Monday, November 17, 2025

Today’s corporate boards look like the past: older directors, more male appointees, and less turnover

In today’s CEO Daily: Diane Brady on corporate boards’ vintage look.
The big story: Trump’s Epstein reversal.
The markets: U.S. futures are up; Bitcoin continues to tumble.
Plus: All the news and watercooler chat from Fortune.

Good morning. Corporate boards have a new look—but it harkens back to how boards looked years ago, according to a new report from the Conference Board released today and shared exclusively with Fortune prior to publication. Only 45% of companies in the Russell 3000 disclosed directors’ race and ethnicity in 2025, down from 85% last year, while disclosures from S&P 500 companies fell to 66% from 98%.

What changed? For one thing, the U.S. Court of Appeals for the Fifth Circuit overturned Nasdaq’s disclosure and diversity rules last December, which meant Nasdaq-listed companies were no longer required to meet or disclose board diversity targets. President Donald Trump also came to the White House this year with a vow to “end the government policy of trying to socially engineer race and gender into every aspect of public and private life,” issuing a raft of executive orders aimed at dismantling diversity, equity and inclusion programs. Thus began a nationwide corporate effort to scrub references to DEI on websites, job postings, HR manuals and public disclosures.

Some other trends have emerged from the Conference Board analysis:

Fewer women appointees: From 2022 to 2025, the share of newly elected women directors on Russell 3000 boards fell from 42% to 33%; among S&P 500 boards, the share fell from 43% to 36%. (Side note from another study: more than 40% of AI startups in California have no women on their boards.)

Older directors: The number of directors aged 66 to 70 grew from 19% in 2021 to 22% in 2025 in the Russell 3000 and from 22% to 26% in the S&P 500. About 16% of directors across both indices are 56 to 60, down from 19% in 2020, and the number of those under 55 are stagnant or declining. What’s more, the number of boards with mandatory retirement policies has declined. Turnover has also declined.

Demand for new skills: Not surprisingly, the demand for expertise in tech, cybersecurity, and human capital is taking priority over a background in areas like strategy and law. The percentage of directors with tech expertise basically doubled to 30% in the Russell 3000 and 44% in the S&P 500 between 2021 and 2025.

Demand for focus: The era of the trophy director is waning. About 56% of Russell 3000 boards now limit how many boards a director may serve on, up from 44% in 2020. Among S&P 500 boards, the percentage with restrictions grew from 68% to 85%. (As Deloitte chair Lara Abrash noted in a recent commentary, increased expectations and complexity are also making boardroom burnout a growing concern.)

More news below.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

Trump’s about-face on Epstein

U.S. President Donald Trump sharply reversed course on Sunday night, urging Congressional Republicans to release the Epstein files. An upcoming vote to compel the Justice Department to release material from its investigation into the convicted sex offender is splitting the Republican party and the larger MAGA movement.

Flight restrictions end

The U.S. Federal Aviation Administration said Sunday night that it will lift the flight restrictions it imposed at 40 major airports during the government shutdown. Airlines are hopeful that air travel will return to normal before the busy Thanksgiving period.

Japan’s economic contraction

Japan’s economy shrunk 1.8% in the July-September period, its first year-over-year decline in six quarters, as U.S. tariffs stifled trade in the country’s automotive and parts sector. Meanwhile, Japanese tourism-related stocks sank on Monday after China advised citizens against traveling to Japan amid an escalating diplomatic spat.

Goldman’s record year

Goldman Sachs is set to capture its largest share of deals in nearly 25 years. The investment bank has advised on 34% of global merger value, up from 28% in 2024, with seven weeks left in the year.

Phia’s data collection

Phia, the AI shopping agent co-founded by Bill Gates’ daughter Phoebe Gates, has been capturing a concerning amount of user information through its browser extension, cybersecurity experts say. “[E]very page a user loaded was being replicated, packaged, and shipped off in the background, seemingly without users’ consent or knowledge,” Fortune’s Beatrice Nolan reports. In a lengthy statement, Phia said its previous and current versions “performed logging in an aggregate and anonymous way.”

Cheaper groceries

President Trump announced on Friday that his administration will eliminate tariffs on beef, coffee, and tropical fruits. Bernard Yaros, lead U.S. economist at Oxford Economics, wrote in a note that more food products could see similar treatment as the midterm elections get closer.

A key CEO trait

A new book by the co-leaders of McKinsey & Company’s CEO Practice found that high-performing CEOs follow a “curiosity and learning mindset.” They learned faster, were more adaptable, and had “institutionalized methods for being able to neutralize their excesses and capitalize on their strength and edge,” co-author Kurt Strovink told Fortune.