2022 was the year when we saw CEOs’ reputations triumph or fail – and some significant failures played out in the media for all of us to consume.
Locally Optus and Medibank’s data breaches put the reputations of both companies’ and their CEOs on the line. In the midst of the stress of these crises, both CEOs could have better managed their communication. Some commentators have said that Optus CEO Kelly Bayer Rosmarin’s reputation will be rebuilt only if she leads Optus to recovering from the crisis. If she is ousted, like so many CEOs are following such an event, her reputation will never recover. These ‘CEO’s-reputation-held-to-ransom’-style events will be studied at universities for years to come.
2022 wasn’t a good year for Elon Musk’s reputation either, with 79% of CEOs at a Fortune summit saying his reputation is now a detriment to the value of his business. The drop in value of both Tesla and Twitter is potential proof that this is the case (among other factors, obviously). Still talking about tech CEOs, 2023 is the year when Mark Zuckerberg needs to turn things around with his play into the metaverse in 2022 so far underwhelming. This month’s announcement that the business will shift focus in 2023 to AI and ‘efficiency’ may be the change in direction that Facebook and Mark’s reputation need.
In 2022 the CEOs who led with humility and dignity are the ones most highly regarded. Mike Cannon-Brookes took on AGL in a t-shirt and cap – setting himself apart from his ‘stale and suited’ counterparts. Plus, his smart use of traditional and social media to gain attention and support worked well. And Macquarie CEO Shamara Wikramanayake‘s quiet but excellent leadership of Macquarie is highly regarded, culminating in her being named AFR Business Person of the Year in December.
But moving away from the CEOs who bring the mainstream media spotlight to themselves – Ms Wikramanayake‘s nod is proof of the trend of humble and human CEOs being recognised as the ones with the strongest reputations. They share who they are as a leader and a human, and tell the story of the business they are leading, but they do it in their own way and away from mainstream media (mostly).
Here is my take on the trends of 2022 and what I think we’ll see more of in 2023:
CEOs being more human
Despite tightening economic conditions, the war for talent continues. And CEOs wanting to attract the best talent available need to be actively managing their reputation by showing all facets of who they are as a leader. No crying CEOs showing they’re out of touch with reality, but CEOs who share the challenges they’re facing – in leadership and in life, and how they’re overcoming them. How they lead their people, what they value, what drives them, and how they recharge. People want to see who is leading the company, not just how they’re leading the company.
More professional women building their reputation
This makes me so happy!
Women being more vocal on leadership and critical social issues – from Australia Post’s Christine Holgate to Brittany Higgins to Serena Williams – are creating a groundswell for more women to take ownership of their reputation and build a profile that adds value to their audiences.
In 2023 we’ll see this more – more women leaning in to being visible, sharing their expertise and insights to inform their audiences and pave the path for more women to follow them.
Being visible on the platform that’s right for you
The proliferation of the term ‘personal brand’ has meant that leaders wanting to build their professional reputation feel pressured to be visible on multiple platforms. In 2023 I think we’ll see leaders be more selective about their platforms – prioritising the opportunities where their audience is and where they can make a difference. Their reputation will no longer be judged on whether they have a media profile, but on their engagement with their audience and the platform that allows them to share their leadership story in the style that’s right for them.
Obviously there are many more trends I could be talking about – leaders and their teams prioritising internal visibility as well as external as we continue to navigate hybrid work. I think this year we’ll see some leaders communicating exceptionally well when their business is hit with a crisis – CEOs will have watched and learned from the likes of Optus and Medibank and put everything into making sure they don’t follow the same path.
Let’s see what 2023 brings.
Angela Cross is a reputation strategist who works with c-Suite leaders and brands to build and protect their reputations through PR, corporate social media, industry communication, and stakeholder engagement. If you would like to build your reputation with purpose and authority, email her here.
You can also download her guide to overcoming the most common barriers to building your reputation here.
