The Rise of the Chief Digital Officer
Customers are demanding fresh information and the ability to buy wherever, whenever and however they want. More than 200 million iPhone and Android smartphones now are in consumers’ hands, and demand shows no sign of abating. It’s no surprise then that the seniority and caliber of digital talent that companies are seeking to recruit are on the increase. The last two years have seen the rise of the Chief Digital Officer, a senior executive who sits at the right hand of the CEO and is seen as instrumental to the future of the organization. For many companies, especially those in the retail and leisure sectors, digital is the fastest- growing revenue stream, and a Chief Digital Officer (or, sometimes titled as SVP Online) is extremely important in driving that growth.
The spike in demand for Chief Digital Officers has been felt globally in the last two years, particularly in United States and Europe. The sharp rise in demand for CDOs has been matched by an equally sharp rise in the level of compensation offered. Pay and benefits put the Chief Digital Officer on par or above other executives at Board or sub-Board levels. Although the demand of CDOs in Asia is still comparatively less, things are evolving fast, particularly in North Asia, with the increased use of broadband and mobile for consumer goods and services purchases. Some major international companies are even using Asian markets as test beds for new concepts and technologies.
CDO candidates should be familiar with web, mobile and social media. However, the CDO is not only a digital guru but also a seasoned General Manager with experience of running a P&L. The CDO should be able to plan and execute long-term strategy around driving customer awareness, engagement, experience and monetization. When it comes to innovation, candidates should have experience developing new channels and business models, as well as innovative products and services. In other words, one size does not fit all; the CDO needs to be able to appreciate the adoption of technology across various business jurisdictions.
What does the future hold for the CDO? In many cases, the CDO will be the senior executive handling the fastest growing revenue streams within the business or will be the executive holding the keys to the company’s future. CDOs who demonstrate their ability to manage change and transform their businesses almost certainly will lead the way in the rise of the Digital CEO. Could the CDO also become a successor of the future group CEO?
If you are interested in understanding more about the CDO, please visit our full paper, The Rise of the Chief Digital Officer. This article provides more background into the evolution of CDO, their competencies, where to find them, and the challenges involved in recruiting such talent in different regions.
Q3 People Moves
- Katsuyoshi Sugita has been newly appointed to the position of General Manager, Personnel and Administration since August 2012. Ms. Sugita was previously HR Head for Hilti and HR Director for Johnson & Johnson. (Japan)
- Cathy Doyle has joined BNP Paribas as their Head of HR for Australia & New Zealand. Ms. Doyle previously served as the Group Executive, Equities with Perpetual. (Australia)
- Connie Wong has been appointed as Asia Pacific Human Resources Director. Ms. Wong joined from the Nielsen Company where she has been Director of Labor Compliance for APAC, Middle East and Africa. (Hong Kong)
- Sally Woo has joined Fleishman-Hillard as Senior Vice President, Head of Talent Development for Asia Pacific. Ms. Woo was previously Regional Human Resources Business Partner for BASF. (Hong Kong)
- Yukiko Shiozaki has been newly appointed as a VP Human Resources of GBS, effective July 1st 2012. (Japan)
- Morris Cheung has officially been appointed as Human Resources Director at MTR Corporation, with effect on July 2012. Mr. Cheung succeeds William Chan who announced his retirement late last year. (Hong Kong)
- Michael Herrett has joined Oil Search as Executive General Manager, Human Resources- Health and Administration in August 2012. Previously, Mr. Herrett spent more than 20 years in senior Human Resources roles with BHP Billiton covering USA, the UK and Australia. (Australia)
- Valerie Hayden has been appointed HR Business Partner Reinsurance APAC, responsible for leadership development, succession planning, talent management and other strategic areas. Ms. Hayden has over 17 years of experience on a regional and global scope. (Singapore)
- Peitra Moffat has joined WorleyParsons as People Director, Asia & China. She is responsible for leading the HR function in the region. Ms. Moffat was previously the Head of Human Resources Asia for Lend Lease. (Singapore)
For further information on our HR functional capability in Asia, please contact:
Russell Reynolds Associates Hong Kong
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Russell Reynolds Associates Singapore
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Russell Reynolds Associates Shanghai
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Russell Reynolds Associates Sydney
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88 Phillip Street
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Leadership for a Changing World. In today’s global business environment, success is driven by the talent, vision and leadership capabilities of senior executives.
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