In recent years, I’m seeing more Marketing & Business Development Directors get promoted to C-level.

When a CMO/CBDO steps away from their role in a firm, they sometimes leave behind a strong “right hand” at the Director level. In many cases, these professionals have been working closely with the C-Suite and already demonstrate their ability to develop and execute effective initiatives for differentiating the firm. 

These individuals are often poised to run with established programs and know how to reach the firm’s goals without missing a beat. It seems like a no-brainer to promote these individuals to first chair, but until recently, that wasn’t a common practice. 

When it makes sense, promoting internally can:

• Foster leadership continuity that keeps business running smoothly during times of transition.
• Preserve institutional knowledge, allowing professionals to hit the ground running in their new role.
• Shorten the time required for new professionals to learn internal politics and digest the culture.
• Get a leg up on relationship development with the firm’s many constituents as well as leadership teams.
• Extend the retention within business operational teams.
• Provide opportunity to bring in new talent who can learn from the existing professional team.
• Save the firm money on recruiting and onboarding the top-level professionals, allowing them to use their budget to hire the next generation.

The stars need to align in a number of areas for this approach to work, but when it does, it’s a big win for the firm.

-Jason Caramanico