CMO Moves Mid Feb Update

Traditionally, February is the slowest month for CMO transitions.

Last year, only 10 CMOs were appointed throughout the entire month. This year, however, there is a noticeable uptick in activity.

In just the first two weeks of February, a total of 13 CMO appointments were announced:

• 9 women vs. 4 men;

• 2 remote, 2 hybrid, 9 on-site;

• 12 external hires vs. 1 internal promotion

• 4 first-time CMOs vs. 9 experienced ones

• Industries that hired the most CMOs this month include: Software Development (4), IT services (2), and network security (2)

Despite the increased activity, the most impactful development in the industry is not a new hire….  

Volkswagen

Nelly Kennedy, the global Chief Marketing Officer of Volkswagen’s passenger business, has stepped down after just over 12 months in the role.

Auto is one of the most resilient industries, even during tough times.

Volkswagen, however, is struggling to keep up, showing only 2% growth in market share last year.

The problem? According to its CEO Thomas Schaefer, in a staff meeting in Nov 2023

Since the brand’s 2016 emissions scandal, the business has been working hard to regain trust. Like the rest of the auto industry, VW is going EV-centric. But the demand for EVs in its major market, Europe, shows signs of decline. EV sales in December declined for the first time since April 2020, by 16.9%, according to the European Automobile Manufacturers’ Association.

Last year, Volkswagen initiated a three-year mission to “restore core brand competitiveness” and ensure its offering was “future-proof and sustainable in the long term.” Marketing has an important role to play.

As the company concludes a $2.6 billion media pitch, the departure of the CMO and the promotion of Manfred Kantner, the European sales chief and head of product marketing, may signal a new strategic direction.

The incoming CMO faces the daunting task of reimagining how Volkswagen differentiates itself in a highly competitive market against Chinese EV makers like BYD, and more nimble brands like Rivian, who is also undergoing leadership shifts.

Rivian

Just earlier this week, Rivian appointed Jennifer Prenner as its new CMO and VP of Marketing.

Jennifer is not from the auto industry. Most recently, she was VP of Global Marketing for VR, AR, XR, and Metaverse at Meta. She was previously CMO and Head of Marketing Fire TV at Amazon and spent more than eight years at Verizon before Amazon.

Founded in 2009, Rivian raised billions in private funding before going public in 2021. The company produced 57,000 vehicles in 2023, primarily focusing on the truck, SUV, and crossover segments.

Rivian announced quite a few senior executives in the last two months including the first plant manager at the new Georgia facility, VP of logistics, and VP of product management.

The final months of 2023 saw the EV momentum begin to stall globally. Demand is slowing, production is overinvested, and the technical limitations of batteries are causing consumer anxiety.

We will be watching with eager interest whether the former Meta staffer can use her experience in big tech to connect Rivian to the consumer in meaningful ways!

Smithfield Foods

Smithfield Foods, the largest pork producer in the U.S. and the third largest globally has named Brendan Smith its Chief Marketing Officer.

Brendon brings a wealth of marketing experience from senior leadership positions in household F&B brands, including ABInBev, Monster Energy, Pizza Hut, and most recently New Realm Brewing and Distilling.

Smithfield Foods is the No. 1 pork supplier in the United States to retail, food services, and export markets, producing staples for daily meals like sausages, bacon, deli meat, hot dogs, ham, and lunchmeat. It is the company behind the brands that we buy every single day: Farmer John, Farmland, Nathan's Famous, Armour, Margherita, and Eckrich.

Headquartered in Smithfield, Virginia, the company operates in 29 states with over 50,000 employees and 2,100 contract pork producers. In 2013, Smithfield was purchased by the Hong Kong-based Chinese company WH Group for $4.7 billion, dubbed “the biggest Chinese takeover” of a U.S. corporation at the time.

The pork industry is in trouble.

According to estimates from Kansas State University, U.S. pork demand has declined by 9% over the past 20 years, while production has increased by 25%.

Among young consumers, pork has lost ground to chicken, which overtook it in 1986 and became the most-eaten meat in the U.S. by 1993.

Changing consumer perceptions, religious restrictions, and global challenges, including a drop in sales to China, pose significant hurdles for the industry.

Brendan and his team are charged with the crucial mission of making pork relevant again to the modern consumer – no easy job for sure!

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