The average tenure for chief marketing officers working for the biggest brands in the U.S. fell for the first time in a decade, according to new research from executive search firm Spencer Stuart.
According to the firm’s annual study of CMOs from 100 of the top U.S. ad spenders, the average tenure for marketing chiefs fell to 44 months as of 2015, down from 48 months in the prior year. Spencer Stuart also found that nearly a third of the study’s CMOs were new to their job in 2015, the highest portion since Spencer Stuart began formally tracking CMO tenure in 2004.
The higher rate of turnover and short tenures are being driven by factors such as retirements, a record year of mergers and acquisitions when duplicate roles are often eliminated, and decisions by CEOs and boards to change marketing chiefs, said Greg Welch, a consultant in the Spencer Stuart Marketing Officer Practice. The mandate of the CMO has changed dramatically in recent years as brands look to reach consumers on digital platforms and leverage big data and new technologies in their advertising efforts.
Take a real good look at that last line of the scoop. Read between the lines: ATTRIBUTION!