She’s Next Talks with Ivana Gažić

“I always stand as the only woman at the pictures of, let’s say, 10 or 13 CEOs of regional exchanges,” observes Ivana Gažić, President of the Management Board at the Zagreb Stock Exchange. Speaking on the latest episode of She’s Next Talks, her tone is not one of defeat, but of pragmatic resolve.

Gažić’s ascent in the financial sector mirrors the economic evolution of her own country. Entering university as Croatia transitioned from socialism to capitalism in the early 1990s, she deliberately chose finance simply because it was reputed to be the most demanding field.

“I was very interested in statistics and explaining to myself the world through numbers,” she recalls. Armed with a modern economic education and fluent English, she started in the exchange office of a London-listed Croatian firm and methodically climbed the ranks of investment banking, eventually taking the helm of the Zagreb Stock Exchange in 2011.

Over two decades in the industry, Gažić has witnessed the stubborn inertia of male-dominated boardrooms. Early in her career, she opposed gender quotas, assuming the market would naturally balance the scales. Twenty years later, observing no organic improvement, her stance has shifted. She notes that intervention isn’t just about fairness, but about sound financial strategy.

“Regulators have noticed that increasing the number of women on boards has decreased the risk profile of companies,” she points out, adding that diversity forces firms to act more prudently during times of crisis. At the Zagreb Stock Exchange, Gažić has intentionally cultivated a distinctly different corporate environment. She flatly rejects the aggressive, “screaming” management styles that have long plagued the financial industry. Instead, she champions a leadership model that checks egos at the door and values collaboration. Crucially, she actively discourages her female colleagues from mimicking male behaviour just to survive in the room.

“I am always pointing out my female traits,” she says. “I don’t think that’s anything to be ashamed of; I think actually it’s an advantage”.

Today, three of the four directors on her core management team are women, though she notes she often has to invest significant time in encouraging female talent to accept promotions they might otherwise second-guess.

Despite her executive success, Gažić is remarkably candid about the cultural headwinds women still face in emerging Europe. She points out a frustrating paradox in Croatia’s workforce: while 61 per cent of university graduates are female, intense societal pressure still pushes women toward traditional domestic roles.

“If they are working a lot and they have high management positions, then everybody is actually somehow judging them,” she says, noting that this harsh judgment often comes from other women. To combat this, she argues, the business world needs more male advocates—particularly those in power who recognise the systemic unfairness when their own highly educated daughters enter the workforce.

When asked what advice she would give her younger self, Gažić is wonderfully practical: seek out “gender-agnostic” bosses who only care about the quality of your output, and find the courage to argue your case earlier in your career.

As for her own trajectory, Gažić remains entirely captivated by the pulse of the markets. Having recently led the Zagreb exchange through a period of regional acquisitions, she thrives on the industry’s relentless evolution. “The problems we were dealing with when I joined, they are long overgrown,” she reflects. “I will stay in the stock exchange business for sure”