Is a CEO announcement just news—or a strategic shield?

When a company appoints a new CEO, the announcement is typically framed as a moment of confidence and celebration. But new research led by Alison Cook, Associate Professor of Management at the Huntsman School of Business, suggests that when the incoming CEO is a woman, firms often approach these announcements far more strategically, carefully managing how and when the news is released to reduce potential investor bias.

Drawing on nearly 50 years of Fortune 1000 CEO announcements (1972–2020), the study finds that gender stereotypes continue to influence stock market reactions to leadership changes. Firms appear to anticipate more skeptical responses from investors when women are appointed to the CEO role and proactively adjust their communication strategies to protect both the incoming leader and firm value.

Specifically, the researchers identify three anticipatory impression management tactics that companies are significantly more likely to use when announcing women CEOs compared to men:

1. After-hours timing – Releasing CEO announcements when the stock market is closed, allowing initial reactions to settle before trading begins.
2. Longer lead times – Announcing appointments further in advance of the CEO’s official start date, giving the transition more time to normalize.
3. Information buffering – Including additional quotes or secondary information in press releases that divert attention away from the CEO’s gender at the moment of disclosure.

These strategies are not merely cosmetic. The study finds that they are associated with more favorable short-term stock price reactions for women CEO appointments, suggesting that firms can reduce the impact of gender-based stereotypes by strategically managing investor attention.

By focusing on the timing and content of CEO announcements themselves—rather than surrounding events—the research expands existing understanding of anticipatory impression management and highlights how subtle communication choices can shape the conditions under which new leaders begin their tenure.

About the study

The study, “Don’t mind her: Firm anticipatory impression management strategies when announcing women CEOs,” is published in the Journal of Business Research.

• Michelle M. Arthur, University of New Mexico
• Lisa A. Marchiondo, University of New Mexico
• Alison Cook, Associate Professor of Management, Huntsman School of Business

Read the full study here: https://doi.org/10.1016/j.jbusres.2025.115945