MARKETING CAREERS

CMOs at top global companies spend an average of 4.2 years in a job

By our African Marketing Confederation News Team | 2024

Chief marketing officers working in the B2B space spend slightly longer in their roles, and are also less likely to leave in a year or less.

The average tenure of chief marketing officers at top global companies was 4.2 years in 2023, unchanged from 2022. This was slightly shorter than the average stay for top executives across all career disciplines.

Photo by August de Richelieu from Pexels

These figures are contained in the annual CMO Tenure Study published by Spencer Stuart, an executive search and leadership consulting firm operating in over 30 countries.

For the latest study, Spencer Stuart analysed 357 CMOs of Fortune 500 companies, plus a further 100 CMOs from companies included in the Ad Age Leading National Advertisers list for the US market.

According to the research, the average tenure of B2B CMOs was 4.5 years, versus a slightly shorter 4.0 years for CMOs working in the B2C space. Interestingly, 22% of B2C CMOs in 2023 were in their job for one year or less, while only 11% of B2B CMOs were in the job for a year or less.

Taking on broader responsibility

“We continue to see CMOs take on broader responsibility in their roles and, when they do turn over, they often move on to bigger and better positions,” the researchers say.

“Thirty-four percent of Fortune 500 CMOs lead functions in addition to marketing, such as communications. Sixty-eight percent of exiting Fortune 500 CMOs either were promoted to a new role within their current company, or moved to a new company in a lateral or step-up position.”

Spencer Stuart found that 71% of Fortune 500 CMOs in 2023 were serving in their first CMO role (the same as in 2022), while 58% (versus 54% in 2022) were promoted from within their companies.

Business-to-business companies were more likely to promote from within than business-to-consumer companies – 63% versus 53%.

You can read more about the study here.

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