Breaking the Silence: How Advertising CEO Vacancies can Transform Gender Equality in Executive Recruitment

Abstract

Despite Iceland's global reputation for gender equality, women remain significantly underrepresented among chief executive officers (CEOs), revealing a persistent gap in corporate leadership. This study examines how the (non-)advertising of CEO vacancies serves as a structural mechanism that influences transparency, inclusion, and gender dynamics in executive recruitment. While prior research has focused on networks and board-level bias, little attention has been paid to the procedural decision of whether or not to advertise leadership roles, a choice that fundamentally determines who sees, applies for, and ultimately attains power. Drawing on 52 qualitative interviews with board members and executive search consultants in Iceland, this study explores how advertising is perceived and enacted in the context of CEO recruitment. Using thematic analysis and guided by Upper Echelons Theory and Executive Labor Market Theory, four key dynamics are identified: (1) advertising as a lever for transparency and inclusion, (2) risk aversion favouring confidential processes, (3) cultural norms that subtly deter women from applying, and (4) emerging hybrid models combining public calls with targeted outreach. The findings reveal that advertising is neither neutral nor incidental; it reflects strategic tensions between control and openness, as well as between perceived stability and inclusive access. Among the dynamics identified, hybrid approaches emerge as the most actionable and adaptable for boards seeking to expand candidate pools while maintaining discretion. By reframing advertising as a structural lever rather than a procedural formality, the study offers new insights into how executive recruitment can reinforce or disrupt gendered hierarchies. It calls for normalizing inclusive, hybrid recruitment strategies as a practical priority for organizations seeking to align leadership appointments with commitments to gender equality.