Good morning! Fortune writer Natalie McCormick here.
This month, Nike CEO Elliott Hill became the latest Fortune 500 chief executive who’s worked their way from an entry-level role to the corner office. Hill joined the sports retailer in 1988 as a 19-year-old intern in apparel sales. Thirty-two years later, he’s the company’s chief executive.
These days, it’s increasingly uncommon for professionals to stay at one company their entire career. Factors like growth opportunities, higher salaries, better work-life balance, and new interests often motivate employees to explore new options. Plus, job-hopping, once seen as a professional drawback, is now a more accepted part of career development, especially in industries where skills evolve quickly.
Still, there’s a decent share of Fortune 500 CEOs who’ve spent their entire career at one company, including Disney’s Bob Iger, Walmart’s Doug McMillon, and General Motors’ Mary Barra. Of the 11 featured in a piece published this morning, it took 33 years, on average, for them to reach the corner office. Many received promotions every two to four years, on average, and they often held one C-suite position or headed an international division before their CEO placement. Almost all spearheaded a big project that propelled their career and heightened their internal and external visibility. HP CEO Enrique Lores, for instance, led the Hewlett-Packard and HP split, while IBM CEO Arvind Krishna was instrumental in the company’s $34 billion acquisition of Red Hat.
Though there are valid arguments in support of job-hopping to fuel one’s corporate climb, those who are loyal to a single employer are typically better able to understand the full breadth of the company in great detail. “That builds incredible enterprise knowledge,” says Tierney Remick, vice chairman and co-leader of executive recruiting firm Korn Ferry’s global board and CEO practice.
Read the full article here.
Natalie McCormick
natalie.mccormick@fortune.com
Today’s newsletter was edited by Ruth Umoh
Word of Advice
Apple CEO Tim Cook discussed what Steve Jobs taught him about management in a recent interview with the Wall Street Journal.
“He taught me the value of innovation [and] the fact that small teams can do amazing things,” he said. Cook pointed to the teams behind the original iPhone and iPod. Although they were initially tiny, he said, they produced industry-defining products because he and Jobs prioritized hiring top talent who could challenge them and possessed skills they lacked.
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News to know
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Mike Jeffries, former Abercrombie & Fitch CEO, pleaded not guilty to sex trafficking allegations on Friday. CNBC
Boeing is considering selling its space business, including its NASA business and Starliner vehicle, to help stem its financial losses. WSJ
Microsoft CEO Satya Nadella earned an additional $30 million this year despite requesting a 50% cut to part of his compensation. Fortune
On the move
Network with the world’s top business and policy leaders in New York City Nov. 11-12 at the Fortune Global Forum. Confirmed attendees include CEOs of PayPal, Dow, Nasdaq, Siemens USA, Indeed, Yum China, and AT&T, along with seven-time Super Bowl champion Tom Brady and Pulitzer Prize-winning composer Wynton Marsalis. Request your invite here.
