Dr. Drew Gilpin Faust is Harvard University’s first female president. It’s a milestone in the Ivy League’s 371 year history. Faust takes the helm after a scandalous firestorm of controversy aimed at the former Harvard president Lawrence Summers, who made remarks indicating gender might account for fewer women leaders in science and engineering.
But what really impresses me about this appointment is that Faust’s new position elevates her in a way that also indirectly makes strides for women in finance. According to the Christian Science Monitor Faust will oversee a budget on par with top corporations. Harvard has a $3 billion budget and $29 billion endowment. Of the 20 female CEOs in the Fortune 1000, only one runs a firm with assets greater than Harvard’s. This is such a rare accomplishment that I wanted to do a quick debriefing here.
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Currently, 10 FORTUNE 500 companies are run by women, and a total of 20 FORTUNE 1000 companies have women in the top job.
As for Harvard, I’d keep an eye on the inner workings of the tenure system there because Faust’s voice is bolstered with this new appointment and she is already known for her work to advance women on the Harvard staff. So look out for more changes. Faust is in a position to influence certain work/life issues that have impacted women seeking tenure who find that pregnancies interrupt the process, and often sidetrack their status. Change. She is a-coming. Albeit slowly.
