The following are some of the common C-Level titles: 1. 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. 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. The CEO’s vote of confidence and a strong résumé confer the credibility that gets you a fair hearing as a top strategy executive. All interviews were conducted either at the CSO’s office or via telephone and followed the same semistructured outline and set of questions. When to Hire a Nonprofit Chief Strategy Officer Our research and many years of experience working with leaders in large organizations confirm that CEOs are formally handing the reins of strategy execution to individuals known by a variety of titles but with increasing frequency as “chief strategy officers.” In the past few years, the number of CSO appointments has surged. 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. They must be able “to tell [the strategy story] in a way people can understand and buy in to,” says Countrywide’s Janet Matricciani. To make sure decisions align with strategy through all levels of the organization, top strategy executives must be comfortable working at 50,000 feet, 500 feet, 50 feet, and on down. WellPoint’s CSO, Marjorie Dorr, was plucked from her position as president and CEO of the company’s northeast region, where she had increased membership in the health care company’s plans from 800,000 to 2.6 million. 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 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. 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. But in large companies, that vision may be opaque to many, which can create resistance or confusion among senior managers and frontline employees and can thwart execution and change. Leaders representing operational areas across the University report to the Executive Vice President and Chief Operating Officer. Chief Business officer 10. They haven’t run a whole company before.”. 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. 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. And while a tiny fraction reported that they influence others through reflected authority—that is, by having the implicit or explicit support of the CEO—we know that the CSO’s relationship to the chief executive is more critical than that figure indicates. The Assistant Deputy Chief Management Officer (ADCMO) is the delegated decision authority and principal deputy to the DCMO. How to Make a Chief Strategy Officer Fit into Your Organization By Don Tennant , Posted May 15, 2014 Patrick Stroh explains how the job of the CSO may depend on the needs of the CEO and the product structure of the company. Under the new CEO, Martin Sullivan, Schreiber’s role has expanded to include formalizing the company’s strategic-planning processes, forging new working relationships and synergies across the organization, and establishing greater transparency and accountability for those people carrying out the company’s strategy. At Cadbury Schweppes, Todd Stitzer went from being CEO of Dr Pepper/7 Up to becoming chief strategy officer to becoming deputy CEO of the entire company to finally being appointed CEO—all between 1997 and 2003. When decisions below the executive suite aren’t being made in accordance with strategy, much of the CSO’s job involves learning why and quickly determining whether to stay the course or change tack. They were transcribed verbatim and analyzed through qualitative data management software. Indeed, we found only one who was directly hired from a consultancy. CSOs ensure corporate strategy gets translated into action, say Breene, Nunes, and Shill. Paying a Chief Strategy Officer is approximately $234,000, not including benefits. Most of the chief strategy executives we spoke with and studied had significant experience in formulating strategy, often gained at top management consulting firms or through years of strategy-related work in companies—but this was rarely the dominant portion of their careers. Some companies, including AIG, Kimberly-Clark, Motorola, and Yahoo!, have discovered a way to fill the execution void: hire a chief strategy officer. Successful execution, therefore, depends more than ever on rapid and effective decision making. But they’re another management challenge for stressed-out executives, as big companies enter into literally thousands of relationships spanning the globe. Maybe it’s the CEO and the CEO only. So the CSO’s attention to this period underlines the unique perspective this individual brings to the organization. These CSOs carried out activities similar to traditional management consultants. One-third of CSOs surveyed described their companies as “under siege.”. Further, as Harvard Business School professor Joseph L. Bower has noted in these pages, iron-fisted control of execution often eludes the top team’s grasp, as line executives seek to define strategy on their own terms. 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. 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] Get free, timely updates from MIT SMR with new ideas, research, frameworks, and more. These CSOs carried out activities similar to traditional management consultants. Black’s attitude and approach to his job map closely to another of our research findings: Most top strategy executives are star players more so than professional coaches. And PepsiCo CEO Indra Nooyi was in charge of corporate strategy at both ABB and Motorola before being named Pepsi’s senior vice president of corporate strategy and development in 1994; from that role, she moved to president and CFO in 2001 and then to CEO in 2006. Then consider the nature of strategy itself. The chief strategy officer (CSO) is a comparatively new but increasingly important role in many organizations. This isn’t to say that CSOs just reflexively push strategic initiatives downward. In short order, the health care firm began to enter the new markets, and people who had been hesitant to do business with the financially ailing organization gained confidence in it. Clarifying the corporate vision can sound like a leisurely activity, but the reality is far more urgent. One health care company we studied was rebounding from bankruptcy in 2005, so its strategic emphasis was on fast growth. Our research was complicated by the existence of a great diversity of titles that fit the role of chief strategy officer—more than 90, in fact. The strategy chiefs we surveyed said they had known the CEO at their companies for five years, on average, before becoming the CSO. First, they must clarify the company’s strategy for themselves and for every business unit and function, ensuring that all employees understand the details of the strategic plan and how their work connects to corporate goals. (Even CEOs need to sleep.) Nowadays, Schreiber says, the successful creation and execution of strategy requires not only good processes but also the ability to make quick decisions. From day one, the CSO, by being the go-to person on all strategy matters, can focus and speed up decision making. And they make sure decisions at all levels align with strategic objectives. Download the Office of the Chief Financial officer and Senior Vice-President organisation chart.. Chief Financial Officer and Senior Vice-President. To follow through on their mandate, successful strategy executives employ a handful of high-level principles. CEOs are being weighed down by the ever-growing complexity of doing business in a global economy. Address. Artificial Intelligence and Business Strategy, How Leading Companies Are Innovating Remotely, Create By the end of 2006, the firm had achieved dramatic growth and acquired several critical new businesses. 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. The typical CSO or top strategy executive is not a pure strategist, conducting long-range planning in relative isolation. Direct interaction with and feedback from the troops is essential for CSOs to keep their companies agile and their strategies flexible. What Makes a Great Chief Strategy Officer Three things every CSO should think about. Conant was confident the new CSO would help do the same for the soup company. Post a Chief Strategy Officer job to 100 job boards with one submission. content, It’s often easier for an insider to resolve this vision for colleagues. It’s hard to see a five-year plan through to completion when your tenure is likely to be less than that, but that’s the situation CEOs find themselves in today. CSOs also ensure that the capabilities they help to develop are implemented by managers and integrated throughout the organization. The focus of the job almost always quickly evolves from creating shared alignment around a vision to riding herd on the ensuing change effort. A chief information officer usually manages a team of IT specialists responsible for maintaining the day-to-day IT operations. There are usually one or two steps, however, between taking over the CSO role and becoming the CEO.”. For example, your organization may have a strategy that no longer aligns with your goals. For some, that tenure is much longer: In early 2007, Walgreens promoted John Gleeson, a 37-year veteran of the company, to the company’s newly created CSO post. Taman H. Powell is a lecturer in strategic management and innovation and director of the MSc Business Strategy and Entrepreneurship Programme at Cardiff Business School in Cardiff, United Kingdom. Stanford. Fundamentally, these are people who wield the authority, and have the complex range of skills, to make strategy happen. They’re nominally and ultimately responsible for strategy, but today’s CEOs have less and less time to devote to it. Maybe it’s the CEO and the CEO only. And keeping on top of the challenges at a range of interconnected businesses can tax even the most focused and energetic chief executives. 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. Boards are also increasing their involvement in strategy development; several have guided their CEOs toward delegating strategy execution to another C-suite executive. The average cost for a company to hire a full-time Chief Strategy Officer is about $292,500 per year. 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. So he also considers himself the point person for assessing whether strategic initiatives, at all levels of the organization, are in line with the company’s standards and objectives. “Without achieving real understanding and agreement, there will be lots of grinning and backslapping over the strategy but zero change when people get back to their offices.”. Within months of taking on the role, the CGO became the CSO and analyzed the underlying causes of the company’s stalled growth, identified attractive new markets, and developed aggressive acquisition strategies. While the potential benefits are clear, bringing on a CSO is not without its challenges. We also took a closer look at the increasingly popular “chief strategy officer” title, analyzing the press releases and media coverage of more than 100 CSO appointments to determine how the role is evolving. Chief Information Officer(CIO) 4. Even the most compelling strategy is useless if it isn’t implemented. The COO or the CFO may seem like obvious resources to tap, but there are risks in delegating the oversight of strategy to either. The chart depicts key business units and departments within each unit and may not include Strategy, Marketing, Risk Management, IT, Operations and other support ... Group Chief Strategy Officer Office of the Group President & CEO JEROME HON Group Chief Operations Officer • Regional Payments & SST Operations • Regional Trade Operations By understanding how the duties of the chief strategy officer (CSO) can vary significantly from organization to organization, boards and CEOs can make better decisions about which type of CSO is necessary for their leadership teams. He could also ensure that the decision was based on a strong strategic rationale as well as a financial one. “When we’re starting a new business, I’ll help create the business plan, find the right people, do whatever it takes to make the business happen.”. Organizational Chart Contact Us OCRO Internal Site (OCRO-only) Main Content. According to our research, they spend an estimated 39% of their time on horizon two, while 36% of their time is devoted to horizon three, and 25% is spent monitoring horizon one. “Money is made executing, not strategizing,” reported one chief technology officer, who is also responsible for strategy at his professional services firm. Half the job involves learning why decisions below the executive suite aren’t being made in accordance with strategy and quickly determining whether to stay the course or change tack—so CSOs must be good listeners as well as good translators. And executive recruiters confirmed what our interviews revealed: The search for the right candidate, whether internal or external, takes longer than most CEOs expect—a fact that is particularly frustrating for those chief executives looking to implement a growth or innovation agenda quickly. Indeed, many of the CSOs we interviewed said that both candor and tact were critical for doing their jobs well. The presiding person leading the business and possessing the highest authority in the company is chairman. In the medium term, CSOs add value by building world-class strategy development and execution capabilities within the company. 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. (See Bower and Clark G. Gilbert’s “How Managers’ Everyday Decisions Create—or Destroy—Your Company’s Strategy,” February 2007.). Of course, different companies have different strategic imperatives that influence the nature of the CSO role and the type of executive best suited to the task. Most entered their companies in planning, functional, or line-management capacities and were not tapped until years later for the top strategy post. The execution of the strategy — ownership and responsibility for its implementation — resided firmly with the business units. Even more important, we've helped shape and define what health and well-being means in everyday lives. The chief strategy executive position, then, is “a huge job” that should be filled only by highly accomplished business veterans. ), The CSO at times functions as a sort of “mini CEO,” someone who must see the issues confronting the company from as broad a perspective as the chief executive does, says Kimberly-Clark’s Black, who previously served as COO of Sammons Enterprises, a conglomerate with $27 billion in assets, and as president of Steelcase’s international operations. The Office of the Chief Information Officer is under the leadership of the Chief Information Officer, Gundeep Ahluwalia, with Deputy Chief Information Officer (DCIO) for Administration and Strategy Louis (Lou) Charlier and the Deputy Chief Information Officer for Operations, Rick Kryger. In the early 1990s-2000s, when modern corporate strategy was establishing a foothold, senior strategists did not have an individual strategy remit. CSOs of this type focused almost exclusively on strategy formulation by themselves or with their strategy team. It’s easy to misjudge the role of the chief strategy officer, in part because the title itself is misleading. You must sign in to post a comment.First time here? But recent CSO appointments aren’t necessarily just a reaction to today’s complex times. Big Bang Disruption: Strategy in the Age of Devastating Innovation. For instance, the top management team of one company held a consensus view that IT was an “overhead activity” until its CSO helped it adopt a new perspective: technology as a partner in and enabler of strategy. 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, Based on variation in the roles carried out by the CSOs, we have developed a typology of four CSO archetypes. There are good reasons for CEOs to delegate strategy responsibilities to another in the C-suite. And AMD’s William T. “Billy” Edwards had a rich set of experiences before being named CSO in 2004, including time as CEO of Hesson Labs, line management roles at Motorola, positions with medical equipment start-ups, and nearly a decade with a top strategy consulting firm. Boards, under intense pressure to add value themselves, are frequently pulling the plug on CEOs they deem ineffective. Furthermore, with the overwhelming pace of change of business today– and the extent to which these changes impact different functions within the organization – the realization is that strategic planning and implementation is a full-time job, requiring more discipline, structure, and rigor behind the function. You’ve got to use every arrow in your quiver—and you have to be prepared to do so again and again.”. All rights reserved. And while in many ways IT is the bailiwick of the CIO or CTO, it’s also a critical domain for CSOs, because technology is critical to virtually every aspect of strategy—for instance, creating new products and services, developing new business models, and improving processes. What makes them successful? 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. “It’s crucial for me to ask, ‘What implicit decisions have we made that need to be explicit? Office of the Chief Risk Officer. 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. At tech firms, for example, senior leaders must be knowledgeable about every content business—music, movies, books, video, television—as well as the software and hardware needed to make them all work. Of course, simply having the CSO title can help: About one-fourth of our respondents said they accomplish their goals through direct authority. 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. There’s no simple, step-by-step recipe for success in the role of chief strategy officer—but there are a few essential ingredients. 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. They ride herd on change initiatives needed to carry out strategy. Immediately before becoming Campbell Soup Company’s CSO, M. Carl Johnson was the executive vice president of Kraft Foods, where he led the former New Meals division through a three-year transformation that helped the unit restore its sales and earnings momentum and significantly grow its operating income. They instruct others and serve as mentors, certainly. Group Accounting; Taxation; Treasury “Someone at the center has to bring focus and discipline to the decision process,” says Kimberly-Clark’s CFO, Mark Buthman, or strategic discussions and initiatives will stall and business opportunities may be lost. Office of the CFO Organizational Chart (PDF) Address. He or she must be that person who, in the CEO’s stead, can walk into any office and test whether the decisions being made are aligned with the strategy and are creating the desired results. When Douglas Conant, the CEO of Campbell Soup, hired CSO M. Carl Johnson in 2001, he cited Johnson’s track record of revitalizing big brands, launching new ones, and improving financial results at Kraft Foods. Should we be investing in developing a new product or improving an existing product? Indeed, a CSO’s long experience within a single company—specifically, his or her deep knowledge of the chief architects of the existing strategy and its history—can be crucial for building the federation necessary to enact change. 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. Chief Strategy Officer (CSO): A chief strategy officer (CSO) is an executive charged with helping formulate, facilitate and communicate an organization's plans for the future. As he put it, “a fundamental conflict between what is easy to execute and what is right to execute often leads the chief operating officer away from the tougher decision.” (See William W. Wommack’s “The Board’s Most Important Function,” HBR September–October 1979.) The Fire Services Headquarters Command (HQ), headed by an Assistant Director of Chief Fire Officer rank to provide planning and management support to the Director as well as policy and logistical support to other Commands. Interviews with executive recruiters point to the growing prevalence of this role in many industries, and CSOs are already serving large multinational companies around the world. Finally, a CSO must drive decision making that sustains organizational change. The rise in Europe, Middle East and Africa has been higher than in the rest of the world. A Chief Strategy Officer uniquely defines and executes a company's broad vision. Networks of companies are a great boon to industry, as alliances, partnerships, and close supplier relationships facilitate the flow of commerce. A Chief Strategy Officer (CSO) is a C-level executive who develops and executes strategies to accomplish financial growth in a company. Harvard Business Publishing is an affiliate of Harvard Business School. But one shouldn’t take the capaciousness of the role to mean anything goes—just slot someone in and let her figure it out. CEOs were always expected to take overall responsibility of corporate strategy, in addition to guiding the organisation’s other vital functions (e.g. Johnson & Johnson is a company of enduring strength. The chairman leads and influences the board of the directors and chief officers to manage the financial, human, technical and environmental working of a corporation. Most of the top strategy executives we polled said they split their time almost evenly between strategy formulation and execution, yet their statements reveal a tilt toward the latter. Yet, deeper exploration revealed many common traits in these individuals—characteristics that, taken together, help define a consistent, although often unfamiliar or misunderstood, role. For underperforming management teams, private-equity funds are often lurking, ready to make a hostile bid. Despite such challenges, more and more companies are exploring the CSO option. The chief information officer (CIO) is responsible for Information Technology (IT) strategy to support an organization’s goals and objectives. 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. Indeed, chemical company H.B. Many CSOs therefore have long-standing relationships with their CEOs. From the outset, it was clear that there was a variation in CSO roles, focused on two dimensions. Our survey indicates that this is a common attitude among CSOs: 47% say they use external consultants extensively in their formulation of strategy. The second dimension of variation was how the CSO engaged in the strategy process. What is their mandate? But even more important for swaying opinions and conveying authority is having deep knowledge in two functional areas that are central to execution these days: technology and human capital. It’s true that CSOs can’t effectively resolve a strategy without having had a hand in its creation, but these executives quickly get beyond creation to action. CEOs, grappling with the complexity of doing business in a global economy, are too overloaded to stay on top of strategy implementation. Countrywide’s Matricciani told us that thorough due diligence on new products and potential partnerships helps her to be persuasive when presenting opportunities to the rest of the company (or when explaining why it should stick to its knitting). That meant the heads of Sales, Marketing, M&A, and Strategy Development would have to report to the CGO. “The role is so peculiar, if you’re not working every angle, I’m not sure how you get anything done,” explains Stephen Dull, vice president of strategy at VF Corporation. Chief strategy executives, therefore, must ensure that the members of the leadership team come to agreement on strategy decisions. And they are not specialists who have breathed in only the rarified air of strategy over long careers of thinking rather than doing. “No strategy can just be handed down to an organization,” says Kirk Klasson, former vice president of strategy for Novell. financials, investor relationships, corporate image, devising and impleme… Companies are adding CSOs to their management teams (or at least considering doing so) for several reasons. 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