The truth behind "CEO of the Product" - with Francesca Cortesi

To listen to the interview, search for Product Mastery Now on your favorite podcast player.

The product manager’s path to influence

Watch on YouTube

https://youtu.be/X2lYVy6lqjE

TLDR

In my recent conversation with Francesca Cortesi, CPO, we explored why the popular phrase “CEO of the product” can be misleading for product managers. Francesca explained that while this concept aims to emphasize ownership and decision-making authority, successful product management actually requires a different approach. Instead of acting as a sole decision-maker, today’s product managers need to excel at facilitation, stakeholder collaboration, and building trust across teams. She shared insights from her experience leading product teams at various organizational scales and helping companies transform their product vision into measurable business growth.

Key Topics

• The evolution from the traditional “decision-maker” model to a modern “facilitator” approach in product management
• How product management roles and responsibilities vary across different organization sizes and contexts
• Essential skills for product management success: trust building, stakeholder management, and collaborative leadership
• Setting clear role boundaries and expectations in product management positions
• Practical strategies for navigating product management challenges while maintaining customer focus
• Career development considerations for product managers, including different growth paths and role transitions

Introduction

Ever heard someone call product managers “CEO of the product”? It’s a catchy phrase that has attracted some people to product management, but it certainly doesn’t tell the whole story. In today’s discussion we’ll break down where the CEO comparison holds up, where it falls short, and most importantly what makes product management a uniquely challenging and rewarding role in its own right. Along the way we’ll explore how the role varies across different organizations and discuss the critical skill of defining and managing the boundaries of that product management role. If you’re considering how to grow your product management career and your influence, this episode will give you some clarity about what success really looks like in this field.

Our guest is Francesca Cortesi, CPO and consultant for some of Europe’s multi-billion dollar brands and fastest growing businesses. Recently, at Hemnet, Sweden’s beloved property platform, she led product development that drove a 130% increase in top line revenues, making it the growth engine of the business. She now runs her own consultancy, helping CEOs scale their companies by transforming product vision into measurable business growth.

The Reality Behind “CEO of the Product”: Redefining the Product Manager’s Role

The “CEO of the product” concept emerged when product management literature was scarce, and professionals often had to figure out their roles with limited guidance. Early in her career, Francesca encountered this phrase alongside the common description of product management as sitting at the intersection of business, user experience, and technology. While this description aimed to emphasize ownership and agency in decision-making, it created some misconceptions about the role.

Today’s product management landscape has evolved significantly. While the role still requires strong leadership skills, the most successful product managers approach their work differently than what the “CEO of the product” phrase might suggest. Instead of focusing on authority and control, they excel at facilitation, stakeholder collaboration, and building trust across teams.

This shift reflects a deeper understanding of how successful products are built in modern organizations. As we’ll explore in this article, effective product management requires a unique blend of skills that goes beyond traditional leadership models. Whether you’re an aspiring product manager, a seasoned professional, or a leader developing your product team, understanding these nuances is necessary for success in today’s product landscape.

The Evolution of Product Management Understanding

Francesca shared how her understanding of product management transformed over her career, moving from a traditional decision-maker model to a more nuanced facilitator approach. This evolution offers valuable insights for product managers at all career stages.

The Traditional Decision-Maker Model: A Limited View

Early in her career, Francesca interpreted the “CEO of the product” concept literally, believing her primary role was to make decisions. She positioned herself at the intersection of different functions, collecting input from business stakeholders to define problems, then transmitting requirements to development teams to create solutions. This approach, while common, created several challenges:

• Information bottlenecks formed when all communication flowed through the product manager
• Stakeholders became disconnected from understanding product development complexities
• Development teams lost direct insight into business context and customer needs
• The product manager’s personal biases could inadvertently filter or alter important information

The Modern Facilitator Model: A Better Approach

As Francesca’s experience grew, she discovered that effective product management requires a different mindset. The role isn’t about being the sole decision-maker, but rather about:

• Facilitating Discussions: Creating spaces for direct dialogue between stakeholders
• Identifying Decision Makers: Understanding who is best positioned to make specific decisions
• Driving Progress: Keeping initiatives moving forward through collaboration
• Building Understanding: Helping teams grasp complex business and technical contexts

This evolved understanding acknowledges that no single person, even a CEO, can be an expert in all areas. Instead, successful product managers excel at bringing together diverse perspectives and expertise to create better outcomes.

This shift isn’t about abdicating responsibility. Rather, it’s about recognizing that the most effective product decisions emerge from collaborative processes where all stakeholders can contribute their expertise directly. This approach leads to better solutions and stronger buy-in from teams responsible for building and supporting the product.

The facilitator model also addresses a common challenge in product management: the need to drive progress without direct authority over many of the people involved. By focusing on facilitation rather than control, product managers can maintain momentum while building the trust and relationships necessary for long-term success.

This evolution in understanding reflects broader changes in how modern organizations approach product development. As products become more complex and teams more specialized, the ability to facilitate effective collaboration becomes increasingly valuable.

Key Motivations and Misconceptions in Product Management

Throughout my years of teaching and practicing product management, I’ve asked hundreds, if not thousands, of product managers why they chose this career path. During my conversation with Francesca, we explored these common motivations and the misconceptions that often accompany them.

Why People Choose Product Management

Three primary motivations consistently emerge when people discuss their attraction to product management:

• Creating Customer Value
• Organizational Influence
• Strategic Overview

Common Misunderstandings About the Role

Francesca highlighted several misconceptions she encountered when working with and mentoring product managers:

• Many believe becoming a product manager automatically grants decision-making authority
• Some think their job is to have all the answers rather than facilitate finding solutions
• Product managers often struggle with undefined boundaries of their role

These misconceptions can lead to frustration when new product managers encounter the reality of the role. Francesca shared that she often heard product managers say, “We can just solve this because I’m the CEO of the product,” not realizing that the product is much bigger than any individual’s authority.

Bridging the Gap

Successfully navigating these misconceptions requires understanding that:

1. Influence and authority are different skills

2. Product success depends on collaborative decision-making

3. Role boundaries vary significantly by organization

4. Leadership doesn’t always mean management

Many professionals enter product management from technical backgrounds, such as engineering or development. While these backgrounds provide valuable technical knowledge, they don’t always prepare individuals for the people-focused aspects of product management. This transition often requires developing new skills and sometimes discovering whether you actually enjoy the highly collaborative nature of the role.

This understanding leads to an important question that Francesca posed: “How do we know that this is what we like?” Not everyone who excels at technical work will enjoy or excel at the collaborative, facilitative aspects of product management. Recognizing this early can help professionals make better career choices and find roles that align with their strengths and preferences.

Essential Skills for Product Management Success

My discussion with Francesca revealed that success in product management hinges on two key competencies: building trust capital and mastering stakeholder management. These skills form the foundation for effective product leadership, regardless of organization size or industry context.

Building Trust Capital

A key element for product management success is trust capital—how much you’re able to make people around you trust you. Francesca explained that trust capital comes from two primary sources:

• Deep Field Understanding: Immerse in industry knowledge, market dynamics, and technical aspects. Enables credible participation in strategic discussions.
• People Skills: Focus on empathy, communication, and relationship building. Creates foundation for effective collaboration.

A significant insight Francesca shared was her evolution from trying to convince others of her ideas to truly empathizing with their perspectives. Early in her career, she focused on building compelling arguments to win support for her decisions. However, she discovered that success comes from understanding where others see opportunities and why they prioritize certain approaches over others.

Mastering Stakeholder Management

Effective stakeholder management requires a proactive approach. Francesca outlined several key strategies:

• Early Involvement: Engage stakeholders at the beginning of initiatives rather than presenting finished solutions
• Collaborative Ownership: Help stakeholders feel the solution is theirs by incorporating their input meaningfully
• Cross-functional Alignment: Ensure marketing, sales, and customer support believe in the product direction

This approach doesn’t mean everyone needs input on every decision. Instead, it means identifying key stakeholders and involving them at appropriate points in the process.

From Convincing to Collaborating

The shift from convincing to collaborating represents a fundamental change in how product managers approach their role. Instead of preparing perfect presentations for the boardroom, successful product managers:

1. Hold preliminary discussions to understand concerns and perspectives 2. Build consensus through ongoing dialogue 3. Incorporate diverse viewpoints into product strategy 4. Create shared ownership of solutions

This collaborative approach yields several benefits:

• Stronger Solutions: Multiple perspectives lead to more robust product decisions
• Better Buy-in: Early involvement creates natural advocates for the product
• Faster Implementation: Aligned teams move more quickly and effectively
• Sustainable Success: Collaborative wins create foundation for future cooperation

Francesca noted that these skills become increasingly important as product managers advance in their careers. Whether moving toward senior individual contributor roles or people management positions, the ability to build trust and manage stakeholders effectively remains crucial for success.

The Varying Nature of Product Management Roles

Product manager occupy various roles across different organization, so it is important for them to understand their specific context and adapt their approach accordingly.

Impact of Organization Size

The size of an organization significantly influences the scope and nature of product management roles.

Context-Specific Variations

Francesca highlighted two distinct contexts that shape product management roles:

1. Product-as-Company Environment

• Digital-first businesses where the product is central
• Clear connection between product metrics and business success
• Direct influence on company revenue and growth

2. Product-as-Channel Environment

• Traditional businesses with digital components
• Product serves as one of multiple channels
• Need to align with broader business strategies

For example, Francesca contrasted a digital marketplace with a luxury retailer like Gucci. While the marketplace’s product team directly drives business success, Gucci’s digital product team supports a broader retail strategy where physical products generate most revenue.

Organizational Considerations

The role’s scope can vary dramatically based on organizational structure:

• Full Product: Ownership of entire product or product line
• Feature Focus: Responsibility for specific functionality
• Channel Management: Digital presence for traditional business

Francesca noted that these differences often relate more to company stage than industry type. As organizations grow, product management roles typically become more specialized and focused on smaller components of the overall product strategy.

Managing Internal Competition

An important challenge Francesca highlighted was managing internal competition between products or channels. Product managers must navigate situations where:

1. Different products target overlapping market segments 2. New digital channels might cannibalize traditional sales 3. Multiple teams compete for the same resources 4. Various stakeholders have conflicting objectives

Success in these situations requires strong stakeholder management skills and regular engagement with key decision-makers to understand their objectives and help them achieve their goals while maintaining product focus.

Setting Clear Role Boundaries

Francesca emphasized how important it is to establish clear boundaries and expectations in product management roles, especially as organizations scale and evolve.

Establishing Expectations

Francesca recommended conducting expectation workshops, particularly during key organizational transitions. These workshops should address:

• Role Definition: What specific responsibilities fall under the PM role? Prevents scope creep and role confusion.
• Success Metrics: How will performance be measured? Aligns efforts with business goals.
• Support Needs: What resources are needed for success? Ensures proper enablement.
• Stakeholder Engagement: Who are the key stakeholders and how often to engage? Sets communication standards.

Managing Role Evolution

As organizations grow, product management roles often shift dramatically. Francesca highlighted several key considerations:

• Different roles require different skills (individual contributor vs. management)
• Career progression isn’t always linear
• The higher you go, the less direct product work you do
• Not everyone wants or needs to become a people manager

Creating Clear Guidelines

Francesca recommended being explicit about expectations in several key areas:

1. Customer Interaction

• Required frequency of customer contact
• Expected depth of market understanding
• Methods for gathering customer feedback

2. Business Understanding

• Knowledge of revenue models
• Understanding of key metrics
• Grasp of market dynamics

3. Stakeholder Management

• Required meeting cadence
• Communication expectations
• Decision-making processes

Adapting to Change

Organizations need to revisit role boundaries regularly, especially during:

• Company Growth Phases: Redefine roles and responsibilities
• Leadership Changes:: Align on new expectations
• Strategy Shifts: Update success metrics
• Team Expansion: Clarify reporting structures

What works in one company or context might not work in another. Product managers often join new organizations with expectations based on previous experiences, which might not align with their new environment. Regular expectation alignment helps prevent confusion and ensures everyone understands their role in driving product success.

Call out unreasonable expectations, such as excessive stakeholder meetings that prevent meaningful customer interaction. The key is approaching these discussions with solutions rather than complaints, showing how adjustments could improve overall impact.

Practical Advice for Product Managers

Francesca shared valuable insights for product managers navigating their roles, drawing from her experience both as a product leader and consultant to major European brands. Her advice focused on practical approaches to common challenges and sustainable professional development.

Avoiding Common Pitfalls

Francesca highlighted several modern product management pitfalls to watch for:

• Following industry best practices without considering context
• Implementing frameworks without understanding their purpose
• Prioritizing execution speed over proper validation
• Losing touch with customer needs due to internal focus

Professional Development Strategies

For ongoing growth, Francesca recommended focusing on:

1. Context-Aware Learning

• Study industry best practices but adapt them to your environment
• Understand why certain approaches work in specific contexts
• Learn from both successes and failures

2. Expectation Management

• Regularly align with managers on priorities
• Document and track role expectations
• Proactively address misalignments

3. Impact Measurement

• Value Creation: Track key product metrics and customer outcomes
• Team Effectiveness: Monitor collaboration quality and decision speed
• Stakeholder Satisfaction: Regular feedback and alignment checks
• Customer Understanding: Depth and frequency of customer insights

Maintaining Focus on What Matters

Product managers should:

1. Prioritize customer insights over internal politics 2. Focus on facilitating good decisions rather than making all decisions 3. Build collaborative relationships across the organization 4. Keep learning and adapting their approach as contexts change

While books and frameworks provide valuable guidance, success comes from understanding your specific context and adapting best practices accordingly. Maintain a learning mindset while staying focused on creating value for customers and the business.

Conclusion

As product management continues to mature as a discipline, we’re seeing a shift away from the oversimplified “CEO of the product” concept toward a more nuanced understanding of the role. Success comes not from authority or control, but from the ability to facilitate collaboration, build trust, and maintain focus on creating value for customers.

The most effective product managers embrace this evolution, recognizing that their impact comes not from making every decision, but from enabling better decisions through collaboration and shared understanding. By focusing on building trust capital, managing stakeholder relationships effectively, and adapting their approach to specific organizational contexts, product managers can drive success while maintaining enthusiasm through the inevitable challenges along the way.

Useful Links

• Check out Francesca’s website to learn about her mentorship service and to get free resources
• Connect with Francesca on LinkedIn

Innovation Quote

“Success is being able to go from failure to failure without losing your enthusiasm.” – Winston Churchill

Application Questions

1. Which decisions about your product are you currently acting as a bottleneck for?
2. How well do your current role boundaries and expectations align with your organization’s needs?
3. How could your team benefit from improved stakeholder management?
4. How could you build stronger trust capital in your organization?
5. What internal activities could you eliminate or delegate to create more space for customer understanding?

Bio

With over a decade of product leadership experience, Francesca Cortesi knows what it takes to turn big ambitions into real, scalable outcomes. She specializes in helping growing companies go beyond market fit and scale sustainably, focusing on clear strategies, practical frameworks, and fostering strong collaboration across teams. Drawing from her experience as Chief Product Officer and Head of Product, Francesca enables businesses to drive results that matter—for both the business and its customers. A passionate advocate for human-centered leadership, she shares insights through speaking and thought leadership, helping founders and teams navigate the exciting (and messy!) journey of scaling.

To listen to the interview, search for Product Mastery Now on your favorite podcast player.