For Ellinger, the question is whether the ceo is a merchant or an operations guy. "If you have a ceo who is not a product- or marketing-driven person, that ceo will be totally reliant on someone else to develop and market the product, because the product is the most important part of our business. If you have a very large company that can afford to have a ceo who is financially oriented, like [Phillips-Van Heusen] and Jones [Apparel Group], and is smart enough to hire a product guy, then it's ideal to have all three. For example, Bill McComb does not come from this background, and he hired Tim Gunn, which I think was a really smart move, because Tim is really product-centric."

Bill D'Arienzo, ceo, WDA Marketing

D'Arienzo recently made a presentation to Liz Claiborne Inc. on whether the ceo or designer is more important in resuscitating slumping brands. From case studies on Lacoste, Coach, Burberry, J.C. Penney and J. Crew, he determined it was the ceo. "In every single instance, the ceo did three things instantly: first, he understood and embraced the brand heritage; second, he researched the consumers' past and current perception of the brand, and third, he brought in a design director to orchestrate the findings and stayed in close communication," D'Arienzo said. "So it all begins at the top and then is driven by the design director in terms of execution — but these aren't absentee ceo's."

Catherine Sadler, president of New York marketing firm Catherine Sadler Group

"What the designer brings is the heart, and the designer often embodies the brand and its vision. When the product isn't right, the best ceo in the world is going to fail.

"But designers are artists, and they do their best work when they are unfettered by financial concerns. Design in itself isn't enough, and many young designers are overcome by unanticipated demands: Brands need to be differentiated and have the right retail relationships. In that sense, the ceo holds the key. Ceo's need to encourage innovation and support it with the right business acumen, but carefully, because rules and data can kill creativity."