Chief Marketing Officer Tenure Improves According to Annual Spencer Stuart Study
Friday June 01 2007
Chicago, June 1, 2007 – The average tenure for chief marketing officers at 100 leading consumer branded companies increased by a little more than three and a half months during the past year and is now slightly more than two years, according to leading executive search consulting firm Spencer Stuart.
The study found the average tenure for CMOs today is 26.8 months, compared to 23.2 months in 2006, 23.5 months in 2005 and 23.6 in 2004. While average tenure has increased, less than one-third of the companies (29) have CMOs who have been in their posts for three years or more. In addition, 16 percent of the companies have a CMO position that is either vacant or there is no such role in the organization.
"The initial reaction to this year's tenure study is that a number of CMOs appear to be staying in their jobs longer, yet there are twice as many vacancies in the top marketing role as there were last year," said Greg Welch, leader of the Spencer Stuart Marketing Officer Practice. "But you have to look beyond the tenure number and understand that marketing is a complex function defined differently from industry to industry, let alone from company to company. As a result, expectations do vary, so the tenure figure needs to be kept in perspective."
While Welch admits there is still very real pressure for CMOs to quickly and measurably deliver brand results, he is quick to point out that Spencer Stuart regularly sees a number of CMOs with the skills and competencies that position them to thrive in the current marketplace. Spencer Stuart’s perspective is that long-tenured CMOs typically share the following ten skill sets:
Customer Orientation – Understands the importance of internal and external relations and is able to keep the customer at the center of all decision making
Global Perspective – Able to adapt to differing ways of conducting business regardless of geography
Influence & Impact – Builds and maintains positive relationships within the organization and is able harness the power of diverse points of view for the good of the company and/or brand
Hands on Leadership – Provides a strong sense of direction by managing performance and outcomes, yet also able to delegate responsibility
Creates and Manages Change – Views change as necessary and understand it is vital to individual and organizational growth
Results Focused – Able to deliver results on time, every time, without compromising quality
Risk Taking – Views failures as opportunities for growth despite personal risk or exposure and demonstrates this by sometimes making decisions with less than complete data
Strategic Thinker – Formulates strategies through rigorous assessment and is able to balance long and short term needs appropriately
Team Player – Leverages the power of the team to address key issues and readily solicits and incorporates feedback
Technical Expertise – Remains on the cutting edge of the most sophisticated marketing tools
About the CMO Tenure Study
The data is based on a review of the tenure of chief marketing officers at 100 of the leading consumer products companies identified by Spencer Stuart and are as of April 1, 2007.
About Spencer Stuart
Spencer Stuart is one of the world’s leading executive search consulting firms. Privately held since 1956, Spencer Stuart applies its extensive knowledge of industries, functions and talent to advise select clients — ranging from major multinationals to emerging companies to nonprofit organizations — and address their leadership requirements. Through 50 offices in more than 25 countries and a broad range of practice groups, Spencer Stuart consultants focus on senior-level executive search, board director appointments, succession planning and in-depth senior executive management assessments.