COOs are making a comeback

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Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   AN ARTICLE A DAY, PICKED BY OUR EDITORS   Edited by Stephanie d'Arc Taylor   Editor, Southern California Behind every great CEO, there's a great COO. After a few years out of vogue—in 2018, only 32 percent of Fortune 500 companies had one—the COO is back in a big, bold way. Nearly half of Fortune 500 companies in the energy and financial sectors have COOs in 2022. And with CEOs increasingly serving as the external face of companies, COOs now more than ever are the internal ballast for organizations, especially as they face unprecedented operational disruptions. In a new article, McKinsey managing partner Darryl Piasecki reports on conversations with several current and former COOs on the skills they view as critical to the position. The old proficiencies, he writes, are no longer enough. In order to face the uncertainties of 2023 and beyond, COOs need to evolve their skillsets to prioritize resilience and agility. Stepping up: What COOs will need to succeed in 2023 and beyond COOs are increasingly important to corporations, but what skills will they need to perform at their best? Business leaders weigh in. Top 5 proficiencies   Quote of the day "We're thirsty for interaction with others. We're not meant to be isolated. Organizations should think of getting together in person as a dimmer switch, not an on/off switch." —McKinsey senior partner Bill Schaninger on quiet quitting and engaging employees in a recent episode of McKinsey Talks Talent Chart of the day See today's chart   ALSO NEW New survey reveals $2 trillion market opportunity for cybersecurity technology and service providers Cyberattacks are proliferating, causing trillions of dollars of damage every year. The cybersecurity industry has a chance to step up and seize the opportunity. Expand the service   The heat is on: How public-sector leaders could drive net-zero goals Focusing on climate tech innovation, industrialization, and infrastructure could help public-sector leaders achieve national and global decarbonization goals. Read our insights   Smartphones on wheels: New rules for automotive-product development Software-driven cars need new agile, customer-centric processes along the entire product life cycle, with a software- and data-focused architecture, to bring product development into the 21st century. Learn more   Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007