Products
Resources
Equilar Institute
MediaCompany
The conversation around board diversity is gaining renewed attention. Goldman Sachs recently announced that it will no longer formally consider race, gender, ethnicity or sexual orientation when identifying board candidates. As reported by The Wall Street Journal, this decision represents a notable shift in corporate diversity practices, which appear to be waning.
For years, board diversity discussions have focused primarily on appointments, with progress often measured by the presence of diverse directors, particularly women. Equilar has tracked female board representation since 2017 through its Gender Diversity Index (GDI). While steady gains were seen from 2017 to 2022, progress has since slowed. The latest GDI projects that Russell 3000 boards will not reach gender parity until 2044, 11 years later than the estimate from two years ago.
Of course, diversity is also measured in other forms. For instance, Equilar tracks the number of directors from underrepresented racial and ethnic groups appointed to boards, including year-over-year changes in representation across benchmarks like the Russell 3000.
However, appointments represent only one dimension of board composition. Turnover, tenure and director mobility also shape how boards evolve. As companies and investors assess the current DEI environment, examining both inflows and outflows provides a more comprehensive view of the landscape.
In this analysis, Equilar examines trends in director composition among Russell 3000 directors who stepped down at their companies’ annual general meetings since 2022.
The data reveals a shift in the profile of departing directors over the past several years. In 2022, white male directors represented roughly 69% of board resignations. By 2025, that share had fallen to approximately 62%, a decline of 10%.
Over the same period, women represented an increasing share of board departures, with particularly sharp rises among women of color. Between 2022 and 2025, the percentage of white female resignations increased by 20% (from 18% to 22%), while resignations among women of color surged by 46%.
On the surface, these changes are consistent with the broader diversification of boards. As representation expands, the demographic composition of departures will also adjust. When more women and directors from underrepresented groups serve on boards, they will represent a larger share of overall turnover.
Tenure and age data provide additional context. Median tenure at departure differs across demographic groups. White male directors depart after a median tenure of approximately 10.5 years. White women depart after roughly 6.6 years, and women of color depart after approximately 4.8 years.
Age at departure follows a similar pattern. White male directors typically step down in their late 60s to early 70s. Women and minority directors, on average, depart several years earlier, often in their early 60s.
It is worth noting that multiple factors can influence these patterns, including appointment timing, career stage at entry, board refreshment practices, retirement norms and evolving skill needs. For example, directors appointed more recently as part of diversification efforts may naturally have shorter current tenures simply due to timing.
In addition to departures, Equilar’s analysis tracks whether directors who step down from a public company board secure another public company seat within 24 months. Among directors who departed in 2022 and 2023, women, particularly women of color, were more likely than white male directors to obtain another public board role within that two-year window. However, tenure and age patterns offer relevant context. As previously noted, white male directors tend to depart at older ages and after longer tenures, often closer to traditional retirement benchmarks. Lower re-entry rates in these groups may partially reflect that timing.
For directors departing in 2024 and 2025, re-entry comparisons remain preliminary. The observation window is shorter, and board recruitment cycles can extend over many months. It is common for directors to secure new appointments more than a year after departure.
With the 2026 proxy season now underway, the data offers a useful baseline for assessing how board composition may evolve in the current environment. Headlines often highlight policy announcements or high-profile corporate decisions. Yet, some of the most consequential shifts unfold quietly, through changes in tenure patterns and director age and mobility.
In particular, the interaction between appointments and resignations warrants close attention. If the rate of new appointments among women and minority directors continues to slow while their share of departures accelerates, the combined effect could substantially influence overall board representation.
For directors, nominating committees and governance professionals, the focus therefore extends beyond recruitment to the durability of service. Continued monitoring of turnover, tenure and re-entry trends across the Russell 3000 will help clarify whether current developments represent a temporary recalibration or signal a more sustained shift in boardroom composition.
Senior Director of Content & Communications at Equilar
Amit Batish, Senior Director of Content & Communications, authored this post. Courtney Yu, Director of Research, and Andrew Jeong and Ignasi Garrós Renart, Research Analysts, contributed data and analysis. Please contact Amit Batish at abatish@equilar.com for more information on Equilar research and data analysis.
Roles
Solutions
