Since 2004, Townsend Search Group has partnered with organizations to identify, attract and place change-making C-suite executives and senior management across industries and business disciplines. From our offices in Birmingham and Traverse City, Michigan, we work closely with clients across the country to provide a superior search experience—acting as authentic ambassadors of your business to build transformative leadership teams that last. Our proven, personalized approach allows us to move efficiently, meet unique challenges and magnetize top talent. Combined with genuine passion for the clients we serve, Townsend gives candid, accurate appraisals of the differentiators, challenges and opportunities that draw in the strongest possible business leaders.
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Dan Ellis, CPA shares his thoughts on when and why a company may be ready for a step-up CFO in this new article.
Step-Up CFO's are an option for private middle-market companies to consider when enhancing their finance and accounting function; but let's not get too hung up on titles... You can read more here in our latest article:
Why are companies increasingly turning to CFOs for CEO roles? In this post, Townsend Managing Director Tom Chinonis shares the data and some insights as to why CFOs are being elevated within organizations.
Recent data reveals a significant shift in the C-suite landscape: more CFOs are stepping into CEO roles across companies of all sizes. According to Live Data Technologies, in 2023, 4.56% of CEOs were former CFOs, up from 3.58% in 2018. This trend is even more pronounced in larger corporations, with the Crist Kolder Volatility Report showing that 8.4% of Fortune 500 and S&P 500 CEOs came directly from CFO positions in 2023, compared to 5.8% a decade ago. Live Data Technologies' analysis of 360,000 CEO promotions between 2018 and February 2024 also revealed that midsize and large companies are more likely to choose former CFOs as CEOs, with companies of 1,500-5,000 employees showing the highest rates. Why are boards increasingly turning to CFOs for top leadership roles? Here are some thoughts based on our experience recruiting C-suite executives: 1. Financial Acumen: In today's volatile economic climate, deep financial expertise is crucial for navigating uncertainties and maintaining profitability. 2. Strategic Thinking: Modern CFOs are not just number crunchers; they're strategic partners who understand the entirety of the business. 3. Stakeholder Management: CFOs have experience communicating complex financial information to diverse audiences, a key skill for CEOs. 4. Risk Management: Their background in financial risk assessment translates well to overall business risk management. 5. Performance Focus: CFOs are trained to drive efficiency and measurable results, aligning well with shareholder expectations. In our searches, we're seeing firsthand how CFO experience is becoming an increasingly valuable asset for CEO candidates. This trend underscores the evolving nature of the CFO role and highlights the importance of nurturing existing finance leaders with an eye toward future C-suite transitions, as well as taking a close look at CFOs for CEO roles when conducting an external search.
Is your company ready for a step-up CFO? In his latest article, Townsend Managing Director Dan Ellis, CPA discusses when and how to make the leap, balancing the fresh perspective and potential cost savings of an “up-and-comer” against the risks of untested leadership in this crucial role.
In a recent study, LinkedIn's Working Insights team analyzed over 100,000 U.S. hiring decisions that included the word "chief." The result? They found 51 variations of C-suite titles. Long gone are the days when the C-suite included only CEOs, CFOs, and COOs. Today, we're seeing an explosion of "chiefs" in job titles, from Chief Happiness Officers to Chief Futurists. While this trend may seem like a harmless way to attract and retain top talent, as Townsend Managing Director Dan Ellis, CPA addresses in a new article, it's worth asking: Are there too many 'Cs' in your C-suite?
We are thrilled to welcome R. Coalter Powers as a Managing Director with Townsend Search Group!
Townsend Managing Director Dan Ellis, CPA recently shared his insights on trends impacting CFO recruitment for CFO.com.
Finance leaders looking to position themselves for success in today’s job market should understand and adapt to these hiring trends. "The modern CFO wears many hats — including strategic partner, technology advocate and value creation specialist," writes Dan Ellis, CPA, managing director at Townsend Search Group. "This ongoing expansion of the CFO role impacts how companies approach CFO recruitment and hiring decisions." https://lnkd.in/enWyxMYZ
Dan Ellis, CPA shares his thoughts on what it means to have a consistent, structured, repeatable process for recruiting, and why it matters in terms of delivering results for Townsend clients and candidates.
Without a consistent, structured, repeatable recruiting process in place, finding the right candidate to fill a client’s leadership position can feel like wandering around in the wilderness. Numerous qualifications to address. Thousands of potential candidates to vet. Loads of information to track. Think about it this way: There are two expedition teams setting out to climb Mount Everest. One team carefully plans each stage of the ascent, prepares contingencies, and follows a tried-and-true route. The other relies on a more spontaneous approach, deciding their path day-by-day and packing based on gut feeling. Which team would you bet on to reach the summit safely and consistently? It’s no different when it comes to executive search. A consistent approach, which Townsend Search Group prides itself on, is crucial. - Structured client consultations with detailed role profiling - Systematic candidate sourcing and outreach - Standardized screening and interview protocols - Regular client updates - Informed, data-driven decisions Contrast this with an inconsistent approach: - Vague initial client discussions - Ad-hoc sourcing based on recent contacts - Varying outreach and screening methods - Sporadic, unstructured client communication - Gut-feel decisions The benefits of consistency are clear: 1. Thoroughness: No stone left unturned in finding the best talent 2. Efficiency: Streamlined processes 3. Transparency: Clients always know where things stand 4. Continuous improvement: Data-driven refinement of methods At Townsend Search Group, our commitment to a repeatable process isn't about rigidity—it's about reliability. The alternative is chaos. In the complex world of executive search, consistency isn't just a methodology—it's a commitment to excellence. It's the difference between hoping for success and engineering it. As markets evolve and leadership challenges intensify, the value of a structured, repeatable process only grows.
Townsend Managing Director Tom Chinonis provides an update on the ongoing saga of the FTC's non-compete ban.
The saga of the FTC’s attempt to ban non-compete agreements took another turn last week, as the United States District Court for the Northern District of Texas invalidated the FTC’s rule banning most non-compete agreements. In short, the ruling blocks the non-compete ban from becoming effective nationwide on September 4, 2024. With that, employers will continue to be allowed to enforce existing non-competes and enter into new ones for the time being. However, the FTC has indicated that it’s considering an appeal, and it’s likely that the appellate courts will ultimately decide the FTC rule’s fate. We’ll continue to keep you posted on significant new developments regarding this issue.
In a new article, Townsend Search Group Managing Director Tom Chinonis weighs in on Bain & Company's Private Equity Midyear Report 2024 and its implications for hiring and retention challenges and opportunities for PE funds and their portfolio companies.
Bain & Company recently released an analysis titled “Searching for Momentum: Private Equity Midyear Report 2024." Here’s how Bain frames its findings: “The industry appears to have finally found its footing. Now comes the hard part.” Among the many challenges that constitute this “hard part,” one stands out from our perspective, which is finding and developing C-suite talent capable of navigating the complex landscape of today’s private equity-backed companies. In this article, I discuss how, as the PE landscape continues to evolve, the recruiting/retention challenges for PE funds, and demands on portfolio company leaders themselves, continue to shift as well. One thing that remains constant in the PE world: finding great leaders to drive growth is a critical priority. https://lnkd.in/geRKE9rq