Trapped in the status quo | Toast's new CEO | A 2023 unicorn ??

Welcome to the BBJ's LinkedIn Weekly Edition! I'm Digital Editor?Jess Aloe , bringing you the business knowledge you need this week.

Women lead foundations, but men head up the companies that fund them

In Massachusetts, women overwhelmingly fill the top roles at philanthropic foundations affiliated with the state’s largest corporate givers. But at the same time, they are far underrepresented in the chief executive roles of those same companies.

The leadership gap is known as the “gender stratification of work” — philanthropic work has long been considered ”women’s work” while CEO roles are gendered as “a man’s job.” Experts say that perception is rampant in corporate philanthropy.

The Business Journal reviewed the leadership of 46 of the state’s largest corporate charitable foundations and the companies to which they are attached. Out of the 46 foundations, 35 of them, about 76%, are led by women. Meanwhile, only five of the companies with which those foundations are affiliated — about 11% — are led by women.

Read more about the gender stratification of corporate philanthropy.?

This is the second article in a Boston Business Journal series on the state of corporate philanthropic giving. Read the first in the series .

This article was reported through a fellowship supported by the Lilly Endowment and administered by The Chronicle of Philanthropy to expand coverage of philanthropy and nonprofits. The Boston Business Journal is solely responsible for all content.

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Join the BBJ for our State of Diversity program on September 21st! The afternoon ?will feature a panel of business leaders who will be discussing DEI efforts at work and in the community and share their reflections on the priorities for Greater Boston. We’ve added a post-event networking reception to the afternoon, featuring small bites. We hope you can join us.?Get your tickets now!

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Here's what else happened this week

Signs of life in IPO market

After a very slow year for? tech and biotech IPOs, there are some signs of life. Late last week , Klaviyo filed the documents to go public with the SEC, the first major tech company in the Bay State to do so. Plus, Neumora Therapeutics became the second biotech to brave the IPO waters when its filing became public.?

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Toast’s surprising leadership transition?

Chris Comparato o, who led Toast Inc. since 2015, is stepping down from his CEO role.?

The company didn’t look far for its new leader. Aman Narang, who co-founded Toast in his basement in 2011 with Steve Fredette and Jonathan Grimm, will take over as CEO.?

The BBJ’s Lucia Maffei spoke to analysts about the transition. They told her that Toast is still going to be in good hands after the planned CEO transition, which becomes effective next year. Still, they raised their eyebrows at the incoming chief executive's lack of experience running a public company, and they're not convinced the leadership change positions the company better to land bigger customers, a goal on Toast's immediate radar. Here’s what else they said.

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Finally, a downtown Boston office building trades hands?

For the first time in more than a year, someone bought an office building in downtown Boston.?

The transaction offers hope to property owners that the city’s stagnant office market, frozen by high interest rates, high vacancies and fear of a hybrid-work future, may finally start seeing some action. Greg Ryan has the details.?

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Mastercard’s cannabis ban

Mastercard’s move to ban cannabis debit transactions last month will cause further financial challenges in an already expensive industry, and may lead to safety issues as more customers are forced to use cash, say local industry leaders. Here’s why.?

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