Changes in the C-suite: The Patino Associates 2024 CCO Turnover Study
In creating our 2024 CCO Turnover Study, we examined decision trends of CEOs relative to the hiring of the Chief Communications Officer (and increasingly Chief Corporate Affairs Officers) for the world’s leading global organizations. Even in a down year for hiring CCOs, these statistical trends cemented what we at Patino Associates have observed anecdotally for some time. The shift in these CCO hiring decisions over the last five to ten years have created demographic diversity not seen in other C-suite positions.
Key Findings:
- In 2023, the CCO position at Fortune 500 companies turned over at an 8% rate. 2022 had a turnover rate of 17% and 15.2% in 2021.
- 50% of CCOs are external hires; compared to 21.7% of CEOs and 42.9% of CFOs
- Women are leading the C-Suite from the CCO position. 66% of CCOs are women compared to 10.4% of CEOs and 18.5% of CFOs.
- Average tenure for a CCO position is 4.6 years. That gets even more interesting when we break it down by industry
To read the full report and learn more about changes in the market
The Patino Associates 2024 CCO Turnover Study measures the turnover of the senior-most Communications and Corporate Affairs executives while also evaluating the types of candidates coming to occupy these increasingly critical roles on the executive team. Patino Associates examined each of the companies on the Fortune 500 list, noting personnel and organizational changes within the Communications and Corporate Affairs roles and structures.