Evolving market ends era of long-serving consumer CEOs

Top executives are facing pressure to counter new-age brands, safeguard market share

- [e-mail]

India’s consumer businesses, once known for stable management and long chief executive officer (CEO) tenures, are witnessing top-level churn across sectors such as retail and fast-moving consumer goods (FMCG), as pressure mounts on top executives to counter new-age brands, safeguard market share, and deploy technology across businesses, said recruiters and former CEOs.

Market observers pointed to “structural” changes underway in the industry, with companies facing intense competition, evolving distribution channels, and younger shoppers who are rewriting the rules of how goods are sold to them.

Talent managers said the sector could see even more churn in the coming months and quarters.

Sunil Duggal, former CEO of homegrown FMCG company Dabur India, explained that the operating environment for consumer goods companies has changed dramatically during and after the pandemic. Duggal served as CEO of the listed firm for nearly two decades before stepping down in 2019.

Duggal said businesses such as quick commerce and digital marketing are fundamentally prompting new-age skills. It makes sense to hire people more “connected” with those spaces, he said. As a result, company boards are also pushing for a generational shift at the top. "Boards feel it’s time for a new generation of CEOs who can connect with the youngsters of today—in terms of marketing, advertising, and distribution.”