The Next Wave of Retail CEOs Will Be Digitally Savvy, Globally Minded, Study Finds

You're about to see a new wave of digital-savvy, global-minded retail CEOs.

At least those were the findings from a new study unveiled last week by Women’s Wear Daily and Berglass+Associates, an executive search firm specializing in retail and consumer goods. The study, which surveyed 127 retail professionals, 32 percent of whom were CEOs, found that there will be an overhaul of the C-suite and its boardroom by 2020. More detailed findings from the study include the following:

• Only about 22 percent of respondents believe their board of directors is very effective. In fact, 60 percent believe the makeup of their board (including experience and skill sets) will change by 2020, with 72 percent of respondents expecting the board to add leaders with technology backgrounds, and 64 percent expecting to add leaders with global expertise.
• Survey participants recognized merchandising among the top three most important skill sets of a retail CEO both today and in the future. Digital/technology and global expertise rounded out the top three most important skill sets that will be required of CEOs in 2020.
• The biggest change to the C-suite will be the addition of a chief customer officer (CCO). While only 5 percent of the companies surveyed have a CCO today, nearly 25 percent expect to fill this role by 2020.
• Nearly 70 percent of respondents believe that C-suite leadership coming from outside of the retail industry will increase by 2020, specifically from technology (57 percent), pure-play e-tailers (51 percent) and consumer packaged goods (43 percent).
• While change is coming to the C-suite and boardroom, the survey found that retail’s core performance areas will remain the same. Product innovation (98 percent), consumer engagement (98 percent), talent acquisition/retention (98 percent) and providing consistent consumer experiences across touchpoints (98 percent) were the top four areas of focus in both 2014 and 2020.

“There are changes happening so fast in our industry that the present feels like the future,” said Les Berglass, founder and CEO of Berglass+Associates in a company press release. “The need for leadership talent that aligns with an increasingly savvy consumer will drive a virtual redefinition of both the C-suite and boardroom.”