Digital, Marketing & Media Director Search

A long-term client, for whom we have successfully conducted multiple Director and executive search assignments, had an unanticipated resignation from their Board of Directors. The Chairman/CEO was several years into a board transformation that saw the addition of a new Audit Chair, as well as a deeply-experienced former fashion retail CEO, which brought the number of women on this 10-member board to four.

For this round, the assignment was to recruit a Director who brought strong Digital, Marketing, Media expertise to the table, an executive who understood the disruption underway in the Consumer/Retail industry and possessed a track record of successfully transforming businesses.

At launch, the client referred a handful of prospects and also stated that if the search could be completed within the next 2 months, then the successful candidate could attend a special 3-day strategic off-site which only occurs every 18 months.

Within the first week of the project, all but one of the referrals were eliminated either due to schedule or business conflict, and the one remaining prospect had to withdrew soon thereafter due to accepting a CEO role within the same industry sector.

Succession Partners was able to rapidly assemble an “Initial Long List” of 15 individuals who met the core attributes for this Director role. Through further conversation and debate, this list was again reduced to 10 and then to a working “short list” of 4 candidates who we fully evaluated, profiled, and presented to our client.

With all parties fully cooperating from a scheduling standpoint to meet our tight timeline, these four individuals were brought into the company’s corporate headquarters for meetings with the Chairman/CEO and other stakeholders during a single workweek. As a result, the Chairman/CEO narrowed the field to 2 finalists whose credentials were seen as extraordinary enough to warrant hiring them both.

The board was asked, then unanimously agreed, to expand its membership from 10 to 11 members; and then both of these individuals were elected to the board. Both are women; one of color; and this Board now boasts a majority of women (6 of 11 members)! The project was completed in less than 60 days enabling the successful candidates to attend the strategic off-site as requested by the client.

Division President Succession

The corporate CEO of a family-owned billion-dollar plus retailer needed to replace the President of his largest operating division. The incumbent had informed the CEO of his intention to retire one year in advance, and the client was concerned about the potential of constant distractions in the vendor market if an “open” search was launched.

Succession Partners agreed to execute this project as a confidential search from start-to-finish. Working with the CEO, we developed a 3-phase strategy designed to complete all aspects of the project and have the successful candidate named (offered and accepted) in time to allow for a 4-6 week overlap with the retiring incumbent to facilitate a smooth transition of responsibilities.

During Phase 1, Succession Partners collaborated with the CEO to carefully define the qualifications and core competencies sought in the new division President and then conducted a wide-ranging talent mapping exercise to identify appropriate targets (companies and executives) to pursue. These were reviewed with the client up front as well as on a regular basis throughout the duration of the assignment. Utilizing our time-tested process by which we conduct confidential searches, we began reaching out to potential prospects. For those who were interested in our opportunity (generically described in first contact), we prequalified each against our position specifications and conducted initial interviews.

During Phase 2, we discussed each with the CEO and, with his approval, we scheduled in-person interviews to assess, evaluate, profile, and officially present the credentials of those prospects we believed to be bona fide candidates for the role. The CEO then traveled to confidentially meet each candidate on their “home turf,” to interview and walk stores.

During Phase 3, candidates who passed this initial screen were brought to the client’s headquarters city to meet, still in confidence, a small number of “deputized” inner circle executives to garner support and assess culture fit.

The selected successful candidate was offered, and accepted, the division President role 6 weeks prior to the retiring executive’s departure allowing for a transition as planned.

Ongoing Board Transformation

Having successfully recruited the second female Director (non-Caucasian) to our client as part of the board’s expansion from 8 to 10 members, Succession Partners was invited to identify another Director to replace the outgoing Audit Chair, a long-tenured member of the board who decided not to stand for reelection.

Working again with the Nom/Gov. Committee Chair and the recently appointed non-Executive Chairman of the Board, the key qualifications/core competencies they initially defined for this role included: (1) a “sitting” or former Audit Committee Chair, CFO, or CEO of a public company; (2) a Financial Expert as defined by SEC rules; CPA preferred; (3) current or prior experience as a public company board director who has served as a member of an Audit Committee; prior Audit Chair experience not required; and (4) Consumer-facing business experience required; fashion wholesale and/or retail preferred. Our client provided a list of referrals to which we added a similar number of potential prospects.

During the first phase of the project, we “prequalified” nearly 30 individuals, verifying potential interest, ability to keep the board’s calendar, and ensuring each met the specifications of the client. The result was a qualified “Initial Long List” of 15 individuals whose credentials were presented (matrix, summary, and prospect bio) in a meeting with the Nom/Gov. Chair and a search committee made up of the non-Executive Chair and several members of both the Nom/Gov. and Audit committees.

After thoughtful discussion and debate, the committee further decided not to pursue any prospect whose entire career had been in public accounting as well as eliminating any “sitting” CFOs of public companies over concern about the anticipated time commitment required of this new Director. This effectively produced a short list of 5 individuals who Succession Partners fully evaluated, profiled, and presented to the search committee as Candidates. Each short-listed candidate was interviewed by the members of the search committee resulting in a pool of 3 “finalists.”

Once again, we met with this committee (via conference call) and participated in a robust conversation and debate resulting in a unanimous decision to select their next Audit Chair. The successful candidate met all the parameters defined for this new Director: She is a deeply-experienced former retail public company CFO, COO, and CEO who currently provides high-level consulting, turnaround, and interim-CEO expertise to her clients. She also sits on 3 other public company boards, chairing Audit for one and serving on the Audit Committee for the others. She also becomes the board’s 3rd female Director.

This engagement was completed in just over 90 days, meeting the client’s time table of naming the new Audit Chair in time to take part in the company’s September Board Meeting.