With CMOs wearing so many hats as the job continues to evolve, it’s no surprise that their skills could translate to entirely different offices in the C-suite.
Discussing this trend with ADWEEK recently, Ewan McIntyre, vp analyst and chief of research at Gartner, said this leadership shift reflects a growing impetus on the marketing function to deliver growth.
“This isn’t just about a trend of CMOs moving into CEO roles,” he noted, arguing instead that a “new breed” of highly mature, experienced CMOs who are laser-focused on customer growth are being cherry-picked for CEO—sometimes via promotions within their own brands.
Brand turnaround brewing
Starbucks will be hoping Niccol’s marketing mindset can help turn its fortunes around.
In July, it reported global sales had declined 3% in Q3—more than forecast by analysts, and the latest in a string of disappointing financial results.
Niccol is credited with turning around Chipotle’s fortunes after a 2015 E. Coli crisis hit sales hard. Under his leadership, Chipotle’s revenues have doubled and its stock value has rocketed by 800%.
He will start in September. Starbucks chief financial officer Rachel Ruggeri will serve as interim CEO until then. Mellody Hobson, Starbucks board chair, will become lead independent director.