Women CMOs outnumber men for the first time

Women outnumber men in the CMO role for the first time since a study by recruiter Spencer Stuart began tracking gender and ethnic diversity.

The18th annual CMO Tenure Study is based on the analysis of the tenures of chief marketing officers in the US from 100 of the most advertised brands as of December 2021.

In 2021, 51% of CMOs were women. This is the result of a significant increase in the percentage of newly appointed CMOs, with 71% of new CMOs women, up from 52% in 2020.

Average CMO tenure remained low at 40 months, tying last year as the lowest in more than a decade.

However, median tenure, at 28 months, inched closer to the pre-pandemic 2019 level of 30 months.

Spencer Stuart: “We expect the continued turnover has been the result of companies attempting to improve their overall diversity, and has been compounded by the ongoing pandemic, which has put pressure on many sectors.”

The gap between CMO tenure and that of CEOs continues to climb. CEOs now stay in their roles more than twice as long as CMOs.

Boards were reluctant to change CEOs during a crisis. In 2021, average CEO tenure was more than double the CMO tenure at 85 months.

Spencer Stuart: “We anticipate that as this new class of CMOs (some of whom already fit culturally as they were promoted into the role) will enjoy longer run rates in the future.

“Yet, we expect continued, intense pressure on marketing leaders to drive profitable growth and meet changing transformation demands and resultant volatility.”

Companies looked outside for their CMOs. External hires increased to 45% in 2021 from 37% in 2020.

Spencer Stuart: “External hiring is often a sign that CEOs are looking for fresh and innovative thinking from their marketing teams as the ‘old way of doing things’ just isn’t enough anymore.”

More than half (55%) of CMOs were promoted from within, down from 63% in 2020 and 64% in 2019.

Spencer Stuart: “In light of this trend and after weathering the pandemic and subsequent ‘Great Resignation,’ CMOs may need to increase their focus on succession planning.”