CMO Moves Mid-November Update

November has been a month of power moves and leadership shifts, highlighted by one of the world’s most important political appointments.

In the marketing world, things ramped up just days after the U.S. elections, with 14 new global CMOs stepping into their roles. It was a perfectly even split: 7 women and 7 men. Of these, 4 were internal promotions, while 10 came from outside the companies, and 10 of them are taking on a C-level position for the first time.

New York emerged as the geographic center with 3 new CMO appointments, followed by Texas and California, each with 2. The remaining hires were distributed across 5 states: Arizona, Washington, D.C., Washington State, Georgia, and Massachusetts. Internationally, Germany and Australia each welcomed a new CMO.

Industry activity was robust, especially in Food and Beverage Services, which saw 4 CMO announcements, while Software Development recorded 2. In total, the new CMOs spanned 10 different industries:

• Food and Beverage Services: 4

• Software Development: 2

• Law Practice: 1

• Entertainment Providers: 1

• Restaurants: 1

• Retail: 1

• Broadcast Media Production and Distribution: 1

• Technology, Information, and Media :1

• Banking: 1

• Hospitality: 1

Papa Johns

The restaurant industry has been bustling in 2024, securing its place as the second-largest sector for new CMO hires, trailing only behind Software Development. Out of 253 CMO appointments announced so far this year, 15 have been within restaurant businesses. Here's a look at the notable CMO hires:

• February: Whataburger

• March: California Pizza Kitchen

• April: Capriotti's Sandwich Shop, Mountain Mike's Pizza, MOD Pizza, Fuzzy's Taco Shop

• May: Wendy's, Portillo's

• June: Smashburger

• July: Cracker Barrel

• August: Panera Bread, Popeyes USA & Canada

• October: Taco John's, Domino's, Red Lobster

What’s behind the high traffic of CMOs in this sector?

Ask a QSR industry analyst, and they’ll talk about digital evolution and changing consumer habits amidst competition. Ask a stock analyst, and they’ll point to rising input costs and PE/Investor activism.

Our point of view?

CMOs are often scapegoats for deeper organizational challenges, such as poor operations or ineffective product innovation. Brand has taken a back seat to performance marketing, and digital eating has just become... more transactional.

And talking of transactions, earlier this month, Papa Johns, the world’s third-largest pizza delivery company, named Jenna Bromberg as its new Chief Marketing Officer. Bromberg, formerly VP of Brand Marketing & Creative at Carter’s, is celebrated for her brand campaigns and consumer insight. Her marketing expertise spans both QSR and modern retail.

During her tenure at Carter's Inc., Bromberg successfully navigated the brand through the pandemic and launched several strong marketing campaigns. Her return to the pizza industry marks a full-circle moment, building on her previous role at Pizza Hut.

Papa Johns has experienced many leadership changes in recent years. After founder John Schnatter stepped down as CEO on January 1, 2018, following controversy over his comments about NFL protests, Rob Lynch became CEO in 2019. However, Lynch announced he would be leaving on May 20, 2024, to join Shake Shack as CEO.

Todd Penegor was appointed President and CEO in August 2024, bringing over 20 years of experience from roles at Wendy’s and Kellogg Company, where he led significant growth and expansion initiatives. Ravi Thanawala became Chief Financial Officer and EVP, International in September 2024, coming from a senior finance role at Nike. Kevin Vasconi joined as Chief Digital and Technology Officer in September 2024, with extensive experience in technology strategy from his previous position at Wendy’s.

Recent promotions within the company include Kurt Milburn as Chief Supply Chain Officer in April 2024, and Joe Sieve as Chief Restaurant and Development Officer in September 2024.

Phew! With a nearly brand-new leadership team in place at Papa Johns, it’s a good time to instill change and power growth, and we wish Jenna all the best in her role as CMO.

Chobani

One of our favorite quotes of the last few months about marketing comes from the former CMO at Chobani, Thomas Ranese (ex-Uber and Google - not the typical CPG profile), who left in April after being in the role for about 8 months.

Chobani has just announced the appointment of Jai Kibe as Chief Marketing Officer. Reporting to President and COO Kevin Burns, Kibe will oversee marketing and creative efforts for both Chobani and La Colombe. His priorities include driving growth in key segments, innovating in marketing strategies, enhancing digital engagement, and forging impactful partnerships.

With over 23 years of experience, Kibe has held prominent marketing roles at major companies like Gartner, SC Johnson, and The Coca-Cola Company. He has successfully transformed brands and driven sustained growth throughout his career.

This announcement comes amid a period of growth and strategic change for Chobani. In 2023, the company reported $2.53 billion in net sales, up 12% from the previous year, and has doubled its earnings as its Greek yogurt line continues to thrive. There have been acquisitions and diversification – $900m for La Colombe (Coffee) in late 2023 and San Francisco’s beloved hometown brewery Anchor in May 2024. Chobani has recently made significant hires, including its first Chief Design Officer, Hans Neubert, as it gears up for a potential initial public offering in 2025, pending favorable market conditions.

Other departures?

Just yesterday...Chobani’s Chief Communications Officer, Ben Boyd, departed the company after less than 9 months. Boyd announced his exit on LinkedIn, reflecting on his career as he prepares for a sabbatical.

Boyd joined Chobani in March, taking over the Chief Communications Officer role from Nishant Roy, who remains the brand’s Chief Impact Officer. Reporting directly to founder and CEO Hamdi Ulukaya, Boyd oversaw external media relations, internal communications, impact communications, and corporate reputation.

Keurig Dr Pepper

Dr Pepper's ascent to tie with Pepsi as the second most popular carbonated soft drink in the U.S. underscores its effective marketing and product innovation strategies.

On the other hand, the beverage industry faces challenges, including shifting consumer preferences toward healthier options and increased regulatory scrutiny on sugary drinks. We can’t even begin to imagine what Trump appointee RFK Jr, famous for his predilection for dead animals, will be dreaming up to “make America healthy again” and how that might impact the likes of KDP.

November 11th saw the announcement of Drew Panayiotou as Chief Marketing Officer, U.S. Refreshment Beverages.

Panayiotou joins the Company most recently from Pfizer, where he was the company's first Global CMO with oversight of marketing across all of Pfizer's markets and products, leading a giant team of 1,400 people. While at Pfizer, he deployed AI-driven content and media capabilities and stood up a DTC e-commerce engagement model.

In addition to iconic KDP brands like 7Up, Snapple, and Canada Dry, Drew will also oversee all functions within the Company's enterprise-wide marketing centers of excellence, including insights & analytics, media & public relations, marketing innovation, creative services, and category management. We hope this role is a refreshing departure from big pharma, and unlocks new possibilities for him personally, and value for KDP.

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