The CMO role at several companies, including Walgreens, Uber, and Starbucks, has been eliminated.
A 2023 McKinsey report found that 40% of Fortune 500 companies don't have a CMO or another growth- or customer-related position in their CEO's executive committee.
But role models like Rare Beauty's CMO, Katie Welch, offer young marketers hope for the profession's future.
"Businesses that are eliminating the CMO role or pulling it into something else, the leadership in those companies don't see the value of marketing," she said.
"She knows how to market to Gen Z," Hyams said.
Persons:
—, Katie Welch, Piper Phillips, Piper Phillips Piper Phillips, Phillips, I've, Natasha Badger, Badger, Katie Welch Lindsey Hyams, Lindsey Hyams, Hyams, Z, Welch, Vijat
Organizations:
Service, Walgreens, Uber, Starbucks, McKinsey, Fortune, Business, Tru, LinkedIn, Lindsey Hyams Industry
Locations:
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