Succession Planning for CFO | Consumer Goods & Services — Furniture & Building MaterialConsumer goods & services (Furniture & Building material)

Succession Planning for CFO

Challenge

The company happened to be a great employer and could engage their employees for long periods than usual. The existing CFO had spent 10+ years with the company and wished to retire in 2 years. The company reached out to their internal sources and a top executive search firm to hire a Deputy CFO (VP) who could replace the existing CFO in 2 years. But, none of the methods worked – good candidates were not interested in a VP designation. Also, finding a stable candidate with more than 6-7 years of experience was a challenge.

Solution

We understood the client’s pain point. Having a great network of CFO candidates, as we do CFO assignments regularly, we could develop a candidate dossier identifying stable candidates who had worked with listed companies reporting a turnover of 3-5000cr per annum. Our Senior Consulting Director directly talked to the candidates and presented the opportunity to them in confidence. A different focused approach and the direct involvement of a senior consultant helped.

Outcome

The company hired a stable fit candidate at the compensation range they had targeted. The candidate was a CFO for past 5 years but understood the value and agreed to work as a VP/Deputy CFO.

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