Brands failing to promote CMOs from within
New data shows that CMO succession planning is a “major challenge” as the proportion of external hires soars.
The Marketing Week article, “Brands failing to promote CMOs from within,” featured Russell Reynolds Associates' research on CMOs in "Marketing Moves 2017: Q1-Q2." The article is excerpted below.
Marketing is suffering from an “acute succession crisis” as the proportion of external hires for the top CMO job soars.
According to data from executive search firm Russell Reynolds, 72% of appointments to top marketing jobs in the first half of the year were external hires, up from 64% this time last year. Technology and healthcare companies in particular are averse to hiring from within, with 89% and 82% of CMO appointments coming from external hires.
But professional services, industrial and natural resources, and the apparel and retail sectors have experienced some of the biggest increases in external appointments.
“Top marketers continue to be hired for, as opposed to being promoted into, the most senior marketing leadership roles in a company,” says the report. “There is a clear succession problem for CMOs as just one in four marketing leadership changes was someone from within their respective company.”
To read the full article, click here.