The Chief Marketing Officer (CMO) position as we know it is in trouble. Companies like Taco Bell, Uber, Johnson & Johnson, and Hyatt Hotels have eliminated the CMO position and course-corrected with replacement roles like Chief Growth Officer, Chief Experience Officer, or Chief Revenue Officer. Only 70% of Fortune 500 companies had CMOs in 2019, down from 4% in 2009, and their tenure is the shortest of the C-suite at 3.5 years.
These trends reflect a transformation that has marketers losing their seats at the table, which is strange because marketing budgets are higher than ever. Overall budgets have risen to 11.8% in 2022, resetting to pre-pandemic levels.
Why this shift away from the CMO role? Companies want every position to be as efficient as possible with profitability in mind—no matter what department you work for. This transition can be challenging for CMOs who lead a department that’s traditionally been a cost center. If CMOs want to keep their seat at the table, they…