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Do We Still Need a CMO?

René E. Menezes, President and Co-founder, Involve Asia | Prashant Kumar, Senior Partner and Head of AI, Accenture Song

02-Apr-24 11:00

Do We Still Need a CMO?

The Chief Marketing Officers (CMO), once confined primarily to overseeing advertising and brand management, have become pivotal strategists and innovators at the heart of driving business growth and adaptation in an era marked by digital transformation, shifting consumer behaviours, and increasing demands for sustainability.

With the advent of technology, especially with AI and machine learning, the CMO toolkit has expanded, necessitating a blend of creative, analytical, and technological proficiencies. This shift has prompted a reevaluation of the skills and challenges facing today's marketing leaders.

In January, a Fortune article mentioned that Fortune 500 companies are eliminating CMO roles as the position loses C-suite clout. It cited UPS as an example where its head of global strategy and transformation became chief commercial and strategy officer, inheriting marketing functions after the departure of its CMO in December.

Meanwhile, in March, Marketing-Interactive wrote that Starbucks has dropped the global CMO title after the company promoted its CMO to the role of CEO of Starbucks International.

Against this backdrop, questions arise, surrounding the evolving role of the CMO and how marketing leaders can stay ahead of the curve.

Will the future be promising where CMOs play a key role in shaping business strategies and outcomes, or be made redundant? Joining us in this discussion are René E. Menezes, President and Co-founder of Involve Asia, and Prashant Kumar, Senior Partner and Head of AI at Accenture Song.

Produced by: Carol Wong

Presented by: Richard Bradbury

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Categories:  marketstechnologyCorporatesmanaging

Tags:  chief marketing officercmomarketing

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