To Grow, Make Someone Accountable for Growth

Coca-Cola grabbed headlines recently when it named executive Mary Minnick to a new post overseeing three key growth functions: marketing, innovation and strategic growth. In essence, Coke created a "chief growth officer" position in all but name. But if the experiences of companies like Colgate- Palmolive, H.J. Heinz, Interpublic Group and Hain Celestial in establishing that role play out again, Ms. Minnick will have limited ability to reverse the beverage giant’s falling market share.

To prevent the job from losing its fizz – and Coke from losing even more share – Coke’s new growth chief must be given the reins to three areas that most companies have been reluctant to cede: the way the company defines and funds new product development; the way it determines the level and mix of its marketing investments; and how it sets internal incentives to create a culture of creativity and risk-taking. Failure to hand over these reins will only result in a new but inconsequential box on the