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The changing influence of the
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Spencer Stuart is one of the worlds leading executive search consulting
firms. Privately held since 1956, Spencer Stuart applies its extensive
knowledge of industries, functions and talent to advise select clients ranging from major multinationals to emerging companies to
nonprofit organizations and address their leadership requirements.
Through 50 offices in more than 25 countries and a broad range of
practice groups, Spencer Stuart consultants focus on senior-level
executive search, board director appointments, succession planning
and in-depth senior executive management assessments. For more
information on Spencer Stuart, please visit www.spencerstuart.com.
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, the spread of media alternatives and the resulting fragmentation of audiences hasprofound implications for the way companies engage with their customers. There are clear signs
that traditional advertising and communications channels are losing ground to new forms of
digital media where convergence is offering marketers exciting new opportunities to connect
with consumers. CMOs have no choice but to assemble teams capable of innovating within
this ever-changing, technology-driven environment. The digital medias remarkable capacity for
creativity and innovation has left large swathes of the marketing community having to discard
outdated advertising models and wondering how to catch up with their consumers and make
themselves heard above all the noise.
, companies are reworking their specifications for key marketing roles, and responsibili-ties are increasing. This is not just true in FMCG businesses; everywhere the role of marketing is
becoming defined by the organisational and business context. Definitions of marketing and CMO
job descriptions are different for almost every company. Indeed, the role played by marketing
defines what a business is, what its ambitions are, and how it wants to engage with its customers.
The category-based approach to running brands, both regionally and globally, has had a considerable
impact on the CMO role. Many CMOs have come from category roles and retain some category
responsibility; a fair number already have experience of general management.
, outstanding leadership ability is vital for a CMO looking to drive strategy, get the mostout of large and often geographically diverse teams, and demonstrate the value and effectiveness
of the marketing effort. Effective leadership harnesses the collective power of the marketing
function and provides the platform from which marketing is able to influence a companys
thinking and direction.
, all these changes are having a noticeable affect on marketing careers. Branding special-ists are rubbing shoulders with technology experts. Category leaders are running their brands as
businesses. Up-and-coming marketers need broader commercial exposure if they are to progress.
And at the top of the org chart, the scope and responsibility of the role places CMOs in a much better
position than ever before to step into general management and ultimately the post of chief executive.
1
Executive summary
During the first half of 2006, Spencer Stuart consultants interviewed over 30 chief marketing officers from
major UK businesses, most of them FTSE 50 companies. We wanted to test our hypothesis that the role of
the chief marketing officer (CMO) has been steadily evolving from its traditional roots in advertising and
brand development towards a more broad-based, commercially oriented and demanding role requiring a
rare combination of leadership, creative, analytical and financial skills. We wanted to find out from some of
the UKs most accomplished and high profile marketers how the rulebook has changed and to explore how
the CMO can build credibility and exert influence in the business. So, as well as exploring the nature of
the role, we talked to CMOs about impact, accountability, tenure, compensation, team building, succession
planning and career development. In order to respect confidentiality and encourage frankness, we agreed
to preserve anonymity in this report.
Several themes emerged from our discussions.
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2
The changing influence of the chief marketing officer
Perceptions of marketing
Perceptions of the marketing function differ, depending on the organisation and the sector.
Fast moving consumer goods (FMCG) companies, dependent on building relationships
with consumers and securing their loyalty, tend to place great value and expectation on the
marketing team; brand building and innovation are high on the CEOs agenda. As one CMO
puts it, marketing is fundamental to our existence. It is seen as an authoritative function
within the company and a discipline to be embraced by everyone.
In financial services and business-to-business sectors, the correlation between marketing and
growth is often less clear; here, marketing makes a significant contribution but is less likely to
be perceived as a driver of the business. In FMCG if you get it right for the customers, they pay
more, buy more. In FMCG there is more choice and customers vote with their wallet. Yes, inFMCG it is about manufacturing efficiency and financial prudence, but if your marketing and
product pipeline is poor, you dont sell product therefore marketing drives the business. In
financial services it is not self-evident that getting it right for the consumer makes you more
money.
Another financial services CMO described brand as the DNA that holds the business together,
but went on to say that it was difficult trying to convince people that brand is more than
logo and colours. Although marketing in his company is responsible for product design and
execution, the biggest challenge has been to create a FMCG-style insight-driven proposition
development model.
If marketing is to be an engine of growth it must prioritise innovation. Innovation is
necessary to create organic growth. This is not a magic bullet, it is hard work. The capability for
innovation needs to be one of the basic armaments in the marketing toolkit. The innovationleader at one company said, Innovation is an extension of marketing, and innovation strategies
must be inextricably linked to brand strategies. This requires a hard-nosed, venture capitalist
perspective, where you pay as much attention to the economics of the business you are creating
as you do to the consumer insight.
Marketing is a discipline to beembraced by everyone.
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3
The CMO of one industrial giant describes his company as very marketing illiterate, a place
where marketing is not at the core of the companys philosophy. One way the marketing grouphas generated success and built influence has been by working closely with corporate affairs on
reputational issues, helped by the fact that the company operates under a single brand.
You cannot risk being perceived as a fluffy creative marketer , says one CMO. To be truly
respected at executive committee level you have to be a highly commercial individual with a
track record of delivering significant profit growth. Another CMO who resents the perception
of the CFO as more critical to the health of a business emphasises that a CMOs grasp of
financial issues must be first-class if that perception is to be reversed. The alternative scenario,
where the CMO is seen as lacking commercial nous, is a sure sign that marketing has failed
to bridge the credibility gap.
Some companies have overcome the negative perceptions of marketing by merging marketing
and commercial departments, thereby bringing more financial gravitas to the function. In one
such company, the perception of marketing has shifted from being a cost centre to a driver of
business change, and the CMO has gradually been seen as responsible for generating revenue
and creating demand.
One CMO operating in a highly regulated industry was particularly concerned that the City does
not know how to value brands, especially those with a consumer dynamic. If you build a brand
organically, as opposed to buying and selling brands, your brand assets dont get valued. The
real value of the brand is determined by whether you can get a higher price from the consumer
than competitive brands can.
He also notes that the perception of marketing, both internally and externally, starts with the
CEO: The CEO should effectively be the marketing director a lot of people see the CEO role
as above or beyond marketing that is fatal. This view is echoed by another CMO for whomthe ultimate brand manager is the CEO, underlining the role played by senior leadership in
fostering a positive perception of the marketing function.
Innovation...requires a hard-nosed,
venture capitalist perspective...
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4
The changing influence of the chief marketing officer
The death of the chief advertising officer
The CMOs we interviewed have roles varying widely in scope. Some manage a vast portfolio of
brands in well over one hundred countries, whereas others preside over single, primarily UK-
based brands. Although these CMOs represent businesses with vastly differing profiles, they
share a great deal when it comes to background, attitude and skill sets. And none of them are
doing the same jobs as their predecessors were a decade ago.
The most conspicuous development in the CMOs role is the emphasis on financial and
commercial skills, closely followed by leadership ability. Todays CMO must possess strong
commercial ability to complement the insight and creativity traditionally associated with the
marketing brief. What was once primarily a marketing services role (creating the ads, protectingthe brand, etc.) has evolved into that of chief commercial officer: The chief advertising officer is
dead. The meaning of the term CMO is getting broader all the time. One CMO estimates that
the traditional marketing skill set, while still important, now only accounts for around 25 per
cent of the role; in his company, marketing sets the strategy and sales executes it.
The CMO of one FMCG business describes himself as chief demand creation officer,
responsible for growth after all, that is what every company is interested in nowadays. As
if to prove the point, another CMO revealed that top line growth accounts for 50 per cent of
his potential bonus. Never before has the CMO been so accountable, not just for creativity,
innovation and commercial execution, but also for revenue growth. Indeed, some CMOs now
go by the title of chief growth officer.
The emphasis on growth comes at a time of enormous upheaval and change in the worlds of
advertising and marketing communications. Media convergence and the emergence of new,
sophisticated, interactive technologies creates countless new opportunities for connecting with
consumers, but potentially causes major problems for those not equipped to take advantage of
these evolving channels. CMOs cannot afford to ignore these opportunities but must create new
structures and hire the people who can innovate in such a technology-driven environment.
Some CMOs now go by the title of
Chief Growth Officer.
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5
The CMO of a global industrial business insisted that marketing must be more data-driven and
fact-based when making the case for investment, implementing and tracking new initiativesjust as the rest of the business would. On top of this, he said, the CMO and team must have
marketing nous the instinct or intuition to know when to go with something and when
not to, because you knowit is or is not going to work. This is analogous to general managers
for whom having all the financial skills is never enough: they have to have commercial and
business acumen.
Breadth of experience is an important element of the CMOs portfolio. During the early phases of
a marketing career exposure to several sectors is highly desirable. The CMOs we interviewed had
worked on average in three different sectors in their careers to date, suggesting that both CMOs
and the companies they work for are enriched by the cross-fertilisation of ideas and best practices.
Similarly, a CMO should have had the experience of working closely with leaders in HR, IT,
sales and finance and be able to draw on a variety of operational and strategic perspectives. A
strong connection with IT is becoming increasingly important, as digital media bring a new
level of complexity to marketing campaigns. According to one CMO, there are two types of CIO:
one who asks what do you need and then sees if he can deliver it within his cost constraints;
the other has a point of view, is interested in understanding the customer perspective, and
genuinely adds value. The latter is preferable every time.
Experience of international markets was also considered to be an important element of the
ideal CMO profile. Indeed, people who have rarely strayed far from head office are at a distinct
disadvantage, since it is unlikely that they have been tested by local market conditions or have
learned how these can affect product development and brand management issues.
Today, it is not enough to possess all the traditional elements of the marketing mix. Yes, the
CMO should have a passion for branding and a deep-routed and obsessive belief in theconsumer, but much more is required. The CMO must be someone with sound commercial
sense who can see the big picture. He or she must be rigorously analytical; able to put together
a robust business case; network, influence and communicate across the functions; possess a
flair for devising portfolio strategy and investment choices; and contribute effectively to overall
business planning. On top of all this comes the critical but often elusive quality of strong and
influential leadership.
The CMO must be someone with sound commercial
sense who can see .
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The changing influence of the chief marketing officer
Leading people
As marketing teams become central to the success of businesses, CEOs are looking to their
CMOs to provide inspirational leadership. Not only must CMOs be outstanding ambassadors
for the marketing effort internationally, but they must keep their teams challenged and
motivated. One of the ways in which successful leaders distinguish themselves is by recruiting
and nurturing great talent.
One CMO describes himself more as a collective driver of performance than a hands-on
marketer; staffing countries with top talent is now a vital part of his role. Most CMOs appear
to hold regular reviews to consider emerging talent and internal moves, or to focus on their
own succession; a few single out HR directors as key allies within the organisation. Active
management of talent inside the marketing team is high on the priority list, although in asurprising number of cases it was assumed that a new CMO appointment would be external, or
that the department would have to reorganise as a result of the CMOs departure. This suggests
that some companies may be storing up succession problems. It is also interesting to note that
few CMOs currently list talent development as a factor in their remuneration package.
That said, CMOs have clear ideas about the skill sets they value in their direct reports. These
include project management skills, strong commercial acumen, technical excellence, a strategic
brain, plus the ability to deliver results, balance complex projects, act diplomatically and build
influence.
During our conversations it became clear that more could be done to retain women marketers
beyond a certain stage in their careers. The relatively small number of women in top marketing
jobs suggests that a significant proportion of talented women marketers are dropping out of
large organisations in their mid-thirties. Indeed, one CMO who is a member of an associationfor the 100 most senior women in marketing says that 20 per cent of her fellow members are
at the CMO level, whereas the remaining 80% are mostly CEOs in marketing services and
consulting organisations businesses that are better able to provide flexibility for women
with families.
CEOs are looking to their CMOs toprovide inspirational leadership...
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7
No hiding from the numbers
If marketing is to raise its profile and increase its influence it must be able to demonstrate its
contribution in tangible ways. As CMOs assume more responsibility for financial performance,
so their level of accountability increases; they must take the initiative and continually seek out
ways to measure the success of marketing activities. The resulting evidence will determine
whether the work of the marketing group is being optimised and help earn the support and
credibility of the rest of the organisation. One CMO referred to his dashboard of metrics,
which not only enables him to measure performance, but provides useful internal leverage.
A wide range of measures is used to determine marketing success. These measures tend
to differ according to industry sector. In FMCG the market response is usually very fast
and increasingly CMOs feel it is important to be able to set targets for, and measure theeffectiveness of, every piece of promotional activity. It could be argued that measuring ROI
is more important (and easier) for FMCG businesses than elsewhere, for example in retail
where so many factors affect the customer experience. Here, though, loyalty schemes can be an
important business driver and are easily tracked. Most CMOs also track brand health indicators
using both qualitative and quantative methods, some as often as every six months.
In financial services a variety of measures are used, from brand awareness, consideration and
conversion to customer acquisition and retention and transaction value. One CMOs bonus is
directly linked to these measures. Rigorous customer service metrics and visibility of data, for
example in consumer banking transactions, is considered essential. On the evidence of data
in hand, another CMO decided to adopt a new call centre model where priority was given to
satisfying needs properly, rather than concentrating purely on speed of service.
One CMO in the hotel industry who works closely with the CFO to determine which brands
make the most money and why, says: In this industry it is possible to get control of the whole
brand experience from start to finish, and also to track brand preferences in multiple markets
and the net growth of each of the brands. For a B2B organisation, on the other hand, where
marketing is about getting early engagement with the customer or client, success is more likely
to be measured by strength of reputation rather than brand recognition.
Of the many CMOs that put top line growth as their greatest priority, one reports that 40 percent of his companys global turnover comes from products launched in the past three years,
suggesting a major emphasis on innovation. For this CMO, the key indicators of success are
margin expansion and incremental return on incremental spend.
One CMO who believes that the marketing mindset should be suffused throughout the
organisation maintains that earnings per share is the best measurement of a good marketing
director. The general consensus is that all measures of success should ultimately be linked to
revenue and profitability.
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8
The changing influence of the chief marketing officer
Building influence
CMOs and their marketing teams are having to live with a greater level of scrutiny and
accountability than ever before. This is good news for results-oriented CMOs looking to
increase their influence within the organisation and win a seat at the top table. With CMOs on
the boards of just seven FTSE 100 companies, board membership is not a realistic goal, since
the trend in the UK is towards fewer rather than more executive directors sitting on plc boards.
For many CMOs, board membership is a red herring. The executive committee (ExCo) is where
they need to establish their presence, exert their influence and promote the marketing agenda.
Three quarters of those we interviewed sit on the executive committee or equivalent, and a
further 15 per cent are members of other influential committees, or sit on subsidiary boards.
Building influence within an organisation involves a great deal of effort and takes time but itis one of the most important things a CMO can do. Of course, there are numerous factors that
will account for the level of influence that a CMO enjoys. Results matter, but so does the ability
to communicate, hire good people, work as part of a top team, develop relationships across
functions and collaborate with business units.
Many of the CMOs we spoke to emphasised the connection between the ability to communicate
effectively and to build influence. Nothing damages the marketing cause more than people
who speak a different language to the rest of the business. Jargon alienates non-marketers and
reinforces the idea that marketing is a black art mystifying, arcane and set apart. It should
be none of these things. If one of the aims of a marketing function is to educate non-marketers,
then being able to communicate in clear terms is vital. When it comes to brand building, any
CMO must not only learn what the brand is about, but also articulate its values clearly, making
it relevant to other functions.
No CMO can influence the entire organisation single-handedly; there is no substitute for hiring
and developing outstanding people who will carry the torch. It is hard to be successful if you
are not surrounded by first-rate talent. Whats needed is clarity of strategy and brilliant people
executing flawlessly. Attracting top talent makes people look up and take notice.
The CEO should effectively be the marketing director a lot of people see the CEO role as above or beyond
marketing that is fatal.
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9
After demonstrable results, effective communication and building a great team, the fourth
factor that increases a CMOs influence is the ability to build relationships and collaborate whether it be with R&D, operating, supply chain and training colleagues, or with divisional/
regional managing directors. This means taking a consultancy approach, understanding
marketing needs and finding out what keeps managing directors awake at night, as one
person put it. Another advised fellow CMOs to assert your value and that of your department,
then create a structure of committees/forums which involve cross-functional teams. Creating
such a forum might be key to bridging the gap between marketing and R&D to achieve the
most efficient product development from idea generation to launch.
Building influence may also involve taking a lead in activities that are not necessarily linked to
operational, market or financial measures, such as corporate training. Being physically present
at local business reviews can also have a surprisingly positive effect. One CMO, whose brief
was to differentiate the brand, create a new positioning, and put the consumer at the heart of
the companys strategy, spent a great deal of her time travelling around the business building
consensus. There are four ways to drive change: tell, sell, consult and co-create. My preference
is to combine the last two.
One CMO prefers not to think of marketing as a function, just one of many elements of a
business that join together to make an organism. Instead, he says, Marketing isthe line!
Everyone in the company should have a consumer-focus. After all, if the consumer doesnt allow
you to make money, you wont. An organisation in which everyoneis thinking first about the
customer is definitely one in which the CMO and team have serious influence.
There are four ways to drive change: tell, sell, consult and co-create.My preference is to combine the last two.
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10
The changing influence of the chief marketing officer
CMO tenure
The average tenure of the FTSE CMOs we interviewed was 39 months at the time of our
meeting. This compares favourably with a recent survey conducted by the Spencer Stuart
US Marketing Officer Practice, which found that the average tenure of CMOs at the top 100
branded companies is just 23.2 months. In both US and UK studies, CEOs occupied their
positions for an average of 54 months.
Of the UK CMOs we interviewed, 37 per cent have been with their companies for more than
three years, compared with only 14 per cent in the US study. In the US study, nearly half were
new to the job over the previous 12 months, in our UK study only 11% had been in their jobs for
less than a year.
There was general agreement that a CMO should be in place for no less than three years (or
three planning cycles); more than five years in situ for a CMO is unusual.
CMO remuneration
There is no observable correlation between the size of an organisation and the CMOs total
remuneration package. However, there is a clear correlation between the scope of the role, the
extent of the CMOs influence and remuneration levels. Those CMOs who have a close working
relationship with the CEO, whose performance is measured according to revenue growthand other financial criteria, who lead a sizeable and international marketing team and exert
significant influence throughout the organisation appear in the upper quartile of pay. That is
not to say that all these factors are essential for a CMO to be ranked among the highest paid
there are a number of CMOs whose businesses are predominantly UK-based, yet who receive
total packages in the top decile. What counts in such instances is the role and perception of
marketing in the organisation, the ability of the CMO to innovate and demonstrate profitable
growth, and the CMOs position and influence within the executive committee.
Technology & Media
Industrial
Financial Services
Consumer
Average tenure of CMOs by sector (years)
.
.
.
.
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11
Whats next?
Around half the people we interviewed have ambitions to move into general management,
with the rest content to continue their careers as marketers. Of those wishing to continue their
marketing careers, the majority work in FMCG businesses, where the real power now lies in
global category roles. One CMO described herself as the most driven and least ambitious
person, quite content to stay in a marketing role.
One of the biggest obstacles in the way of those CMOs who want to move into general
management is the silo effect. To overcome this tendency it is important for the CMO to be
able to influence and communicate the marketing message throughout an organisation an
essential skill for a potential CEO to master.
Many CMOs consider taking on a non-executive directorship, although in reality fewer than 20
per cent sit on other boards. A surprising number are contractually prohibited from taking on
any outside directorship, although by contrast one CMO made it a condition of her employment
that she be allowed to do so (but with a non-competing business).
Well-chosen non-executive directorships are a wise move for CMOs looking to move into
general management, as the boardroom experience will introduce them to a range of debates
and decisions they might not otherwise be exposed to. One CMO related how he has directly
benefited from acting as a non-executive director of a small plc that has had to manage its costs
closely. He has been able to apply what he has learnt about this plcs cost control measures to
his own departments fiscal planning and control, albeit in the context of a larger corporate
environment.
CMOs comfortable with todays focus on commercial accountability, business acumen and
financial literacy will be in a good position when it comes to making an upward move. Butas one highly experienced CMO warned, the biggest mistake moving from marketing into
general management is the temptation to see the job as different, or somehow beyond
marketing. You should never, ever shed the marketing mindset that should be present in
every senior role in every organisation.
Well-chosen non-executive directorships are a wise move for
CMOs looking to move into general management...
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12
The changing influence of the chief marketing officer
UK Consumer Goods and Services Practice
Spencer Stuarts Consumer Goods and Services Practice conducts searches for executives and
board directors of consumer companies and for top functional specialists across a range of
industries. Our UK clients range from FTSE 100 companies to startup firms. Our in-depth
knowledge of specific industry sectors, based on years of direct senior-level experience and
long-standing relationships with top leaders, is our foundation for unmatched results. Our
consultants concentrate on the following sectors:
> Consumer Packaged Goods and Durables
> Restaurants, Hospitality and Leisure
> Retail, Apparel and Luxury Goods
N D
London
: +44 (0) 20 7298.3422
J H
London
: +44 (0) 20 7298.3401
J S
London
: +44 (0) 20 7298.3328
E S
London
: +44 (0) 20 7298.3324
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AmsterdamT 31 (0) 20.305.73.05
F 31 (0) 20.305.73.50
AtlantaT 1.404.504.4400
F 1.404.504.4401
BarcelonaT 34.93.487.23.36
F 34.93.487.09.44
BeijingT 86.10.6505.1031
F 86.10.6505.1032
BogotaT 571.618.2488F 571.618.2317
BostonT 1.617.531.5731
F 1.617.531.5732
BrusselsT 32.2.732.26.25
F 32.2.732.19.39
BudapestT 36.1.200.08.50
F 36.1.394.10.97
Buenos AiresT 54.11.4313.2233
F 54.11.4313.2299
ChicagoT 1.312.822.0080
F 1.312.822.0116
DallasT 1.214.672.5200
F 1.214.672.5299
FrankfurtT 49 (0) 69.61.09.27.0
F 49 (0) 69.61.09.27.50
GenevaT 41.22.312.36.38
F 41.22.312.36.39
Hong KongT 852.2521.8373
F 852.2810.5246
HoustonT 1.713.225.1621
F 1.713.658.8336
JohannesburgT 27 (0) 11 707.9460
F 27 (0) 11 463.3371
LeedsT 44 (0) 1937.547700
F 44 (0) 1937.547710
LondonT 44 (0) 20 7298.3333
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Los AngelesT 1.310.209.0610
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MadridT 34.91.745.85.00
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MelbourneT 61.3.9654.2155
F 61.3.9654.4730
Mexico CityT 5255.5281.4050
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MiamiT 1.305.443.9911
F 1.305.443.2180
MilanT 39.02.771251
F 39.02.782452
Minneapolis/St. PaulT 1.612.313.2000F 1.612.313.2001
MontrealT 1.514.288.3377
F 1.514.288.4626
MumbaiT 91.22.6637.2006
F 91.22.6637.2008
MunichT 49 (0) 89.45.55.53.0
F 49 (0) 89.45.55.53.33
New YorkT 1.212.336.0200
F 1.212.336.0296
Orange CountyT 1.949.930.8000
F 1.949.930.8001
ParisT 33 (0) 1.53.57.81.23
F 33 (0) 1.53.57.81.00
PhiladelphiaT 1.215.814.1600
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PragueT 420.221.411.341
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RomeT 39.06.802071
F 39.06.80207200
San FranciscoT 1.415.495.4141
F 1.415.495.7524
San MateoT 1.650.356.5500
F 1.650.356.5501
SantiagoT 56.2.940.2700
F 56.2.249.7883
Sao PauloT 55.11.3759.7700
F 55.11.3759.7736
ShanghaiT 86.21.6288.8989F 86.21.6288.7100
SingaporeT 65.6586.1186
F 65.6438.3136
StamfordT 1.203.324.6333
F 1.203.326.3737
StockholmT 46.8.534.801.50
F 46.8.534.801.69
SydneyT 61.2.9247.4031
F 61.2.9251.3021
TokyoT 81.3.3238.8901
F 81.3.3238.8902
TorontoT 1.416.361.0311
F 1.416.361.6118
ViennaT 43.1.36.88.700.0
F 43.1.36.88.777
WarsawT 48.22.620.80.87
F 48.22.620.81.87
Washington, D.C.T 1.202.639.8111
F 1.202.639.8222
ZurichT 41.44.257.17.17
F 41.44.257.17.18
For copies, please contact:
Lucy Phillips on +44 (0) 20.7298.3411or [email protected].
2006 Spencer Stuart.
All rights reserved. For
information about copying,
distributing and displaying
this work, contact
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www.spencerstuart.comAmsterdam
Atlanta
Barcelona
Beijing
Bogota
Boston
Brussels
Budapest
Buenos Aires
Chicago
Dallas
Frankfurt
Geneva
Hong Kong
Houston
Johannesburg
Leeds
London
Los Angeles
Madrid
Manchester
Melbourne
Mexico City
Miami
Milan
Minneapolis/St. Paul
Montreal
Munich
Mumbai
New York
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