MediaLink's Wenda Harris Millard has it right. More CMOs are needed in corporate board positions.
CMOs today are the growth engine and strategic leaders who are versed in board level topics ranging from reputation management to digital transformation to innovation and designing the customer experience. They manage strategy, technology, risk and compliance and have the right skill to lead at the highest level.
With so few marketing leaders on boards today there is lots of room for the CMO to expand their influence in this area.
As digital disruption reshapes the consumer landscape, I believe marketing is an under-utilized pool of potential director candidates well equipped to master 21st century business challenges. Successfully navigating dynamic consumer audiences and expanding economies requires skills that sit squarely in the wheelhouse of marketing and digital experts. When times get tough, marketers are adept at creating new consumer demand, a key driver of revenue growth and financial performance. Although boards admit they struggle with marketing challenges, they lag in appointing executives with marketing and digital expertise to directorships. Of the 9,800 Fortune 1000 board positions, less than 1%, or fewer than 50 seats, are occupied by marketing leaders. For comparison, over the last nine years, the number of finance experts on S&P 500 boards increased by 800%.
