Where to Find the Best Chief Digital Officers
The Chief Executive article, “Where to Find the Best Chief Digital Officers,” featured the firm's study, "The Rise of the Chief Digital Officer." The article is excerpted below.
More American companies are hiring executives exclusively charged with identifying and developing new digital business opportunities, though they’re still in the minority and conjecture remains about which backgrounds are best suited to the job.
Should the so-called Chief Digital Officer come strictly from a tech background, or should they have experience in marketing, strategy or finance? Many advances in digital technology, such as smartphones, are bringing companies closer to their customers, perhaps making marketing experts most suitable. The rapid pace of technological change, however, means they may be ill-equipped to fully comprehend the capabilities on offer and apply them smoothly and cost-effectively.
Of course, the ideal person for the job would have experience across various functions, including technology and marketing. And that desire for multi-talented executives could be an indicator of where CDOs are headed, not just where they’re coming from, according to executive recruitment firm Russell Reynolds.
“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—placing him or her squarely in line to replace the CEO,” it said in a recent report.
“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.”
To read the full article, click here.