November 19, 2015 – Egon Zehnder has been retained by gambling technology provider Scientific Games to find its next chief financial officer. Scott D. Schweinfurth, its current CFO, has said he will retire at the end of the year. The company plans to consider both internal and external candidates to fill the CFO position, a common move today by companies looking for best-in-class financial talent regardless of their inside bench strength.
Just last week, Scientific Games reported a third quarter loss of $678.2 million and its revenues fell well short of analysts’ expectations. Its shares have declined nine percent since the beginning of the year.
Scientific Games is a developer of technology-based products and services and associated content for worldwide gaming, lottery and interactive markets. The company’s portfolio includes gaming machines, game content and systems; table games products and utilities; instant and draw-based lottery games; server-based lottery and gaming systems; sports betting technology; loyalty and rewards programs; and interactive content and services.
Egon Zehnder’s global CFO practice conducts searches for multinational companies at global, group, regional, and division levels. The practice offers specialized expertise in private equity and emerging markets. Cagla Bekbolet, based in London, leads the firm’s global financial officers practice and is deeply involved in senior-level appointments in the finance function for international companies.
According to recent research, about one fifth of companies change their CFOs annually, and the market for financial officers talent has become increasingly competitive — with the best candidates often considering multiple opportunities at any one time. Tightening talent pipelines are edging up CFO pay packages, according to recruiters, making the hunt for CFOs one of the more lucrative areas of the headhunting business.
While considering their next CFO, a number of companies are also seeking leadership diversity by tapping female finance chiefs. Some leading women CFO contenders, like Kathryn Mikells, newly recruited CFO to premium drinks business Diageo in London, are so in demand that multiple offers are a typical result. Egon Zehnder completed that search as well.
Zehnder was also recently selected by multinational law firm Slater and Gordan to lead its search for a new CFO. Wayne Brown has been CFO and company secretary since 2004 before the law firm became the first in the world to list on the stock exchange in 2007.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media