The DNA of the future retail CEO

Sponsored Content

world retail congress 2015
The boards of nine out of every 10 retail companies will be past their sell-by date within five years, according to initial findings of new research by the World Retail Congress and Green Park.

The report, which will be a hot topic for debate at the World Retail Congress in Rome this week suggests that there is a poor self-perception of top talent within the retail industry.

The retail landscape is becoming more complex and more personalised. This, coupled with rapidly changing technology and the increasingly international nature of the industry, means tomorrow’s boards will need new skills.

But are those skills available? What do companies need to do to train the next generation of leaders?

Today’s boards mainly consist of individuals who have grown up in one discipline. However, a more holistic leader is required to keep up with the rapidly changing retail environment. These future challenges will need to be addressed by individuals who can draw from experience across multiple functions, such as digital, store, supply chain and product, therefore providing better insight into customer behaviour.

The findings are based on interviews with almost 50 chairmen, CEOs and HR directors such as Ian Grabiner, chief executive of Arcadia Group, Sir Charlie Mayfield, chairman of John Lewis Partnership, Andrew Higginson, chairman of Morrisons and Phil Wrigley, chairman of Hobbs and Majestic Wine.

The CEO of the future will be technologically savvy with the ability to focus on relevant data to help with strategic decisions. In order to adapt to this uncertain environment they have to be able to make rapid decisions and prepared to “think the unthinkable”. By acknowledging that they don’t have all the answers, the future retailer CEO will also insist and facilitate greater challenge from their boards and NEDs with experience of other sectors such as technology and language skills.

The findings reveal that legacy and structural issues have led to an increased move towards unity of strategic purpose at board level among successful companies. Acknowledging the future challenges and preparing accordingly can lead to talent retention, deeper customer insight and ensuring market proposition remains relevant.

Peter Williams, Chairman, Boohoo.com & Senior Independent Director of Rightmove, said: “Today many retail boards are still too old in years and too backward in knowledge to deal with the paradigm shifts created both by technology and the change in consumer shopping behaviour. A step change is needed to bring younger consumers with technology and digital media skills onto the board.”

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

MEPs condemn criminalisation of sex education in Poland

Mexico City is banning single-use plastics

6 ways social innovators are responding to the COVID-19 pandemic

European Globalisation Adjustment Fund, who gets it and who pays the bill?

We can’t tell if we’re closing the digital divide without more data

EU Civil Protection Mechanism must be sufficiently funded to save lives

UN welcomes Angola’s repeal of anti-gay law, and ban on discrimination based on sexual orientation

These countries have the most powerful passports

5 world-changing ideas: our top picks for World Creativity and Innovation Day

G20 told crucial COP24 climate change conference ‘must succeed’: Guterres

New EU rules ensure better protection for 120 million holidaymakers this summer

Member States and Commission to work together to boost artificial intelligence “made in Europe”

Illegal fishing plagues the Pacific Ocean. Here’s how to end it

Malaria could be gone by the middle of the century. Here’s how

Does hosting a World Cup make economic sense?

‘Historic’ moment: Palestine takes reins of UN coalition of developing countries

How venture capital can transform global health

Get off the path of deadly emissions, UN chief Guterres to urge in key climate change speech

FROM THE FIELD: Changing world, changing families

First full satellite survey of devastated ancient Aleppo raises recovery hopes

North Koreans trapped in ‘vicious cycle of deprivation, corruption, repression’ and endemic bribery: UN human rights office

Working fewer hours makes you more efficient. Here’s the proof

Africa is ‘on the rise’, says UN chief Guterres, urging collaboration for better future

EU Parliament raises burning issues over the FTA with the US

EU’s new environmental policy on biofuels impacts both the environment and the European citizen

Brexit: UK business fear of a no-deal scenario preparing for the worst

ACP-EU : Agreement on climate change, migration and post-Cotonou

EU and China seize momentum to enhance trade agreements in response to Trump’s administration

Coronavirus: Commission proposes to activate fiscal framework’s general escape clause to respond to pandemic

How do you get people to trust self-driving vehicles? This company is giving them ‘virtual eyes’

The smartest cyber investment is collective action. Here’s why

Here are three ways organizations can prepare for tomorrow’s world

Is sub-Saharan Africa ready for the electric vehicle revolution?

3 ways governments and carmakers can keep up with the future of transport

State aid: Commission opens investigation into proposed public support for Peugeot plant in Spain

FROM THE FIELD: Survival in Yemen against all odds

From drones to health data, how Japan can power ahead

UN chief calls for ‘immediate end’ to escalation of fighting in southwestern Syria, as thousands are displaced

Could robot leaders do better than our current politicians?

A question of trust: the UN political chief working behind the scenes to prevent tomorrow’s wars

We can feed the world in a sustainable way, but we need to act now

Europe eyes to replace US as China’s prime foreign partner

MEPs spell out priorities for the European Central Bank and on banking union

Venezuela, Poland and Sudan amongst 14 new Human Rights Council members

UN evaluates progress in improving peacekeeping performance

UN chief condemns air strike that hit school bus in northern Yemen, killing scores of children

It’s a frenzied clash between moderates and no-deal Brexiteers

Statement by Executive Vice-President Margrethe Vestager on State aid measures to address the economic impact of COVID-19

Why schools should teach the curriculum of the future, not the past

FROM THE FIELD: ‘Harvested’ rainwater saves Tanzanian students from stomach ulcers, typhoid

Coronavirus: the Commission mobilises all of its resources to protect lives and livelihoods

Banking Union: ECOFIN and Parliament ready to compromise

90% of European Jews say antisemitism is getting worse

From inconvenience to opportunity: the importance of international medical exchanges

“Beating pollution for our planet”, a Sting Exclusive by Mr Erik Solheim, the Executive Director of the United Nations Environment

The Swiss will pay dearly for voting out fellow Europeans

These countries are ranked highest – and lowest – for human development

The vital role played by logistics during humanitarian crises

Central American migrants must be protected, urge UN experts

Maros Sefcovic Canete European Commission Energy

Better late than never? Commission runs now to fight energy dependency on Russia with the sustainable energy security package

More Stings?

Advertising

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s