A new report reveals what chief executives actually think of their chief marketing officer counterparts. And good news for CMOs—they get a passing grade. Boathouse, an independent marketing agency, recently conducted a survey to better understand how much trust company leaders have in their marketing departments.

Boathouse found that the majority, or 55%, of CMOs received a “B” for overall performance, and 16% received an “A.” Nearly a quarter, or 23%, were graded “C” and a scant 6% received a “D.” The report also found that most CEOs have trust in their CMO, but few think CMOs can drive company growth.

In conducting the survey, Boathouse reached out to 150 CEOs from U.S. companies with annual revenue starting at $250 million and upwards of 100 employees. While this is the first year running the study, Boathouse plans to repeat it on an annual basis.

John Connors, CEO of Boathouse, noted that the study also shows that relationship building with CEOs can be more beneficial long-term for marketers than gaining independence as a marketing department from leadership. He noted that only 27% of CEOs believe the CMO is more loyal to the CEO than they are to their department or the company.

“We are at a moment in time when there is a sense that the CMO needs to be the smartest person in the room on data, technology, media and creativity,” he said, noting that Boathouse’s data contradicts this as the actual path to success. “The CMO has to study the very old-fashioned quality of relationships and the importance of loyalty to succeed.”

At the same time, CMOs are looking at new advertising opportunities. A separate report found that brands are reworking their marketing budgets amid the rise of retail media networks.

Surveying 333 U.S. marketers working for brands and agencies, the report from GroupM Nexus’ Xaxis, Catalyst and London Research found that 77% of brands have created new budgets and 73% have shifted budgets to support e-commerce media investment. In addition, 77% of brands said data from retailers about their customers is more “valuable and timelier” than data that is cookie-based.