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SBD Global/October 11, 2013/Finance
Leaders In Sport: WPP CEO Says Company 'Can't Afford' To Bid For IMG
Published October 11, 2013
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EXEC TURNOVER HURTS BUSINESS: Separately, Sorrell hit out at the high turnover of senior execs, particularly CEOs and CMOs in the U.S., arguing it was to the detriment of the sports sponsorship business. Sorrell said, “The average CEO lasts for about four, four and a half, five years. It is too short a time. The average CMO in America lasts two. That is too short a period. Decisions get made, CMOs get replaced and whole momentum changes. The single most important factor is consistency. The real key is consistency. Consistency is critically important.” While Sorrell pointed to the examples of Coca-Cola and Procter & Gamble as examples of companies that have sustained investment in sports sponsorship around big events such as the Olympics and World Cup, he said other companies were guilty of dipping in and out. Sorrell added, “It is very difficult, the short term attraction of a shirt deal or stadium deal. Is that going to be long-term? The key thing is to sit down and look at what your business is trying to do and decide that this is one of the vehicles that will get you to where you want to go, and do it long-term on a consistent basis. The problem is that people dip in and out.”
John Reynolds is a writer in London.