Why the CEO's go-to CCO needs a succession plan — sooner than later

State of play: A recent Memo report found that 56% of CCOs are reporting to the CEO — an increase of 34 percentage points since last year.

• A separate report by the Observatory on Corporate Reputation found that CCO+ roles have increased by roughly 88% within the Fortune 1000 since 2019, outnumbering traditional CCO roles for the first time.

What they're saying: Because the role is getting bigger and becoming more visible to the C-suite and board, the skill set is changing, says Korn Ferry global managing director Richard Marshall.

• "What's required for the rising stars is really going to be more enterprise leadership and a broader skill set — functional expertise is going to be table stakes," he said. "Business and financial acumen, the ability to work as a problem solver and an interoffice diplomat are things that are going to be the differentiators for the next-generation talent."
• Because of this, many recruiters are looking for T-shaped communicators — talented generalists who also have deep expertise in specialized areas and can marry strategy with traditional communication tactics.
• The ability to work across all areas of communication is now a basic requirement, says KC Partners founder Brooke Kruger.
• "Just a few years ago, comms teams were spread out and people could focus on just one thing," she said. "Now, communicators are expected to have a broader skill set, be experts in lots of things, think two steps ahead and be able to pinch hit."

Between the lines: Usually, the CCO is tightly bound to the rise and fall of the CEO, which can make succession planning more novel, says Marshall.

• "While historically other functions like legal, finance and HR have a more structured mentoring or succession planning program, it's relatively new for [the communications] profession," he said. "Some of the top leaders are growing their talent, giving rotational assignments and helping to build out their skill set, but I would say it's more in the nascent stages."

Reality check: In this multigenerational workforce full of new, competing stakeholder dynamics and an increasingly fragmented audience landscape, seasoned communicators can learn from younger colleagues.

• Strategic communications firm Foretell recently launched an incubator program to offer development and two-way mentorship for its 50 members.

• The Estée Lauder Companies has long offered the CEO Global Reverse Mentor Program, which pairs young employees with senior-level executives.

And public relations agency Zeno Group recently launched Project Gap, a global advisory board comprised of Gen Z and young millennial employees to ensure adequate representation across decision-making teams and help close the gap between current and future firm leadership.

• Zeno Group planner Emma Campher told Axios she wanted to join the GAP advisory board to create better understanding across generations and dispel myths while becoming "more involved in working directly on some of the pressing needs that the agency and broader communications industry is facing." 
• "The communications landscape has changed, business and what people expect of business has changed," Zeno Group global CEO Barby K. Siegel said. "And if we don't listen to and bring our generations forward, that will have a real impact on not only the work we do today — because we'll only be seeing it through a very narrow lens —but also on the future our industry."

What to watch: A contingent of chief communication officers has reached burnout or are nearing retirement, which could free up opportunities for the next generation.

More on Axios: More chief communication officers are reporting to CEOs

• Chief communications officers are absorbing more corporate functions, report says