Worcester Business Journal

10 Worcester Business Journal | February 6, 2023 | wbjournal.com No Central Mass. public company has a female CEO, although that's not deterring young professionals from high aspirations IMAGE | ADOBE STOCK.COM BY ISABEL TEHAN WBJ Staff Writer T he landscape for women's business leadership at the highest level in Central Massachusetts took a hit this past spring when Shacey Petrovic resigned as president and CEO of Acton medical-device company Insulet and le the region without a single female CEO at any of its publicly traded companies listed on the NASDAQ or New York Stock Exchange. For women pursuing leadership roles in the region, this climate for women at the top level is not shocking, but instead it is yet another motivator to seek out ways to empower one another in traditional and non-traditional ways. Recognizing the sample of public companies in Central Massachusetts does not paint the whole picture, but rather offers a snapshot of the environment, working women are not hopeless about leadership prospects. Rather, they are seeking out ways to circumvent traditional leadership roles for entrepreneurial pursuits and doubling down on initiatives to move themselves and female colleagues beyond middle management to the C-suite. For Central Massachusetts to be in line with the national averages, only one or two women would need to be in the role at one of the 15 companies, said Jean Beaupre, dean of the School of Business at Nichols College in Dudley. Still, beyond reaching that threshold, it's important for companies to realize how they might benefit from women in leadership roles. "Gender inequity isn't just a societal issue," said Beaupre. "It actually is smart business to have equity in your business." Creating opportunities Tackling the women's leadership issue is a two-fold approach, said Lisa Prior, president of the Boston Club, a professional women's organization and community joining female executives together in pursuit of additional leadership opportunities. On the one hand, said Prior, there's a marked move for women to begin their own companies, a metric where the 46-year-old organization has seen an increase. For young professional women in Worcester, this is a cause for hope, said Katherine Aguilar, community outreach and inclusion director at the networking group Worcester Young Professional Women's Association. "Instead of going out to climb a ladder, we're creating our own tables," said Aguilar, who is the CEO of her company, Kommon Sense Co., a plastic- free gi shop in Worcester she started at age 25. Prior, who became president at the Boston Club in July, has operated her own firm, Prior Consulting in Newtonville, since 2000. Business ownership comes with other difficulties for women. "Many more women are starting businesses," said Prior, "but with that comes the issue that women have less access to capital and equity." The benefits of female CEOs For Prior, the increase of female entrepreneurship is only half of the solution. She does not want to ignore the fact additional resources need to be made available for women who do want Jean Beaupre, Nich- ols College business dean F O C U S W O M E N I N L E A D E R S H I P Climbing their own ladder Percent of women in leadership National Mass. Corporate CEOs 6% 8% Corporate board seats 21% 24% Nonprofit CEOs 25% 26% Nonprofit board seats 36% 35% Source: Nichols College Womens Leadership Index 2021 Lisa Prior, president of the Boston Club, an organization for women in business

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