FOREWORD
Leading in energy and infrastructure has never been simple. But today, the stakes feel higher than ever. Between the urgency of decarbonisation and the relentless pace of digital change, leaders are no longer simply responsible for managing companies; they are navigating a fundamental shift in how our economies and societies operate.
Having worked across sectors including water, nuclear, oil and gas, as well as FMCG, I have seen first-hand how the expectations placed on leaders in these industries continue to evolve.
In my experience, the most difficult leadership decisions are rarely made in the spotlight. They happen in quieter moments, often with incomplete information and the knowledge that the consequences will ripple far beyond the organisation itself. Yet leaders in these sectors increasingly find their decisions examined in very visible ways, operating under significant public scrutiny. In those moments, the quality of judgement and leadership matters profoundly.
This article brings together the voices of women leading complex organisations in industries that have, for too long, been seen as a man’s world. What struck me most in these conversations was not only the depth of their expertise, but the honesty with which they describe the realities of leadership. They speak candidly about the pressures of operating in regulated, high-stakes environments, the resilience required to lead through uncertainty, and the importance of strong support networks when the weight of responsibility becomes heavy.
There is an important message here for boards and investors. Different perspectives are not about meeting diversity targets; they are a competitive advantage. Organisations are stronger when they recognise and support a broader range of leadership styles, experiences and viewpoints.
Whether you are an aspiring leader, or a board member thinking about the next generation of CEOs, I believe the insights shared here offer a thoughtful and timely perspective on what leadership really requires today.
Ultimately, progress will not come simply from increasing representation at the top, but from building a culture where leaders are valued for the contribution they make to business, society and the world around them. Encouragingly, many leaders across these sectors are actively supporting that shift, recognising the strength and perspective that diverse leadership brings.
Dr Ros Rivaz
Chair, Anglian Water; Chair, Companies House
Contributors:
Charley Maher
Group Chief Executive Officer, South Staffordshire Group
Chris Burchell
Managing Director, SSEN Distribution
Diane Burke
Chief Operating Officer, CalMac Ferries
Ellie Burrows
Regional Managing Director- Eastern and Deputy CEO, Network Rail
Emma Gilthorpe
Former Chief Executive Officer, Royal Mail
Jo Dow
Chief Executive Officer, Scottish Water Business Stream
Katy Dowding
President and Chief Executive Officer, Skanska UK
Katy Taylor
Chief Executive Officer, Wightlink Ferries
Nicola Hindle
Chief Executive Officer, Matrix Group
What can female CEOs in energy, utilities and infrastructure teach us about leadership today?
Across energy, infrastructure and industrial businesses, the CEO role has evolved significantly. Capital intensity, regulatory scrutiny, private equity ownership structures and digital transformation are reshaping the demands of the “top job”.
As a result, boards are rethinking what leadership capability looks like, and how they approach CEO succession in energy, utilities and infrastructure businesses.
Over recent months, I’ve spoken with female CEOs and senior leaders across utilities, transport, construction and sponsor-backed infrastructure businesses. While progress is visible, global data still shows women holding just 29% of C-suite roles, with little movement from the year before.
I have to admit, that is disappointing to see. It raises an important question about whether we’re focusing our efforts in the right place.
Are boards and business leaders creating the conditions that enable women not only to reach the CEO role, but to succeed once they get there?
I explored this question with several female leaders across these sectors.
Summary of key insights from these conversations:
- The CEO role in infrastructure is becoming more complex, not less attractive
- The real succession gap sits at the CEO-1 layer, not at entry level
- Sponsorship still plays a critical role in female leadership progression
- First-time CEOs need far more transition support than most boards provide
- Future leadership pipelines must adapt to changing talent expectations
Is The CEO Role Becoming More Demanding?
In short, yes.
The scope of the CEO role has expanded significantly. Leaders today are navigating a complex mix of decarbonisation targets, energy security and increasing pressure on capital investment.
Despite the increasing demands of the role, the leaders I spoke with were not deterred by the challenge. For many, the complexity is precisely what makes the role meaningful.
You don’t step away from that level of responsibility because the environment is uncertain. If anything, that’s when leadership matters most.
– Emma Gilthorpe, Former Chief Executive Officer, Royal Mail
Ownership structures are also changing. With more private equity and infrastructure funds involved, the pace of governance has intensified. What used to be a quarterly conversation is now much more immediate, with a constant focus on value creation.
At the same time, decisions are often made with incomplete information. Geopolitical events, supply chain disruption and technological change can all land at once.
The biggest challenge is dealing with ambiguity and sustaining resilience. You’re constantly making decisions with imperfect information, and ultimately the accountability sits with you
– Jo Dow, Chief Executive Officer, Scottish Water Business Stream
Leadership at CEO level now requires stamina as much as strategy.
The ability to absorb pressure, stay clear-headed and keep the organisation moving forward is just as important as setting the direction.
Grit vs. Resilience:
A theme that emerged in my conversations was the distinction between grit and resilience. The two are often used interchangeably, but leaders described them slightly differently.
- Grit is often what gets someone to the top: the determination and perseverance required to build a career and take on increasing responsibility.
- Resilience, however, tends to develop over time. It grows through experience, constructive challenge, honest feedback and, importantly, through the support systems leaders build around themselves.
Navigating the "Ambition Penalty"
Several leaders spoke about the different standards female CEOs can still face. We discussed the idea of the “The Ambition Penalty”, explored by Stephanie O’Connell, where behaviours interpreted as confidence in male leaders can sometimes be labelled as aggression in female leaders.
There is still a degree of misogyny in some environments. Women can find themselves held to a higher account for behaviours that would be interpreted very differently in men.
– Katy Taylor, Chief Executive Officer, Wightlink Ferries
The implication is not that women should lead differently. It’s that boards, investors and commentators must examine the lenses through which leadership behaviour is judged. If expectations are not applied consistently, we risk increasing the scrutiny placed on leaders who are already underrepresented.
Loneliness at the Top
We also spoke about something that is rarely acknowledged openly: the emotional dimension of the CEO role. Many of the leaders I spoke with reflected that the position can be surprisingly lonely.
At the top of an organisation, leaders are expected to project clarity, confidence and stability, even when they themselves are navigating uncertainty. That combination of visibility, responsibility and expectation can create a degree of isolation that is rarely discussed openly.
Recognising that reality is part of understanding what modern CEO leadership really requires.
Where is the Female CEO Succession Pipeline Breaking?
Positivity, in many parts of construction, infrastructure and energy, female leaders are no longer the exception. We see visible progress at CEO level, and encouraging talent emerging at the Director level.
However, a gap sits one layer below the CEO: CEO-1 level, the executives who report directly to the CEO and form the most immediate succession pool.
According to research from McKinsey & Company’s Women in the Workplace report, female representation declines at every step of the leadership ladder, with the most significant drop occurring between middle management and the executive leadership layer.
Organisations can’t rely on chance when it comes to developing future CEOs. The day‑to‑day pressures will always be there, but part of leadership is stepping back to ensure emerging talent gains the breadth, visibility and confidence to take on bigger roles.
That intentional support at CEO‑1 level is crucial, without it we limit the diversity of leaders ready to move into the top job
– Katy Dowding, President and Chief Executive Officer, Skanska UK
In infrastructure sectors, definitions of “CEO readiness” often place heavy emphasis on technical delivery experience. While operational credibility is important, over-indexing on it can unintentionally narrow the field of potential successors, and in many cases, candidate specifications favour familiar historical profiles rather than the diverse capabilities required for the future.
In infrastructure, boards may be placing increased weight on direct experience of delivery and capital programmes. But that shouldn’t explain a decline in female CEOs. A CEO’s role is not to be a technical expert in every domain, but to provide the great leadership needed to build the team and the conditions for success in an ever-evolving environment.
– Chris Burchell, Managing Director, SSEN Distribution
Accelerating female representation requires a deliberate move to give future leaders “P&L” ownership, regulatory engagement, and investor dialogue much earlier in their careers. Without this broad operational exposure, the CEO-1 pipeline will remain perilously thin.
Without that experience, the CEO-1 pipeline will remain too thin.
However, the challenge is not only about experience. It is also about the level of backing leaders receive. While this is rarely explicit, patience is not always applied evenly. It can show up in who receives the benefit of the doubt when a project is delayed, or who is seen as the “safe pair of hands” when external scrutiny intensifies.
There’s sometimes a feeling that women are more expendable. The level of patience and backing around certain leaders can feel uneven, especially when organisations are under pressure. Women often bring a different dynamic to senior leadership, and while it may not mirror established norms, it strengthens teams. The key is recognising those differences and ensuring every leader gets consistent backing when it matters most.
– Katy Dowding, President and Chief Executive Officer, Skanska UK
If boards are serious about strengthening the CEO succession pipeline, they must examine how support, risk tolerance and loyalty are applied in practice.
What Support Do First-Time CEOs Need to Succeed?
The first year in the CEO role is often the most exposed.
For many first-time CEOs, the transition is not just about setting direction, but about quickly building confidence across investors, the board and the organisation, often while still strengthening key parts of the executive team.
Emma Gilthorpe reflected on how exposed the early months of a CEO role can feel.
“You very quickly realise how much financial command and investor confidence you need to build yourself. You have to establish credibility quickly while the organisation is still adjusting to you as a leader.
– Emma Gilthorpe, Royal Mail, Former Chief Executive Officer
In these environments, scrutiny is constant and expectations are high. This doesn’t make the CEO role less attractive, but it does raise the bar for what readiness really means.
One message that came through clearly in our conversations is that boards often focus intensely on selecting the next CEO, but much less on supporting them through the transition.
If organisations want first-time CEOs, particularly female CEOs, to succeed, that support needs to be intentional. Structure, clarity and early alignment can make a significant difference in those first twelve months.
Why Sponsorship Shapes Female CEO Progression
One theme that came up consistently in my conversations was the role of sponsorship.
Almost every female leader could point to someone, a Chair, CEO or Non-Executive Director, who backed them at a pivotal moment and advocated for them in a room they were not yet in.
Sponsorship often accelerates progression, but networks play an equally important role in sustaining leaders once they reach the top.
Informal peer groups, such as the Leading Ladies network in construction, create a space where senior executives can speak candidly without the constant weight of responsibility.
In Scotland, Diane described how connections formed through Women in Transport and Women in Rail evolved into an informal peer network:
It’s as much personal support as professional. Having people who understand the context makes a difference, and allows you to share experiences and perspectives you might not always be able to discuss in other settings. It creates a space where you can speak openly, comment freely and even be vulnerable.
– Diane Burke, Chief Operating Officer, CalMac Ferries
Encouragingly, beyond informal networks, a number of leaders also highlighted the value of peer forums that bring together CEOs facing similar pressures.
Platforms such as PepTalks, which bring together private equity-backed CEOs for peer-to-peer discussion and training, can be incredibly useful. Having access to leaders dealing with the same pressures helps you step back, reflect and learn from how others approach similar situations.
– Katy Taylor, Chief Executive Officer, Wightlink Ferries
Support at senior level, however, is not only about peer connection or advocacy. Sponsorship today also plays an important role in helping the next generation of leaders navigate their careers. When senior leaders speak openly about their experiences, they help the next generation understand both the scale of the opportunity and the commitment the role requires.
AI in Regulated Sectors: Why CEO Judgement Matters
No leadership conversation today avoids AI. But for leaders in energy and infrastructure, the strategic challenge is not simply adoption, it is the judgement required to apply these technologies safely.
In asset-heavy, highly regulated environments, innovation cannot come at the expense of operational resilience or public trust.
Two years ago there was a misconception that ‘AI will replace everyone’. Now the focus is much more balanced. In infrastructure businesses, technology needs to enhance resilience and improve efficiency, and customer experience still requires a human voice and empathy
– Jo Dow, Chief Executive Officer, Scottish Water Business Stream
Several leaders also reflected on how AI may reshape organisational structures over time. The traditional “pyramid” structure of professional services, a broad base of junior staff supporting a narrow tier of senior leaders, may begin to evolve.
Emma Gilthorpe comments that as AI takes over routine analysis and documentation, organisations are taking more of a diamond shape.
In this model, the junior base shrinks while the middle expands, creating a greater concentration of experienced professionals who use AI to augment their expertise.
Despite these shifts, both Emma Gilthorpe and Charley Maher were clear that decision-making cannot be outsourced.
You cannot remove judgement from the front line and hand it over to AI. It’s similar to what we’re seeing with driverless vehicles. The technology may support the process, but someone still needs to be accountable for the decision
– Charley Maher, Group Chief Executive Officer, South Staffordshire Group
A recurring challenge for CEOs is the conflation of AI with basic digital maturity.
Quite often when people ask for ‘AI’, what they actually mean is better use of data or automation. The real starting point is understanding your data and using it properly. Only then can you begin to introduce more advanced tools in a way that genuinely improves how the organisation operates.
– Charley Maher, Group Chief Executive Officer, South Staffordshire Group
For CEOs in regulated sectors, the challenge lies in balancing the drive for innovation with the non-negotiable requirements of regulatory compliance and long-term infrastructure resilience.
Building the Next Generation of Female CEOs
Attracting the next generation of leaders increasingly requires organisations to rethink how they operate. Career paths are becoming less linear, and younger talent places greater emphasis on purpose, flexibility and impact alongside traditional progression.
From my perspective advising boards and investors on CEO succession, the organisations building durable leadership pipelines widen access to stretch roles, supporting leaders through transition and redefining readiness in practical terms, not just making bold diversity commitments.
Support often means advocacy and helping future leaders build the networks that enable progression. When around 90% of FTSE 100 CEOs are male, those networks can be difficult for women to access. If we want to develop the next generation of female CEOs, we need much broader advocacy to help open those doors earlier in their careers.
– Ellie Burrows, Regional Managing Director- Eastern and Deputy CEO, Network Rail
If progress in female leadership is to be sustained, boards must focus on several priorities:
Redefine readiness
Leadership capability at CEO level today is not defined by a single style. Several leaders reflected on how different approaches to decision-making can strengthen organisations when they are recognised and valued.
Strengthen the CEO-1 pipeline
Ensure senior roles one step below the CEO include real exposure to P&L responsibility, regulation and investors.
Support new CEOs properly
Focus not only on selecting the CEO, but on supporting them through their first year in the role.
Address cultural barriers
Recognise and challenge the subtle perceptions that can undermine leadership confidence in women leaders.
Women are often more considered in their approach. Men may move faster. The challenge for organisations is recognising that different leadership styles can both be effective and designing environments where those differences are valued rather than judged.
– Nicola Hindle, Chief Executive Officer, Matrix Group
Ultimately, building the next generation of female CEOs is about designing leadership systems that allow talent to develop, succeed and remain in the sector over the long term.
I would like to thank the leaders who generously shared their perspectives and experiences for this article. Their reflections on leadership, succession and the realities of the CEO role provided invaluable insight into how leadership is evolving across energy, utilities and infrastructure.
My sincere thanks to:
- Charley Maher, Group Chief Executive Officer, South Staffordshire Group
- Chris Burchell, Managing Director, SSEN Distribution
- Diane Burke, Chief Operating Officer, CalMac Ferries
- Ellie Burrows, Regional Managing Director- Eastern and Deputy CEO, Network Rail
- Emma Gilthorpe, Former Chief Executive Officer, Royal Mail
- Jo Dow, Chief Executive Officer, Scottish Water Business Stream
- Katy Dowding, President and Chief Executive Officer, Skanska UK
- Katy Taylor, Chief Executive Officer, Wightlink Ferries
- Nicola Hindle, Chief Executive Officer, Matrix Group
