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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.

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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.