Chief Engineering officer 7. Start with changes to the business landscape—complex organizational structures, rapid globalization, new regulations, the struggle to innovate—that make it ever more difficult for CEOs to be on top of everything, even an area as important as strategy execution. These individuals are rarely abandoned by top executives who recognize their worth. Despite such challenges, more and more companies are exploring the CSO option. The CSO must intimately understand what makes … In the early 1990s-2000s, when modern corporate strategy was establishing a foothold, senior strategists did not have an individual strategy remit. CSOs must be adept at exerting their influence on other executives who might be skeptical—52% of the strategy executives in our survey said having this skill was critical for achieving their goals. Group Accounting; Taxation; Treasury We didn’t want to get bogged down by this abundance of titles, so we surveyed a sample of large global companies to find executives who were considered—and who considered themselves—the chief strategy executives at their organizations. Artificial Intelligence and Business Strategy, How Leading Companies Are Innovating Remotely, Create Secondary data — company reports, strategy documents and presentations — were used to complement the interviews. As a result, the primary focus of the job almost always quickly evolves from creating shared alignment around a vision to riding herd on the ensuing change effort. Our survey indicates that this is a common attitude among CSOs: 47% say they use external consultants extensively in their formulation of strategy. We rounded out the research with in-depth interviews of chief strategy officers from various industries and backgrounds. Get weekly updates on how global companies are managing in a changing world. CSOs also ensure that the capabilities they help to develop are implemented by managers and integrated throughout the organization. To explore the role of the CSO, we conducted 24 interviews with CSOs at U.K. companies that are part of the FTSE 100 Index, across a number of industrial sectors. Increased volatility, rapid globalization, the rise of new technologies, industry convergence, and changes in the workforce—all have contributed to an environment in which top-down planning needs to be balanced with quick and agile execution. These CSOs carried out activities similar to traditional management consultants. September 2015 ... establish an information s ecurity risk management strategy, ... the Chief Operations Officer, Chief … Clarifying the corporate vision for others can sound like a relatively leisurely activity, involving meandering chats in offices and conference rooms across the enterprise. It was the first time Snap had employed a CSO. Look for CSO candidates with these characteristics: “What we’ve been doing isn’t in line with the company’s strategy—and we need to fix that.” Someone in your organization has the mandate to walk into any office, speak those words, and spark some sort of transformation. What companies should we consider acquiring? Board of Trustees: Joseph Neubauer, Chairman (view bio) President: Robert J. Zimmer (view bio) [collapsed title=Provost: Ka Yee C. Lee] View Ka Yee C. Lee's bio Dean, The College: John W. Boyer Dean, Harris School of Public Policy Studies: Katherine Baicker Dean, School of Social Service Administration: Deborah Gorman-Smith Dean, Law School: Thomas J. For example, your organization may have a strategy that no longer aligns with your goals. That is why more and more companies—including Motorola, Marsh & McLennan, NationsHealth, Universal Pictures, and Yahoo, along with the other organizations we’ve discussed in this article—have found it necessary to hire CSOs. Chief Marketing officer(CMO) 5. One C-suite executive we spoke with was so glad to have a CSO come on board at his firm that he voluntarily gave up his office near the CEO to the strategy chief—but not all executives will be as receptive to the change. Other CSOs were enactors, far more likely to execute the strategy process by themselves or with their team. A strategy that is clear one day can become fuzzy the next as people and competitive environments change. The chief strategy executive position, then, is “a huge job” that should be filled only by highly accomplished business veterans. One of them described the role as “getting the facts on the table, coming up with options, evaluating such options and then recommending [the best] one to the business.”, Given the nature of their role, the Internal Consultant CSOs often viewed themselves, as one of them put it, “as a kind of flexible, analytical resource” that was “parachuted in to wherever there was a particular issue that needed additional analytical backing, maybe a bit of objectivity, or at least a slightly more neutral perspective.�. (In 2005, he was named AMD’s chief innovation officer. Leaders representing operational areas across the University report to the Executive Vice President and Chief Operating Officer. As a result, I’m bringing more of a running-the-company kind of approach to the role.”. Even the most compelling strategy is useless if it isn’t implemented. Finally, a CSO must drive decision making that sustains organizational change. The members of the senior team had been looking at the issue, in the words of one executive, through a “heritage lens.” Their shared history in the company was clouding their perspective on the need for change. Recognizing a need for high-level help, the CEO initially sought a “chief growth officer.” The person chosen for the role, an internal business leader with whom the CEO had a long working relationship, realized that in order to grow, the company needed to rebuild its sales pipeline, explore different product lines, and reposition its brand. At other companies, innovation is at the core of the change effort. These leaders develop strategy and oversee functional teams responsible for safety and security, human resources, finance, information technology, real estate and facilities planning, construction, and maintenance, business operations, audit, Some companies, including AIG, Kimberly-Clark, Motorola, and Yahoo!, have discovered a way to fill the execution void: hire a chief strategy officer. The senior team might need a big-picture view of the strategy, whereas those people actually executing the plan on the ground might need a more pragmatic view. Duncan N. Angwin is professor of strategy and MBA director at Oxford Brookes University Business School in Oxford, United Kingdom. The CEO and the leadership team create the company’s strategic vision and set its course. A CSO's role is to continuously examine the company as a whole and to have ready answers to critical business questions like: How do customers rate our customer service? We've been privileged to play a role in helping millions of people the world over be well and stay well through more than a century of change. As one of them stated, “It’s very much like what an external consultant would do; the only difference is that we’re internal.” As a result, we have called this archetype the “Internal Consultant.”, This type of CSO adopted a very rational approach to the development of strategy. A newly appointed CSO recognized that growth would hinge on rebuilding the company’s sales pipeline, offering additional product lines, and repositioning its brand. “Money is made executing, not strategizing,” reported one chief technology officer, who is also responsible for strategy at his professional services firm. The strategy chief at a software company, for instance, recalled having to help members of the senior management team realize that their lack of international experience was preventing the company from carrying out its plans to expand overseas quickly and decisively. The strategy management challenge has become more and more complicated, in virtually every industry, over the past decade. Our investigation revealed that strategy executives are charged with three critical tasks that together form the very definition of strategy execution. CSOs communicate strategy to people throughout the organization and help them see how their work supports it. Clarifying the corporate vision can sound like a leisurely activity, but the reality is far more urgent. Enter the Chief Strategy Officer. Innovation; Technology evolution is constantly transforming the way people interact with the world — raising their expectations every day. By nearly all accounts, strategy development has become a continuous, not periodic, process. Connect With Us 1350 Pennsylvania Avenue, NW, Suite 203, Washington, DC 20004 Phone: (202) 727-2476 Fax: (202) 727-1643 TTY: 711 Email: [email protected] AIG’s Brian Schreiber wanted to be the “first call people made every time they had a new [strategic] opportunity.” That way, he could quickly get the right people involved in making a decision—calling on members of the senior team, for instance, or experts in functional areas like treasury and risk management. CSOs don’t just wait for the phone to ring. Our research shows that top strategy executives work for their companies nearly eight years, on average, before being appointed to the role. When should we move into a new market? Paying a Chief Strategy Officer is approximately $234,000, not including benefits. Department Links. He’s been the strategy chief under two CEOs at the insurance giant. Around 38% of leading businesses operating in European, Middle Eastern and African (EMEA) countries have opened a position for a Chief Digital Officer in their organization chart. What is their mandate? An aviation company executive emphasized the point: “We can have the best plan in the world, but if we can’t execute, we won’t be able to pay the bills.” Driving change and enforcing the consistent application of decisions may require taking things as far as Kimberly-Clark’s Black would go: shrinking strategic planning to a small internal team and leveraging the expertise of outside consultants. Special Offer. While this list is by no means exhaustive (although it is exhausting), it helps explain why more and more CEOs are seeking help with strategy execution at the highest levels. By the time the two months were up, Black and Falk had together created an updated list of goals, informed by Black’s newly acquired understanding of the company’s operations and aspirations plus his rich store of leadership and strategy experience. Second, CSOs must drive immediate change. By 2005, according to an article in Advertising Age, the “low-key, thoughtful, and almost professorial” Johnson had helped propel a turnaround at Campbell’s by pushing for innovations in products, packaging, and shelving and by supporting it all with investments in marketing. Indeed, we found only one who was directly hired from a consultancy. As the science of human health and well-being has grown, we've been able to grow along with it. Fundamentally, these are people who wield the authority, and have the complex range of skills, to make strategy happen. The execution of the strategy — ownership and responsibility for its implementation — resided firmly with the business units. Chief Information Officer(CIO) 4. These CSOs carried out activities similar to traditional management consultants. In the medium term, CSOs add value by building world-class strategy development and execution capabilities within the company. Organizational Chart Contact Us OCRO Internal Site (OCRO-only) Main Content. Account. He or she must be that person who, in the CEO’s stead, can walk into anyone’s office and test whether the decisions being made are aligned with the strategy and are creating the desired results. The second dimension of variation was how the CSO engaged in the strategy process. As Heidrick & Struggles’s managing partner Krishnan Rajagopalan told us: “People take on the chief strategy role because they want to run the business sooner or later. Rather, they are seasoned executives with a strong strategy orientation who have typically led major initiatives or businesses and worn many operating hats before taking on the role. The first dimension was the stage of the strategy process in which the CSO was involved. “All our divisions have strategic plans, and I’m part of making them happen,” says Janet Matricciani, the head of strategic planning and chief strategy officer at Countrywide Bank. Because he was coming from outside the organization, Kimberly-Clark’s Black told CEO Thomas Falk he wanted to take 60 days to get to know the company better before he signed off on strategic objectives that had been developed before he arrived. But they’re another management challenge for stressed-out executives, as big companies enter into literally thousands of relationships spanning the globe. Office of the CFO Organizational Chart (PDF) Address. But most CSOs consider themselves doers first, with the mandate, credentials, and desire to act as well as advise. Finding someone with the skills and experience needed to develop strategy, translate it for people across functions and business units, and drive organizational change is not easy. To help existing and aspiring CSOs be more effective, and to aid CEOs who think they might need to hire or appoint a strategy chief, we’ve been studying these executives as a class: Who are they? Consider the backgrounds of a few chief strategy officers. Some CSOs were facilitators, advising business units during the strategy formulation or assisting in the execution. The execution of the strategy — ownership and responsibility for its implementation — resided firmly with the business units. The presiding person leading the business and possessing the highest authority in the company is chairman. From the outset, it was clear that there was a variation in CSO roles, focused on two dimensions. Half the job involves learning why decisions aren’t being made in accordance with strategy and quickly determining whether to stay the course. Paying a contract CSO less than $49,000 for 6 months minus benefits is a reasonable alternative to hiring a full-time executive level W-2 employee. Most entered their companies in planning, functional, or line-management capacities and were not tapped until years later for the top strategy post. Hire a CSO, and you help your senior team deliver faster, better decisions while building world-class execution capabilities throughout your company. They do not emerge from predictable backgrounds with easy-to-map career paths or aspirations, and their skills, experiences, best practices, and preferences run the gamut. These are the circumstances that prompt companies to seek out CSOs in the first place, and they are partly why CSOs are drawn to the role. Conant was confident the new CSO would help do the same for the soup company. 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