New Empower Role Model Lists Spotlight Diverse Leaders as FTSE 100 CEO Gap Persists

While board diversity is improving, ethnically diverse women remain almost absent from the highest executive roles. The 2026 Empower Role Model Lists celebrate the leaders working to change that picture by opening doors and creating more inclusive workplaces.

Ethnically diverse women remain almost entirely absent from the highest leadership positions in major UK and US businesses, despite years of progress on board diversity and inclusion. New analysis released alongside the 2026 Empower Role Model Lists from INvolve – The Inclusion People, supported by YouTube, reveals that none of the FTSE 100’s largest listed companies is currently led by an ethnically diverse woman CEO.

Across the Atlantic, representation is only marginally stronger. Just nine Fortune 500 companies are led by ethnically diverse women CEOs, representing 1.8% of America’s largest businesses. The figures highlight one of the most persistent gaps in corporate leadership, where progress on ethnic diversity and gender equality has yet to translate into meaningful intersectional representation at the very top of business.

PROGRESS YET TO REACH CEO ROLE

The findings contrast sharply with improvements seen elsewhere in corporate leadership. As Fair Play Talks recently reported, the Parker Review 2026 found that 98 FTSE 100 companies now have at least one ethnic minority director, while ethnic minority leaders now hold 20% of all FTSE 100 directorships. However, the Review also highlighted that Black leaders remain particularly underrepresented in senior positions, demonstrating that representation is not progressing equally across all communities.

Yet that momentum has stalled when it comes to chief executives. Although 14 FTSE 100 companies are now led by ethnic minority CEOs, none of those leaders are women, illustrating how race and gender continue to intersect to create additional barriers to reaching the very highest corporate positions. The findings build on previous research showing that ethnic minority representation in Britain’s most senior leadership roles has continued to improve steadily in recent years, although progress for Black executives has remained considerably slower than for other ethnic minority groups.

The picture in the United States follows a similar pattern. While women now occupy a record number of Fortune 500 CEO positions overall, ethnically diverse women remain significantly underrepresented among America’s most powerful business leaders. Greater representation also makes economic sense. Previous research found that ethnic minority-led businesses contribute up to £74 billion annually to the UK economy, demonstrating the value of ensuring talented leaders from every background have equal opportunities to progress.

REPRESENTATION AT THE TOP MATTERS

Chief executives shape organisational culture, influence investment, determine succession planning and help define who is seen as future leadership material. The continued absence of ethnically diverse women from CEO positions suggests many organisations still face challenges in building truly inclusive leadership pipelines.

The findings also mirror wider challenges affecting women in business. Earlier this year, Fair Play Talks reported that while women now hold a growing proportion of board seats, the UK’s most senior executive positions remain overwhelmingly male, demonstrating that board representation alone does not guarantee equal access to the top job.

Career progression also has long-term financial consequences. A recent report revealed that persistent gender pay inequality could cost women millions of pounds over the course of their careers, highlighting why equal access to leadership opportunities remains both an inclusion and economic issue.

For women of colour, these barriers are often compounded. Previous reports on Fair Play Talks have explored how ethnicity pay gaps can reinforce and compound existing gender inequalities, leaving many women facing a double disadvantage throughout their careers.

DIVERSE WOMEN STILL ABSENT FROM TOP ROLES

“The harsh reality is that ethnically diverse women remain notably absent from most of the most powerful roles in business. CEOs set strategy, shape culture, influence investment and decide who gets seen as future leadership material. When the top of business does not reflect the diversity of our society, it has a direct impact on how seriously organisations address inclusion, how they build their succession pipelines, and whether people of colour can see a clear route to the very top,” stated Suki Sandhu OBE, Founder and CEO of INvolve – The Inclusion People and Audeliss.

“Ethnically diverse women face barriers linked to both race and gender, and the evidence shows that too many companies are still failing to remove those barriers at the most senior level. Businesses need to keep investing in inclusive leadership, fair progression and visible role models. The incredible individuals on our Empower Role Model Lists show what is possible when leaders use their influence to open doors and create workplaces where everyone can succeed.”

Pepi Sappal, Founder of Fair Play Talks and a 2026 Empower Executive Role Model, said: “This recognition is incredibly meaningful because it celebrates leaders who are committed to opening doors for others. While progress on board diversity is encouraging, today’s figures show that ethnically diverse women remain largely absent from CEO positions. Businesses have an opportunity – and a responsibility – to build leadership pipelines that reflect the diverse talent already within their organisations. When people can see leaders who look like them, it changes what’s possible.”

EMPOWER ROLE MODELS: CELEBRATING INCLUSIVE LEADERS

The 2026 Empower Role Model Lists, supported by YouTube, recognise senior leaders, future leaders and advocates who are helping remove barriers for people of colour in the workplace and creating more inclusive organisations.

2026’s Top 10 Empower Executives

This year’s Top 10 Empower Executives out of 100, include:

1. Ije Nwokorie – CEO, Dr. Martens
2. John Hope Bryant – Founder & CEO, Operation HOPE, Inc.
3. Manashi Guha – Chief Growth Officer, L’Oréal UK & Ireland
4. Justin Onuekwusi – Chief Investment Officer, St. James’s Place
5. Gayathri Kamalanathan – Partner, Slaughter and May
6. Allyn Shaw – Chief Business Execution and Risk Officer, Truist
7. Tom Shropshire – Senior Vice President & General Counsel, Thermo Fisher Scientific
8. Christopher Ononye – Managing Director & Chief Auditor – Global Corporate Functions, JPMorgan Chase & Co.
9. Aki Hussain – Group Chief Executive Officer, Hiscox
10. Aico Troeman – Managing Director & Senior Partner, Boston Consulting Group

2026 Top 10 Empower Future Leaders

The Top 10 of 100 Empower Future Leaders for 2026 are:

1. Neha Dhaun – Head of Consumer & Competition Law, Sainsbury’s
2. Nana Agyemang – Proposition Delivery Manager, Barclays
3. Alexander Matambo – Account Manager, Bloomberg
4. Olivia Grant – Associate (Solicitor), Reed Smith LLP
5. Edward Odofin – Global Business Resilience Lead, BBC
6. Tokeer Ahmed – Head of Salesforce Transformation, Capgemini
7. John Hung – Senior Director (Global Category – Operations), bp
8. Maciah Smith – Open Innovation & Roadmapping Analyst, Johnson Matthey
9. Ahra Jo – Senior Program Manager, Microsoft
10. Shailen Bhat – Senior Manager, Reputation Management, HSBC

Top 10 Empower Advocates

The Top 10 Empower Advocates for 2026 include:

1. Jon Holt – Group Chief Executive and UK Senior Partner, KPMG
2. David Tyler – Chair, PZ Cussons
3. Serpil Timuray – Chair & Non-Executive Director, #ChangeTheFace; BAT
4. Miranda Collard – CEO, Americas, TP
5. Scott Salmirs – President & CEO, ABM Industries
6. David Hynam – Chief Executive Officer, LV=
7. Nick Mackenzie – Chief Executive Officer, Greene King
8. Andrew Jolly – Partner, Slaughter and May
9. Victoria Evans – Partner, Oliver Wyman
10. Brigit Simler – Global Head, Employee Advocacy, Standard Chartered Bank

GUIDANCE FOR EMPLOYERS

While the number of ethnic minority directors on FTSE 100 boards has increased significantly, the absence of ethnically diverse women in CEO positions demonstrates that representation at board level alone is not enough. Organisations looking to build stronger and more inclusive leadership pipelines should consider:

• Measure progression, not just representation. Track who is promoted into senior operational and executive roles, not simply board appointments.
• Review succession planning. Ensure ethnically diverse women are actively considered for P&L, operational and CEO-track positions, where future chief executives are often developed.
• Invest in sponsorship as well as mentoring. Senior leaders who actively advocate for high-potential talent can help remove barriers to progression.
• Address intersectional barriers. Consider how race, ethnicity and gender combine to shape career experiences, promotion opportunities and access to influential networks.
• Create equitable access to leadership development. Ensure executive coaching, stretch assignments, international opportunities and strategic projects are available to diverse talent.
• Use data to drive accountability. Monitor recruitment, promotion, pay, retention and leadership representation by both ethnicity and gender to identify where barriers remain.

LOOKING BEYOND THE NUMBERS

The latest data shows that while board diversity continues to improve, progress towards truly representative executive leadership remains much slower. The 2026 Empower Role Model Lists celebrate leaders who are helping to change that picture by opening doors, championing inclusion and inspiring the next generation of talent.

The statistics also serve as a reminder that achieving equitable leadership will require sustained commitment, transparent succession planning and continued investment in developing diverse talent at every level of business. Click here to view all three EMpower lists for 2026.

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