C-suite ain't so sweet

Share this content:
Allison Schiff, web editor, Direct Marketing News
Allison Schiff, web editor, Direct Marketing News
Can't an executive catch a break? Not at Best Buy or T-Mobile, that's for sure.

Best Buy's not having a good month. First, CEO Brian Dunn resigned at the beginning of April amidst talk that the company's board was investigating his personal conduct. Dunn, who was with Best Buy for almost 30 years, allegedly siphoned company funds to finance a dalliance with a female colleague.

Then Geek Squad founder Robert Stephens — Best Buy acquired Geek Squad back in 2002 for an undisclosed sum — parted ways with the company.

Now the big box retailer's chief marketing officer Barry Judge (left) is out the door. Judge, who'd been head of marketing since 2008, is “leaving the company to explore the next chapter in his career,” according to a best Buy spokesman quoted by Bloomberg. Politically stated.

And not to be left out, T-Mobile's CMO Cole Brodman announced he's hitting the road at the end of May. Brodman was with the mobile carrier for 17 years in a variety of roles, but only served as CMO for two. He told The Wall Street Journal that the move is “an opportunity to step away, get a break and start to think about how I want to do something next.” Chin up, Brodman.

It's not news that having clawed one's way to the top, an executive has trouble staying put. At the National Retail Federation's 101st Big Show back in January, I attended a session delving into ways CEOs can create healthy corporate cultures. An internal study of CEO turnover conducted by executive recruiter Russell Reynolds Associates was cited. The study found that retail CEOs change jobs 30% more frequently than Fortune 1,000 CEOs in general. Moreover, the study found that retail CEOs had 80% turnover within two years.

Russell Reynolds managing director and global retail practice leader Brenda Malloy, who was moderating the session, chalked it up to a “lack of stability and innovative capacity in the C-suite.” Perhaps. Clearly, there's something going on.

Upshot: If you're an executive, don't get too comfortable. It's cutthroat out there.

DMNotes is DMN's around-the-clock blog. Yes, a blog in 2016.

Bookmark this section and follow our RSS Feed here

close

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above