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Why is there a lack of women and minorities in CEO positions despite the increasing attention from the society at large? While prior research has generally relied on corporate governance and diversity explanations, we provide an alternative theoretical angle by exploring, from institutional and stakeholder perspectives, how socially responsible firms may promote women and minorities to the CEO positions. We further examine a set of economic, organizational, and institutional conditions. Analyzing four different industries (computer, oil, pharmaceutical, and steel) from 1990 to 2010, we reveal that firms’ devotion to corporate social responsibilities does increase the likelihood of their adopting the socially progressive action of promoting women and minorities. However, such a relationship is also complex and can be shaped by firms’ performance, hard-to-value assets, age, social status, as well as the industry volatility.