• The second annual CNBC Changemakers list features a group of fifty women leaders in business, breaking down barriers, committed to meaningful change, and inspiring teams and customers.
• Achievements made over the past year that went into the list selection process include a specific, measurable contribution made to the business world, from launching a new product or service, to leading a turnaround effort, to sparking a viral cultural moment or movement.

If year one of the CNBC Changemakers list defined what it means to be a transformative female leader, then year two reinforced and sharpened that definition.

Taking in an array of feedback from the first year, the Changemakers team sought to simplify the process and set it on a course for continued success. We also learned, after year one, that our distinguished advisory board members were willing and eager to put in more time and effort to ensure the ongoing success of the list. And we were more than happy to oblige. These extra efforts delivered a more reliable and consistent quantitative assessment. 

Though there were changes made to the how, the what and why remain the same. The Changemakers are a group of fifty leaders, committed to meaningful change. They break down barriers, understand the importance of collaboration, and surround themselves with others who know things they don't know or have skills they don't have. And they are important to recognize because of the way these women influence and inspire their teams, their customers, and the world. 

Here's how we chose the 2025 Changemakers:

In October and November 2024, CNBC conducted an open call for nominations for the list. Anyone could submit a nomination on behalf of any woman from any company or organization with at least $25 million in revenue in at least one of the past three years or an enterprise value of at least $100 million. In all, CNBC received hundreds of nominations from women across the business and cultural landscape, from companies and organizations ranging from small startups to the world's most valuable multinationals. 

Nominees/nominators were asked to complete a detailed nomination form. This questionnaire contained quantitative and qualitative information which was used as the basis for CNBC's evaluation. 

Key to the nomination was the "2024 achievement," a specific, measurable contribution made to the business world in 2024. This could be anything from launching a new product or service, to leading a turnaround effort, to sparking a viral cultural moment or movement. Whatever it was, it was important in the selection process that we identify a reason why each woman named to the list deserved the honor this year. The 2025 list honors an entirely new group of 50 women, and next year, we expect to do the same. More than half of this year's Changemakers were in fact nominees in 2023 as well.  

The evaluation began with a qualitative assessment. Nominees were evaluated on three broad categories: Influence, Representation and Results. Members of the Advisory Board provided the weighting for each category, as well as the individual components of each category, which were weighted by members of the Advisory Board (in year one, board members simply provided weights for the broad categories, while individual components were weighted equally). Also different in 2025, five broad categories were trimmed to three. The Results category was given the highest weight, followed by representation, and then influence. 

After the quantitative evaluation, approximately one-third of the nominees were selected to move forward to a second round, which included a qualitative assessment, based on their weighted total scores. To move on to round two, nominees either scored in the top 25% overall, scored in the top 25% in a key category (such as "startup founder" or "public company C-Suite"), or they received a recommendation from one or more of the Advisory Board members as part of their initial survey.  

For round two, the remaining nominees were divided into small groups for qualitative assessment. A team of CNBC editorial staff read the responses submitted with each nomination and assigned up to five points for each of three criteria.

These were:  

Contribution: Looking specifically at the response to "Contribution to the business world in 2024," scorers assessed the contribution the applicant made to the business world, and to broader society, last year.  

Transformational Change: Scorers were to assess whether the specific contribution, as well as the balance of the nominee's work, and the manner in which that work is done, represents a fundamental shift in the way business gets done. More specifically, scorers were asked to look for ways in which nominees reject traditional male archetypes of business leadership and lead with their own authentic, unique strengths.  

Inspiring Leader: Scorers were asked whether the applicant's story inspires them, and whether it will inspire her employees, customers and investors. 

Qualitative scores were added to the quantitative score from round one, with each weighted equally (50% qualitative, 50% quantitative), and nominees were re-ranked according to their total scores.  

A smaller group of CNBC editorial senior staff gathered additional qualitative input from the Advisory Board, and performed a final editorial review, which involved some additional research, discussion and debate to determine the 2025 honorees.