15th Annual Retail & Apparel Spencer Stuart Board Index

Spencer Stuart is pleased to present the 15th edition of the Retail & Apparel Spencer Stuart Board Index, which highlights the latest data and trends in board composition, board practices and director compensation for 111 of the top U.S. retail and apparel companies.

Download now > 

Highlights include:

• More retail and apparel boards added new independent members. Nearly 59% of boards added new independent directors in 2019, while 53% of retail and apparel boards added new directors the previous year. The 112 new independent directors on boards represented 13% of 871 total directors on retail and apparel boards, compared with 11% of the 866 independent directors in 2018.
• An increasing number of large retailers are splitting the chair/CEO roles. Seventy-nine percent of retail and apparel companies with revenues of more than $20 billion split the role, compared with 50% in 2018 and 43% in 2017. Overall, 68% of retail and apparel companies split the roles in 2019, compared with 62% in 2018.
• Retail and apparel boards inched further towards gender equality. The percentage of retail and apparel boards with at least one female director remained static at 95% from 2018 to 2019, but the total number of female directors on retail and apparel boards reached 325, a 12% increase from 289 a year earlier. Female directors now constitute 31% of retail and apparel boards, compared with 27% in 2018, 25% in 2017 and 18% in 2007. On S&P 500 boards, women make up 26% of directors.