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Why the C-suite is getting so big
- CEOs are adding more chiefs to the C-suite, including roles like chief experience officer and chief AI-ethics officer, in an effort to keep up with the demands of rapidly changing technology. However, too many executives at the top could risk muddling decision-making and harming productivity.
- Leadership experts recommend a handful of broader-based execs in the C-suite that can think critically and serve as a CEO's sounding board, with other specialists in areas such as risk management reporting to them.
- Some newer C-suite roles such as chief customer officer and chief corporate responsibility officer had been growing 9.8% faster from 2019 than a half dozen traditional roles like CFO and CMO, according to a growth review.
- Janet Sherlock, retired chief digital and tech officer at Ralph Lauren, warned of the harm to productivity, product quality, morale, and employee engagement caused by overlap among executives' remits and called for clear responsibilities and decision-making lines.
- Leadership experts suggest that collaboration among C-suite executives to connect disciplines can help create greater organizational community, but caution that too many people at the top risk muddling decision-making and hurting productivity.
- Experts recommend that C-suite executives be proficient in AI and other technologies, and have closer connections to different aspects of the business.
- Most CEOs' remits have expanded, including digital transformation, employee well-being, sustainability, and diversity, equity, and inclusion efforts, among other things.
- There is more pressure on C-suite leaders to act as a well-informed unit of experts rather than technical specialists.
- Some companies might try to thin their C-suites to ensure optimal internal coordination, but others could argue that more expertise than ever is necessary to run a thriving enterprise.
- It is recommended that C-suites comprise of the right people at the top who can make sense of external challenges and determine priorities for the organization.
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