The role of the chief marketing officer has not evolved to keep pace with rapidly changing consumer habits. Flat-lining growth of big brands is clear evidence that what worked in the 90s is not fit for purpose in the digital era of selfie-junkie millennials.
Although many executive teams are still scratching their heads wondering why they can’t move the needle on growth, companies like Coca-Cola and Mondelez, which both announced earnings in the last week, are tackling their growth woes with radical fervour.
While Coca-Cola will undoubtedly still be reflecting on its recent product missteps, it has appointed Francisco Crespo as its chief growth officer.
Less than 5% of businesses have a CGO, a position which, if empowered effectively, could finally establish the long overdue executive accountability for growth that has allowed senior managers to shrug off bad numbers as products plateau.
In Mr Crespo’s case, he is tasked with creating a more seamless approach to marketing and operations and driving the company’s vision to become a "total beverage company".