That’s the view of Plimsoll Publishing, the industry analyst that has a track record of predicting business trends in the UK, France and Japan. According to Plimsoll, there have been 301 new appointments at director level in the last 18 months in an industry with 1,049 directors in total.
Says Senior Analyst David Pattison: “There has never been a more important time to take note not just of the companies you are doing business with, but of the decision makers behind those companies.
“We all know that companies don’t do business with companies - people do business with people. But the people are changing and firms will be caught out and lose business as a result simply because they took a customer, competitor or supplier for granted on the basis of an older management style.”
Plimsoll’s detailed analysis has investigated each company’s financial performance and offers firm views on the challenges the new directors face, as well as the strategies they are using to stamp their mark on the industry.
It finds that for 93 of them the challenge is to keep the company afloat, while for 208 others it is to deliver industry-leading performance. In both cases, a change in the way of doing things looks inevitable.
“The reasons for the new appointments are varied,” says Pattison. “Some have been taken on with the direct objective of finding a buyer for the company, while others look as if they have been appointed to see through a management buyout.
“Whatever the reason, this wave of new blood is simply the start. Almost a quarter of directors are over the age of 60 and we will see yet more evolution in the not-too-distant future.”
Other information included in the analysis includes:
• The average director’s salary in the sports and leisurewear industry was £69,481 last year.
• Top earners can see their salary rise to more than £214,000.
• The typical time in office in the sports and leisurewear industry is now over five years, compared to the UK average of just over seven years.