September 9, 2020 – Executive search, leadership consulting and culture shaping services provider Heidrick & Struggles has been selected by InfuSystem Holdings to lead a national search for its next chief financial officer. Past CFO Gregory Schulte and InfuSystem have agreed to a mutual separation.
InfuSystem said that Mr. Schulte’s departure is not the result of any disagreement with the company regarding its operations or accounting policies or practices. “We continue to be very pleased with the progress of the business, particularly the improved operational efficiencies achieved in 2019 while delivering significant growth,” said Richard DiIorio, CEO of InfuSystem. “I look forward to sharing with investors next month our financial results for the fourth quarter and year-end 2019, and our expectations for 2020.”
“I want to thank Greg for his contribution to the company and wish him the best in his future endeavors,” said Mr. DiIorio. “Greg assisted us in a time of significant evolution at InfuSystem that has positioned us for long-term financial growth. I am highly confident that Heidrick & Struggles will identify a successor with the right skill-set to help us to continue and drive that future growth.”
While Heidrick & Struggles conducts the search, InfuSystem has appointed Wesley W. Winnekins as interim CFO. He could also be a possible candidate for the role. “I am happy to announce the appointment of Wes Winnekins as interim CFO to facilitate a seamless transition to the appointment of a permanent CFO,” Mr. DiIorio said. “Wes has previously worked with the company as a financial consultant and has familiarity with our business. Additionally, he has more than 30 years of experience in accounting and finance encompassing medical devices, light manufacturing, financial services, and healthcare services. We plan to file our Form 10-K for the year ended Dec. 31, 2019 within the required reporting period.”
InfuSystem Holdings is a provider of infusion pumps and related durable medical equipment support services to hospitals, clinics and other alternate site healthcare providers. Headquartered in Rochester Hills, MI, the company delivers local, field-based customer support and also operates centers of excellence in Michigan, Kansas, California, Massachusetts and Ontario, Canada. The company’s stock is traded on the NYSE American under the symbol INFU.
Heidrick & Struggles’ financial officers executive search practice places hundreds of senior finance executives annually in public, private and private equity owned organizations globally across all industries and ranging in size from start-ups to some of the largest companies in the world. A majority of the firm’s work focuses on C-level leadership and its team’s expertise spans all core areas of finance leadership, including: corporate CFO, divisional CFO; full finance team build-outs; controllership and accounting; audit; treasury; tax; corporate development, M&A; risk management; investor relations; financial planning and analysis; and shared services (functional/multi-functional).
Modern Day CFO
A recent report by Stanton Chase International found that the role of the CFO continues to evolve at an escalating pace. As the job expands to include more non-traditional financial accountabilities, CFOs recognize they must build new skills to lead.
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“With technology increasingly shaping and disrupting corporate strategy and the way organizations operate, CFOs must remain poised for more change ahead, and be prepared to quickly and continuously innovate to keep pace with digital transformation,” Stanton Chase said.
The report found that technology, and the unique opportunities it offers, presents new challenges and demands for CFOs. Among them, CFOs must take on a greater role in attracting, developing and retaining top tech-savvy leadership talent that can leverage new technologies within their organizations, allowing them to focus on developing and driving corporate strategy to remain competitive.
The tide has clearly turned, and the CFO’s focus has irrevocably shifted from “traditional” finance responsibilities to finding ways that finance can add measurable business value. “Technology is both a driver and an enabler of this shift,” the report said.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media