people when, where, and how they want to be reached. As one CFO of a major consumer goods company tells us, “I need the CMO to tell me what customers want. They know them best, and I can’t make decisions without their input.” But despite marketing’s importance, it’s often sidelined and unable to play its natural role as an integrator. In many organizations, CMOs have lost their seats at the CEO table altogether. According to executive search firm Spencer Stuart, the number of CMOs at Fortune 500 companies declined from 71 percent in 2023 to 66 percent in 2024. 5 Forrester Research reports that only 63 percent of Fortune 500 companies have a marketing leader who sits on the leadership team and reports directly to the CEO. 6 The marketing role itself is also less clear. Since our previous survey, 20 percent fewer CEOs (70 percent, down from 90 percent) believe that marketing’s role is clearly defined and understood by the C-suite (Exhibit 1). CEOs seek growth but don’t necessarily grasp how marketing can help. This disconnect is evident in our survey results, which show that 80 percent of CEO respondents and 77 percent of CMOs believe marketing departments are underfunded. Yet marketing budgets dropped to 7.7 percent of revenue last year, down from 9.1 percent the previous year, according to Gartner. 7 5 “CMO Tenure Study 2024: An expanded view of CMO tenure and background,” Spencer Stuart, April 2024; “CMO Tenure Study 2025: The evolution of marketing leadership,” Spencer Stuart, March 2025. 6 Forrester Research; Paul Hiebert, “Do all Fortune 500 companies have a CMO? Depends on the industry,” Adweek , August 27, 2024. 7 “Gartner CMO Survey reveals marketing budgets have dropped to 7.7% of overall company revenue in 2024,” Gartner press release, May 13, 2024. Exhibit 1 Web <2025> Exhibit <1> of <4> Share of CEOs who believe marketing is clearly defined and understood by the C-suite, % Source: McKinsey CMO Growth Research Survey, 2023 (n = 101) and 2024 (n = 77) Fewer executives than in our previous survey believe that marketing is clearly defined and understood by the C-suite. McKinsey & Company 90 70 2023 percentage points –20 2024 4 The CMO’s comeback: Aligning the C-suite to drive customer-centric growth