Women CEOs are Twice as Likely to Be Targeted by Shareholder Activism Campaigns

Shareholder activism campaigns are increasingly focusing on CEOs, with women leaders disproportionately targeted. Between 2018 and 2025, among campaigns that explicitly targeted CEOs—criticizing their leadership or calling for their removal—the share aimed at women was 16%. In the Russell 3000, that’s about two and a half times what expected based on their rate of representation in the CEO population (about 6% on average during this period).

The report, produced by The Conference Board with data from ESGAUGE, reveals that the surge in CEO-focused activism comes amid broader shifts in the shareholder landscape. Activism campaigns in the Russell 3000 have more than tripled since 2018, peaking at over 400 in 2024 before easing to 300 in 2025.

“Since the pandemic, campaigns have accelerated amid heightened market volatility and scrutiny. CEOs are now held directly accountable for missteps, ESG controversies, or lagging performance—making rigorous reviews, succession planning, and active board engagement essential,” said Matteo Tonello, Head of TCB Benchmarking and Analytics at The Conference Board and coauthor of the report.

The report was produced in collaboration with Russell Reynolds Associates and the Rutgers Center for Corporate Law and Governance. The findings come from public disclosures by Russell 3000 companies filed through October 31, 2025.   

1—Activism Targeting CEOs

The CEO seat has become one of the most vulnerable targets of shareholder pressure:

• Between 2018 and 2025, activists launched 127 campaigns aimed at ousting or replacing a CEO. The annual rate of campaigns shows sharp growth, from 5 in 2018 to 39 in 2025.
• Leadership under scrutiny: “The CEO often becomes a symbolic focal point, with calls for leadership changes typically tied to broader campaigns for board representation or strategic redirection,” said Brian Campbell, Leader of The Conference Board Governance & Sustainability Center.

Female CEOs are twice more likely to be targeted by activists:

• In 2025, women made up 8% of Russell 3000 CEOs yet accounted for 15% of activist campaigns explicitly targeting CEOs. Compared to male CEOs, they are twice more likely to be targeted.
• Why the disparity? A few factors may help explain this pattern:
  • Perceptions of influence: Activists may believe it’s easier to exert their influence over female CEOs. This possible explanation rests on another stereotype—that women are generally more cooperative than men.
  • Performance attribution: Research shows female CEOs face similar dismissal rates regardless of firm performance, while male CEOs are less likely to be ousted when results are strong.

2—Volume of Shareholder Activism Campaigns

Shareholder activism surged to record highs in 2024 before slowing down in 2025:

• In 2024, shareholder activism surged in the Russell 3000 with 411 campaigns, triple the levels of 2018. But activity slowed in 2025, with just over 300 campaigns.
• New players, new tactics: "The US activism environment is maturing and becoming more complex, characterized by new players, evolving tactics, and shifting boardroom dynamics. Boards should stay vigilant through vulnerability assessments, active engagement, clear disclosure, and tested preparedness plans,” said Richard Fields, Head of the Board Effectiveness Practice at Russell Reynolds Associates.

3—Universal Proxy Rules

Despite early expectations, universal proxy cards have not consistently favored activists:

• Introduced in 2022, universal proxy rules allow shareholders to vote for a mix of company and activist nominees on a single ballot—making it easier for activists to win seats by letting investors “mix and match” incumbents and dissidents.
• But boards continue to hold the advantage: Of the 57 proxy fight campaigns launched in 2025, only 8 proceeded to a vote—companies won 5 and activists secured 3 partial gains.
• What it means for boards: “Institutional support continues to tilt outcomes toward credible incumbents; director qualifications, refreshment practices, and sustained engagement remain decisive,” said Matteo Gatti, Professor of Law at Rutgers Law School.

4—Exempt Solicitations

Exempt solicitations have surged as a favored activist tool in recent years but are now cooling off:

• Exempt solicitations climbed from 109 in 2018 to 380 in 2024 (+249%). But the volume dropped to 239 in 2025—likely reflecting the overall decline in shareholder activism and proposals this year.
• How they’re used: Exempt solicitations let investors share views on proxy matters—such as director elections or shareholder proposals—without triggering the costly rules of full proxy solicitations.
• Evolving activist playbook: “Activist investors have become far more sophisticated in their communications. They now deploy digital storytelling, multimedia campaigns, and carefully crafted governance narratives to rally institutional investors and shape public opinion,” said Umesh Chandra Tiwari, Executive Director of ESGAUGE.

Most exempt solicitations are intended to support shareholder proposals:

• Most exempt solicitations filed in 2025 supported shareholder proposals, though some targeted shareholder or management proposals:
  • 68% urged support for shareholder proposals (often on governance or sustainability topics).
  • 20% pressed shareholders to oppose a management proposal (e.g., director elections, say-on-pay votes, or bylaw amendments opposed by activists).
  • 9% urged votes against a shareholder proposal—largely ESG-related measures criticized as politically motivated or inconsistent with fiduciary duty.