August 9, 2023 – Baillie Parker of ON Partners recently assisted in the recruitment of Thomas Pacheco as the new chief financial officer of Coretelligent in Needham, MA. “Further illustrating its tremendous growth, Coretelligent has expanded its team of dedicated employees by 13.4 percent, attracting and retaining top-tier talent even when other companies, including other managed service providers, face talent scarcity,” the company said in a statement. “This expansion ensures that Coretelligent remains at the forefront of delivering exceptional client services.”
Mr. Pacheco brings a wealth of expertise in strategic planning, accounting, reporting, mergers and acquisitions, capital structure, and risk management. He served as executive vice president and CFO of Acushnet Holdings Corp., the global leader of performance-driven golf products. Prior to that, Mr. Pacheco held various finance leadership roles at leading technology companies, including Dell Technologies, where he was chief audit executive, and EMC, where his roles included chief accounting officer, assistant corporate controller, and CFO of the cloud services division. Mr. Pacheco began his career at Cooper’s and Lybrand, now PwC.
Coretelligent is a provider of managed IT, cybersecurity, digital transformation, compliance, strategy, and other IT solutions. Founded in 2006 and led by technology experts, Coretelligent’s core services are used by organizations in the financial services, life sciences, and professional services sectors.
With a primary focus on technology, consumer, industrial, and the life science sectors, ON Partners recruits C-level and board talent for public and private companies, as well as venture capital and private equity firms. Founded in 2006, the firm’s consultants work from offices in Atlanta; Boston; Chicago; Cleveland; Dallas; Menlo Park, CA; Minneapolis. MN; San Francisco; and New York. ON Partners was named once again to Hunt Scanlon Media’s CleanTech/Sustainability Top 25, HR/Diversity Recruiting Power 65, Life Sciences & Healthcare Power 50 and Private Equity Recruiting Power 100 lists.
Mr. Parker focuses on board, C-level, and VP-level placements for leading private equity and venture backed companies. His search experience spans over a decade and across a range of functions and disciplines for both private and multi-billion-dollar public companies. He has completed more than 300 searches for C-level, board, and high-level executive leaders.
Evolving CFO Roles
Since COVID-19 struck, CFOs are being asked to play an ever-broader role. “The tumultuous environment companies are operating within demand a different skill-set in the CFO chair,” said ON Partners co-president Tim Conti. “CFOs are playing a critical strategic role in companies, not only to pull levers necessary to secure a company’s financial platform, but also to position the company to emerge in a strong competitive positioning in a marketplace where not all will survive. This requires the CFO to lead from the front, be strategic and savvy, to navigate a company through choppy waters. When boards and CEOs do not have confidence that they have this strategic CFO, then they have no choice but to seek out an alternative.”
“In times like these, where businesses demand hyper-agility, being a functional specialist isn’t good enough,” said Bryan Buck, partner at ON Partners. “It’s required now that CFOs can see around corners and understand the physical (and digital) trends that are reshaping their world – and then act quickly. They need to think like P&L owners – not like accountants. Regardless of the product or service their company offers, customer expectations have changed. And the CFOs in highest demand right now are the ones who have proven to be nimble and business-focused enough to drive organization’s to where the puck is moving (both organically and inorganically).”
Financial Services is Booming, CFO Role Continues to Evolve
Despite economic uncertainty and the challenges of finding top talent, the financial sector continues to change and grow. Interviewed by Hunt Scanlon Media, search leaders who specialize in the sector offer their insights on the path forward, the CFO’s responsibilities, and more.
This business environment is also putting more pressure on CFOs. “There’s definitely more need for CFOs to operate with transparency around the realities of the market conditions, how those conditions are impacting the business in the short and long term, and what strategic steps are being taken to address the challenges faced,” said Mr. Conti. “Shareholders understand that market conditions are challenging, and they’ll be more patient in these unique times, but only if they have confidence in the CFO’s leadership and strategy.”
“Yes – and it’s industry-agnostic,” Mr. Buck added. “For public companies specifically, those in negatively impacted sectors are trying to survive the rapid slow down, and maintain various levels of ongoing business operations, while planning and positioning for a potential recovery that could happen within the next few quarters…or the next few years,” he said. “Public finance leaders on the other end of that spectrum are seeing tremendous growth and demand, but they’re also cognizant that current share price reflects Wall Street’s expectation of perfection – leaving no room for quarterly missteps.”
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media