August 3, 2016 – Executive search firm Diversified Search has placed Frederic Cumenal, chief executive officer of Tiffany & Co., to serve as a member of the board of directors at Constellation Brands. Charles King, a managing director in the firm’s New York office, led the search.
“We’re pleased to welcome Frederic to the board of directors,” said Richard Sands, Constellation’s chairman of the board. “We believe his keen understanding of branding and his relevant experience in the wine and spirits business will continue to strengthen our board and further Constellation Brands’ leadership in total beverage alcohol.”
Since April 2015, Mr. Cumenal has served as CEO of Tiffany & Co., the fine jewelry and luxury item company. Prior to his current appointment, he served as president from September 2013 through March 2015. Prior to his appointment as president, he was an executive vice president, with responsibility for the sales and distribution of Tiffany & Co. products globally.
Adapting to Change: Trends In Talent Acquisition 2016
“There is an old paradox in need of an update. It varies based on who you talk to but goes something like this: leadership remains in short supply…the ‘War for Talent’ is either over or just getting started.”
— Dale E. Jones, President and CEO of Diversified Search
Before working at Tiffany & Co., Mr. Cumenal spent 15 years in senior leadership positions in LVMH Group’s wine and spirits businesses, most recently as president and CEO of Moët & Chandon, S.A. Previously, he served as president of Domaine Chandon and was managing director of Moet Hennessy Europe.
Constellation Brands is an international producer and marketer of beer, wine and spirits with operations in the U.S., Canada, Mexico, New Zealand and Italy.
Over the course of his search career, Mr. King has recruited over 600 directors for a number of leading companies, including Aetna, Campbell Soup, Deutsche Bank, Exxon-Mobil, Goodyear, Halliburton, International Paper, Lockheed-Martin, Nordstrom, Southern Company and United Technologies, among a long list of other concerns.
Director recruiting has grown markedly more challenging in recent months, according to recruiters with board practice emphasis. According to Egon Zehnder, heightened expectations now placed on boards have elevated both the professional standards and personal commitment required of all directors.
At the same time, many boards find that the supply of independent-minded ‘board experienced’ directors – especially those who can add vital forms of specialized skills and expertise – is limited, as such candidates are both widely sought after yet sometimes hesitant to take on the intensive responsibilities now required of board service.
As a result, companies continue to turn to executive search firms to help them lure new board members. Most in demand, recruiters report: women, senior leaders with global experience, ethnically diverse professionals, and Millennials. Here is a brief look at just a small selection of search firms and their recent board work taken from the Hunt Scanlon Media newswire archives:
- The Onstott Group assisted A.I.M. Mutual Insurance Companies in the recruitment of Leslie E. Greis to serve on the company’s board of directors. Joe Onstott, managing director, led the assignment. Ms. Greis is the founder and managing member of Perennial Capital Advisors, LLC;
- Greenwich Harbor Partners placed Liz Ritzcovan as a member of the board of directors at The New York Pops. She is the sixth director to be placed on the Pops board by the Greenwich, Conn-based search firm;
- Harvard Group International (HGI) has been selected by the Christopher & Dana Reeve Foundation to recruit six new board members. Chuck Cain, a senior partner active in the firm’s non-profit practice, is heading the search;
- Heidrick & Struggles tapped Mary Dillon as a member of the board of directors at Starbucks Corp. Ms. Dillon is chief executive officer of Ulta Beauty;
- Boutique recruiting firm Barton Executive Search recruited Chris Neugent as a member of Welch’s board of directors. Mr. Neugent was recently president and CEO of Post Consumer Brands:
- American Express has retained Russell Reynolds Associates to help it identify potential new board members. The credit card company’s board members come from backgrounds ranging from healthcare companies to an ivy league school to a sports and entertainment company.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media