Globally, only 4% of CMOs get into board roles, which is a pretty alarming figure. Likewise, the number of CMOs becoming CEOs is still relatively low compared to their C-suite peers. Last week, the first CEO Conversation with Grace Chua, CEO of NTUC FairPrice-owned brands and solutions, showed us how to flip the formula and reframe this narrative.
I have known Grace Chua for almost eight years. We both worked in the same company as fellow global heads of marketing/CMOs for a health and nutrition company. When the idea of bringing our infamous format of ‘CEO Conversation’ to Singapore came up during our board meeting, I thought of Grace immediately, as she has such an amazing story to share.
Grace did not fail to impress us last week at our first The CEO Conversation in Singapore. She showed up bringing her full energetic self – authentic, approachable, candid, and with lots of stories to share. Her passion for her work, the company, the brands she represents, and her passion for helping to unleash people’s potential shone throughout the entire conversation.
Grace Chua is currently the CEO of FairPrice Group’s own brands and food solutions. She has built an incredible career spanning marketing, retail, and transformation leadership, from global consumer brands to driving FairPrice’s growth into one of Singapore’s top FMCG players. She has been recognized as one of Fortune’s Most Powerful Women in Asia.
I was fortunate to be in the moderator’s seat to ask her some tough, personal, and penetrating questions. Let me share a few interesting parts of the conversation.
If I were to ask someone who worked with you to describe you in three words, what would they be?
Driven, demanding, and ‘motherly’. Let me add some colour to that – driven: I am a natural go-getter. I tend to say ‘can-do’ to new challenges and opportunities. I am demanding, I set high standards for myself and my team because I believe everyone has huge potential that can be unleashed and unlocked.
I am motherly – that nickname started in my mid-30s. I was given this nickname because I am known to play two roles, a tiger mom who sets high standards yet someone who cares for and takes care of my team.
How has your marketing background influenced the way you lead a business? Why aren’t there more marketers CEOs? What is your advice to marketers wanting to become CEOs?
The marketing discipline anchors who I am as a CEO. This is driven by three things:
- Customer centricity
- Building powerful brands
- Passion for innovation
These three things define who I am and anchor me as a marketer, which helps me succeed as a CEO. To be a good CEO, you need both commercial experience and functional experience. It is critical that you decide early in your mid-career when to make the switch to gaining commercial experience and acumen.
My advice for marketers is to start by understanding the P&L and build your commercial experience early.
Grace Chua
NTUC and FairPrice Group have been on a transformation journey. What's been the hardest part of leading change in a fast-moving, complex business and can you us more about your transition from CPG marketing to CEO at NTUC?
My learning at the start of the transformation journey is that it has to begin with “winning hearts first, then minds.” I spent my first 100 days building trust and relationships. I listened intently and focused on learning and building trust before driving change.
In the transformation journey at NTUC FairPrice, ‘putting the customer first’ helps drive transformation. Unlike in CPG, we get real-time data, and data is a key tool enabling us in the transformation journey. Having a strategic plan is critical to guide the north star and roadmap towards transformation.
Let’s talk about failure. What’s a moment that didn’t go to plan and what did it teach you?
A monumental failure was a recent one when I was tasked with developing the B2B food solution business, but within less than two years, I had to close the business. It was a painful exercise as I recruited 15 people who believed in my vision. These people quit their jobs to join me. I ended up having to find jobs for these 15 people.
This episode taught me that business goes through ups and downs; it is part and parcel of the journey. But most importantly, it is about taking care of your people. So, I took pains to make sure every one of them landed well and found new roles within the business.
What’s one piece of advice you’d give to the changemakers in the room, who want to make a difference in their company and make an impact in the world?
Be bold. Do what is right. Go and unleash your true potential.
The key lessons from Grace on becoming a great leader
The leadership lessons that empowered Grace to her success
1. Stay agile, be adaptable. Take risks and never stop learning.
2. Win hearts first. Listen, build trust, earn credibility, then drive change.
3. Marketers eyeing the CEO seat? Get P&L experience and commercial experience early.
4. Keep customer insights as your north star.
5. Have mentors, not only your bosses but CHROs to help with people and organisational strategies.
6. Champion possibilities in people and in business.
I walked away from this session, like many others in the room, feeling energized, inspired, and optimistic that it is possible to increase the representation and number of CMOs/marketing leaders becoming CEOs or ascending into board roles. You just have to stay optimistic, champion possibilities and spend time winning hearts especially in the early stage of your transformation journey!
Authored by Siew Ting Foo, Transformation Growth Leader and CMO, Board Member of The Marketing Society Singapore
