CMO Moves Mid August Update

As we like to say at the Ladder, marketing is eating the world, and the career trajectory of Chief Marketing Officers is all the more expansive (and dare we say, worthy of a conversation) as a consequence. What happened this month has underscored that trend.

In the first two weeks of August alone, 13 CMOs were appointed—9 women and 4 men. Only one of these appointments was an internal promotion, with the rest being external hires, and 5 of them stepping into the CMO role for the first time.

Geographically, California led the way with 3 CMO hires, followed by New York with 2. The rest were spread across Texas, Florida, Ohio, Kansas, Arizona, Massachusetts, and Missouri. The industries hiring the most CMOs include IT Services and Consulting, Restaurants, and Business Consulting and Services, each with 2 new appointments.

• IT Services and IT Consulting 2

• Restaurants 2

• Business Consulting and Services 2

• Retail Apparel and Fashion 1

• Venture Capital and Private Equity Principals 1

• Software Development 1

• Wholesale 1

• Hospitals and Health Care 1

• Information Technology & Services 1

• Manufacturing 1

Starbucks

The headline story of the month is Starbucks’ sudden CEO change, where a former marketer has taken the helm.

Last week, Starbucks announced that its current CEO, Laxman Narasimhan, who had only been in the role since March last year, would step down immediately. He will be replaced by Brian Niccol, Chairman and CEO of Chipotle, effective September 9th.

Niccol, a legend in the restaurant industry, is known for his successful turnarounds of high-profile restaurant brands and his rapid ascension from CMO to CEO.

Niccol began his career in brand management at Procter & Gamble before moving to Yum! Brands in 2005 as VP of Strategic Marketing. He quickly rose to become CMO of Pizza Hut, where he led the launch of the brand’s billion-dollar online mobile CX platform. After a brief stint as GM of Pizza Hut USA, Niccol was appointed Chief Marketing and Innovation Officer at Taco Bell, where he repositioned the brand from "food as fuel" to "food as experience." This success led to his promotion to CEO in 2015, during which he doubled Taco Bell’s sales, opened 2,000 new restaurants, and transformed the brand into a global powerhouse. In his most recent role as CEO of Chipotle, Niccol again doubled sales and increased the company’s stock price by 800%. Say what you like about portion sizes, that’s a heck of an achievement.

Narasimhan, the outgoing CEO, had minimal experience in the restaurant industry and was behind the controversial decision to sunset the CMO title at Starbucks, shifting marketing responsibilities to regional teams. This decision, made amid negative headlines surrounding the company’s handling of workers’ unionizing efforts and boycotts related to the Israel-Hamas conflict, now seems questionable.

Niccol’s compensation package is substantial: a $1.6 million annual salary, $23 million in annual stock awards, plus a $10 million signing bonus, and a $75 million stock award to replace compensation forfeited by leaving Chipotle.

And he gets to work from home too! Starbucks is setting up an office for Niccol in California, providing him with a perk of up to $250,000 in personal travel on the corporate jet. This package could make Niccol one of the highest-paid CEOs in the U.S., and it seems well deserved. After the announcement, Starbucks shares soared by 25%, adding $21.4 billion to its market cap.

Thorne

Marketing leaders are increasingly taking on broader roles within organizations, with some evolving into Chief Growth Officers (CGOs).

Earlier this month, Mary Beech, former CMO at Kate Spade and Scholastic, was appointed the first-ever CGO at luxury wellness brand Thorne.

Reporting to CEO Colin Watts, Beech will oversee Thorne’s marketing team and e-commerce business, driving product and brand marketing with a focus on uniting data, customer insights, and scientific rigor to grow Thorne’s DTC, B2B, and healthcare practitioner channels.

Beech, who has three decades of marketing experience across luxury fashion and publishing, views the CGO role as the "CMO 2.0."

Beech’s appointment also highlights the trend of CMOs moving into new industries – we call them "industry travelers." This month, several CMOs have made similar pivots, such as Bart LaCount, who moved from PepsiCo to become the new CMO at Popeyes US and Canada, and Heather Julian, who transitioned from the finance sector to become CMO at Lifespace Communities, a not-for-profit healthcare brand.

Frequently, when Taligence is engaged to replace a CMO, we are engaged directly by the PE firm or VC, not the hiring company.

One interesting thing we noticed about Mary’s post about her arrival at Thorne on Linkedin, was a nod to L Catterton, an investment firm that owns 97% of the company and took the company private in 2023. L Catterton's portfolio is primarily focused on consumer-facing companies, with a strong emphasis on sectors such as health and wellness, fitness, beauty, and lifestyle, so Thorne is a good fit.

We wonder if the investor initiated the search and how often that happens outside our anecdotal experience.

Balmain

French luxury fashion house Balmain has named Bruna Scognamiglio its new CMO.

With over 20 years of experience in traditional and digital marketing in the beauty, fashion, and luxury sectors, Scognamiglio has worked with brands like Max Factor, Olay, Pantene, D&G Beauty, Gucci, Coty, and Tod’s. Most recently, she was the Global Brand and Marketing Director at Ferragamo.

Following the departure of former CMO Txampi Diz and CEO Jean-Jacques Guével in March, Balmain has been reassembling its new leadership team, including hiring a new CEO, Matteo Sgarbossa, from Givenchy in May.

Balmain was acquired by Mayhoola for Investments, a Qatari holding company managed by former Egyptian minister Rachid Mohamed Rachid and owned by the Qatar royal family, for reportedly more than $522 million in 2016.

Mayhoola also acquired Valentino Fashion Group in 2012, although it sold a 30% stake in Valentino to French luxury group Kering last year for €1.7 billion. This sale is part of a broader strategic partnership between Kering and Mayhoola, which could lead to Mayhoola becoming a shareholder in Kering. If successful, this partnership could position Kering as a formidable rival to the significantly larger LVMH.

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