Four out of five newly promoted top executives of American business firms were elevated from within companies, a University of Michigan study reveals. Promotion to chairman, president, or vice-president took place after an average of 11.4 years with the firm.
Of the 1,661 newly promoted executives surveyed, 98.9 percent are male. But the report notes the beginning of a new trend: rising participation of women. In the last two years, 29 female vice-presidents, two presidents, and one chief executive have been promoted.