The women running Europe in 2026 

Europe might like to think of itself as a global leader in gender equality. Yet when it comes to corporate power, the picture is less flattering. Women still lead only a small minority of the continent’s largest companies. In Fortune’s 2025 ranking of Europe’s 500 biggest businesses, just 38 companies—7.6% of the total—had female chief executives.  

That lack of representation is reflected in Fortune Most Powerful Women list. Now in its 29th year, the ranking recognizes the world’s most influential female business leaders. Of the 100 women featured this year, only 20 are based in Europe, with France and the U.K. accounting for the lion’s share (six each). 

For the women who do make the cut, their roles offer a revealing look at where power and influence are concentrated across the continent. Rather than leading a wave of newer tech companies—like comparable U.S. lists—many sit at the helm of businesses that have long formed the backbone of Europe’s economy: banks, energy groups, telecommunications operators, and luxury houses.  

This year’s ranking also shows just how often a finance background serves as a route to the top. Seven of the women featured have served in senior finance roles, including chief financial officer positions, reflecting the premium European companies place on capital allocation and operational discipline. 

Another striking theme is the route these women took to power. Few are founders. Instead, most built their careers inside large multinational organizations, often spending decades climbing the ranks before reaching the corner office. Their careers span continents and industries, but they share a common trait: deep institutional expertise. In an era that often celebrates disruption, Europe’s corporate landscape still tends to reward experience and operational excellence. 

The women on this list oversee hundreds of billions of euros in annual revenue and employ millions of people around the world. Many lead institutions that are more than a century old yet are the first women ever to occupy the top role. Their success reflects genuine progress. But the fact that so many are still breaking “firsts” suggests that Europe still has a way to go. 

Botín has been at the helm of Banco Santander for more than a decade, taking over from her father in 2014. She has guided the bank through a challenging period for European lenders, marked by low interest rates, tighter capital requirements, and rapid technological change, while significantly expanding Santander’s international footprint. 

Under the 65-year old’s leadership, Santander has pursued a series of major deals, including the sale of much of its Polish business, the roughly £2.7bn acquisition of TSB in the U.K, and the $12.2bn takeover of Webster Financial in the U.S. These moves have strengthened Santander’s position as one of Europe’s leading banking groups. 

Beyond traditional banking, Botín has also championed innovation and entrepreneurship. Through initiatives such as Santander X and the bank’s investments in digital and blockchain technology, she has pushed Santander to support start-ups, scale-ups, and the wider innovation ecosystem—alongside its core banking business. She serves on the board of Coca-Cola and on the advisory board of MIT.  

An engineer by training, O’Neil became BP’s first female chief executive in the company’s 116-year history—and the first woman to lead any of the world’s five largest oil majors. Her appointment in 2026 marked the first time BP hired an external candidate for the top role.  

Prior to this, O’Neil spent 23 years at ExxonMobil and served as CEO of the Australian oil and gas company, Woodside Energy, where she led the merger with BHP’s petroleum division—doubling the company’s fossil fuel production. 

The 55-year-old from Colorado is now tasked with reviving BP’s performance, restoring investor confidence, and steering the company’s strategy back toward profitable oil and gas expansion. 

3. Catherine MacGregor 

MacGregor has led ENGIE since 2021, bringing more than three decades worth of experience in the energy industry, including senior roles at TechnipFMC, Technip Energies, and Schlumberger. At the time of her appointment, she was the only female CEO in France’s CAC-40 stock index.   

The French utility company reported €71.9bn ($83.5bn) in revenue in 2025, down from the previous year. A landmark moment in MacGregor’s tenure came in 2026 when ENGIE completed its acquisition of U.K. Power Networks, one of the UK’s largest electricity distribution operators. The deal significantly expands ENGIE’s regulated infrastructure footprint and marks the company’s next phase of growth as demand for electrification accelerates across Europe. 

MacGregor is an advocate of diversity and has spoken about advancing the role of artificial intelligence in accelerating Europe’s low-carbon energy future. She also serves as an independent director on Microsoft’s board. 

4. Estelle Brachlianoff  

Born in France to Bulgarian parents, Brachlianoff became CEO of Veolia in 2022 after spending nearly two decades rising through the ranks of the Paris-based utility giant. She joined the company in 2005 as a special adviser in its waste solutions division and went on to hold a series of senior leadership roles........

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