We were recommended for this assignment having previously been involved in an innovative search, where we targeted current executives with specific skills and introduced them to their first potential NED role
UK PLC comprising a broad array of high technology manufacturing businesses and operations based in Europe and the US. Some of the technologies and products were world leading, brought together through acquisitions made over several years.
The business had identified some strategic gaps in expertise and were keen to ensure the Board added to its NED expertise, starting initially with Finance, with a new NED chairing various finance and remuneration committees, but also, critically helping support the CFO and Board, through the next 5 years, involving doubling in size and overhaul of financial reporting and systems.
We were recommended to the Senior Independent Director, having been involved in another relevant search, noteworthy because we had been innovative with our search, targeting current Executives with specific skill sets and introducing them to their first (potential) NED position.
The main focus of the search was on CFOs from larger PLCs who were proven in ensuring financial systems were able to flex and grow within a business, in this case a journey from c.£150m to £300m+ turnover, ideally including manufacturing and globally based multi-site operations.
We targeted current CFOs/NEDS (but with relatively recent financial Executive experience) from public companies with Executive Board experience. Specifically, we searched for those having been on a fast growth journey and proved in introducing and developing new financial systems for £250m+ organisations of relative complexity and 5+ globally based sites.
The main initial challenge was getting an audience with busy CFOs in thriving PLCs to discuss their first potential NED position. Having swapped NDAs we were fortunate that our client was highly regarded, a benchmark for a fast growth mid-sized PLC out-performing its peer group, so interest was high from candidates. Our main challenge then was to ensure that Candidates could get permission from their current employer to find a day a month to be an NED.
Interviews went smoothy with the Board selection panel quickly identifying a front runner. In the event, the Number 2 candidate performed exceptionally at final stages and was appointed 2 months later at the next AGM.