A quick tally of headlines in WWD from January through the end of May suggests roughly 10 more CEO changes than in the same five-month period in 2022.
Observers stopped short of saying there are substantially more CEO changes than normal, while deducing and theorizing some of the rationales and drivers.and beauty at search firm Heidrick & Struggles, said a change in ownership, financial underperformance and a recessionary market are among factors that can prompt a CEO change.
“I’d say it’s less of a specialist era than it used to be. Today, it’s more about leadership, vision, confidence, growth drive — those are words that come to mind,” Pill said.sector at KornFerry International in Paris, noted that during the pandemic, “firms were so risk averse at making changes. They just wanted leaders who were going to manage everyone through that COVID-19 transition, so we saw very little major movements.
“Smaller brands are facing much bigger challenges than the big brands,” Révis said. “The market has become polarized after COVID-19. It’s a winner-takes-it-all kind of situation right now. People need reassurance, and they are reassured by brands who have expertly managed their brand elevation.” In the past, most fashion CEOs had a “retail profile,” whereas today more companies are pursuing “a more client-centric way to consider the role of CEO,” the priorities being to stay relevant, know the client and ensure the right product offer, Révis said.
KornFerry’s Nida agreed that digital savvy, direct-to-consumer capabilities and “modern retail experience” loomed large in several recent appointments at big U.S. firms.
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