When it comes to giant paychecks, 10 women stand above the pack in the S&P 500. But does it pay off for investors, too?
The answer is largely, no. The average gain of the stocks with the highest paid women CEOs last year was just 16.3%, says an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge. That lagged the S&P 500’s gain of 23.3%. Only five of the stocks topped the S&P 500.
And it’s not paying off this year either. These 10 stocks are up an average of just 5.9% year to date. That trails the S&P 500’s 11.5% gain.
But there are exceptions.
Pay Goes Up At Otis, But Not The Stock
Consider the situation at elevator company Otis Worldwide (OTIS). The CEO, Judith Marks, was paid $42.1 million in 2024. That’s more than any other women CEOs in the S&P 500.
And yet, shares of the company rose just 3.5% last year. And it’s a similar story this year so far. Shares are down 3.5%. The Otis chart shows the lag, with an RS Rating of just 18. Analysts think EPS will only creep up by 6% this year.
Some Highly Paid Women CEOs Do Pay Off
That’s not to suggest all highly paid women CEOs fail to generate stock-market gains. Both the No. two and No. three top paid female CEOs helped push their share prices past the S&P 500 last year.
Equinix‘ (EQIX) CEO Adaire Rita Fox-Martin received 2024 pay of $37 million. And shares of the data center company rose 17.1% last year. Shares of Equinix carry an RS Rating of 26. But earnings are stellar, with an EPS Rating of 96.
Meanwhile, Citigroup‘s (C) Jane Fraser pushed the bank’s shares up nearly 37% last year and another 33% in 2025 so far. You won’t hear any grumbling about her 2024 pay of $31.1 million. Citigroup sports an EPS Rating of 84. That’s even higher than JPMorgan Chase‘s (JPM) RS Rating of 79.
Investors don’t mind paying up for talent. But they want to make sure there’s a payoff.
Top Paid Women CEOs
Based on 2024 compensation reported in 2025
| Company | Symbol | CEO | 2024 stock % ch. | YTD stock % ch. | 2024 pay ($ millions) |
|---|---|---|---|---|---|
| Otis Worldwide | OTIS | Judith Marks | 3.5% | -3.5% | $42.1 |
| Equinix | EQIX | Adaire Rita Fox-Martin | 17.1% | -15.0% | 37 |
| Citigroup | C | Jane Fraser | 36.8% | 33.2% | 31.1 |
| Advanced Micro Devices | AMD | Lisa Su | -18.1% | 78.4% | 31 |
| General Motors | GM | Mary Barra | 48.3% | 3.9% | 29.5 |
| Williams-Sonoma | WSM | Laura Alber | 83.5% | -2.0% | 27.7 |
| Expedia Group | EXPE | Arlane Gorin | 22.8% | 12.9% | 25.1 |
| Canaan | CAN | Julie Sweet | -11.3% | -47.2% | 24.9 |
| United Parcel Service | UPS | Carol Tome | -19.8% | -34.2% | 24.1 |
| Northrop Grumman | National Olympic committee | Kathy Warden | 0.2% | 32.9% | 24.1 |
Source: S&P Global Market Intelligence
Follow Matt Krantz on X (Twitter) @mattkrantz
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