CMO hiring trends—more women and diverse leaders, but average tenure still short

Marketers talk a lot about increasing diversity and inclusion—and when it comes to the chief marketing officer position, change may already be happening. More women and leaders from historically underrepresented racial or ethnic groups are taking on the CMO role at both large U.S. advertisers and Fortune 500 companies, according to an annual study on CMO tenure from executive recruiting firm Spencer Stuart. Ad Age Breakout Brand Leaders New award honors the people behind emerging brands Enter here The percentage of female CMOs at Fortune 500 companies increased to 47% in 2022 from 44% in 2021, the study found. In addition, 14% of Fortune 500 CMOs in 2022 were from underrepresented ethnic groups, a rise from 12% in 2021. However, more progress needs to be made. A separate report issued by the Association of National Advertisers late last year found that the inclusion of Black, Hispanic and non-binary representation in marketing positions has been lagging. That report also found that the majority of CMOs are white. At the nation's top 100 spending advertisers, women held 53% of CMO roles last year, up from 50% in 2021, and 18% of CMOs were diverse, an increase from 15% the prior year. In 2016, just 23% of CMOs were women. CMO average tenure is largely unchanged. For Fortune 500 CMOs, the average time spent in a position last year was 4.2 years, a slight decrease from 2021’s 4.5 years. Similarly, the average tenure for chief marketers at top advertisers, while slightly lower at 3.3 years, has not changed since 2020, the report found. However, this 40-month tenure represents the lowest in a decade, Spencer Stuart reported. The report also found that the majority of CMOs, or 54%, of Fortune 500 companies were promoted from internal positions last year, a slight decline from 56% in 2021. In addition, 37% of the CMOs that were hired from outside positions came from different industries, a trend that has played out in CMO hiring practices previously as brands look to add more diverse perspectives to the marketing mix.

CMO hiring trends—more women and diverse leaders, but average tenure still short

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