Undervalued or promiscuous? CMO turnover reaches its highest ever level
A new report from Russell Reynolds says that the turnover of US CMOs is at its highest yet, with 48% of companies changing their top marketer in the past 12 months. Are marketers being promiscuous or are they undervalued by employers?
The Marketing Week article, “Undervalued or promiscuous? CMO turnover reaches its highest ever level,” featured Russell Reynolds Associates' research on CMOs in "Marketing Moves 2016: Q1-Q2." The article is excerpted below.
Marketers are on the move, with Snapchat, Twitter and Morgan Stanley among the many companies who hired new chief marketing officers in the first six months of the year alone.
The moves come as a report by Russell Reynolds Associates highlights that the turnover of CMOs in the US is at its highest record since the company began recording all major appointments four years ago, illustrating the pressure top marketers are under on both sides of the Atlantic.
The firm says that there were 175 marketing-leader appointments in the first six months of this year, compared to 147 appointments the year before.
To get a better insight into why marketers are leaving, the report looks at the patterns of marketing leaders who left their roles in Q3 or Q4 2015. It finds that 61% left their company to pursue a new opportunity, and of this figure 75% stayed in the same industry while 25% moved to a different one.
The highest turnover comes from retail marketing leaders as the report finds that among the top 30 US-based retailers by revenue, 48% have turned over their marketing leader in the last 12 months alone.
“The high level of turnover among retail marketing leaders is undoubtedly the result of ongoing industry turmoil, as legacy brick-and-mortar retailers continue to adapt to the reality of multichannel commerce and the rapidly changing consumer landscape,” the report states.
To read the full article, click here.