I’m not seeing it in Australia – and the lazy approach brands in crisis are taking to CMO recruitment is staggering. Nevertheless – interesting comments from the WPP crew:
“If you are running a legacy business, as many of our clients are, you face disrupters like Uber and Airbnb at one end of the spectrum, zero-based cost budgeters like 3G and Coty at the other end, with seemingly short-term focused activist investors in the middle, like Nelson Peltz, Bill Ackman and Dan Loeb,” WPP added.
“There is, therefore, considerable pressure in the system. Moreover, the average managerial life expectancy of a United States CEO is currently 6-7 years, a CFO 5-6 years and a CMO two years, although the latter has improved from 18 months recently.”
Interesting story also on rebirth of financial PR. I’ve been developing a view that PR needs to get back to PR as its core function – a new PR – PR 4.0. It got distracted chasing social, content and more. We need hardcore PR help in our businesses to engage through new media.