
Corporate VP, Government Relations, United
States, Global Relations & Resource
Organization
Corporate VP, Human Resources, Connected
Home Latin America & Canada
Corporate VP, Human Resources, Employee
Relations, Corporate
Corporate VP, Human Resources, Human
Resources, Networks
Corporate VP, Human Resources, Information
Technology, Supply Chain
Corporate VP, Information Technology,
Application Solutions, Corporate &
Information Technology
Corporate VP, Law, Corporate & Securities,
Corporate
Corporate VP, Law, Ethics & Compliance,
Corporate
Corporate VP, Law, Intellectual Property
Transactions
Corporate VP, Law, Litigation, Corporate
Corporate VP, Marketing, Communications &
Public Affairs
SVP
SVP, Corporate Marketing
SVP, Corporate Operations & Information

Services
SVP, Corporate Operations & Strategic
Outsourcing
SVP, National City Card Services
NATIONWIDE MUTUAL INSURANCE CO. (99)
EVP (3)
President, Nationwide Strategic Investments
NAVISTAR INTERNATIONAL CORPORATION
(233)
SVP, Finance Group
VP, Parts Organization
NCR CORPORATION (337)
NEW YORK LIFE INSURANCE COMPANY (68)
EVP, Human Resources, Corporate

SVP
(463)
EVP, Planning & Technology

SVP, Information Systems
SVP, Marketing
VP, Communications
VP, Human Resources
VP, New York Life Insurance Company (3)
VP, Technology Research & Web Resources
NEWELL RUBBERMAID (304)

None
NEWMONT MINING CORPORATION (428)
NEWS CORPORATION (98)

EVP, Content
NEXTEL COMMUNICATIONS, INC. (157)
VP, Governance & Corporate Responsibility
NIKE, INC. (173)
VP, New Business Development
MUTUAL OF OMAHA INSURANCE COMPANIES
CO. (124)
VP, Field System Administration
SVP, Secure Asset Solutions, Government &
None
None
THE NORTHWESTERN MUTUAL LIFE INSURANCE
VP (36)
VP, Global Apparel
MURPHY OIL CORPORATION (255)
Corporate VP, Communications

NORTHWEST AIRLINES CORPORATION (190)
SVP (10)
SVP, CDMA, Product Lines & Mobile Devices

Enterprise Mobility Solutions
Corporate VP (2)
VP, Compliance/Best Practices
VP, Human Resources
Corporate
President, Utility Group

NORTHROP GRUMMAN CORPORATION (58)
VP, Disability Income & Long-Term Care
VP
EVP
Asst. Treasurer, Finance
First VP (3)
Corporate VP, Supply Chain Quality Systems &

Global Supplier Performance
Asst. Secretary
EVP, Corporate Administration & Law
Corporate VP, Marketing, Mobile Devices
Corporate VP, Technology, Physical Realization,
NORTHEAST UTILITIES (310)
NISOURCE INC. (311)
NTL (446)
Director, Human Resources
NUCOR CORPORATION (189)
General Manager, Taxes
NVR (444)
None
OCCIDENTAL PETROLEUM CORPORATION (186)
None
OFFICE DEPOT, INC. (156)
EVP
EVP, Delivery Sales
EVP, Strategy & Development
VP (2)
OFFICEMAX INCORPORATED (159)
EVP, Human Resources & Communications
VP, Communications
SVP, International
NORDSTROM, INC. (294)

EVP
VP
OGE ENERGY CORP (397)
EVP, Customer Service
EVP, Human Resources & Diversity Affairs
Corporate Secretary
EVP, Corporate Services
EVP, Human Resources, Full-Line Stores
Treasurer
NASH FINCH COMPANY (476)
EVP, Marketing
SVP (2)
EVP, Nordstrom Rack
VP
VP (2)
VP, Business Process & Retail Services

VP, Non-Perishable Retail Merchandising
VP, Technology & Corporate Applications
NATIONAL CITY CORPORATION (211)
EVP, Best in Class
VP, Marketing, Nordstrom Credit Group

NORFOLK SOUTHERN CORPORATION (286)
Corporate Secretary
OMNICARE, INC. (459)

SVP
OMNICOM GROUP INC. (230)
EVP
ONEOK, INC. (336)
President, Oklahoma Natural Gas Company
EVP, Planning
SVP, Financial Services
VP
VP, Audit & Risk Control

VP, Corporate Governance
ORACLE CORPORATION (220)

Chief Security Officer
PG&E CORPORATION (196)
VP
PUBLIX SUPER MARKETS, INC. (117)
President
SVP
Asst. Secretary (2)
SVP, Finance & Operations
VP
VP
VP, Special Projects
OWENS & MINOR, INC. (427)

SVP
PHELPS DODGE CORPORATION (299)
None
VP
PILGRIM'S PRIDE CORPORATION (364)
OWENS CORNING (349)
VP
OWENS-ILLINOIS (292)
PITNEY BOWES INC. (392)
None
PACCAR INC. (188)
Secretary
SVP, Portfolio Management, Securities Division

PACIFICARE HEALTH SYSTEMS INC. (172)
EVP, Enterprise Services
PNC FINANCIAL SERVICES GROUP INC. (323)
EVP, Specialty Companies

VP (3)
PATHMARK STORES, INC. (467)
CEO
Director, Marketing
Group EVP, Marketing, Publishing, & Retail
President, Premedia Technologies Solutions
VP, Fiber Glass
SVP
VP, Government & Community Affairs
SVP, Operations & Business Integration
VP, Purchasing & Distribution
VP, Compensation & Human Resources Planning
VP, Tax Administration
VP, Diversity & Inclusion
PRAXAIR, INC. (315)
EVP, Human Resources & Adminstration

PEPCO HOLDINGS, INC. (288)
Asst. Controller
VP, Risk Management

VP, Tax
PRINCIPAL FINANCIAL GROUP, INC. (253)
VP (3)
THE PEPSI BOTTLING GROUP, INC. (202)
VP
President, Missile Systems

VP
Global External Relations Officer
PEPSICO, INC. (61)
President, Global Baby & Adult Care
Chairman, Frito-Lay North America
President, Greater China
President
Vice Chairman, Global Beauty Care
President, Pepsi-Cola North America
PROGRESS ENERGY, INC. (229)
None
PERFORMANCE FOOD GROUP COMPANY (328)

SVP
PFIZER INC (24)
Vice Chairman, Pfizer Human Health
VP
SVP
RAYTHEON COMPANY (103)
SVP (5)
THE PROCTER & GAMBLE COMPANY (26)
VP, Strategy
RADIOSHACK CORPORATION (399)
EVP
SVP, Specialty Benefits
VP, Human Resources

VP, Information Technology (3)
VP, Human Resources

None
SVP
VP, Financial Services

PREMCOR (136)
Asst. Treasurer (2)
Services
President, Directories
Treasurer
VP, External Affairs, PPL Services
PEABODY ENERGY CORPORATION (497)
EVP
R.R. DONNELLEY & SONS COMPANY (275)
Asst. Treasurer
PPL CORPORATION (344)
SVP, Grocery Merchandising
INC. (154)
Chief Marketing Officer

PPG INDUSTRIES, INC. (236)
PARKER-HANNIFIN CORPORATION (298)
QWEST COMMUNICATIONS INTERNATIONAL
CEO, PNC Advisors

General Counsel
EVP, Senior Solutions
VP (2)
VP, Hospital Business
VP, Accounting
SVP, Group Insurance Division, Operations
SVP (2)
QUEST DIAGNOSTICS INCORPORATED (382)
VP
VP, Finance
PACIFIC LIFECORP (395)
President, Pulte Mortgage, LLC

QUALCOMM, INC. (398)
SVP (2)
PLAINS ALL AMERICAN PIPELINE, L.P. (96)
VP (2)
VP, Internal Audit

PULTE HOMES, INC. (181)
THE PROGRESSIVE CORPORATION (155)

None
PRUDENTIAL FINANCIAL, INC. (64)
REEBOK INTERNATIONAL LTD. (483)

SVP
REGIONS FINANCIAL CORPORATION (420)
None
RELIANT ENERGY, INC. (250)
SVP
SVP, Risk & Structuring
REYNOLDS AMERICAN INC. (321)
EVP
EVP, Marketing, R.J. Reynolds Tobacco Company
Vice Chairman, Insurance Division
President & CEO
PUBLIC SERVICE ENTERPRISE GROUP, INC. (199)
President, R.J. Reynolds Tobacco Company

53

SVP, Strategy & Corporate Development
VP
VP (2)
RITE AID CORPORATION (128)

Group VP, Human Resources Initiatives
VP, Public Responsibility
Group VP, Real Estate
VP, Tax
President & CEO

SVP, Corporate Communications & Public Affairs
ROCKWELL AUTOMATION INC. (429)
SBC COMMUNICATIONS INC. (33)

SEVP, Human Resources & Communications
SCANA CORPORATION (478)
Senior Officer, Marketing & Communications
VP, Corporate Development
Senior Officer, Natural Gas/Coal Procurement
ROHM AND HAAS COMPANY (287)

VP
ROSS STORES, INC. (452)
and Pipeline Capacity

SCHERING-PLOUGH CORPORATION (264)
EVP
EVP
VP
EVP, Merchandising
VP, Corporate Audits
SVP (4)
ROUNDY'S, INC. (403)
Director, Communications
Director, Floral
Group VP, Human Resources
Group VP, Merchandising & Procurement
RYDER SYSTEM, INC. (381)
SCIENCE APPLICATIONS INTERNATIONAL

CORPORATION (276)
None
SEALED AIR CORPORATION (481)
VP (4)
SEARS, ROEBUCK AND COMPANY (45)
Manager, Communications
SVP, Finance
VP, Compensation and Benefits
VP, Tax
SAFECO CORPORATION (285)
None
SOLECTRON CORPORATION (164)
None
SONIC AUTOMOTIVE (272)
None
SOUTHERN COMPANY (180)
Asst. Secretary
Asst. Treasurer
VP (2)
SOUTHWEST AIRLINES CO. (318)
EVP, Customer Operations
President
SVP, Corporate Communications
SVP, Finance
SVP, Marketing
VP (2)
VP, Reservations
Fashion Director
Director, Communications
(262)
VP, Employee & Labor Relations
EVP, Human Resources, Public Affairs &

SVP
SMURFIT-STONE CONTAINER CORPORATION
e-Marketing Project Manager, Lands' End

EVP (2)
RYLAND GROUP, INC. (469)
VP, Purchasing
Director, Multicultural Merchandising
EVP (2)
Corporate Communications
VP, Special Marketing

SPRINT CORPORATION (67)
SVP
EVP, Network Services
SVP, Financial Services
SVP
SVP, Strategy
SVP, Federal External Affairs
VP (4)
VP, Corporate Governance & Ethics
VP, Brand Development

SEMPRA ENERGY (235)
President, Sempra Utilities
SERVICEMASTER (488)
SPX CORPORATION (345)

None
THE ST. PAUL TRAVELERS COMPANIES, INC. (85)
EVP, Claim
EVP, Investor Relations
CFO
President, Merry Maids
SVP, Finance, Risk & Investments
President, Terminix International
SVP, Sales & Distribution
SVP
EVP, Marketing
SVP (2)
SAFEWAY INC. (46)

EVP, Retail Operations, HR, Public Affairs, Labor
& Government Relations, Reengineering and
Communications
SVP, Finance & Investor Relations
SAKS, INCORPORATED (320)
None
SANMINA-SCI CORPORATION (175)
SVP, Global Human Resources
SARA LEE CORPORATION (114)
CEO & President
SVP
SVP, Global Human Resources
54
VP, Food Safety & Scientific Affairs
VP, Taxes
SMITHFIELD FOODS, INC. (222)
THE SHERWIN-WILLIAMS COMPANY (331)

VP
SLM CORPORATION (378)
STAPLES, INC. (146)
SVP, Corporate Advertising

SVP, Pricing & Merchandising Administration
STARBUCKS CORPORATION (372)
Asst. VP
EVP (2)
EVP, Corporate Strategy, Consumer Lending &
EVP, Supply Chain & Coffee Operations
Administration
SVP
EVP, Guarantor Servicing & Sales Marketing
SVP, Category Management
SVP, Administration
SVP, Corporate Social Responsibility
SVP, Loan Originations
SVP, Global Communications
VP
SVP, Marketing
SMITH INTERNATIONAL, INC. (438)

SVP
SVP, Parnet Resources, North America

SVP, Store Development


SVP, Store Operations Services
SVP, U.S. Sales
STARWOOD HOTELS & RESORTS WORLDWIDE,

INC. (440)
SVP, Westin Hotels & Resorts
STATE FARM INSURANCE COS. (19)
TELEPHONE AND DATA SYSTEMS, INC. (490)
EVP, Life Company & Affiliates

SVP
Division President
VP, Internal Audit
SVP
VP, Marketing & Public Affairs
VP
VP, Physician Intergration/Managed Care
None
EVP (5)
TENNECO AUTOMOTIVE INC. (453)
STATER BROS. HOLDINGS INC. (493)
VP
TEREX CORPORATION (417)
VP, Human Resources
VP (2)
STRYKER CORPORATION (450)
VP, Deputy General Counsel
None
TESORO CORPORATION (177)
SUN MICROSYSTEMS, INC. (194)
VP, Human Resources & Communications
VP
TEXAS INSTRUMENTS INCORPORATED (166)
VP, Intergrated Business Planning
SVP (2)
SUNOCO, INC. (82)
TEXTRON INC. (216)
Chief Governance Officer

SUNTRUST BANKS, INC. (273)
EVP
SUPERVALU INC. (104)
VP, Human Resources/Broadcasting Group

VP/GM, TribuneProperties
TRW AUTOMOTIVE HOLDINGS CORP. (178)
None
TXU CORP. (195)
SVP
SVP, Customer and Community Relations
SVP, Transm/FW Comm. Relations
VP, Controller
SVP
VP, Distribution, Financial Planning & Analysis
SVP, Communications
VP, Investor Relations & Corporate

SVP, Marketing
TIME WARNER INC. (32)
Chairwoman, Time Inc.
EVP, Administration
TIMKEN COMPANY (430)
Asst. VP, Human Resources
VP, Human Resources Operations
VP, Communications
EVP, Strategic Planning, Marketing & Products
Asst. Treasurer
SVP, Distribution
SVP, Finance
SYSCO CORPORATION (60)
SVP, Corporate Relations
VP (2)
EVP
Communications
VP, Quality Outcomes

TRIBUNE COMPANY (348)
EVP
THRIVENT FINANCIAL FOR LUTHERANS (319)
VP, Strategic Planning
VP, Legal Operations
Asst. Secretary
TENET HEALTHCARE CORPORATION (169)
STATE STREET CORPORATION (341)
Division CFO, Ambulatory Surgery Division
EVP
TEMPLE-INLAND INC. (405)
EVP
Division CFO (2)
VP, Outsourced Business Management

TYSON FOODS, INC. (72)
SVP
SVP, Commodity & Trading Risk Management
U.S. BANCORP (143)
Vice Chairman
UAL CORPORATION (129)
Asst. Corporate Secretary (2)
UGI CORPORATION (484)
Asst. VP, Technology & Applications
President, Automotive Group
SVP, Finance
SVP, Communications and Community Affairs
VP, Customer Insights & Market Development
SVP, Finance
VP, Organization Development & Strategy
SVP, Supply Chain Transformation
VP
VP, Training & Leadership Development
VP, Sales and Marketing-Alloy Steel
TARGET CORPORATION (27)
THE TJX COMPANIES, INC. (141)
Assoc. General Counsel

UNION PACIFIC CORPORATION (174)
VP, External Relations

UNISYS CORPORATION (343)
SVP, Finance
SVP
EVP, Six Sigma Lean
SVP, Merchandising (3)
SVP, Human Resources Development
SVP (2)
SVP, Region III
SVP, Real Estate & Property Development
VP
VP, Community Relations
Treasurer
VP (13)
VP, Total Compensation

TEACHERS INSURANCE AND ANNUITY
ASSOCIATION COLLEGE (81)
EVP (2)
EVP, Client Services
VP
TECH DATA CORPORATION (110)
TOLL BROTHERS, INC. (477)

None
TOYS 'R' US, INC. (192)
TRANSMONTAIGNE INC. (193)
None
VP, World-Wide Human Resources

UNITED AUTO GROUP, INC. (225)
Chief Information Officer
UNITED PARCEL SERVICE, INC. (42)
UNITED SERVICES AUTOMOBILE ASSOCIATION
(191)
EVP, Corporate Communications
TRIAD HOSPITALS, INC. (426)

55

EVP, Marketing
President, USAA Alliance Services Company
President, USAA Life Insurance Company
UNITED STATES STEEL CORPORATION (149)
EVP
UNITED STATIONERS INC. (468)
SVP (2)
UNITED TECHNOLOGIES CORPORATION (39)
VP
UNITEDHEALTH GROUP, INCORPORATED (40)
CEO, Ovations
EVP, UnitedHealth Group
UNIVERSAL HEALTH SERVICES, INC. (458)
Asst. VP (2)
Treasurer
VP
UNOCAL CORPORATION (268)
None
UNUMPROVIDENT CORPORATION (208)
Chairman, Unum Limited
US AIRWAYS GROUP, INC. (295)
EVP, Corporate Affairs
SVP, Finance
VP
VP, Corporate Real Estate
SVP
VP (2)
W.R. BERKLEY CORPORATION (431)
VP
V.F. CORPORATION (334)
Sponsored Business
WELLS FARGO & COMPANY (52)
Group EVP, Regional Banking
Director, Investment Accounting

VP
W.W. GRAINGER, INC. (385)
SVP
WENDY'S INTERNATIONAL, INC. (498)
CFO & Corporate Secretary
SVP, Communications & Investor Relations
COO, Baja Fresh
VP
EVP, Business & Concept Development
WACHOVIA CORPORATION (65)
SVP, Baja Fresh
EVP
SVP, Operations-Upper U.S. Region
SEVP (2)
SVP, Tim Hortons
WALGREEN CO. (38)

Divisional VP
SVP
WAL-MART STORES, INC. (1)
EVP, Information System Division
EVP, Product Development, Apparel & Home
Merchandising
EVP, Risk Management, Benefits Administration,
Aviation & Travel
THE WALT DISNEY COMPANY (54)
Co-Chairman, Media Networks
President, Buena Vista Motion Pictures Group
WASHINGTON MUTUAL, INC. (131)
SEVP
SVP, Communications
President & CEO, Specialty, Senior & State
EVP
USG CORPORATION (433)
President & CEO, Northeast Region
Asst. Secretary
VP, Direct Distribution

VP, Inflight
EVP, Integration Planning/Implementation
Asst. VP

VP, Government Affairs
WASTE MANAGEMENT, INC. (168)

Corporate Secretary
SVP
VP, Finance
WELLCHOICE, INC. (342)
SVP, Wendy's North America-Supply Chain

Management
VP, Wendy's North America-Research &
Development
WESCO INTERNATIONAL, INC. (489)
None
THE WESTERN & SOUTHERN MUTUAL HOLDING
COMPANY (494)
President, Fort Washington Investment Advisors,
Inc.
President, IFS Financial Services, Inc.
Senior Officer (4)
WEYERHAEUSER COMPANY (89)
Corporate Secretary
SVP, Information Technology
WHIRLPOOL CORPORATION (160)
None
WHOLE FOODS MARKET, INC. (479)
EVP
Chief Information Officer, Enterprise Systems
VP
Asst. Treasurer
EVP
VP, Administration
SVP
VP, Learning
VP, Human Resources
SVP, Communications
VP, Marketing & Public Affairs
VP (5)
VP, Purchasing & Distribution
VALERO ENERGY CORPORATION (22)

SVP, Corporate Communications
VP, Auditing
Treasurer
VP, Health Services
VP, Legal Services
VP, Human Resources Development (2)
VERIZON COMMUNICATIONS INC. (14)
VP, Human Resources
VP, Team Member Services

WILLIAMS COMPANIES, INC. (165)
None
WINN-DIXIE STORES, INC. (182)
EVP
VP, Information Security
SVP
VP, National Accounts Operations
SVP, Internal Auditing
VP, Operations
VP, Quality, Initiatives & Programs
SVP
VP, Upstate Sales
VP
VIACOM INC. (69)

Chairman, MTV Networks
EVP, Government Relations
56
SVP
VISTEON CORPORATION (118)
WELLPOINT, INC. (97)

EVP
SVP
VP, Finance
WISCONSIN ENERGY CORPORATION (471)
VP, Environmental
WM. WRIGLEY JR. COMPANY (496)


None
WORLD FUEL SERVICES CORPORATION (351)
None
WPS RESOURCES CORP. (393)
Asst. Controller
VP
VP, Corporate Services
WYETH (125)
SVP, Public Affairs, Government Relations
VP, Law
VP, Taxes, Finance
XCEL ENERGY INC. (256)
President, Customer & Field Operations
VP (3)
XEROX CORPORATION (132)
Chairman & CEO
SVP
VP (3)
VP, Finance & Operational Support, Xerox North
America
VP, Human Resources
VP, Worldwide Taxes
YELLOW ROADWAY CORPORATION (307)
None
YORK INTERNATIONAL CORPORATION (432)
President, YORK Europe, Middle East & Africa
VP
YUM! BRANDS, INC. (249)
Chief People Officer

57
APPENDIX 3: NUMBER AND PERCENTAGE OF WOMEN CORPORATE

OFFICERS, RANKED BY COMPANY REVENUE
58
Rank Company
Rank Company
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Total Women Total Percentage

Corporate Corporate Women
Officers Officers Officers
WAL-MART STORES, INC.
3
23
13.0
EXXON MOBIL CORPORATION
2
27
7.4
GENERAL MOTORS CORPORATION
4
35
11.4
FORD MOTOR COMPANY
7
52
13.5
GENERAL ELECTRIC COMPANY
6
39
15.4
CHEVRONTEXACO CORPORATION
4
20
20.0
CONOCOPHILLIPS
4
40
10.0
CITIGROUP, INC.
19
94
20.2
AMERICAN INTERNATIONAL GROUP, INC.
2
25
8.0
INTERNATIONAL BUSINESS MACHINES CORP. 9
47
19.2
HEWLETT-PACKARD COMPANY
4
12
33.3
BERKSHIRE HATHAWAY INC.
2
8
25.0
THE HOME DEPOT, INC.
3
14
21.4
VERIZON COMMUNICATIONS INC.
4
13
30.8
MCKESSON CORPORATION
2
9
22.2
CARDINAL HEALTH, INC.
2
14
14.3
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66

THE ALLSTATE CORPORATION
2
12
16.7
WELLS FARGO & COMPANY
3
18
16.7
MERRILL LYNCH & CO., INC.
7
26
26.9
THE WALT DISNEY COMPANY
2
21
9.5
CVS CORPORATION
1
11
9.1
AT&T CORP.
1
10
10.0
CATERPILLAR, INC.
3
41
7.3
NORTHROP GRUMMAN CORPORATION
3
17
17.7
THE GOLDMAN SACHS GROUP, INC.
9
49
18.4
SYSCO CORPORATION
7
50
14.0
PEPSICO, INC.
4
15
26.7
AMERICAN EXPRESS COMPANY
2
12
16.7
DELPHI CORPORATION
4
25
16.0
PRUDENTIAL FINANCIAL, INC.
2
9
22.2
WACHOVIA CORPORATION
3
19
15.8
E.I. DU PONT DE NEMOURS
12
67
17.9
17
18
19
ALTRIA GROUP, INC.

BANK OF AMERICA CORPORATION
STATE FARM INSURANCE COS.
2
2
3
15
9
18
13.3
22.2
16.7
67
68
69
SPRINT CORPORATION
NEW YORK LIFE INSURANCE COMPANY
VIACOM INC.
4
53
3
27
210
16
14.8
25.2
18.8
20
21
22
J.P. MORGAN CHASE & CO.

THE KROGER COMPANY
VALERO ENERGY CORPORATION
4
4
3
45
20
18
8.9
20.0
16.7
70
71
72
INTERNATIONAL PAPER COMPANY

JOHNSON CONTROLS, INC.
TYSON FOODS, INC.
9
3
2
62
19
23
14.5
15.8
8.7
23
24
25
AMERISOURCEBERGEN CORP.
PFIZER INC
THE BOEING COMPANY
2
4
2
14
19
14
14.3
21.1
14.3
73
74
75
CAREMARK RX, INC.

J.C. PENNEY COMPANY, INC.
HONEYWELL INTERNATIONAL INC.
2
40
3
13
138
19
15.4
29.0
15.8
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
THE PROCTER & GAMBLE COMPANY

TARGET CORPORATION
DELL INC.
COSTCO WHOLESALE CORPORATION
JOHNSON & JOHNSON
MARATHON OIL CORPORATION
TIME WARNER INC.
4
8
0
16
6
2
2
46
28
15
113
21
15
17
8.7
28.6
0.0
14.2
28.6
13.3
11.8
INGRAM MICRO, INC.

BEST BUY CO. INC.
FEDEX CORPORATION
ALCOA, INC.
HCA INC.
TIAAC
SUNOCO, INC.
1
2
0
12
4
4
1
13
15
17
40
23
12
14
7.7
13.3
0.0
30.0
17.4
33.3
7.1
SBC COMMUNICATIONS INC.

THE DOW CHEMICAL COMPANY
ALBERTSON'S
1
0
2
11
20
11
9.1
0.0
18.2
MASS. MUTUAL LIFE INSURANCE COMPANY 11

MERCK & CO., INC.
6
THE ST. PAUL TRAVELERS COMPANIES, INC. 2
54
15
20
20.4
40.0
10.0
MORGAN STANLEY
METLIFE, INC.
WALGREEN CO.
3
2
2
21
9
20
14.3
22.2
10.0
DUKE ENERGY
1
BELLSOUTH CORPORATION
7
HARTFORD FINANCIAL SERVICES GROUP INC. 3
12
40
17
8.3
17.5
17.7
UNITED TECHNOLOGIES CORPORATION

UNITEDHEALTH GROUP, INCORPORATED
MICROSOFT CORPORATION
UNITED PARCEL SERVICE, INC.
LOWE'S COMPANIES, INC.
ARCHER-DANIELS-MIDLAND COMPANY
SEARS, ROEBUCK AND COMPANY
SAFEWAY INC.
LOCKHEED MARTIN CORPORATION
MEDCO HEALTH SOLUTIONS, INC.
MOTOROLA, INC.
INTEL CORPORATION
1
2
1
1
2
2
13
2
7
2
23
5
16
14
16
11
23
33
36
25
36
14
125
34
6.3
14.3
6.3
9.1
8.7
6.1
36.1
8.0
19.4
14.3
18.4
14.7
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
WEYERHAEUSER COMPANY
MCI, INC.
CISCO SYSTEMS, INC.
THE COCA-COLA COMPANY
BRISTOL-MYERS SQUIBB COMPANY
LEHMAN BROTHERS HOLDINGS, INC.
ELECTRONIC DATA SYSTEMS
PLAINS ALL AMERICAN PIPELINE, L.P.
WELLPOINT, INC.
NEWS CORPORATION
NATIONWIDE MUTUAL INSURANCE CO.
ABBOTT LABORATORIES
20
15
10
44
13
28
9
17
15
12
13
13
15.0
40.0
10.0
34.1
15.4
3.6
11.1
5.9
26.7
8.3
30.8
7.7

3
6
1
15
2
1
1
1
4
1
4
1

Rank Company
Rank Company
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116

HALLIBURTON COMPANY
2
11
18.2
COMCAST CORPORATION
5
35
14.3
RAYTHEON COMPANY
2
20
10.0
SUPERVALU INC.
5
23
21.7
3M
4
26
15.4
DEERE & COMPANY
3
41
7.3
CENDANT CORPORATION
3
35
8.6
AETNA INC.
11
44
25.0
GEORGIA-PACIFIC CORPORATION
4
36
11.1
TECH DATA CORPORATION
1
19
5.3
LIBERTY MUTUAL INSURANCE GROUP
1
15
6.7
AUTONATION, INC.
0
10
0.0
KMART HOLDING CORPORATION
3
15
20.0
SARA LEE CORPORATION
9
38
23.7
GENERAL DYNAMICS CORPORATION
2
30
6.7
MCDONALD'S CORPORATION
3
19
15.8
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166

DOMINION RESOURCES, INC.
5
19
26.3
ELI LILLY AND COMPANY
4
26
15.4
EASTMAN KODAK COMPANY
8
49
16.3
QWEST COMMUNICATIONS INTL. INC.
1
7
14.3
THE PROGRESSIVE CORPORATION
0
6
0.0
OFFICE DEPOT, INC.
5
17
29.4
NEXTEL COMMUNICATIONS, INC.
2
21
9.5
AFLAC INCORPORATED
7
31
22.6
OFFICEMAX INCORPORATED
3
26
11.5
WHIRLPOOL CORPORATION
0
10
0.0
CHUBB CORPORATION
3
24
12.5
HUMANA INC.
2
12
16.7
FIRSTENERGY CORP.
3
12
25.0
SOLECTRON CORPORATION
0
9
0.0
WILLIAMS COMPANIES, INC.
0
8
0.0
TEXAS INSTRUMENTS INCORPORATED
2
14
14.3
117
118
119
PUBLIX SUPER MARKETS, INC.

VISTEON CORPORATION
AMR CORPORATION
4
3
9
29
16
47
13.8
18.8
19.2
167
168
169
CONSTELLATION ENERGY GROUP, INC.

WASTE MANAGEMENT, INC.
TENET HEALTHCARE CORPORATION
2
3
0
10
22
4
20.0
13.6
0.0
120
121
122
THE GOODYEAR TIRE & RUBBER COMPANY

CONAGRA FOODS, INCORPORATED
CIGNA CORPORATION
2
5
3
24
48
12
8.3
10.4
25.0
170
171
172
MASCO CORPORATION
MBNA CORPORATION
PACIFICARE HEALTH SYSTEMS INC.
3
4
3
33
21
10
9.1
19.1
30.0
123
124
125
COCA-COLA ENTERPRISES, INC.

6
THE NORTHWESTERN MUTUAL LIFE INS. CO. 9
WYETH
3
29
35
21
20.7
25.7
14.3
173
174
175
NIKE, INC.
UNION PACIFIC CORPORATION
SANMINA-SCI CORPORATION
2
3
1
20
16
10
10.0
18.8
10.0
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
AMERADA HESS CORPORATION

LEAR CORPORATION
RITE AID CORPORATION
UAL CORPORATION
THE GAP, INC.
WASHINGTON MUTUAL, INC.
XEROX CORPORATION
0
1
4
2
24
2
8
27
9
23
8
52
13
32
0.0
11.1
17.4
25.0
46.2
15.4
25.0
MARSH & MCLENNAN COMPANIES, INC.

TESORO CORPORATION
TRW AUTOMOTIVE HOLDINGS CORP.
DIRECTV GROUP, INC.
SOUTHERN COMPANY
PULTE HOMES, INC.
WINN-DIXIE STORES, INC.
2
1
0
0
4
1
2
15
14
6
7
16
5
11
13.3
7.1
0.0
0.0
25.0
20.0
18.2
FEDERATED DEPARTMENT STORES, INC.

EMERSON ELECTRIC CO.
KIMBERLY-CLARK CORPORATION
6
4
3
18
59
12
33.3
6.8
25.0
ILLINOIS TOOL WORKS, INC.

KOHL'S CORPORATION
HEALTH NET, INC.
0
2
1
15
13
11
0.0
15.4
9.1
PREMCOR INC.
EXPRESS SCRIPTS, INC.
DELTA AIR LINES, INC.
0
1
8
7
13
43
0.0
7.7
18.6
OCCIDENTAL PETROLEUM CORPORATION

EDISON INTERNATIONAL
PACCAR INC.
0
6
3
17
14
19
0.0
42.9
15.8
ANHEUSER-BUSCH COMPANIES, INC.

6
MANPOWER INC.
2
THE TJX COMPANIES, INC.
17
COMPUTER SCIENCES CORPORATION
0
U.S. BANCORP
2
LOEWS CORPORATION
3
EXELON CORPORATION
2
STAPLES, INC.
6
THE MAY DEPARTMENT STORES COMPANY 0
AMERICAN ELECTRIC POWER COMPANY
4
UNITED STATES STEEL CORPORATION
1
COUNTRYWIDE FINANCIAL CORPORATION 2
35
10
54
8
13
18
9
45
13
21
16
15
17.1
20.0
31.5
0.0
15.4
16.7
22.2
13.3
0.0
19.1
6.3
13.3
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
NUCOR CORPORATION
NORTHWEST AIRLINES CORPORATION
UNITED SERVICES AUTOMOBILE ASSOC.
TOYS 'R' US, INC.
TRANSMONTAIGNE INC.
SUN MICROSYSTEMS, INC.
TXU CORP.
PG&E CORPORATION
GENERAL MILLS, INC.
CHS INC.
PUBLIC SERVICE ENTERPRISE GROUP, INC.
BURLINGTON NORTHERN SANTA FE CORP.
1
0
5
1
0
2
6
3
5
0
1
4
47
7
14
7
12
19
48
15
23
7
8
18
2.1
0.0
35.7
14.3
0.0
10.5
12.5
20.0
21.7
0.0
12.5
22.2

59

60
Rank Company
Rank Company
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216

DANA CORPORATION
0
9
0.0
THE PEPSI BOTTLING GROUP, INC.
3
12
25.0
D.R. HORTON, INC.
1
8
12.5
CENTEX CORPORATION
1
23
4.4
DEAN FOODS COMPANY
2
11
18.2
CAPITAL ONE FINANCIAL CORPORATION
1
9
11.1
ARROW ELECTRONICS, INC.
3
13
23.1
UNUMPROVIDENT CORPORATION
3
16
18.8
CENTERPOINT ENERGY, INC.
1
15
6.7
COLGATE-PALMOLIVE COMPANY
2
20
10.0
NATIONAL CITY CORPORATION
6
48
12.5
AMGEN, INC.
0
14
0.0
FPL GROUP, INC.
3
12
25.0
LENNAR CORPORATION
1
10
10.0
GILLETTE COMPANY
2
17
11.8
TEXTRON INC.
4
21
19.1
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266

GUARDIAN LIFE INS. CO. OF AMERICA
1
15
6.7
ASHLAND INC.
5
18
27.8
PRINCIPAL FINANCIAL GROUP, INC.
7
23
30.4
LIBERTY MEDIA CORPORATION
0
10
0.0
MURPHY OIL CORPORATION
0
11
0.0
XCEL ENERGY INC.
4
12
33.3
CUMMINS
7
39
18.0
THE BEAR STEARNS COMPANIES, INC.
0
10
0.0
H.J. HEINZ COMPANY
4
27
14.8
ENTERPRISE PRODUCTS PARTNERS, L.P.
4
37
10.8
FIDELITY NATIONAL FINANCIAL, INC.
0
10
0.0
SMURFIT-STONE CONTAINER CORPORATION 0
17
0.0
APPLE COMPUTER, INC.
1
10
10.0
SCHERING-PLOUGH CORPORATION
3
16
18.8
ALLTEL CORPORATION
1
10
10.0
EMC CORPORATION
2
21
9.5
217
218
219
AVNET, INC.
AON CORPORATION
ARAMARK CORPORATION
0
1
2
22
19
14
0.0
5.3
14.3
267
268
269
MEADWESTVACO CORPORATION
UNOCAL CORPORATION
CSX
3
0
2
23
7
15
13.0
0.0
13.3
220
221
222
ORACLE CORPORATION
ENTERGY CORPORATION
SMITHFIELD FOODS, INC.
3
2
1
18
16
21
16.7
12.5
4.8
270
271
272
APPLIED MATERIALS, INC.

KINDER MORGAN ENERGY PARTNERS, L.P.
SONIC AUTOMOTIVE, INC.
3
3
0
28
13
5
10.7
23.1
0.0
223
224
225
FIRST DATA CORPORATION

MARRIOTT INTERNATIONAL, INC.
UNITED AUTO GROUP, INC.
3
10
1
10
48
10
30.0
20.8
10.0
273
274
275
SUNTRUST BANKS, INC.

DILLARD'S INC.
R.R. DONNELLEY & SONS COMPANY
1
4
15
21
28
64
4.8
14.3
23.4
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
AES CORPORATION
EATON CORPORATION
CONSOLIDATED EDISON, INC.
PROGRESS ENERGY, INC.
OMNICOM GROUP INC.
CIRCUIT CITY STORES, INC.
CONTINENTAL AIRLINES, INC.
6
3
8
0
1
1
3
44
17
42
12
10
15
17
13.6
17.7
19.1
0.0
10.0
6.7
17.7
SCIENCE APPLICATIONS INTL. CORP.

AUTOMATIC DATA PROCESSING, INC.
AVON PRODUCTS, INC.
LAND O'LAKES, INC.
DOLLAR GENERAL CORPORATION
AIR PRODUCTS & CHEMICALS, INC.
ASSURANT, INC.
0
3
5
1
2
1
3
14
29
14
9
11
7
17
0.0
10.3
35.7
11.1
18.2
14.3
17.7
NAVISTAR INTERNATIONAL CORPORATION 2

KELLOGG COMPANY
5
SEMPRA ENERGY
2
12
25
21
16.7
20.0
9.5
GANNETT CO., INC.

BJ'S WHOLESALE CLUB, INC.
SAFECO CORPORATION
8
15
3
32
64
14
25.0
23.4
21.4
PPG INDUSTRIES, INC.

BAXTER INTERNATIONAL
AMERICAN STANDARD COMPANIES, INC.
5
3
1
29
12
10
17.2
25.0
10.0
NORFOLK SOUTHERN CORPORATION

ROHM AND HAAS COMPANY
PEPCO HOLDINGS, INC.
5
1
7
36
7
22
13.9
14.3
31.8
CLEAR CHANNEL COMMUNICATIONS, INC.

LIMITED BRANDS, INC.
FLUOR
CALPINE CORPORATION
DEVON ENERGY CORPORATION
ARVINMERITOR, INC.
GENUINE PARTS COMPANY
MEDTRONIC, INC.
LUCENT TECHNOLOGIES INC.
INTERNATIONAL STEEL GROUP, INC.
YUM! BRANDS, INC.
RELIANT ENERGY, INC.
8
2
1
4
3
2
1
2
5
1
1
3
26
6
17
25
23
12
11
16
21
18
18
13
30.8
33.3
5.9
16.0
13.0
16.7
9.1
12.5
23.8
5.6
5.6
23.1
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
CROWN HOLDINGS, INC.

AGILENT TECHNOLOGIES INC.
ECHOSTAR COMMUNICATIONS CORP.
OWENS-ILLINOIS
THE BANK OF NEW YORK COMPANY, INC.
NORDSTROM, INC.
US AIRWAYS GROUP, INC.
DTE ENERGY COMPANY
CAMPBELL SOUP CO.
PARKER-HANNIFIN CORPORATION
PHELPS DODGE CORPORATION
KB HOME
1
3
0
0
4
8
8
1
4
3
0
7
15
15
11
16
44
28
23
9
17
19
9
30
6.7
20.0
0.0
0.0
9.1
28.6
34.8
11.1
23.5
15.8
0.0
23.3


Rank Company
Rank Company
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316

FORTUNE BRANDS, INC.
1
13
7.7
KEYSPAN CORPORATION
4
21
19.1
AMAZON.COM INC.
1
11
9.1
NEWELL RUBBERMAID INC.
0
11
0.0
L-3 COMMUNICATIONS HOLDINGS, INC.
4
34
11.8
DANAHER
0
36
0.0
YELLOW ROADWAY CORPORATION
0
15
0.0
ITT INDUSTRIES, INC.
3
16
18.8
THE FIRST AMERICAN CORPORATION
5
26
19.2
NORTHEAST UTILITIES
3
11
27.3
NISOURCE INC.
2
13
15.4
BB&T CORPORATION
1
10
10.0
AMERICAN FAMILY INS. GROUP
3
30
10.0
EL PASO CORPORATION
1
5
20.0
PRAXAIR, INC.
2
23
8.7
EASTMAN CHEMICAL
1
8
12.5
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366

WORLD FUEL SERVICES CORPORATION
0
6
0.0
BOSTON SCIENTIFIC CORPORATION
2
22
9.1
BURLINGTON RESOURCES INC.
1
20
5.0
DOVER CORPORATION
0
12
0.0
KEYCORP
5
33
15.2
CMS ENERGY CORPORATION
5
26
19.2
MONSANTO COMPANY
2
13
15.4
ASBURY AUTOMOTIVE GROUP, INC.
1
14
7.1
THE BLACK & DECKER CORPORATION
2
15
13.3
BALL CORPORATION
0
16
0.0
GROUP 1 AUTOMOTIVE, INC.
0
11
0.0
ALLIED WASTE INDUSTRIES
1
26
3.9
LINCOLN NATIONAL CORPORATION
4
18
22.2
PILGRIM'S PRIDE CORPORATION
2
15
13.3
FOOT LOCKER, INC.
3
21
14.3
AVERY DENNISON CORPORATION
5
52
9.6
317
318
319
FIFTH THIRD BANCORP

SOUTHWEST AIRLINES CO.
THRIVENT FINANCIAL FOR LUTHERANS
2
10
5
37
29
15
5.4
34.5
33.3
367
368
369
APACHE CORPORATION
HARLEY-DAVIDSON, INC.
DOLE FOOD COMPANY, INC.
3
9
4
22
36
10
13.6
25.0
40.0
320
321
322
SAKS, INCORPORATED
REYNOLDS AMERICAN INC.
COX COMMUNICATIONS, INC.
0
7
13
8
23
44
0.0
30.4
29.6
370
371
372
LEXMARK INTERNATIONAL, INC.

COVENTRY HEALTH CARE INC.
STARBUCKS CORPORATION
1
1
11
10
10
38
10.0
10.0
29.0
323
324
325
PNC FINANCIAL SERVICES GROUP INC.

JABIL CIRCUIT, INC.
IAC/INTERACTIVECORP
3
1
2
12
29
24
25.0
3.5
8.3
373
374
375
FAMILY DOLLAR STORES, INC.

AGCO CORPORATION
THE MCGRAW-HILL COMPANIES, INC.
5
0
1
38
11
10
13.2
0.0
10.0
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
FEDERAL-MOGUL CORPORATION
DYNEGY INC.
PERFORMANCE FOOD GROUP COMPANY
AUTOLIV, INC.
BAKER HUGHES INCORPORATED
THE SHERWIN-WILLIAMS COMPANY
INTERPUBLIC GROUP OF COMPANIES, INC.
1
1
1
0
1
1
1
18
7
8
10
19
22
15
5.6
14.3
12.5
0.0
5.3
4.6
6.7
AK STEEL HOLDING CORPORATION

BRUNSWICK CORPORATION
SLM CORPORATION
KERR-MCGEE CORPORATION
AMEREN CORPORATION
RYDER SYSTEM, INC.
QUEST DIAGNOSTICS INCORPORATED
1
6
6
2
2
4
4
12
20
26
14
33
14
14
8.3
30.0
23.1
14.3
6.1
28.6
28.6
ANADARKO PETROLEUM CORP.

V.F. CORPORATION
BARNES & NOBLE INC.
2
3
3
14
18
13
14.3
16.7
23.1
MATTEL, INC.
LEGGETT & PLATT, INCORPORATED
W.W. GRAINGER, INC.
54
1
2
190
32
12
28.4
3.1
16.7
ONEOK, INC.
NCR CORPORATION
LYONDELL CHEMICAL COMPANY
3
1
2
28
10
17
10.7
10.0
11.8
DARDEN RESTAURANTS, INC.

ADVANCED MICRO DEVICES, INC.
BECTON, DICKINSON AND COMPANY
4
0
3
15
8
20
26.7
0.0
15.0
CNF INC.
MOHAWK INDUSTRIES, INC.
STATE STREET CORPORATION
WELLCHOICE, INC.
UNISYS CORPORATION
PPL CORPORATION
SPX CORPORATION
THE ESTEE LAUDER COMPANIES INC.
CDW CORPORATION
TRIBUNE COMPANY
OWENS CORNING
AUTOZONE, INC.
2
0
5
19
5
1
0
3
7
5
1
6
14
8
32
52
16
26
6
14
18
25
11
41
14.3
0.0
15.6
36.5
31.3
3.9
0.0
21.4
38.9
20.0
9.1
14.6
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
KELLY SERVICES, INC.

CHARTER COMMUNICATIONS, INC.
MELLON FINANCIAL CORP.
PITNEY BOWES INC.
WPS RESOURCES CORP.
CABLEVISION SYSTEMS CORPORATION
PACIFIC LIFECORP
HARRAH'S ENTERTAINMENT, INC.
OGE ENERGY CORP
QUALCOMM, INC.
RADIOSHACK CORPORATION
ENERGY EAST CORPORATION
42
0
5
4
3
1
2
2
2
2
1
4
98
8
46
15
20
14
28
17
13
15
13
16
42.9
0.0
10.9
26.7
15.0
7.1
7.1
11.8
15.4
13.3
7.7
25.0

61

62
Rank Company
Rank Company
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416

CAESARS ENTERTAINMENT
0
11
0.0
HORMEL FOODS CORPORATION
2
31
6.5
ROUNDY'S, INC.
4
14
28.6
COMMERCIAL METALS COMPANY
1
7
14.3
TEMPLE-INLAND INC.
2
18
11.1
EMCOR GROUP, INC.
2
16
12.5
AUTO-OWNERS INSURANCE GROUP
0
4
0.0
GOODRICH CORPORATION
3
13
23.1
BRINK'S COMPANY
0
5
0.0
MAYTAG CORPORATION
3
19
15.8
THE CHARLES SCHWAB CORPORATION
4
14
28.6
CINERGY CORP.
3
23
13.0
CIT GROUP, INC.
0
7
0.0
FISHER SCIENTIFIC INTERNATIONAL INC.
0
5
0.0
IKON OFFICE SOLUTIONS, INC.
4
12
33.3
JONES APPAREL GROUP, INC.
2
7
28.6
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466

AVAYA INC.
2
10
20.0
ROSS STORES, INC.
7
19
36.8
TENNECO AUTOMOTIVE INC.
1
20
5.0
H&R BLOCK, INC.
1
10
10.0
ECOLAB INC.
2
17
11.8
ENGELHARD CORPORATION
0
16
0.0
HOVNANIAN ENTERPRISES, INC.
5
17
29.4
UNIVERSAL HEALTH SERVICES, INC.
4
15
26.7
OMNICARE, INC.
1
20
5.0
AFFILIATED COMPUTER SERVICES, INC.
4
15
26.7
JEFFERSON-PILOT CORPORATION
1
17
5.9
GRAYBAR ELECTRIC COMPANY, INC.
1
21
4.8
MUTUAL OF OMAHA INSURANCE COS.
2
9
22.2
LEVI STRAUSS & CO.
2
14
14.3
HENRY SCHEIN INC.
0
9
0.0
M.D.C. HOLDINGS, INC.
5
18
27.8
417
418
419
TEREX CORPORATION
LIZ CLAIBORNE, INC.
LAIDLAW INTERNATIONAL, INC.
3
27
1
19
51
5
15.8
52.9
20.0
467
468
469
PATHMARK STORES, INC.

UNITED STATIONERS INC.
RYLAND GROUP, INC.
3
2
5
34
15
19
8.8
13.3
26.3
420
421
422
REGIONS FINANCIAL CORPORATION

LONGS DRUG STORES CORPORATION
CARMAX, INC.
0
6
9
23
42
52
0.0
14.3
17.3
470
471
472
COOPER TIRE & RUBBER COMPANY

WISCONSIN ENERGY CORPORATION
AMERICAN FINANCIAL GROUP, INC.
3
3
5
15
16
16
20.0
18.8
31.3
423
424
425
JACOBS ENGINEERING GROUP INC.

MIRANT CORPORATION
ERIE INSURANCE GROUP
1
2
2
25
15
21
4.0
13.3
9.5
473
474
475
BEAZER HOMES USA, INC.

COLLINS & AIKMAN CORPORATION
BORDERS GROUP, INC.
0
1
0
8
20
7
0.0
5.0
0.0
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
TRIAD HOSPITALS, INC.

OWENS & MINOR, INC.
NEWMONT MINING CORPORATION
ROCKWELL AUTOMATION INC.
TIMKEN COMPANY
W.R. BERKLEY CORPORATION
YORK INTERNATIONAL CORPORATION
9
3
2
2
5
4
3
40
11
43
17
38
30
15
22.5
27.3
4.7
11.8
13.2
13.3
20.0
NASH FINCH COMPANY

TOLL BROTHERS, INC.
SCANA CORPORATION
WHOLE FOODS MARKET, INC.
CORNING INC.
SEALED AIR CORPORATION
MAXTOR CORPORATION
6
0
2
7
4
4
1
23
20
11
26
36
17
7
26.1
0.0
18.2
26.9
11.1
23.5
14.3
USG CORPORATION
BED BATH & BEYOND, INC.
GOLDEN WEST FINANCIAL CORPORATION
2
10
1
14
43
7
14.3
23.3
14.3
REEBOK INTERNATIONAL LTD.

UGI CORPORATION
GUIDANT CORPORATION
1
1
4
9
11
16
11.1
9.1
25.0
HERSHEY FOODS CORPORATION

HUGHES SUPPLY, INC.
SMITH INTERNATIONAL, INC.
1
0
2
12
11
10
8.3
0.0
20.0
HOST MARRIOTT CORPORATION

ADVANCE AUTO PARTS, INC.
SERVICEMASTER
2
1
4
11
18
23
18.2
5.6
17.4
MICRON TECHNOLOGY, INC.

2
STARWOOD HOTELS & RESORTS WORLD. INC. 1
BIG LOTS, INC.
10
C. H. ROBINSON WORLDWIDE, INC.
3
CONSECO, INC.
3
NVR, INC.
0
THE CLOROX COMPANY
13
NTL
1
MOLSON COORS BREWING COMPANY
2
ENBRIDGE ENERGY PARTNERS, L.P.
1
MGM MIRAGE
3
STRYKER CORPORATION
0
16
21
48
17
13
4
58
17
13
13
16
18
12.5
4.8
20.8
17.7
23.1
0.0
22.4
5.9
15.4
7.7
18.8
0.0
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
WESCO INTERNATIONAL, INC.

0
TELEPHONE AND DATA SYSTEMS, INC.
2
LEVEL 3 COMMUNICATIONS, INC.
1
BRINKER INTERNATIONAL, INC.
20
STATER BROS. HOLDINGS INC.
2
THE WESTERN & SOUTHN MUTL. HOLD CO. 6
GATEWAY
0
WM. WRIGLEY JR. COMPANY
0
PEABODY ENERGY CORPORATION
1
WENDY'S INTERNATIONAL, INC.
8
KINDRED HEALTHCARE, INC.
1
CINCINNATI FINANCIAL CORPORATION
0
8
17
19
73
14
32
12
20
13
47
10
5
0.0
11.8
5.3
27.4
14.3
18.8
0.0
0.0
7.7
17.0
10.0
0.0

APPENDIX 4: FORTUNE 500 INDUSTRIES, RANKED BY PERCENTAGE

OF WOMEN CORPORATE OFFICERS
Fortune 500 Industry
SIC Industry
Temporary Help
Apparel
Toys, Sporting Goods
Transportation Equipment
Healthcare Insurance
Beverages
Insurance: Life, Health (mutual)
General Merchandisers
Tobacco
Airlines
Food Services
Publishing, Printing
Services
Retail Trade
Retail Trade
Manufacturing
Finance, Insurance, and Real Estate
Wholesale Trade
Retail Trade
Wholesale Trade
Retail Trade
Manufacturing
Retail Trade
Percentage
Women
Corporate
Officers
108
119
190
56
180
133
382
397
38
174
40.7
31.1
28.4
26.8
25.6
24.1
23.8
23.7
23.7
23.0
Retail Trade
Wholesale Trade
6
4
24
5
10
6
9
1
7
28
6
9
3
4
2
6
11
7
5
6
18
14
19
2
12
7
8
47
29
141
18
34
23
29
2
32
89
37
29
6
14
6
24
26
16
9
16
50
47
49
3
39
19
19
210
131
709
92
181
125
158
11
181
507
217
172
36
85
37
148
162
101
57
102
326
307
324
20
266
133
133
22.4
22.1
19.9
19.6
18.8
18.4
18.4
18.2
17.7
17.6
17.1
16.9
16.7
16.5
16.2
16.2
16.1
15.8
15.8
15.7
15.3
15.3
15.1
15.0
14.7
14.3
14.3
Services
5
10
16
31
113
220
14.2
14.1
Wholesalers: Food and Grocery
Wholesale Trade
Pharmaceuticals
Real Estate
Household and Personal Products
Utilities: Gas and Electric
Network and Other Comm. Eqpt.
Computers, Office Equipment
Retail Trade
Equipment
Hotels, Casinos, Resorts
Aerospace and Defense
Total
Number
Officers
44
37
54
15
46
32
91
94
9
40
Services
Wholesalers: Healthcare
Entertainment
Telecommunications
Food Consumer Products
Insurance: P&C (stock)
Savings Institutions
Food and Drug Stores
Diversified Financials
Wholesalers: Electronics and Office
Total Number
Women
Corporate
Officers
2
6
1
2
9
5
8
13
2
7
Specialty Retailers
Healthcare Medical Facilities
Insurance: Life, Health (stock)
Transportation and Logistics

Railroads
Diversified Outsourcing Services
Securities
Homebuilders
Computer And Data Services
Number
F500
Companies
Retail Trade
Manufacturing
Wholesale Trade
Services
Construction
Services
Wholesale Trade
Manufacturing

63
APPENDIX 4: FORTUNE 500 INDUSTRIES, RANKED BY PERCENTAGE OF

Fortune 500 Industry
SIC Industry
Trucking, Truck Leasing

Energy
Insurance: P&C (mutual)
Healthcare Pharmacy and Other
Services
Forest and Paper Products
Medical Products and Equipment
Commercial Banks
Oil and Gas Equipment, Services
Chemicals
Building Materials, Glass
Computer Software

Services
2
12
2
5
4
30
3
10
29
218
22
74
13.8
13.8
13.6
13.5
Manufacturing
Retail Trade
Manufacturing
Manufacturing
Manufacturing
Manufacturing
Manufacturing
Manufacturing
Mining
Services
Manufacturing
Retail Trade
4
6
18
3
14
2
2
14
17
7
3
3
6
3
6
8
19
14
70
5
39
3
4
36
37
17
8
11
11
4
10
14
141
104
534
40
316
25
34
308
321
149
71
100
102
38
97
148
13.5
13.5
13.1
12.5
12.3
12.0
11.8
11.7
11.5
11.4
11.3
11.0
10.8
10.5
10.3
9.5
10
3
2
5
9
2
6
3
3
6
1
3
1
17
6
4
9
14
2
7
4
4
3
1
1
0
193
71
48
111
173
25
99
57
58
53
32
33
8
8.8
8.5
8.3
8.1
8.1
8.0
7.1
7.0
6.9
5.7
3.1
3.0
0.0
Industrial and Farm Equipment

Motor Vehicles and Parts
Metals
Miscellaneous
Scientific, Photo, Control Eqpt.
Automotive Retailing, Services
Computer Peripherals
Pipelines
Semiconductors and Other
Electronic Components
Petroleum Refining
Food Production
Waste Management
Electronics, Electrical Eqpt.
Mining, Crude-Oil Production
Advertising, Marketing
Wholesalers: Diversified
Furniture
Mail, Package, Freight Delivery
Manufacturing
Manufacturing
Wholesale Trade
Mining
Services
Manufacturing
Retail Trade
Construction
Wholesale Trade
Retail Trade
Textiles
Manufacturing
Packaging, Containers
Home Equipment, Furnishings
Engineering, Construction
64
Manufacturing
Manufacturing
Number
F500
Companies
Total Number
Women
Corporate
Officers
Total
Number
Officers

Percentage
Women
Corporate
Officers

OFFICERS, BY FORTUNE 500 INDUSTRY WITH COMPANY
ADVERTISING, MARKETING (2/25) 8.0%
INTERPUBLIC GROUP OF COMPANIES, INC. (1/15)
OMNICOM GROUP INC. (1/10)
AEROSPACE AND DEFENSE (31/220) 14.1%
THE BOEING COMPANY (2/14)
GENERAL DYNAMICS CORPORATION (2/30)
GOODRICH CORPORATION (3/13)
HONEYWELL INTERNATIONAL INC. (3/19)
L-3 COMMUNICATIONS HOLDINGS, INC. (4/34)
LOCKHEED MARTIN CORPORATION (7/36)
NORTHROP GRUMMAN CORPORATION (3/17)
RAYTHEON COMPANY (2/20)
TEXTRON INC. (4/21)
UNITED TECHNOLOGIES CORPORATION (1/16)
AIRLINES (40/174) 23.0%
AMR CORPORATION (9/47)
CONTINENTAL AIRLINES, INC. (3/17)
DELTA AIR LINES, INC. (8/43)
NORTHWEST AIRLINES CORPORATION (0/7)
SOUTHWEST AIRLINES CO. (10/29)
UAL CORPORATION (2/8)
US AIRWAYS GROUP, INC. (8/23)
APPAREL (37/119) 31.1%
JONES APPAREL GROUP, INC. (2/7)
LEVI STRAUSS & CO. (2/14)
LIZ CLAIBORNE, INC. (27/51)
NIKE, INC. (2/20)
REEBOK INTERNATIONAL LTD. (1/9)
V.F. CORPORATION (3/18)
AUTOMOTIVE RETAILING, SERVICES (11/102)
10.8%
ASBURY AUTOMOTIVE GROUP, INC. (1/14)
AUTONATION, INC. (0/10)
CARMAX, INC. (9/52)
GROUP 1 AUTOMOTIVE, INC. (0/11)
SONIC AUTOMOTIVE, INC. (0/5)
UNITED AUTO GROUP, INC. (1/10)
BEVERAGES (32/133) 24.1%
ANHEUSER-BUSCH COMPANIES, INC. (6/35)
THE COCA-COLA COMPANY (15/44)
COCA-COLA ENTERPRISES, INC. (6/29)
MOLSON COORS BREWING COMPANY (2/13)
THE PEPSI BOTTLING GROUP, INC. (3/12)
BUILDING MATERIALS, GLASS (3/25) 12%
OWENS CORNING (1/11)
USG CORPORATION (2/14)
CHEMICALS (39/316) 12.3%
AIR PRODUCTS & CHEMICALS, INC (1/7)
ASHLAND INC. (5/18)
AVERY DENNISON CORPORATION (5/52)
THE DOW CHEMICAL COMPANY (0/20)
E.I. DU PONT DE NEMOURS (12/67)
EASTMAN CHEMICAL (1/8)
ECOLAB INC. (2/17)
ENGELHARD CORPORATION (0/16)
LYONDELL CHEMICAL COMPANY (2/17)

MONSANTO COMPANY (2/13)
PPG INDUSTRIES, INC. (5/29)
PRAXAIR, INC. (2/23)
ROHM AND HAAS COMPANY (1/7)
THE SHERWIN-WILLIAMS COMPANY (1/22)
COMMERCIAL BANKS (70/534) 13.1%
BANK OF AMERICA CORPORATION (2/9)
THE BANK OF NEW YORK COMPANY, INC. (4/44)
BB&T CORPORATION (1/10)
CAPITAL ONE FINANCIAL CORPORATION (1/9)
CITIGROUP, INC. (19/94)
FIFTH THIRD BANCORP (2/37)
J.P. MORGAN CHASE & CO. (4/45)
KEYCORP (5/33)
MBNA CORPORATION (4/21)
MELLON FINANCIAL CORP. (5/46)
NATIONAL CITY CORPORATION (6/48)
PNC FINANCIAL SERVICES GROUP INC. (3/12)
REGIONS FINANCIAL CORPORATION (0/23)
STATE STREET CORPORATION (5/32)
SUNTRUST BANKS, INC. (1/21)
U.S. BANCORP (2/13)
WACHOVIA CORPORATION (3/19)
WELLS FARGO & COMPANY (3/18)
COMPUTER AND DATA SERVICES (16/101) 15.8%
AFFILIATED COMPUTER SERVICES, INC. (4/15)
AUTOMATIC DATA PROCESSING, INC. (3/29)
COMPUTER SCIENCES CORPORATION (0/8)
ELECTRONIC DATA SYSTEMS (1/9)
FIRST DATA CORPORATION (3/10)
SCIENCE APPLICATIONS INTERNATIONAL
CORPORATION (0/14)
UNISYS CORPORATION (5/16)
COMPUTER PERIPHERALS (4/38) 10.5%
EMC CORPORATION (2/21)
LEXMARK INTERNATIONAL, INC. (1/10)
MAXTOR CORPORATION (1/7)
COMPUTER SOFTWARE (4/34) 11.8%
MICROSOFT CORPORATION (1/16)
ORACLE CORPORATION (3/18)
COUNTRYWIDE FINANCIAL CORPORATION (2/15)

GENERAL ELECTRIC COMPANY (6/39)
MARSH & MCLENNAN COMPANIES, INC. (2/15)
SLM CORPORATION (6/26)
DIVERSIFIED OUTSOURCING SERVICES (6/37)
16.2%
ARAMARK CORPORATION (2/14)
SERVICEMASTER (4/23)
ELECTRONICS, ELECTRICAL EQPT. (9/111) 8.1%
EMERSON ELECTRIC CO. (4/59)
MAYTAG CORPORATION (3/19)
ROCKWELL AUTOMATION INC. (2/17)
SPX CORPORATION (0/6)
WHIRLPOOL CORPORATION (0/10)
ENERGY (30/218) 13.8%
AMERICAN ELECTRIC POWER COMPANY (4/21)
CALPINE CORPORATION (4/25)
CONSTELLATION ENERGY GROUP, INC. (2/10)
DUKE ENERGY (1/12)
DYNEGY INC. (1/7)
MIRANT CORPORATION (2/15)
ONEOK, INC. (3/28)
RELIANT ENERGY, INC. (3/13)
TXU CORP. (6/48)
UGI CORPORATION (1/11)
WILLIAMS COMPANIES, INC. (0/8)
WPS RESOURCES CORP. (3/20)
ENGINEERING, CONSTRUCTION (4/58) 6.9%
EMCOR GROUP, INC. (2/16)
FLUOR (1/17)
JACOBS ENGINEERING GROUP INC. (1/25)
ENTERTAINMENT (16/102) 15.7%
CLEAR CHANNEL COMMUNICATIONS, INC. (8/26)
LIBERTY MEDIA CORPORATION (0/10)
NEWS CORPORATION (1/12)
TIME WARNER INC. (2/17)
VIACOM INC. (3/16)
WALT DISNEY COMPANY (2/21)
COMPUTERS, OFFICE EQUIPMENT (29/172)

16.9%
APPLE COMPUTER, INC. (1/10)
DELL INC. (0/15)
GATEWAY (0/12)
HEWLETT-PACKARD COMPANY (4/12)
INTERNATIONAL BUSINESS MACHINES CORP. (9/47)
NCR CORPORATION (1/10)
PITNEY BOWES INC. (4/15)
SUN MICROSYSTEMS, INC. (2/19)
XEROX CORPORATION (8/32)
FOOD AND DRUG STORES (39/266) 14.7%

ALBERTSON'S (2/11)
CVS CORPORATION (1/11)
THE KROGER COMPANY (4/20)
LONGS DRUG STORES CORPORATION (6/42)
PATHMARK STORES, INC. (3/34)
PUBLIX SUPER MARKETS, INC. (4/29)
RITE AID CORPORATION (4/23)
SAFEWAY INC. (2/25)
STATER BROS. HOLDINGS INC. (2/14)
WALGREEN CO. (2/20)
WHOLE FOODS MARKET, INC. (7/26)
WINN-DIXIE STORES, INC. (2/11)
DIVERSIFIED FINANCIALS (19/133) 14.3%

AMERICAN EXPRESS COMPANY (2/12)
AON CORPORATION (1/19)
CIT GROUP, INC. (0/7)
FOOD CONSUMER PRODUCTS (47/307) 15.3%

CAMPBELL SOUP CO. (4/17)
CONAGRA FOODS, INCORPORATED (5/48)
DEAN FOODS COMPANY (2/11)

65

DOLE FOOD COMPANY, INC. (4/10)
GENERAL MILLS, INC. (5/23)
H.J. HEINZ COMPANY (4/27)
HERSHEY FOODS CORPORATION (1/12)
HORMEL FOODS CORPORATION (2/31)
KELLOGG COMPANY (5/25)
LAND O'LAKES, INC. (1/9)
PEPSICO, INC. (4/15)
SARA LEE CORPORATION (9/38)
SMITHFIELD FOODS, INC. (1/21)
WM. WRIGLEY JR. COMPANY (0/20)
FOOD PRODUCTION (6/71) 8.5%
ARCHER-DANIELS-MIDLAND COMPANY (2/33)
PILGRIM'S PRIDE CORPORATION (2/15)
TYSON FOODS, INC. (2/23)
FOOD SERVICES (47/210) 22.4%
BRINKER INTERNATIONAL, INC. (20/73)
DARDEN RESTAURANTS, INC. (4/15)
MCDONALD'S CORPORATION (3/19)
STARBUCKS CORPORATION (11/38)
WENDY'S INTERNATIONAL, INC. (8/47)
YUM! BRANDS, INC. (1/18)
FOREST AND PAPER PRODUCTS (19/141) 13.5%
GEORGIA-PACIFIC CORPORATION (4/36)
INTERNATIONAL PAPER COMPANY (9/62)
MEADWESTVACO CORPORATION (3/23)
WEYERHAEUSER COMPANY (3/20)
FURNITURE (1/32) 3.1%
LEGGETT & PLATT, INCORPORATED (1/32)
GENERAL MERCHANDISERS (94/397) 23.7%
DILLARD'S INC. (4/28)
DOLLAR GENERAL CORPORATION (2/11)
FAMILY DOLLAR STORES, INC. (5/38)
FEDERATED DEPARTMENT STORES, INC. (6/18)
J.C. PENNEY COMPANY, INC. (40/138)
KMART HOLDING CORPORATION (3/15)
KOHL'S CORPORATION (2/13)
THE MAY DEPARTMENT STORES COMPANY (0/13)
NORDSTROM, INC. (8/28)
SAKS, INCORPORATED (0/8)
SEARS, ROEBUCK AND COMPANY (13/36)
TARGET CORPORATION (8/28)
WAL-MART STORES, INC. (3/23)
HEALTHCARE INSURANCE (46/180) 25.6%
AETNA INC. (11/44)
CIGNA CORPORATION (3/12)
COVENTRY HEALTH CARE INC. (1/10)
HEALTH NET, INC. (1/11)
HUMANA INC. (2/12)
PACIFICARE HEALTH SYSTEMS INC. (3/10)
UNITEDHEALTH GROUP, INCORPORATED (2/14)
WELLCHOICE, INC. (19/52)
WELLPOINT, INC. (4/15)
HEALTHCARE MEDICAL FACILITIES (18/92)
19.6%
66
HCA INC (4/23)

KINDRED HEALTHCARE, INC. (1/10)
TENET HEALTHCARE CORPORATION (0/4)
TRIAD HOSPITALS, INC. (9/40)
UNIVERSAL HEALTH SERVICES, INC. (4/15)
TEREX CORPORATION (3/19)

TIMKEN COMPANY (5/38)
YORK INTERNATIONAL CORPORATION (3/15)
HOME EQUIPMENT, FURNISHINGS (4/57) 7.0%

FORTUNE BRANDS, INC. (1/13)
MASCO CORPORATION (3/33)
NEWELL RUBBERMAID INC. (0/11)
INSURANCE: LIFE, HEALTH (MUTUAL) (91/382)

23.8%
GUARDIAN LIFE INS. CO. OF AMERICA (1/15)
MASSACHUSETTS MUTUAL LIFE INSURANCE
COMPANY (11/54)
MUTUAL OF OMAHA INSURANCE COMPANIES (2/9)
NEW YORK LIFE INSURANCE COMPANY (53/210)
THE NORTHWESTERN MUTUAL LIFE INSURANCE CO.
(9/35)
TEACHERS INSURANCE AND ANNUITY ASSOCIATION
COLLEGE (4/12)
THRIVENT FINANCIAL FOR LUTHERANS (5/15)
THE WESTERN & SOUTHERN MUTUAL HOLDING
COMPANY (6/32)
HOMEBUILDERS (26/162) 16.0%

BEAZER HOMES USA, INC. (0/8)
CENTEX CORPORATION (1/23)
D.R. HORTON, INC. (1/8)
HOVNANIAN ENTERPRISES, INC. (5/17)
KB HOME (7/30)
LENNAR CORPORATION (1/10)
M.D.C. HOLDINGS, INC. (5/18)
NVR, INC. (0/4)
PULTE HOMES, INC. (1/5)
RYLAND GROUP, INC. (5/19)
TOLL BROTHERS, INC. (0/20)
INSURANCE: LIFE, HEALTH (STOCK) (34/181)

18.8%
AFLAC INCORPORATED (7/31)
ASSURANT, INC. (3/17)
CONSECO, INC. (3/13)
JEFFERSON-PILOT CORPORATION (1/17)
LINCOLN NATIONAL CORPORATION (4/18)
METLIFE, INC. (2/9)
PACIFIC LIFECORP (2/28)
PRINCIPAL FINANCIAL GROUP, INC. (7/23)
PRUDENTIAL FINANCIAL, INC. (2/9)
UNUMPROVIDENT CORPORATION (3/16)
HOTELS, CASINOS, RESORTS (16/113) 14.2%

CAESARS ENTERTAINMENT (0/11)
HARRAH'S ENTERTAINMENT, INC. (2/17)
MARRIOTT INTERNATIONAL, INC. (10/48)
MGM MIRAGE (3/16)
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
(1/21)
INSURANCE: P&C (MUTUAL) (3/22) 13.6%

AUTO-OWNERS INSURANCE GROUP (0/4)
STATE FARM INSURANCE COS. (3/18)
HEALTHCARE PHARMACY AND OTHER SERVICES

(10/74) 13.5%
CAREMARK RX, INC. (2/13)
EXPRESS SCRIPTS, INC. (1/13)
MEDCO HEALTH SOLUTIONS, INC. (2/14)
OMNICARE, INC. (1/20)
QUEST DIAGNOSTICS INCORPORATED (4/14)
HOUSEHOLD AND PERSONAL PRODUCTS

(32/181) 17.7%
AVON PRODUCTS, INC. (5/14)
THE CLOROX COMPANY (13/58)
COLGATE-PALMOLIVE COMPANY (2/20)
ESTEE LAUDER COMPANIES INC. (3/14)
GILLETTE COMPANY (2/17)
KIMBERLY-CLARK CORPORATION (3/12)
THE PROCTER & GAMBLE COMPANY (4/46)
INDUSTRIAL AND FARM EQPT. (36/308) 11.7%
AGCO CORPORATION (0/11)
AMERICAN STANDARD COMPANIES, INC. (1/10)
BLACK & DECKER CORPORATION (2/15)
CATERPILLAR, INC. (3/41)
CUMMINS (7/39)
DEERE & COMPANY (3/41)
DOVER CORPORATION (0/12)
EATON CORPORATION (3/17)
ILLINOIS TOOL WORKS, INC. (0/15)
ITT INDUSTRIES, INC. (3/16)
PARKER-HANNIFIN CORPORATION (3/19)
INSURANCE: P&C (STOCK) (49/324) 15.1%

THE ALLSTATE CORPORATION (2/12)
AMERICAN FAMILY INS. GROUP (3/30)
AMERICAN FINANCIAL GROUP, INC. (5/16)
AMERICAN INTERNATIONAL GROUP, INC. (2/25)
BERKSHIRE HATHAWAY INC. (2/8)
CHUBB CORPORATION (3/24)
CINCINNATI FINANCIAL CORPORATION (0/5)
ERIE INSURANCE GROUP (2/21)
FIDELITY NATIONAL FINANCIAL, INC. (0/10)
THE FIRST AMERICAN CORPORATION (5/26)
HARTFORD FINANCIAL SERVICES GROUP INC. (3/17)
LIBERTY MUTUAL INSURANCE GROUP (1/15)
LOEWS CORPORATION (3/18)
NATIONWIDE MUTUAL INSURANCE CO. (4/13)
THE PROGRESSIVE CORPORATION (0/6)
SAFECO CORPORATION (3/14)
THE ST. PAUL TRAVELERS COMPANIES, INC. (2/20)
UNITED SERVICES AUTOMOBILE ASSOCIATION (5/14)
W.R. BERKLEY CORPORATION (4/30)
MAIL, PACKAGE, FREIGHT DELIVERY (1/33) 3.0%
BRINK'S COMPANY (0/5)
FEDEX CORPORATION (0/17)
UNITED PARCEL SERVICE, INC. (1/11)


MEDICAL PRODUCTS AND EQPT. (14/104) 13.5%
BAXTER INTERNATIONAL (3/12)
BECTON, DICKINSON AND COMPANY (3/20)
BOSTON SCIENTIFIC CORPORATION (2/22)
GUIDANT CORPORATION (4/16)
MEDTRONIC, INC. (2/16)
STRYKER CORPORATION (0/18)
METALS (17/149) 11.4%
AK STEEL HOLDING CORPORATION (1/12)
ALCOA, INC. (12/40)
COMMERCIAL METALS COMPANY (1/7)
INTERNATIONAL STEEL GROUP, INC. (1/18)
NUCOR CORPORATION (1/47)
PHELPS DODGE CORPORATION (0/9)
UNITED STATES STEEL CORPORATION (1/16)
MINING, CRUDE-OIL PRODUCTION (14/173)
8.1%
ANADARKO PETROLEUM CORP. (2/14)
APACHE CORPORATION (3/22)
BURLINGTON RESOURCES INC. (1/20)
DEVON ENERGY CORPORATION (3/23)
KERR-MCGEE CORPORATION (2/14)
NEWMONT MINING CORPORATION (2/43)
OCCIDENTAL PETROLEUM CORPORATION (0/17)
PEABODY ENERGY CORPORATION (1/13)
UNOCAL CORPORATION (0/7)
MISCELLANEOUS (8/71) 11.3%
3M (4/26)
CENDANT CORPORATION (3/35)
H&R BLOCK, INC. (1/10)
MOTOR VEHICLES AND PARTS (37/321) 11.5%
ARVINMERITOR, INC. (2/12)
AUTOLIV, INC. (0/10)
COLLINS & AIKMAN CORPORATION (1/20)
COOPER TIRE & RUBBER COMPANY (3/15)
DANA CORPORATION (0/9)
DELPHI CORPORATION (4/25)
FEDERAL-MOGUL CORPORATION (1/18)
FORD MOTOR COMPANY (7/52)
GENERAL MOTORS CORPORATION (4/35)
THE GOODYEAR TIRE & RUBBER COMPANY (2/24)
JOHNSON CONTROLS, INC. (3/19)
LEAR CORPORATION (1/9)
NAVISTAR INTERNATIONAL CORPORATION (2/12)
PACCAR INC. (3/19)
TENNECO AUTOMOTIVE INC. (1/20)
TRW AUTOMOTIVE HOLDINGS CORP. (0/6)
VISTEON CORPORATION (3/16)
NETWORK AND OTHER COMMUNICATIONS
EQUIPMENT (37/217) 17.1%
AVAYA INC. (2/10)
CISCO SYSTEMS, INC. (1/10)
CORNING INC. (4/36)
LUCENT TECHNOLOGIES INC. (5/21)
MOTOROLA, INC. (23/125)
QUALCOMM, INC. (2/15)
OIL AND GAS EQPT., SERVICES (5/40) 12.5%

BAKER HUGHES INCORPORATED (1/19)
HALLIBURTON COMPANY (2/11)
SMITH INTERNATIONAL, INC. (2/10)
PACKAGING, CONTAINERS (7/99) 7.1%
BALL CORPORATION (0/16)
CROWN HOLDINGS, INC. (1/15)
OWENS-ILLINOIS (0/16)
SEALED AIR CORPORATION (4/17)
SMURFIT-STONE CONTAINER CORPORATION (0/17)
TEMPLE-INLAND INC. (2/18)
PETROLEUM REFINING (17/193) 8.8%
AMERADA HESS CORPORATION (0/27)
CHEVRONTEXACO CORPORATION (4/20)
CONOCOPHILLIPS (4/40)
EXXON MOBIL CORPORATION (2/27)
MARATHON OIL CORPORATION (2/15)
MURPHY OIL CORPORATION (0/11)
PREMCOR INC. (0/7)
SUNOCO, INC. (1/14)
TESORO CORPORATION (1/14)
VALERO ENERGY CORPORATION (3/18)
PHARMACEUTICALS (29/158) 18.4%
ABBOTT LABORATORIES (1/13)
AMGEN, INC. (0/14)
BRISTOL-MYERS SQUIBB COMPANY (2/13)
ELI LILLY AND COMPANY (4/26)
JOHNSON & JOHNSON (6/21)
MERCK & CO., INC. (6/15)
PFIZER INC (4/19)
SCHERING-PLOUGH CORPORATION (3/16)
WYETH (3/21)
PIPELINES (10/97) 10.3%
EL PASO CORPORATION (1/5)
ENBRIDGE ENERGY PARTNERS, L.P. (1/13)
ENTERPRISE PRODUCTS PARTNERS, L.P. (4/37)
KINDER MORGAN ENERGY PARTNERS, L.P. (3/13)
PLAINS ALL AMERICAN PIPELINE, L.P. (1/17)
TRANSMONTAIGNE INC. (0/12)
PUBLISHING, PRINTING (29/131) 22.1%
GANNETT CO., INC. (8/32)
MCGRAW-HILL COMPANIES, INC. (1/10)
R.R. DONNELLEY & SONS COMPANY (15/64)
TRIBUNE COMPANY (5/25)
RAILROADS (14/85) 16.5%
BURLINGTON NORTHERN SANTA FE CORP. (4/18)
CSX (2/15)
NORFOLK SOUTHERN CORPORATION (5/36)
UNION PACIFIC CORPORATION (3/16)
REAL ESTATE (2/11) 18.2%
HOST MARRIOTT CORPORATION (2/11)
SAVINGS INSTITUTIONS (3/20) 15.0%
GOLDEN WEST FINANCIAL CORPORATION (1/7)
WASHINGTON MUTUAL, INC. (2/13)
SCIENTIFIC, PHOTO, CONTROL EQPT. (11/100)

11.0%
AGILENT TECHNOLOGIES INC. (3/15)
DANAHER (0/36)
EASTMAN KODAK COMPANY (8/49)
SECURITIES (24/148) 16.2%
THE BEAR STEARNS COMPANIES, INC. (0/10)
THE CHARLES SCHWAB CORPORATION (4/14)
THE GOLDMAN SACHS GROUP, INC. (9/49)
LEHMAN BROTHERS HOLDINGS, INC. (1/28)
MERRILL LYNCH & CO., INC. (7/26)
MORGAN STANLEY (3/21)
SEMICONDUCTORS AND OTHER ELECTRONIC
COMPONENTS (14/148) 9.5%
ADVANCED MICRO DEVICES, INC. (0/8)
APPLIED MATERIALS, INC. (3/28)
INTEL CORPORATION (5/34)
JABIL CIRCUIT, INC. (1/29)
MICRON TECHNOLOGY, INC. (2/16)
SANMINA-SCI CORPORATION (1/10)
SOLECTRON CORPORATION (0/9)
TEXAS INSTRUMENTS INCORPORATED (2/14)
SPECIALTY RETAILERS (141/709) 19.9%
ADVANCE AUTO PARTS, INC. (1/18)
AMAZON.COM INC. (1/11)
AUTOZONE, INC. (6/41)
BARNES & NOBLE INC. (3/13)
BED BATH & BEYOND, INC. (10/43)
BEST BUY CO. INC. (2/15)
BIG LOTS, INC. (10/48)
BJ'S WHOLESALE CLUB, INC. (15/64)
BORDERS GROUP, INC. (0/7)
CIRCUIT CITY STORES, INC. (1/15)
COSTCO WHOLESALE CORPORATION (16/113)
FOOT LOCKER, INC. (3/21)
THE GAP, INC. (24/52)
THE HOME DEPOT, INC. (3/14)
IAC/INTERACTIVECORP (2/24)
LIMITED BRANDS, INC. (2/6)
LOWE'S COMPANIES, INC. (2/23)
OFFICE DEPOT, INC. (5/17)
OFFICEMAX INCORPORATED (3/26)
RADIOSHACK CORPORATION (1/13)
ROSS STORES, INC. (7/19)
STAPLES, INC. (6/45)
THE TJX COMPANIES, INC. (17/54)
TOYS 'R' US, INC. (1/7)
TELECOMMUNICATIONS (50/326) 15.3%
ALLTEL CORPORATION (1/10)
AT&T CORP. (1/10)
BELLSOUTH CORPORATION (7/40)
CABLEVISION SYSTEMS CORPORATION (1/14)
CHARTER COMMUNICATIONS, INC. (0/8)
COMCAST CORPORATION (5/35)
COX COMMUNICATIONS, INC. (13/44)
DIRECTV GROUP, INC. (0/7)
ECHOSTAR COMMUNICATIONS CORPORATION
(0/11)

67

LEVEL 3 COMMUNICATIONS, INC. (1/19)
MCI, INC. (6/15)
NEXTEL COMMUNICATIONS, INC. (2/21)
NTL (1/17)
QWEST COMMUNICATIONS INTERNATIONAL INC.
(1/7)
SBC COMMUNICATIONS INC. (1/11)
SPRINT CORPORATION (4/27)
TELEPHONE AND DATA SYSTEMS, INC. (2/17)
VERIZON COMMUNICATIONS INC. (4/13)
TEMPORARY HELP (44/108) 40.7%
KELLY SERVICES, INC. (42/98)
MANPOWER INC. (2/10)
TEXTILES (0/8) 0%
MOHAWK INDUSTRIES, INC. (0/8)
TOBACCO (9/38) 23.7%
ALTRIA GROUP, INC. (2/15)
REYNOLDS AMERICAN INC. (7/23)
TOYS, SPORTING GOODS (54/190) 28.4%
MATTEL, INC. (54/190)
TRANSPORTATION AND LOGISTICS (6/36) 16.7%
C. H. ROBINSON WORLDWIDE, INC. (3/17)
CNF INC. (2/14)
LAIDLAW INTERNATIONAL, INC. (1/5)
TRANSPORTATION EQUIPMENT (15/56) 26.8%
BRUNSWICK CORPORATION (6/20)
HARLEY-DAVIDSON, INC. (9/36)
TRUCKING, TRUCK LEASING (4/29) 13.8%
RYDER SYSTEM, INC. (4/14)
YELLOW ROADWAY CORPORATION (0/15)
UTILITIES: GAS AND ELECTRIC (89/507) 17.6%
AES CORPORATION (6/44)
AMEREN CORPORATION (2/33)
CENTERPOINT ENERGY, INC. (1/15)
CINERGY CORP. (3/23)
CMS ENERGY CORPORATION (5/26)
CONSOLIDATED EDISON, INC. (8/42)
DOMINION RESOURCES, INC. (5/19)
DTE ENERGY COMPANY (1/9)
EDISON INTERNATIONAL (6/14)
ENERGY EAST CORPORATION (4/16)
ENTERGY CORPORATION (2/16)
EXELON CORPORATION (2/9)
FIRSTENERGY CORP. (3/12)
FPL GROUP, INC. (3/12)
68
KEYSPAN CORPORATION (4/21)

NISOURCE INC. (2/13)
NORTHEAST UTILITIES (3/11)
OGE ENERGY CORP (2/13)
PEPCO HOLDINGS, INC. (7/22)
PG&E CORPORATION (3/15)
PPL CORPORATION (1/26)
PROGRESS ENERGY, INC. (0/12)
PUBLIC SERVICE ENTERPRISE GROUP, INC. (1/8)
SCANA CORPORATION (2/11)
SEMPRA ENERGY (2/21)
SOUTHERN COMPANY (4/16)
WISCONSIN ENERGY CORPORATION (3/16)
XCEL ENERGY INC. (4/12)
WASTE MANAGEMENT (4/48) 8.3%
ALLIED WASTE INDUSTRIES (1/26)
WASTE MANAGEMENT, INC. (3/22)
WHOLESALERS: DIVERSIFIED (3/53) 5.7%
FISHER SCIENTIFIC INTERNATIONAL INC. (0/5)
GENUINE PARTS COMPANY (1/11)
HUGHES SUPPLY, INC. (0/11)
W.W. GRAINGER, INC. (2/12)
WESCO INTERNATIONAL, INC. (0/8)
WORLD FUEL SERVICES CORPORATION (0/6)
WHOLESALERS: ELECTRONICS AND OFFICE
EQUIPMENT (19/133) 14.3%
ARROW ELECTRONICS, INC (3/13)
AVNET, INC. (0/22)
CDW CORPORATION (7/18)
GRAYBAR ELECTRIC COMPANY, INC. (1/21)
IKON OFFICE SOLUTIONS, INC. (4/12)
INGRAM MICRO, INC. (1/13)
TECH DATA CORPORATION (1/19)
UNITED STATIONERS INC. (2/15)
WHOLESALERS: FOOD AND GROCERY (23/125)
18.4%
CHS INC. (0/7)
NASH FINCH COMPANY (6/23)
PERFORMANCE FOOD GROUP COMPANY (1/8)
ROUNDY'S, INC. (4/14)
SUPERVALU INC. (5/23)
SYSCO CORPORATION (7/50)
WHOLESALERS: HEALTHCARE (9/57) 15.8%
AMERISOURCEBERGEN CORP. (2/14)
CARDINAL HEALTH, INC. (2/14)
HENRY SCHEIN INC. (0/9)
MCKESSON CORPORATION (2/9)
OWENS & MINOR, INC. (3/11)


OFFICERS, BY SIC INDUSTRY WITH FORTUNE 500 INDUSTRY
SIC Industry
Fortune 500
Industry
CONSTRUCTION
Homebuilders
Homebuilders
Homebuilders
Homebuilders
Homebuilders
Homebuilders
Homebuilders
Homebuilders
Homebuilders
Homebuilders
Homebuilders
Rank
Company
Number
Women
Corporate
Officers
Number
Total
Corporate
Officers
457
466
469
300
181
406
203
214
241
204
423
444
477
473
Hovnanian Enterprises, Inc.

M.D.C. Holdings, Inc.
Ryland Group, Inc.
KB Home
Pulte Homes, Inc.
Emcor Group, Inc.
D.R. Horton, Inc.
Lennar Corporation
Fluor
Centex Corporation
Jacobs Engineering Group Inc.
NVR, Inc.
5
5
5
7
1
2
1
1
1
1
1
0
0
0
30
17
18
19
30
5
16
8
10
17
23
29.4
27.8
26.3
23.3
20.0
12.5
12.5
10.0
5.9
4.4
25
4
20
8
4.0
0.0
0.0
0.0
220
13.6
19
5
52
14
36.5
35.7
5
4
15
12
33.3
33.3
5
4
7
3
4
7
4
9
16
13
23
10
14
26
15
35
31.3
30.8
30.4
30.0
28.6
26.9
26.7
25.7
53
2
3
11
3
6
3
7
2
2
2
2
4
3
11
210
8
12
44
12
26
13
31
9
9
9
9
18
14
54
25.2
25.0
25.0
25.0
25.0
23.1
23.1
22.6
22.2
22.2
22.2
22.2
22.2
21.4
20.4
Toll Brothers, Inc.

Beazer Homes USA, Inc.
Total
FINANCE, INSURANCE,
AND REAL ESTATE
342
191

319
81

472
99
253
172
411
53
97
124
Securities
Securities
Commercial Banks
Commercial Banks
68
12
323
108
122
378
443
158
18
37
64
463
363
285
83
WellChoice, Inc.
United Services Automobile
Association
Thrivent Financial for Lutherans
Teachers Insurance and Annuity
Association College
American Financial Group, Inc.
Nationwide Mutual Insurance Co.
Principal Financial Group, Inc.
PacifiCare Health Systems Inc.
The Charles Schwab Corporation
Merrill Lynch & Co., Inc.
WellPoint, Inc.
The Northwestern Mutual Life
Insurance Company
New York Life Insurance Company
Berkshire Hathaway Inc.
PNC Financial Services Group Inc.
Aetna Inc.
CIGNA Corporation
SLM Corporation
Conseco, Inc.
AFLAC Incorporated
Bank of America Corporation
MetLife, Inc.
Prudential Financial, Inc.
Mutual of Omaha Insurance Co.
Lincoln National Corporation
Safeco Corporation
Massachusetts Mutual Life
Insurance Company
Percentage
Women
Corporate
Officers

69

SIC Industry
Fortune 500
Industry
FINANCE, INSURANCE,
AND REAL ESTATE
Commercial Banks
Commercial Banks
8
309
171
208
494
Securities
Real Estate
59
486
282
88
19
162
62
52
51
144
65
341
131
5
143
355
435
40
36
150
431
176
161
211
206
391
85
312
313
371
425
185
293
20
9
395
111
251
461
Commercial Banks
Commercial Banks
Commercial Banks
Commercial Banks
Commercial Banks
Securities
Commercial Banks
Commercial Banks
Commercial Banks
Commercial Banks
Commercial Banks
Commercial Banks
70
Rank
Company
Number
Women
Corporate
Officers
Number
Total
Corporate
Officers
19
5
4
3
6
94
26
21
16
32
20.2
19.2
19.1
18.8
18.8
9
2
3
3
49
11
17
17
18.4
18.2
17.7
17.7
3
2
2
3
2
3
3
5
2
6
2
5
1
2
3
2
4
2
3
6
1
5
2
1
3
1
2
1
4
4
2
2
1
1
1
18
12
12
18
12
18
19
32
13
39
13
33
7
14
21
15
30
15
24
48
9
46
20
10
30
10
21
11
44
45
25
28
15
15
17
16.7
16.7
16.7
16.7
16.7
16.7
15.8
15.6
15.4
15.4
15.4
15.2
14.3
14.3
14.3
13.3
13.3
13.3
12.5
12.5
11.1
10.9
10.0
10.0
10.0
10.0
9.5
9.1
9.1
8.9
8.0
7.1
6.7
6.7
5.9
Citigroup, Inc.
The First American Corporation
MBNA Corporation
UnumProvident Corporation
The Western & Southern Mutual
Holding Company
The Goldman Sachs Group, Inc.
Host Marriott Corporation
Assurant, Inc.
Hartford Financial Services Group
Inc.
State Farm Insurance Cos.
Humana Inc.
American Express Company
Wells Fargo & Company
The Allstate Corporation
Loews Corporation
Wachovia Corporation
State Street Corporation
Washington Mutual, Inc.
General Electric Company
U.S. Bancorp
KeyCorp
Golden West Financial Corporation
UnitedHealth Group, Incorporated
Morgan Stanley
Countrywide Financial Corporation
W.R. Berkley Corporation
Marsh & McLennan Co., Inc.
Chubb Corporation
National City Corporation
Capital One Financial Corporation
Mellon Financial Corp.
The St. Paul Travelers Co., Inc.
BB&T Corporation
American Family Ins. Group
Coventry Health Care Inc.
Erie Insurance Group
Health Net, Inc.
The Bank of New York Co., Inc.
J.P. Morgan Chase & Co.
American International Group, Inc.
Pacific LifeCorp
Liberty Mutual Insurance Group
Guardian Life Ins. Co. of America
Jefferson-Pilot Corporation

Percentage
Women
Corporate
Officers

SIC Industry
Fortune 500
Industry
FINANCE, INSURANCE,
AND REAL ESTATE
Commercial Banks
Commercial Banks
Securities
Commercial Banks
Securities
Rank
Company
317
218
273
94
420
155
407
413
500
261
258
Fifth Third Bancorp

Aon Corporation
SunTrust Banks, Inc.
Lehman Brothers Holdings, Inc.
Regions Financial Corporation
The Progressive Corporation
Auto-Owners Insurance Group
CIT Group, Inc.
Cincinnati Financial Corporation
Fidelity National Financial, Inc.
The Bear Stearns Companies, Inc.
Total
MANUFACTURING

Chemicals
Network and Other Comm.
Eqpt.
Scientific, Photo, Control
Eqpt.
Oil and Gas Eqpt., Services
Eqpt.
Petroleum Refining
Eqpt.
Chemicals
Chemicals
Number
Women
Corporate
Officers
Number
Total
Corporate
Officers
Percentage
Women
Corporate
Officers
2
1
1
1
0
0
0
0
0
0
0
37
19
21
28
23
6
4
7
5
10
10
5.4
5.3
4.8
3.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
341
1,935
17.6
4
6
5
4
8
9
5
10
20
18
15
32
36
21
40.0
30.0
27.8
26.7
25.0
25.0
23.8
9
4
4
15
5
5
5
3
38
17
17
64
23
25
25
15
23.7
23.5
23.5
23.4
21.7
20.0
20.0
20.0
369
377
252
61
283
368
247
Dole Food Company, Inc.

Brunswick Corporation
Ashland Inc.
PepsiCo, Inc.
Gannett Co., Inc.
114
297
481
275
197
348
234
290
Sara Lee Corporation

Campbell Soup Co.
Sealed Air Corporation
R.R. Donnelley & Sons Company
General Mills, Inc.
Tribune Company
Kellogg Company
470
438
451
Cooper Tire & Rubber Company

Smith International, Inc.
Avaya Inc.
3
2
2
15
10
10
20.0
20.0
20.0
6
432
308
118
49
ChevronTexaco Corporation
York International Corporation
ITT Industries, Inc.
4
3
3
3
23
20
15
16
16
125
20.0
20.0
18.8
18.8
18.4
205
101
257
66
227
236
244
Dean Foods Company

Halliburton Company
Cummins
E.I. du Pont de Nemours
Eaton Corporation
PPG Industries, Inc.
2
2
7
12
3
5
2
11
11
39
67
17
29
12
18.2
18.2
18.0
17.9
17.7
17.2
16.7
Harley-Davidson, Inc.
Lucent Technologies Inc.
Agilent Technologies Inc.
Visteon Corporation
Motorola, Inc.
ArvinMeritor, Inc.

71

SIC Industry
Fortune 500
Industry
MANUFACTURING
Computer Software
Petroleum Refining
Eqpt.
Chemicals
Chemicals
Chemicals
Petroleum Refining
Food Production
Eqpt.
Chemicals
Chemicals
Chemicals
Eqpt.
72
Rank
Company
Number
Women
Corporate
Officers
Number
Total
Corporate
Officers
Percentage
Women
Corporate
Officers
220
233
22
153
Oracle Corporation
Navistar International Corp.
Valero Energy Corporation
Eastman Kodak Company
3
2
3
8
18
12
18
49
16.7
16.7
16.7
16.3
63
188
298
417
71
357
89
259
50
Delphi Corporation
Paccar Inc.
Parker-Hannifin Corporation
Terex Corporation
Johnson Controls, Inc.
Monsanto Company
Weyerhaeuser Company
Intel Corporation
4
3
3
3
3
2
3
4
5
25
19
19
19
19
13
20
27
34
16.0
15.8
15.8
15.8
15.8
15.4
15.0
14.8
14.7
70
166
International Paper Company

Texas Instruments Incorporated
9
2
62
14
14.5
14.3
287
281
482
433
4
31
364
398
Rohm and Haas Company

Air Products & Chemicals, Inc
Maxtor Corporation
USG Corporation
Ford Motor Company
Marathon Oil Corporation
Pilgrim's Pride Corporation
Qualcomm, Inc.
1
1
1
2
7
2
2
2
7
7
7
14
52
15
15
15
14.3
14.3
14.3
14.3
13.5
13.3
13.3
13.3
359
430
267
316
439
The Black & Decker Corporation

Timken Company
MeadWestvaco Corporation
Eastman Chemical
Micron Technology, Inc.
2
5
3
1
2
15
38
23
8
16
13.3
13.2
13.0
12.5
12.5
338
455
3
127
279
405
480
Lyondell Chemical Company

Ecolab Inc.
General Motors Corporation
Lear Corporation
Land O'Lakes, Inc.
Temple-Inland Inc.
Corning Inc.
2
2
4
1
1
2
4
17
17
35
9
9
18
36
11.8
11.8
11.4
11.1
11.1
11.1
11.1
109
270
Georgia-Pacific Corporation
Applied Materials, Inc.
4
3
36
28
11.1
10.7
121
238
175
ConAgra Foods, Incorporated

American Standard Co., Inc.
Sanmina-SCI Corporation
5
1
1
48
10
10
10.4
10.0
10.0
H.J. Heinz Company


SIC Industry
Fortune 500
Industry
MANUFACTURING

Equipment
Petroleum Refining
Chemicals
Chemicals
Food Production
Rank
Chemicals
Chemicals
Number
Women
Corporate
Officers
Number
Total
Corporate
Officers
Percentage
Women
Corporate
Officers
Cisco Systems, Inc.
10
10.0
ConocoPhillips
The McGraw-Hill Companies, Inc.
Lexmark International, Inc.
Avery Dennison Corporation
EMC Corporation
Owens Corning
Praxair, Inc.
Tyson Foods, Inc.
Hershey Foods Corporation
The Goodyear Tire & Rubber Co.
Smithfield Foods, Inc.

The Sherwin-Williams Company
Jabil Circuit, Inc.
4
1
1
5
2
1
2
2
1
2
2
3
3
1
1
1
2
1
2
1
1
1
1
1
1
1
40
10
10
52
21
11
23
23
12
24
27
41
41
14
14
15
31
16
33
18
19
20
20
21
22
29
10.0
10.0
10.0
9.6
9.5
9.1
8.7
8.7
8.3
8.3
7.4
7.3
7.3
7.1
7.1
6.7
6.5
6.3
6.1
5.6
5.3
5.0
5.0
4.8
4.6
3.5
Autoliv, Inc.
Premcor Inc.
Mohawk Industries, Inc.
Dana Corporation
Smurfit-Stone Container Corp.
TRW Automotive Holdings Corp.
Murphy Oil Corporation
Danaher
0
0
0
0
0
0
0
0
10
7
8
9
17
6
11
36
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
164
Solectron Corporation
0.0
292
183
126
34
456
387
Owens-Illinois
Illinois Tool Works, Inc.
Amerada Hess Corporation
The Dow Chemical Company
Engelhard Corporation
Advanced Micro Devices, Inc.
0
0
0
0
0
0
16
15
27
20
16
8
0.0
0.0
0.0
0.0
0.0
0.0
91
7
375
370
366
266
349
315
72
436
120
Petroleum Refining
2
Industrial and Farm Equipment 57
Industrial and Farm Equipment 106
Petroleum Refining
177
Petroleum Refining
82
289
402
Computer Software
41
Food Production
44
326
330
474
453
222
331
Chemicals
324
329
136
Petroleum Refining
340
Textiles
201
262
178
255
Petroleum Refining
306
Eqpt.
Petroleum Refining
Company
Exxon Mobil Corporation

Caterpillar, Inc.
Deere & Company
Tesoro Corporation
Sunoco, Inc.
Crown Holdings, Inc.
Hormel Foods Corporation
Microsoft Corporation
Archer-Daniels-Midland Company
Federal-Mogul Corporation
Baker Hughes Incorporated
Collins & Aikman Corporation
Tenneco Automotive Inc.

73

SIC Industry
Fortune 500
Industry
MANUFACTURING

Rank
496
360
354
374
Company
Wm. Wrigley Jr. Company

Ball Corporation
Dover Corporation
AGCO Corporation
Total
MINING
Metals
Metals
Metals
Metals
Metals
Metals
Metals
79
379
404
333
367
243
376
497
149
248
353
428
189
186
268
299
Alcoa, Inc.
Kerr-McGee Corporation
Commercial Metals Company
Anadarko Petroleum Corp.
Apache Corporation
Devon Energy Corporation
AK Steel Holding Corporation
Peabody Energy Corporation
United States Steel Corporation
International Steel Group, Inc.
Burlington Resources Inc.
Newmont Mining Corporation
Nucor Corporation
Occidental Petroleum Corporation
Unocal Corporation
Phelps Dodge Corporation
Total
RETAIL TRADE
Apparel
Specialty Retailers
Pharmaceuticals
Specialty Retailers
Household and Personal Prod.
Specialty Retailers
Specialty Retailers
Specialty Retailers
Food Services
Pharmaceuticals
Apparel
Toys, Sporting Goods
Food Services
Food Services
Medical Products and Eqpt.
74
418
130
84
452
45
278
133
240
141
156
74
372
30
27
294
416
383
492
479
386
135
485
Liz Claiborne, Inc.

The Gap, Inc.
Merck & Co., Inc.
Ross Stores, Inc.
Sears, Roebuck and Company
Avon Products, Inc.
Federated Department Stores, Inc.
Limited Brands, Inc.
The TJX Companies, Inc.
Office Depot, Inc.
J.C. Penney Company, Inc.
Starbucks Corporation
Johnson & Johnson
Target Corporation
Nordstrom, Inc.
Jones Apparel Group, Inc.
Mattel, Inc.
Brinker International, Inc.
Whole Foods Market, Inc.
Darden Restaurants, Inc.
Kimberly-Clark Corporation
Guidant Corporation
Number
Women
Corporate
Officers
Number
Total
Corporate
Officers
Percentage
Women
Corporate
Officers
0
0
0
0
330
20
16
12
11
0.0
0.0
0.0
0.0
2,553
12.9
12
2
1
2
3
3
1
1
1
1
1
2
1
0
0
0
31
40
14
7
14
22
23
12
13
16
18
20
43
47
17
7
9
322
30.0
14.3
14.3
14.3
13.6
13.0
8.3
7.7
6.3
5.6
5.0
4.7
2.1
0.0
0.0
0.0
9.6
27
24
6
7
13
5
6
2
17
5
40
11
6
8
8
2
54
20
7
4
3
4
51
52
15
19
36
14
18
6
54
17
138
38
21
28
28
7
190
73
26
15
12
16
52.9
46.2
40.0
36.8
36.1
35.7
33.3
33.3
31.5
29.4
29.0
29.0
28.6
28.6
28.6
28.6
28.4
27.4
26.9
26.7
25.0
25.0


SIC Industry
Fortune 500
Industry
RETAIL TRADE

Specialty Retailers
Specialty Retailers
Specialty Retailers
Specialty Retailers
Pharmaceuticals
Specialty Retailers
Pharmaceuticals
Rank
237
284
434
335
445
13
346
24
441
113
21
264
182
35
280
128
Automotive Retailing, Services 422
498
Food Services
334
Apparel
116
Food Services
152
Pharmaceuticals
93
Pharmaceuticals
184
388
350
Specialty Retailers
125
Pharmaceuticals
192
Specialty Retailers
365
Specialty Retailers
493
464
Apparel
421
274
29
Specialty Retailers
117
77
Specialty Retailers
146
Specialty Retailers
373
1
246
Household and Personal Prod. 215
159
Specialty Retailers
483
Apparel
Household and Personal Prod. 210
173
Apparel
38
55
Company
Number
Women
Corporate
Officers
Baxter International
BJ's Wholesale Club, Inc.
Bed Bath & Beyond, Inc.
Barnes & Noble Inc.
The Clorox Company
The Home Depot, Inc.
The Estee Lauder Companies Inc.
Pfizer Inc
Big Lots, Inc.
Kmart Holding Corporation
The Kroger Company
Schering-Plough Corporation
Winn-Dixie Stores, Inc.
3
15
10
3
13
3
3
4
10
3
4
3
2
2
2
4
9
8
3
3
4
2
2
3
6
3
1
3
2
2
6
4
16
4
2
6
5
3
2
2
3
1
2
1
2
2
1
Albertson's
Dollar General Corporation
Rite Aid Corporation
CarMax, Inc.
Wendy's International, Inc.
V.F. Corporation
McDonald's Corporation
Eli Lilly and Company
Bristol-Myers Squibb Company
Kohl's Corporation
Becton, Dickinson and Company
AutoZone, Inc.
Wyeth
Toys 'R' Us, Inc.
Foot Locker, Inc.
Stater Bros. Holdings Inc.
Levi Strauss & Co.
Longs Drug Stores Corporation
Dillard's Inc.
Costco Wholesale Corporation
Publix Super Markets, Inc.
Best Buy Co. Inc.
Staples, Inc.
Family Dollar Stores, Inc.
Wal-Mart Stores, Inc.
Medtronic, Inc.
Gillette Company
OfficeMax Incorporated
Reebok International Ltd.
Colgate-Palmolive Company
United Auto Group, Inc.
Nike, Inc.
Walgreen Co.
CVS Corporation
Number
Total
Corporate
Officers
12
64
43
13
58
14
14
19
48
15
20
16
11
11
11
23
52
47
18
19
26
13
13
20
41
21
7
21
14
14
42
28
113
29
15
45
38
23
16
17
26
9
20
10
20
20
11
Percentage
Women
Corporate
Officers
25.0
23.4
23.3
23.1
22.4
21.4
21.4
21.1
20.8
20.0
20.0
18.8
18.2
18.2
18.2
17.4
17.3
17.0
16.7
15.8
15.4
15.4
15.4
15.0
14.6
14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.2
13.8
13.3
13.3
13.2
13.0
12.5
11.8
11.5
11.1
10.0
10.0
10.0
10.0
9.1

75

SIC Industry
Fortune 500
Industry
RETAIL TRADE

Medical Prod. and Eqpt.
Specialty Retailers
Specialty Retailers
Specialty Retailers
Pharmaceuticals
Specialty Retailers
Automotive Retailing, Services
Rank
170
352
303
467
43
26
325
46
100
399
301
358
Specialty Retailers
231
Specialty Retailers
487
Food Services
249
Furniture
384
Pharmaceuticals
212
147
320
Home Equipment, Furnishings 304
Specialty Retailers
475
450
Company
Number
Women
Corporate
Officers
Masco Corporation
Boston Scientific Corporation
Amazon.Com Inc.
Pathmark Stores, Inc.
Lowe's Companies, Inc.
The Procter & Gamble Company
IAC/INTERACTIVECORP
Safeway Inc.
Abbott Laboratories
RadioShack Corporation
Fortune Brands, Inc.
Asbury Automotive Group, Inc.
3
2
1
3
2
4
2
2
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
503
33
22
11
34
23
46
24
25
13
13
13
14
15
18
18
32
14
10
13
11
8
11
7
18
5
2,525
9.1
9.1
9.1
8.8
8.7
8.7
8.3
8.0
7.7
7.7
7.7
7.1
6.7
5.6
5.6
3.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
19.9
Circuit City Stores, Inc.

Advance Auto Parts, Inc.
Yum! Brands, Inc.
Leggett & Platt, Incorporated
Amgen, Inc
Autonation, Inc.
The May Department Stores Co.
Group 1 Automotive, Inc.
Saks, Incorporated
Newell Rubbermaid Inc.
Borders Group, Inc.
Stryker Corporation
Sonic Automotive, Inc.
Total
SERVICES
Temporary Help
Healthcare Pharmacy and
Other Services
Temporary Help
Diversified Outsourcing Svcs.
Miscellaneous
Other Services
Other Services
Diversified Outsourcing Svcs.
76
Number
Total
Corporate
Officers
Percentage
Women
Corporate
Officers
389
343
223
382
Kelly Services, Inc.

Unisys Corporation
First Data Corporation
Quest Diagnostics Incorporated
42
5
3
4
98
16
10
14
42.9
31.3
30.0
28.6
458
460
426
224
140
449
488
80
105
73
Universal Health Services, Inc.

Affiliated Computer Services, Inc.
Triad Hospitals, Inc.
Marriott International, Inc.
Manpower Inc.
MGM Mirage
ServiceMaster
HCA Inc.
3M
Caremark Rx, Inc.
4
4
9
10
2
3
4
4
4
2
15
15
40
48
10
16
23
23
26
13
26.7
26.7
22.5
20.8
20.0
18.8
17.4
17.4
15.4
15.4
48
Medco Health Solutions, Inc.
14
14.3
219
Aramark Corporation
14
14.3


SIC Industry
Fortune 500
Industry
SERVICES
Rank
Company
Number
Women
Corporate
Officers

Miscellaneous
Advertising, Marketing
Miscellaneous
Other Services
Advertising, marketing
Other Services
396
95
277
499
454
230
107
137
Harrah's Entertainment, Inc.

Electronic Data Systems
Automatic Data Processing, Inc.
Kindred Healthcare, Inc.
H&R Block, Inc.
Omnicom Group Inc.
Cendant Corporation
Express Scripts, Inc.
2
1
3
1
1
1
3
1
17
9
29
10
10
10
35
13
11.8
11.1
10.3
10.0
10.0
10.0
8.6
7.7
332
459
Interpublic Group of Co., Inc.

Omnicare, Inc.
1
1
15
20
6.7
5.0
440
21
4.8

142
276
401
169
Starwood Hotels & Resorts

Worldwide, Inc.
Computer Sciences Corporation
Science Applications Intl. Corp.
0
0
0
0
120
8
14
11
4
0.0
0.0
0.0
0.0
621
19.3
6
6
8
10
4
7
8
4
13
4
3
5
3
4
3
4
2
3
3
14
15
23
29
12
22
26
13
44
14
11
19
12
16
12
16
8
13
13
42.9
40.0
34.8
34.5
33.3
31.8
30.8
30.8
29.6
28.6
27.3
26.3
25.0
25.0
25.0
25.0
25.0
23.1
23.1
3
4
13
18
23.1
22.2
2
1
1
2
9
5
5
10
22.2
20.0
20.0
20.0
Caesars Entertainment
Tenet Healthcare Corporation
Total
TRANSPORTATION AND
UTILITIES

Airlines
Pipelines
187
90
295
318
256
288
239
14
322
381
310
151
213
400
163
180
129
408
271
Energy
Railroads
250
200

Pipelines
Energy
145
419
314
167

Telecommunications
Airlines
Airlines
Entertainment
Telecommunications
Telecommunications
Edison International
MCI, Inc.
US Airways Group, Inc.
Southwest Airlines Co.
Xcel Energy Inc.
Pepco Holdings, Inc.
Clear Channel Comm., Inc.
Verizon Communications Inc.
Cox Communications, Inc.
Ryder System, Inc.
Northeast Utilities
Dominion Resources, Inc.
FPL Group, Inc.
Energy East Corporation
FirstEnergy Corp.
Southern Company
UAL Corporation
Goodrich Corporation
Kinder Morgan Energy Partners,
L.P.
Reliant Energy, Inc.
Burlington Northern Santa Fe
Corp.
Exelon Corporation
Laidlaw International, Inc.
El Paso Corporation
Constellation Energy Group, Inc.
Number
Total
Corporate
Officers
Percentage
Women
Corporate
Officers

77

SIC Industry
Fortune 500
Industry
TRANSPORTATION AND
UTILTIIES

Airlines
Energy
Entertainment
Railroads
Airlines

Energy
196
47
356
119
216
302
228
148
69
471
174
138
478
58
442
232
87
242
75
397
311
393
67
102
25
154
327
339
286
168
226
424
269
412
221
195
199
Entertainment
Telecommunications
Pipelines
Energy
Telecommunications
Telecommunications
32
305
490
296
260
336
103
56
265

Airlines
Telecommunications
Energy
Energy
Telecommunications
Telecommunications
Telecommunications
Energy
Railroads
Waste Management
Energy
Railroads
78
Rank
Company
Number
Women
Corporate
Officers
PG&E Corporation
Lockheed Martin Corporation
CMS Energy Corporation
AMR Corporation
Textron Inc.
Keyspan Corporation
Consolidated Edison, Inc.
American Electric Power Company
Viacom Inc.
Wisconsin Energy Corporation
Union Pacific Corporation
Delta Air Lines, Inc.
SCANA Corporation
Northrop Grumman Corporation
C. H. Robinson Worldwide, Inc.
Continental Airlines, Inc.
BellSouth Corporation
Calpine Corporation
Honeywell International Inc.
OGE Energy Corp
NiSource Inc.
WPS Resources Corp.
Sprint Corporation
Comcast Corporation
The Boeing Company
Qwest Comm. International Inc.
Dynegy Inc.
CNF Inc.
Norfolk Southern Corporation
Waste Management, Inc.
AES Corporation
Mirant Corporation
CSX
Cinergy Corp.
Entergy Corporation
TXU Corp.
Public Service Enterprise Group,
Inc.
Time Warner Inc.
L-3 Communications Holdings, Inc.
Telephone and Data Systems, Inc.
DTE Energy Company
Enterprise Products Partners, L.P.
Oneok, Inc.
Raytheon Company
AT&T Corp.
ALLTEL Corporation
Number
Total
Corporate
Officers
Percentage
Women
Corporate
Officers
3
7
5
9
4
4
8
4
3
3
3
8
2
3
3
3
7
4
3
2
2
3
4
5
2
1
1
2
5
3
6
2
2
3
2
6
1
15
36
26
47
21
21
42
21
16
16
16
43
11
17
17
17
40
25
19
13
13
20
27
35
14
7
7
14
36
22
44
15
15
23
16
48
8
20.0
19.4
19.2
19.2
19.1
19.1
19.1
19.1
18.8
18.8
18.8
18.6
18.2
17.7
17.7
17.7
17.5
16.0
15.8
15.4
15.4
15.0
14.8
14.3
14.3
14.3
14.3
14.3
13.9
13.6
13.6
13.3
13.3
13.0
12.5
12.5
12.5
2
4
2
1
4
3
2
1
1
17
34
17
9
37
28
20
10
10
11.8
11.8
11.8
11.1
10.8
10.7
10.0
10.0
10.0


SIC Industry
Fortune 500
Industry
TRANSPORTATION AND
UTILITIES

Telecommunications
Entertainment
Energy
Telecommunications
Energy
Entertainment
Pipelines
Telecommunications
Pipelines
Telecommunications
Telecommunications
Waste Management
Telecommunications
Pipelines
Entertainment
Telecommunications
Energy
Airlines
Telecommunications
Total
WHOLESALE TRADE
Wholesalers: Electronics and

Office Eqpt.
Beverages
Office Eqpt.
Tobacco
Beverages
Rank
Company
Number
Women
Corporate
Officers
Number
Total
Corporate
Officers
235
157
54
484
33
42
86
98
448
394
115
209
39
380
96
446
491
362
344
390
78
409
307
193
254
179
165
190
291
229
Sempra Energy
Nextel Communications, Inc.
The Walt Disney Company
UGI Corporation
SBC Communications Inc.
United Parcel Service, Inc.
Duke Energy
News Corporation
Enbridge Energy Partners, L.P.
Cablevision Systems Corporation
2
2
2
1
1
1
1
1
1
1
2
1
1
2
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
295
21
21
21
11
11
11
12
12
13
14
9.5
9.5
9.5
9.1
9.1
9.1
8.3
8.3
7.7
7.1
30
15
16
33
17
17
19
26
26
8
17
5
15
12
10
7
8
7
11
12
6.7
6.7
6.3
6.1
5.9
5.9
5.3
3.9
3.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1,875
15.7
18
38.9
15
4
4
44
12
12
34.1
33.3
33.3
7
4
3
4
6
8
3
3
23
14
11
15
23
32
12
13
30.4
28.6
27.3
26.7
26.1
25.0
25.0
23.1
General Dynamics Corporation

CenterPoint Energy, Inc.
United Technologies Corporation
Ameren Corporation
Plains All American Pipeline, L.P.
NTL
Level 3 Communications, Inc.
Allied Waste Industries
PPL Corporation
Charter Communications, Inc.
FedEx Corporation
Brink's Company
Yellow Roadway Corporation
TransMontaigne Inc.
Liberty Media Corporation
DirecTV Group, Inc.
Williams Companies, Inc.
Northwest Airlines Corporation
Echostar Comm. Corp.
Progress Energy, Inc.
347
CDW Corporation
92
11
415
Coca-Cola Company
Hewlett-Packard Company
Ikon Office Solutions, Inc.
321
403
427
392
476
132
202
207
Reynolds American Inc.

Roundy's, Inc.
Owens & Minor, Inc.
Pitney Bowes Inc.
Nash Finch Company
Xerox Corporation
The Pepsi Bottling Group, Inc.
Arrow Electronics, Inc.
Percentage
Women
Corporate
Officers
Office Eqpt.

79

SIC Industry
Fortune 500
Industry
WHOLESALE TRADE
Beverages
Beverages
Beverages
Office Eqpt.
Tobacco
Office Eqpt.
Office Eqpt.
Office Eqpt.
Office Eqpt.
Total
80
Number
Women
Corporate
Officers
Rank
Company
15
104
123
10
139
385
410
447
23
16
60
468
McKesson Corporation
Supervalu Inc.
Coca-Cola Enterprises, Inc.
Intl. Business Machines Corp.
Anheuser-Busch Companies, Inc.
W.W. Grainger, Inc.
Maytag Corporation
Molson Coors Brewing Company
AmerisourceBergen Corp.
Cardinal Health, Inc.
Sysco Corporation
United Stationers Inc.
2
5
6
9
6
2
3
2
2
2
17
328
429
194
263
337
245
76
Altria Group, Inc.

Performance Food Group Company
Number
Total
Corporate
Officers
Percentage
Women
Corporate
Officers
7
2
9
23
29
47
35
12
19
13
14
14
50
15
22.2
21.7
20.7
19.2
17.1
16.7
15.8
15.4
14.3
14.3
14.0
13.3
NCR Corporation
Genuine Parts Company
Ingram Micro, Inc.
2
1
2
2
1
1
1
1
15
8
17
19
10
10
11
13
13.3
12.5
11.8
10.5
10.0
10.0
9.1
7.7
134
110
Emerson Electric Co.

Tech Data Corporation
4
1
59
19
6.8
5.3
462
Graybar Electric Company, Inc.
21
4.8
489
495
465
351
345
160
198
437
217
Wesco International, Inc.

Gateway
Henry Schein Inc.
World Fuel Services Corporation
0
0
0
0
0
0
0
0
0
8
12
9
6
6
10
7
11
22
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
28
414
Dell Inc.
Fisher Scientific International Inc.
0
0
133
15
5
0.0
0.0
822
16.2
Rockwell Automation Inc.

Sun Microsystems, Inc.
Apple Computer, Inc.
SPX Corporation
Whirlpool Corporation
CHS Inc.
Hughes Supply, Inc.
Avnet, Inc.


OFFICERS, BY STATE WITH COMPANY
ALABAMA (0/31) 0%
Regions Financial Corporation (0/23)
Saks, Incorporated (0/8)
ARIZONA (1/57) 1.8%
Allied Waste Industries (1/26)
Avnet, Inc. (0/22)
Phelps Dodge Corporation (0/9)
ARKANSAS (10/95) 10.5%
ALLTEL Corporation (1/10)
Dillard's Inc. (4/28)
Murphy Oil Corporation (0/11)
Tyson Foods, Inc. (2/23)
Wal-Mart Stores, Inc. (3/23)
CALIFORNIA (209/1139) 18.3%
Advanced Micro Devices, Inc. (0/8)
Agilent Technologies Inc. (3/15)
Amgen, Inc (0/14)
Apple Computer, Inc. (1/10)
Applied Materials, Inc. (3/28)
Avery Dennison Corporation (5/52)
Calpine Corporation (4/25)
The Charles Schwab Corporation (4/14)
ChevronTexaco Corporation (4/20)
Cisco Systems, Inc. (1/10)
The Clorox Company (13/58)
CNF Inc. (2/14)
Computer Sciences Corporation (0/8)
Countrywide Financial Corporation (2/15)
DirecTV Group, Inc. (0/7)
Dole Food Company, Inc. (4/10)
Edison International (6/14)
The First American Corporation (5/26)
Fluor (1/17)
The Gap, Inc. (24/52)
Gateway (0/12)
Golden West Financial Corporation (1/7)
Health Net, Inc. (1/11)
Hewlett-Packard Company (4/12)
Ingram Micro, Inc. (1/13)
Intel Corporation (5/34)
Jacobs Engineering Group Inc. (1/25)
KB Home (7/30)
Levi Strauss & Co. (2/14)
Longs Drug Stores Corporation (6/42)
Mattel, Inc. (54/190)
Maxtor Corporation (1/7)
McKesson Corporation (2/9)
Northrop Grumman Corporation (3/17)

Occidental Petroleum Corporation (0/17)
Oracle Corporation (3/18)
Pacific LifeCorp (2/28)
PacifiCare Health Systems Inc. (3/10)
PG&E Corporation (3/15)
Qualcomm, Inc. (2/15)
Ross Stores, Inc. (7/19)
Ryland Group, Inc. (5/19)
Safeway Inc. (2/25)
Sanmina-SCI Corporation (1/10)
Science Applications International
Corporation (0/14)
Sempra Energy (2/21)
Solectron Corporation (0/9)
Stater Bros. Holdings Inc. (2/14)
Sun Microsystems, Inc. (2/19)
Unocal Corporation (0/7)
The Walt Disney Company (2/21)
Wells Fargo & Company (3/18)
COLORADO (14/159) 8.8%
Ball Corporation (0/16)
Echostar Communications Corporation
(0/11)
First Data Corporation (3/10)
Level 3 Communications, Inc. (1/19)
Liberty Media Corporation (0/10)
M.D.C. Holdings, Inc. (5/18)
Molson Coors Brewing Company (2/13)
Newmont Mining Corporation (2/43)
Qwest Communications International Inc.
(1/7)
TransMontaigne Inc. (0/12)
CONNECTICUT (59/354) 16.7%
Aetna Inc. (11/44)
Emcor Group, Inc. (2/16)
General Electric Company (6/39)
Hartford Financial Services Group Inc. (3/17)
International Paper Company (9/62)
MeadWestvaco Corporation (3/23)
Northeast Utilities (3/11)
Pitney Bowes Inc. (4/15)
Praxair, Inc. (2/23)
Premcor Inc. (0/7)
Terex Corporation (3/19)
United Technologies Corporation (1/16)
W.R. Berkley Corporation (4/30)
Xerox Corporation (8/32)
DELAWARE (16/88) 18.2%

E.I. du Pont de Nemours (12/67)
MBNA Corporation (4/21)
DISTRICT OF COLUMBIA (7/58) 12.1%
Danaher (0/36)
Pepco Holdings, Inc. (7/22)
FLORIDA (27/208) 13.0%
Autonation, Inc. (0/10)
CSX (2/15)
Darden Restaurants, Inc. (4/15)
Fidelity National Financial, Inc. (0/10)
FPL Group, Inc. (3/12)
Hughes Supply, Inc. (0/11)
Jabil Circuit, Inc. (1/29)
Lennar Corporation (1/10)
Office Depot, Inc. (5/17)
Publix Super Markets, Inc. (4/29)
Ryder System, Inc. (4/14)
Tech Data Corporation (1/19)
Winn-Dixie Stores, Inc. (2/11)
World Fuel Services Corporation (0/6)
GEORGIA (72/393) 18.3%
AFLAC Incorporated (7/31)
AGCO Corporation (0/11)
Beazer Homes USA, Inc. (0/8)
BellSouth Corporation (7/40)
The Coca-Cola Company (15/44)
Coca-Cola Enterprises, Inc. (6/29)
Cox Communications, Inc. (13/44)
Delta Air Lines, Inc. (8/43)
Genuine Parts Company (1/11)
Georgia-Pacific Corporation (4/36)
The Home Depot, Inc. (3/14)
Mirant Corporation (2/15)
Mohawk Industries, Inc. (0/8)
Newell Rubbermaid Inc. (0/11)
Southern Company (4/16)
SunTrust Banks, Inc. (1/21)
United Parcel Service, Inc. (1/11)
IDAHO (4/27) 14.8%
Albertson's (2/11)
Micron Technology, Inc. (2/16)
ILLINOIS (127/794) 16.0%
Abbott Laboratories (1/13)
The Allstate Corporation (2/12)

81

Aon Corporation (1/19)
Archer-Daniels-Midland Company (2/33)
Baxter International (3/12)
The Boeing Company (2/14)
Brunswick Corporation (6/20)
Caterpillar, Inc. (3/41)
CDW Corporation (7/18)
Deere & Company (3/41)
Exelon Corporation (2/9)
Fortune Brands, Inc. (1/13)
Illinois Tool Works, Inc. (0/15)
Laidlaw International, Inc. (1/5)
McDonald's Corporation (3/19)
Motorola, Inc. (23/125)
Navistar International Corporation (2/12)
OfficeMax Incorporated (3/26)
R.R. Donnelley & Sons Company (15/64)
Sara Lee Corporation (9/38)
Sears, Roebuck and Company (13/36)
ServiceMaster (4/23)
Smurfit-Stone Container Corporation (0/17)
State Farm Insurance Cos. (3/18)
Telephone and Data Systems, Inc. (2/17)
Tenneco Automotive Inc. (1/20)
Tribune Company (5/25)
UAL Corporation (2/8)
United Stationers Inc. (2/15)
USG Corporation (2/14)
W.W. Grainger, Inc. (2/12)
Walgreen Co. (2/20)
Wm. Wrigley Jr. Company (0/20)
INDIANA (24/122) 19.7%
Conseco, Inc. (3/13)
Cummins (7/39)
Eli Lilly and Company (4/26)
Guidant Corporation (4/16)
NiSource Inc. (2/13)
WellPoint, Inc. (4/15)
IOWA (10/42) 23.8%
Maytag Corporation (3/19)
Principal Financial Group, Inc. (7/23)
KANSAS (4/42) 9.5%
Sprint Corporation (4/27)
Yellow Roadway Corporation (0/15)
KENTUCKY (11/88) 12.5%
Ashland Inc. (5/18)
Humana Inc. (2/12)
82
Kindred Healthcare, Inc. (1/10)

Lexmark International, Inc. (1/10)
Omnicare, Inc. (1/20)
Yum! Brands, Inc. (1/18)
LOUISIANA (2/16) 12.5%
Entergy Corporation (2/16)
MARYLAND (24/130) 18.5%
The Black & Decker Corporation (2/15)
Constellation Energy Group, Inc. (2/10)
Coventry Health Care Inc. (1/10)
Host Marriott Corporation (2/11)
Lockheed Martin Corporation (7/36)
Marriott International, Inc. (10/48)
MASSACHUSETTS (64/353) 18.1%
BJ's Wholesale Club, Inc. (15/64)
Boston Scientific Corporation (2/22)
EMC Corporation (2/21)
Gillette Company (2/17)
Liberty Mutual Insurance Group (1/15)
Massachusetts Mutual Life Ins. Co. (11/54)
Raytheon Company (2/20)
Reebok International Ltd. (1/9)
Staples, Inc. (6/45)
State Street Corporation (5/32)
The TJX Companies, Inc. (17/54)
MICHIGAN (84/473) 17.8%
ArvinMeritor, Inc. (2/12)
Auto-Owners Insurance Group (0/4)
Borders Group, Inc. (0/7)
CMS Energy Corporation (5/26)
Collins & Aikman Corporation (1/20)
Delphi Corporation (4/25)
The Dow Chemical Company (0/20)
DTE Energy Company (1/9)
Federal-Mogul Corporation (1/18)
Ford Motor Company (7/52)
General Motors Corporation (4/35)
Kellogg Company (5/25)
Kelly Services, Inc. (42/98)
Kmart Holding Corporation (3/15)
Lear Corporation (1/9)
Masco Corporation (3/33)
Pulte Homes, Inc. (1/5)
Stryker Corporation (0/18)
TRW Automotive Holdings Corp. (0/6)
United Auto Group, Inc. (1/10)
Visteon Corporation (3/16)
Whirlpool Corporation (0/10)

MINNESOTA (55/316) 17.4%
3M (4/26)
Best Buy Co. Inc. (2/15)
C. H. Robinson Worldwide, Inc. (3/17)
CHS Inc. (0/7)
Ecolab Inc. (2/17)
General Mills, Inc. (5/23)
Hormel Foods Corporation (2/31)
Land O'Lakes, Inc. (1/9)
Medtronic, Inc. (2/16)
Nash Finch Company (6/23)
Northwest Airlines Corporation (0/7)
The St. Paul Travelers Companies, Inc. (2/20)
Supervalu Inc. (5/23)
Target Corporation (8/28)
Thrivent Financial for Lutherans (5/15)
U.S. Bancorp (2/13)
UnitedHealth Group, Incorporated (2/14)
Xcel Energy Inc. (4/12)
MISSOURI (19/250) 7.6%
Ameren Corporation (2/33)
Anheuser-Busch Companies, Inc. (6/35)
Charter Communications, Inc. (0/8)
Emerson Electric Co. (4/59)
Express Scripts, Inc. (1/13)
Graybar Electric Company, Inc. (1/21)
H&R Block, Inc. (1/10)
Leggett & Platt, Incorporated (1/32)
The May Department Stores Company
(0/13)
Monsanto Company (2/13)
Peabody Energy Corporation (1/13)
NEBRASKA (12/81) 14.8%
Berkshire Hathaway Inc. (2/8)
ConAgra Foods, Incorporated (5/48)
Mutual of Omaha Insurance Companies
(2/9)
Union Pacific Corporation (3/16)
NEVADA (5/44) 11.4%
Caesars Entertainment (0/11)
Harrah's Entertainment, Inc. (2/17)
MGM Mirage (3/16)
NEW HAMPSHIRE (0/5) 0%
Fisher Scientific International Inc. (0/5)


NEW JERSEY (75/419) 17.9%
American Standard Companies, Inc. (1/10)
AT&T Corp. (1/10)
Automatic Data Processing, Inc. (3/29)
Avaya Inc. (2/10)
Becton, Dickinson and Company (3/20)
Bed Bath & Beyond, Inc. (10/43)
Campbell Soup Co. (4/17)
Chubb Corporation (3/24)
CIT Group, Inc. (0/7)
Engelhard Corporation (0/16)
Honeywell International Inc. (3/19)
Hovnanian Enterprises, Inc. (5/17)
Johnson & Johnson (6/21)
Lucent Technologies Inc. (5/21)
Medco Health Solutions, Inc. (2/14)
Merck & Co., Inc. (6/15)
Pathmark Stores, Inc. (3/34)
Prudential Financial, Inc. (2/9)
Public Service Enterprise Group, Inc. (1/8)
Quest Diagnostics Incorporated (4/14)
Schering-Plough Corporation (3/16)
Sealed Air Corporation (4/17)
Toys 'R' Us, Inc. (1/7)
Wyeth (3/21)
NEW YORK (265/1449) 18.3%
Altria Group, Inc. (2/15)
Amerada Hess Corporation (0/27)
American Express Company (2/12)
American International Group, Inc. (2/25)
Arrow Electronics, Inc (3/13)
Asbury Automotive Group, Inc. (1/14)
Assurant, Inc. (3/17)
Avon Products, Inc. (5/14)
The Bank of New York Company, Inc. (4/44)
Barnes & Noble Inc. (3/13)
The Bear Stearns Companies, Inc. (0/10)
Bristol-Myers Squibb Company (2/13)
Cablevision Systems Corporation (1/14)
Cendant Corporation (3/35)
Citigroup, Inc. (19/94)
Colgate-Palmolive Company (2/20)
Consolidated Edison, Inc. (8/42)
Corning Inc. (4/36)
Dover Corporation (0/12)
Eastman Kodak Company (8/49)
Energy East Corporation (4/16)
The Estee Lauder Companies Inc. (3/14)
Foot Locker, Inc. (3/21)
The Goldman Sachs Group, Inc. (9/49)
Guardian Life Ins. Co. of America (1/15)

Henry Schein Inc. (0/9)
IAC/INTERACTIVECORP (2/24)
International Business Machines Corp.
(9/47)
Interpublic Group of Companies, Inc. (1/15)
ITT Industries, Inc. (3/16)
J.P. Morgan Chase & Co. (4/45)
Keyspan Corporation (4/21)
L-3 Communications Holdings, Inc. (4/34)
Lehman Brothers Holdings, Inc. (1/28)
Liz Claiborne, Inc. (27/51)
Loews Corporation (3/18)
Marsh & McLennan Companies, Inc. (2/15)
The McGraw-Hill Companies, Inc. (1/10)
Merrill Lynch & Co., Inc. (7/26)
MetLife, Inc. (2/9)
Morgan Stanley (3/21)
New York Life Insurance Company (53/210)
News Corporation (1/12)
NTL (1/17)
Omnicom Group Inc. (1/10)
The Pepsi Bottling Group, Inc. (3/12)
PepsiCo, Inc. (4/15)
Pfizer Inc (4/19)
Starwood Hotels & Resorts Worldwide, Inc.
(1/21)
Teachers Insurance and Annuity Association
College (4/12)
Time Warner Inc. (2/17)
Verizon Communications Inc. (4/13)
Viacom Inc. (3/16)
WellChoice, Inc. (19/52)
OHIO (95/656) 14.5%

AK Steel Holding Corporation (1/12)
American Electric Power Company (4/21)
American Financial Group, Inc. (5/16)
Big Lots, Inc. (10/48)
Cardinal Health, Inc. (2/14)
Cincinnati Financial Corporation (0/5)
Cinergy Corp. (3/23)
Cooper Tire & Rubber Company (3/15)
Dana Corporation (0/9)
Eaton Corporation (3/17)
Federated Department Stores, Inc. (6/18)
Fifth Third Bancorp (2/37)
FirstEnergy Corp. (3/12)
The Goodyear Tire & Rubber Company
(2/24)
International Steel Group, Inc. (1/18)
KeyCorp (5/33)
The Kroger Company (4/20)
Limited Brands, Inc. (2/6)
National City Corporation (6/48)
Nationwide Mutual Insurance Co. (4/13)
NCR Corporation (1/10)
Owens Corning (1/11)
Owens-Illinois (0/16)
Parker-Hannifin Corporation (3/19)
The Procter & Gamble Company (4/46)
The Progressive Corporation (0/6)
The Sherwin-Williams Company (1/22)
Timken Company (5/38)
Wendy's International, Inc. (8/47)
The Western & Southern Mutual Holding
Co. (6/32)
NORTH CAROLINA (29/252) 11.5%

Bank of America Corporation (2/9)
BB&T Corporation (1/10)
Duke Energy (1/12)
Family Dollar Stores, Inc. (5/38)
Goodrich Corporation (3/13)
Jefferson-Pilot Corporation (1/17)
Lowe's Companies, Inc. (2/23)
Nucor Corporation (1/47)
Progress Energy, Inc. (0/12)
Reynolds American Inc. (7/23)
Sonic Automotive, Inc. (0/5)
SPX Corporation (0/6)
V.F. Corporation (3/18)
Wachovia Corporation (3/19)
OKLAHOMA (10/86) 11.6%

Devon Energy Corporation (3/23)
Kerr-McGee Corporation (2/14)
OGE Energy Corp (2/13)
Oneok, Inc. (3/28)
Williams Companies, Inc. (0/8)
OREGON (2/20) 10.0%
Nike, Inc. (2/20)
PENNSYLVANIA (77/492) 15.7%
Air Products & Chemicals, Inc. (1/7)
Alcoa, Inc. (12/40)
AmerisourceBergen Corp. (2/14)
Aramark Corporation (2/14)
CIGNA Corporation (3/12)
Comcast Corporation (5/35)

83

Crown Holdings, Inc. (1/15)

Erie Insurance Group (2/21)
H.J. Heinz Company (4/27)
Hershey Foods Corporation (1/12)
Ikon Office Solutions, Inc. (4/12)
Jones Apparel Group, Inc. (2/7)
Lincoln National Corporation (4/18)
Mellon Financial Corp. (5/46)
PNC Financial Services Group Inc. (3/12)
PPG Industries, Inc. (5/29)
PPL Corporation (1/26)
Rite Aid Corporation (4/23)
Rohm and Haas Company (1/7)
Sunoco, Inc. (1/14)
Toll Brothers, Inc. (0/20)
UGI Corporation (1/11)
Unisys Corporation (5/16)
United States Steel Corporation (1/16)
Universal Health Services, Inc. (4/15)
Wesco International, Inc. (0/8)
York International Corporation (3/15)
RHODE ISLAND (5/32) 15.6%
CVS Corporation (1/11)
Textron Inc. (4/21)
SOUTH CAROLINA (2/11) 18.2%
SCANA Corporation (2/11)
TENNESSEE (18/129) 14.0%
AutoZone, Inc. (6/41)
Caremark Rx, Inc. (2/13)
Dollar General Corporation (2/11)
Eastman Chemical (1/8)
FedEx Corporation (0/17)
HCA Inc. (4/23)
UnumProvident Corporation (3/16)
TEXAS (192/1081) 17.8%
Affiliated Computer Services, Inc. (4/15)
AMR Corporation (9/47)
Anadarko Petroleum Corp. (2/14)
Apache Corporation (3/22)
Baker Hughes Incorporated (1/19)
Brinker International, Inc. (20/73)
Burlington Northern Santa Fe Corp. (4/18)
Burlington Resources Inc. (1/20)
CenterPoint Energy, Inc. (1/15)
Centex Corporation (1/23)
Clear Channel Communications, Inc. (8/26)
84
Commercial Metals Company (1/7)

ConocoPhillips (4/40)
Continental Airlines, Inc. (3/17)
D.R. Horton, Inc. (1/8)
Dean Foods Company (2/11)
Dell Inc. (0/15)
Dynegy Inc. (1/7)
El Paso Corporation (1/5)
Electronic Data Systems (1/9)
Enbridge Energy Partners, L.P. (1/13)
Enterprise Products Partners, L.P. (4/37)
Exxon Mobil Corporation (2/27)
Group 1 Automotive, Inc. (0/11)
Halliburton Company (2/11)
J.C. Penney Company, Inc. (40/138)
Kimberly-Clark Corporation (3/12)
Kinder Morgan Energy Partners, L.P. (3/13)
Lyondell Chemical Company (2/17)
Marathon Oil Corporation (2/15)
Pilgrim's Pride Corporation (2/15)
Plains All American Pipeline, L.P. (1/17)
RadioShack Corporation (1/13)
Reliant Energy, Inc. (3/13)
SBC Communications Inc. (1/11)
Smith International, Inc. (2/10)
Southwest Airlines Co. (10/29)
Sysco Corporation (7/50)
Temple-Inland Inc. (2/18)
Tenet Healthcare Corporation (0/4)
Tesoro Corporation (1/14)
Texas Instruments Incorporated (2/14)
Triad Hospitals, Inc. (9/40)
TXU Corp. (6/48)
United Services Automobile Association
(5/14)
Valero Energy Corporation (3/18)
Waste Management, Inc. (3/22)
Whole Foods Market, Inc. (7/26)
Gannett Co., Inc. (8/32)

General Dynamics Corporation (2/30)
MCI, Inc. (6/15)
Nextel Communications, Inc. (2/21)
Norfolk Southern Corporation (5/36)
NVR, Inc. (0/4)
Owens & Minor, Inc. (3/11)
Performance Food Group Company (1/8)
SLM Corporation (6/26)
Smithfield Foods, Inc. (1/21)
US Airways Group, Inc. (8/23)
WASHINGTON (48/272) 17.6%
Amazon.Com Inc. (1/11)
Costco Wholesale Corporation (16/113)
Microsoft Corporation (1/16)
Nordstrom, Inc. (8/28)
Paccar Inc. (3/19)
Safeco Corporation (3/14)
Starbucks Corporation (11/38)
Washington Mutual, Inc. (2/13)
Weyerhaeuser Company (3/20)
WISCONSIN (40/210) 19.0%
American Family Ins. Group (3/30)
Harley-Davidson, Inc. (9/36)
Johnson Controls, Inc. (3/19)
Kohl's Corporation (2/13)
Manpower Inc. (2/10)
The Northwestern Mutual Life Insurance Co.
(9/35)
Rockwell Automation Inc. (2/17)
Roundy's, Inc. (4/14)
Wisconsin Energy Corporation (3/16)
WPS Resources Corp. (3/20)
UTAH (0/10) 0%
Autoliv, Inc. (0/10)
VIRGINIA (65/389) 16.7%
Advance Auto Parts, Inc. (1/18)
AES Corporation (6/44)
Brink's Company (0/5)
Capital One Financial Corporation (1/9)
CarMax, Inc. (9/52)
Circuit City Stores, Inc. (1/15)
Dominion Resources, Inc. (5/19)

APPENDIX 8: STATES, RANKED BY PERCENTAGE OF WOMEN

CORPORATE OFFICERS
State
IA
IN
WI
MD
CA
GA
NY
DE
SC
MA
NJ
MI
TX
WA
MN
CT
VA
IL
PA
RI
ID
NE
OH
TN
FL
KY
LA
DC
OK
NC
NV
AR
OR
KS
CO
MO
AZ
AL
NH
UT
Number F500
Companies
2
6
10
6
52
17
54
2
1
11
24
22
48
9
18
14
18
33
27
2
2
4
30
7
14
6
1
2
5
14
3
5
1
2
10
11
3
2
1
1
Total Number
Women Corporate
Officers
10
24
40
24
209
72
265
16
2
64
75
84
192
48
55
59
65
127
77
5
4
12
95
18
27
11
2
7
10
29
5
10
2
4
14
19
1
0
0
0
Total Number
Corporate Officers
42
122
210
130
1,139
393
1,449
88
11
353
419
473
1,081
272
316
354
389
794
492
32
27
81
656
129
208
88
16
58
86
252
44
95
20
42
159
250
57
31
5
10
Percentage
Women Corporate
Officers
23.8
19.7
19.0
18.5
18.3
18.3
18.3
18.2
18.2
18.1
17.9
17.8
17.8
17.6
17.4
16.7
16.7
16.0
15.7
15.6
14.8
14.8
14.5
14.0
13.0
12.5
12.5
12.1
11.6
11.5
11.4
10.5
10.0
9.5
8.8
7.6
1.8
0.0
0.0
0.0

85
APPENDIX 9: FORTUNE 500 COMPANIES WITH AT LEAST ONE

TOP-EARNING WOMAN CORPORATE OFFICER: 122
Company
ALBERTSON'S
AMERICAN ELECTRIC POWER COMPANY
APPLIED MATERIALS, INC.
ARAMARK CORPORATION
ARROW ELECTRONICS, INC
ASBURY AUTOMOTIVE GROUP, INC.
ASSURANT, INC.
AVON PRODUCTS, INC.
BANK OF AMERICA CORPORATION
BARNES & NOBLE INC.
BJ'S WHOLESALE CLUB, INC.
THE BOEING COMPANY
BRUNSWICK CORPORATION
CALPINE CORPORATION
CAMPBELL SOUP CO.
CAPITAL ONE FINANCIAL CORPORATION
CDW CORPORATION
THE CHARLES SCHWAB CORPORATION
CHEVRONTEXACO CORPORATION
CIGNA CORPORATION
CIRCUIT CITY STORES, INC.
THE CLOROX COMPANY
THE COCA-COLA COMPANY
COCA-COLA ENTERPRISES, INC.
COLGATE-PALMOLIVE COMPANY
CONSTELLATION ENERGY GROUP, INC.
CUMMINS
D.R. HORTON, INC.
DARDEN RESTAURANTS, INC.
DEAN FOODS COMPANY
DEVON ENERGY CORPORATION
DILLARD'S INC.
DOLLAR GENERAL CORPORATION
DUKE ENERGY
EASTMAN CHEMICAL
EDISON INTERNATIONAL
EL PASO CORPORATION
EXELON CORPORATION
FEDERATED DEPARTMENT STORES, INC.
FIRST DATA CORPORATION
FIRSTENERGY CORP.
THE GAP, INC.
GOLDEN WEST FINANCIAL CORPORATION
THE GOLDMAN SACHS GROUP, INC.
HARLEY-DAVIDSON, INC.
HEWLETT-PACKARD COMPANY
THE HOME DEPOT, INC.
HOVNANIAN ENTERPRISES, INC.
86
Number of Women
Top Earners
1
2
1
1
1
1
1
2
2
1
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
2
2
1
2
1
1
2
1
1
1


Number of Women
Top Earners
Company
IKON OFFICE SOLUTIONS, INC.

INTERNATIONAL PAPER COMPANY
JEFFERSON-PILOT CORPORATION
JOHNSON & JOHNSON
JONES APPAREL GROUP, INC.
KINDER MORGAN ENERGY PARTNERS, L.P.
KMART HOLDING CORPORATION
KOHL'S CORPORATION
LAIDLAW INTERNATIONAL, INC.
LAND O'LAKES, INC.
LIMITED BRANDS, INC.
LIZ CLAIBORNE, INC.
LUCENT TECHNOLOGIES INC.
LYONDELL CHEMICAL COMPANY
MANPOWER INC.
MARATHON OIL CORPORATION
MCI, INC.
MCKESSON CORPORATION
MEDCO HEALTH SOLUTIONS, INC.
MERCK & CO., INC.
METLIFE, INC.
MIRANT CORPORATION
MORGAN STANLEY
NASH FINCH COMPANY
NAVISTAR INTERNATIONAL CORPORATION
NIKE, INC.
NISOURCE INC.
NORTHEAST UTILITIES
OMNICARE, INC.
ORACLE CORPORATION
OWENS & MINOR, INC.
PACIFICARE HEALTH SYSTEMS INC.
PATHMARK STORES, INC.
PEPSICO, INC.
PFIZER INC
PITNEY BOWES INC.
PRUDENTIAL FINANCIAL, INC.
PUBLIC SERVICE ENTERPRISE GROUP, INC.
QWEST COMMUNICATIONS INTERNATIONAL INC.
RAYTHEON COMPANY
REYNOLDS AMERICAN INC.
RITE AID CORPORATION
ROSS STORES, INC.
ROUNDY'S, INC.
RYDER SYSTEM, INC.
SAFECO CORPORATION
SAFEWAY INC.
SARA LEE CORPORATION
1
1
1
1
1
1
1
1
1
1
1
2
2
1
1
1
1
1
1
1
2
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3
1
2
1
2
1
1
1

87

Company
SCHERING-PLOUGH CORPORATION
SEALED AIR CORPORATION
SLM CORPORATION
SMITH INTERNATIONAL, INC.
SOUTHWEST AIRLINES CO.
SUPERVALU INC.
TEACHERS INSURANCE AND ANNUITY ASSOCIATION COLLEGE
TELEPHONE AND DATA SYSTEMS, INC.
TEXTRON INC.
THRIVENT FINANCIAL FOR LUTHERANS
TIMKEN COMPANY
UNISYS CORPORATION
UNITED PARCEL SERVICE, INC.
UNITED SERVICES AUTOMOBILE ASSOCIATION
UNITED STATES STEEL CORPORATION
UNITED STATIONERS INC.
UNIVERSAL HEALTH SERVICES, INC.
US AIRWAYS GROUP, INC.
VERIZON COMMUNICATIONS INC.
WELLCHOICE, INC.
WENDY'S INTERNATIONAL, INC.
WHOLE FOODS MARKET, INC.
WINN-DIXIE STORES, INC.
WISCONSIN ENERGY CORPORATION
XCEL ENERGY INC.
XEROX CORPORATION
88
Number of Women
Top Earners
1
1
2
1
1
1
2
1
1
1
1
2
1
1
1
1
1
1
1
2
2
1
1
1
1
2

ADDENDUM NOTES
1) ChevronTexaco Corporation changed its name to Chevron Corporation.

2) Hershey Foods Corporation changed its name to The Hershey Company.
3) International Steel Company acquired Mittal Steel Company and is now called International Steel
Group.
4) Jim Jenness replaced Carlos Gutierrez as Chairman of Kellogg Company when Gutierrez was sworn in
as U.S. Secretary of Commerce.
5) Kmart Holding Corporation changed its name to Sears Holdings after acquiring Sears Roebuck.
6) Navistar International Corporation changed its name to International Truck and Engine Corporation.
7) Pacific LifeCorp changed its name to Pacific Life.
8) US Airways merged with America West Holdings Corporation.
9) Western & Southern Mutual Holding Co. merged with Lafayette Life Insurance Co.
89
ALSO BY CATALYST
The following Catalyst publications track other numbers of women in corporate leadership. To download
free copies of the reports, visit www.catalyst.org.
2005 Catalyst Census of Women Board Directors of the Fortune 500

In 2005, women held 14.7 percent of board seats at Fortune 500 companies, an average increase
of 0.5 percentage points per year over the last ten years. Almost 90 percent of companies had at
least one woman board director, up 0.2 percentage points from 2003. Sixty-four companies had
25 percent or more women directors, compared with 54 companies in 2003. Despite these
improvements, the pace of change remains slow.
2005 Catalyst Census of Women Board Directors of the FP500

In 2005, women held 12.0 percent of all board seats among the FP500 companies, up from 11.2
percent in 2003. Public companies, as a whole, made no progress in adding women to their
boardsthe percentage of women board directors at these companies increased only 0.2 points,
from 9.0 percent in 2003 to 9.2 percent in 2005.
2004 Catalyst Census of Women Corporate Officers and Top Earners of Canada
In 2004, women held 14.4 percent of corporate officer positions in the FP500, up from 14.0
percent in 2002. The number of companies with at least one woman corporate officer has actually
decreased to 61.4 percent from 62.4 percent in 2002. Of the women who are corporate officers,
neither the number of women who hold line positions nor the number of women who hold clout
titles has increased meaningfully.
The Bottom Line: Connecting Corporate Performance and Gender Diversity

Companies with the highest representation of women on their top management teams
experienced better financial performance than companies with the lowest womens
representation. This finding holds for both financial measures analyzed: Return on Equity (ROE),
which is 35 percent higher, and Total Return to Shareholders (TRS), which is 34 percent higher. In
each of the five industries analyzed, the companies with the highest womens representation on
their top management teams experienced a higher ROE than the companies with the lowest
womens representation.
Women Take Care, Men Take Charge: Stereotyping of U.S. Business Leaders Exposed
Analytical reviews of more than 40 studies on gender differences in leadership demonstrate that
men and women often lead in very similar ways. Yet this report reveals that both women and men
senior executives perceived that more women than men are effective at take care skills, such as
rewarding and supporting, and that more men than women are better at take charge skills, such
as delegating and influencing upward.
90
CATALYST BOARD OF DIRECTORS
Chair
Charles O. Holliday, Jr.
Chairman & CEO
DuPont
Secretary
Anne M. Mulcahy
Chairman & CEO
Xerox Corporation
Treasurer
Barbara Paul Robinson, Esq.
Partner
Debevoise & Plimpton LLP
Ann M. Fudge
Chairman & CEO
Young & Rubicam Brands
Marilyn Carlson Nelson

Chairman & CEO
Carlson Companies, Inc.
William B. Harrison, Jr.

Chairman
JP Morgan Chase & Co.
Joseph Neubauer
Chairman & CEO
ARAMARK
Jeffrey R. Immelt
Chairman & CEO
General Electric Company
Henry M. Paulson, Jr.

Chairman & CEO
The Goldman Sachs Group, Inc.
Ann Dibble Jordan

Consultant
James H. Quigley
CEO
Deloitte & Touche USA LLP
Susan Arnold
Vice Chairman, Global Beauty Care
The Procter & Gamble Company
Andrea Jung
Chairman & CEO
Avon Products, Inc.
John Browne
CEO
BP p.l.c.
Karen Katen
Vice Chairman, Pfizer Inc
President, Pfizer Human Health
Tony Comper
President & CEO
BMO Financial Group
Ilene H. Lang
President
Catalyst
A. D. Pete Correll
Chairman
Georgia-Pacific Corporation
Edward M. Liddy
Chairman, President, & CEO
Allstate Insurance Company
Mary B. Cranston, Esq.

Firm Chair
Pillsbury Winthrop Shaw Pittman LLP
John Mack
Chairman & CEO
Morgan Stanley
Michael J. Critelli
Chairman & CEO
Pitney Bowes Inc.
Reuben Mark
Chairman & CEO
Thomas J. Engibous
Chairman
Texas Instruments
Renetta McCann
CEO
Starcom MediaVest Group
Kevin B. Rollins
President & CEO
Dell Inc.
Stephen W. Sanger
Chairman & CEO
General Mills, Inc.
Stephanie A. Streeter
Chairman, President, & CEO
Banta Corporation
James S. Turley
Chairman & CEO
Ernst & Young LLP
G. Richard Wagoner, Jr.
Chairman & CEO
Chairs Emeriti, Catalyst Board of Directors

John H. Bryan
Retired Chairman & CEO
Sara Lee Corporation
Thomas J. Engibous
Chairman
Texas Instruments
J. Michael Cook
Deloitte & Touche LLP
Reuben Mark
Chairman & CEO
John F. Smith, Jr.

Expanding opportunities
for women and business
NEW YORK
120 Wall Street, 5th Floor
New York, NY 10005
tel/ 212-514-7600
fax/ 212-514-8470
SAN JOSE
2825 North First Street, Suite 200
San Jose, CA 95134
tel/ 408-435-1300
fax/ 408-577-0425
TORONTO
8 King Street East, Suite 505
Toronto, Ontario M5C 1B5
tel/ 416-815-7600
fax/ 416-815-7601
www.catalyst.org

2005 Census Fortune 500 Women Corporate Officers

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

2005 Census Fortune 500 Women Corporate Officers

Uploaded by

Copyright:

Available Formats

10-Year Anniversary

2005 Catalyst Census of

Ten Years Later:

2005 Catalyst Census of Women

Introduction and Key Findings

Chapter 1: Women Corporate Officers of the Fortune 500

Chapter 2: Access to Power

Chapter 3: Intersections of Race/Ethnicity and Gender

Chapter 4: Women Corporate OfficersDoes Fortune 500 Rank or Industry Matter?

Chapter 5: Voices of ExperienceInterviews with Women Corporate Officers

Chapter 6: Conclusions and Call to Action

Appendix 3: Number and Percentage of Women Corporate Officers, Ranked by

Industry with Company

with Fortune 500 Industry

Catalyst Board of Directors

DEFINITION OF TERMS USED IN THIS REPORT

INTRODUCTION AND KEY FINDINGS

u Women of color held only 1.7 percent of corporate officer positions.

Women in Line, Staff, and Clout Positions

to hold line positions (29 percent).

Women Corporate Officers, by Company Rank and Industry

THE BUSINESS CASE

WHY IS PROGRESS SO SLOW?

PROGRESS IS NOT ASSURED

CHAPTER 1: WOMEN CORPORATE OFFICERS OF THE

u Women of color held only 1.7 percent of corporate officer positions.

WOMEN CORPORATE OFFICERS

Percentage of Corporate Officer

*Change in percentage averaged over two years (15.7-12.5)/2

.82 Growth Rate

Percentage Change Total Number Men

Women Corporate Corporate Officers

More Women Corporate Officers, 2002 and 2005

WOMEN OF COLOR CORPORATE OFFICERS

Women of Color Corporate Officers

Figure 6: Race/Ethnicity of Non-White Women Corporate Officers, 2005

Percent of All Women Corporate Officers

by Women Corporate Officers, 2005

Figure 8: Number of Companies with Zero, One, Two, and Three or

u Women participate in the U.S. labor force in unprecedented numbers today.16

stereotypic perceptions include:

q Women dont have the right work experience.

q Women dont have the problem-solving skills.

q Lack of access to influential colleagues

q Lack of stretch assignments

q Limited flexible work arrangements

q An organization with barriers is not a meritocracy.

CHAPTER 2: ACCESS TO POWER

to hold line positions (29 percent).

WOMEN EXECUTIVES: IN LINE OR ON STAFF?

Figure 9: Percentage of Line and Staff Corporate Officer Positions Held

by Women, 2002 and 2005

WHO HAS CLOUT IN THE FORTUNE 500?

Golden West Financial

Total Number Men

Percentage of all Clout

Clout Title Holders

of All Clout Title

2005 Catalyst Census of Women Board Directors of the Fortune 500

u Occupational segregation, as evidenced by the line-staff gender data, reflects stereotypic

q Womens work-life needs, desires, and capabilities

q Womens career choices

will hold clout titles.

hiring and promotion outcomes.