October 2, 2017 – Chief financial officers continue to be in high demand. Finding them is keeping many of the nation’s top recruitment operations busier than ever. One recent example is Polachi Inc.’s recent placement of Stephen Smith as executive vice president and CFO of Inseego Corp. in San Diego.
“Stephen Smith’s previous track record in finance and operations within the wireless and device technology industry will serve Inseego immensely as they grow,” said Peter Polachi, Polachi Access Executive Search partner.
Dan Mondor, president and CEO of Inseego, described Mr. Smith as a formidable addition to the NASDAQ-traded company. “Steve Smith is a proven leader who brings a wealth of senior executive experience and a track record of success in finance and operations in a number of wireless and device technology companies,” he said. “His appointment strengthens the Inseego management team and his contribution will be instrumental as we continue to execute our strategy of cost savings and growth initiatives.”
Tom Allen, who has served as the company’s interim CFO since May, will continue to provide consulting services to the company, including transition assistance to Mr. Smith.
Veteran Finance Executive
Since 2016, Mr. Smith has worked as a financial consultant for multiple early and mid-stage SaaS, networking and 3D imaging businesses. He has also served as interim CFO of TetraVue Inc., a developer of high definition 4D LIDAR technology, since February. From 2012 to 2016, he served as CFO and head of operations for Micropower Technologies, a private equity-backed business. From 2005 to 2012, Mr. Smith ran his own consulting business and also served as president of XiTron Technologies, a development stage biotech firm. From 1999 to 2005, he served as SVP and chief finance and accounting officer of Applied Micro Circuits Corporation. Mr. Smith previously held senior finance and accounting positions with ST Microelectronics, Northern Telecom and Motorola.
Inseego is a global provider of MiFi-branded intelligent wireless solutions for the worldwide mobile communications market and software-as-a-service and solutions for the Internet of Things.
Polachi is a provider of access executive search services to technology, clean technology, private equity and venture capital companies. The firm recruits executive leaders for clientele that includes Aspen Technology, Bottomline Technologies, Attunity, Cognizant Technologies, MAM Software, Trillium Software/Harte Hanks, FleetMatics, Lionbridge, Sparta Systems, Sevcon, Epsilon, Cognex, Plug Power, Mediamorph, Witricity, BlueConic, Perkins School, Knoa and Visual IQ, among others.
Recruiters say the need for top-flight financial executives is growing, making CFOs in greater demand than most C-suite leaders. That, of course, raises the question of what exactly CEOs are after as they work with recruiters to find their next CFO. The position generally serves as right-hand man to the chief executive, so the stakes are high.
In recent months, search firms of all shapes and sizes have placed CFOs at various companies. Here’s a look at just a few from the Hunt Scanlon Media archives:
BridgeStreet Partners placed Tony Cossentino as CFO of J.W. Logistics. Dave Westberry, managing director of the search firm, led the search. Mr. Cossentino brings a wealth of financial and logistics experience in private equity, corporate sponsored and publicly traded middle-market growth companies primarily in the manufacturing, distribution and third-party logistics industries.
TRANSEARCH International placed Jarrett Pugh as the CFO of Greenberry Industrial LLC. The search was led by consultants Mike Morrow and John Ryan. Mr. Pugh has held several positions in the Gulf Coast area, where he recently worked as the manager of finance and project accounting in the oil, gas, and chemical division of CDI Corporation.
TillmanCarlson recruited Terence R. Rogers as EVP and CFO at Roadrunner Transportation Systems. Founder Rob Tillman led the searches. Mr. Rogers previously served for four years as CFO for the Heico Companies, LLC, parent company for a diversified portfolio of more than 35 businesses.
Diversified Search placed Sean P. Roddy as CFO for Catholic Charities USA. Nalini Perkins, managing director of the recruiter’s non-profit practice, and Mark Mulvanerty, managing director of its financial officers practice, co-led the assignment. Most recently, Mr. Roddy was a consultant for accounting and financial consulting firm Cordia Partners.
ON Partners recruited Mike Berry as EVP and CFO of McAfee. Most recently, Mr. Berry served as EVP, CFO, and chief operating officer at FireEye, responsible for worldwide finance, accounting, data analytics, investor relations, facilities, procurement, information technology, manufacturing operations, and internal audit.
Acertitude placed Anubhav Raj as CFO of Aligned Energy. The search was led by Kevin O’Neill, founder and managing partner, supported by partner Geoffrey Votta. Mr. Raj will direct major financial planning initiatives, as well as identify new and refine pre-existing efficiencies to achieve Aligned Energy’s fiscal objectives.
Spencer Stuart recruited Richard J. Schmaeling as EVP and CFO of Entercom Communications Corp. Mr. Schmaeling brings deep media expertise and more than 30 years of finance and leadership experience to Entercom. Most recently, he served as chief financial officer at Travel Leaders Group.
AETHOS Consulting Group placed Douglas L. Ludwig as EVP, treasurer, and CFO of Red Lion Hotels Corporation. Managing director Ken Greger led the assignment. Mr. Ludwig most recently served as CFO of Baha Mar Resorts Limited for the past 10 years. Prior to his time at Baha Mar, he spent more than 20 years with Four Seasons Hotels, including 13 years as CFO.
The McAulay Smith Firm recruited Alexander Pease as executive vice president and CFO of Snyder’s-Lance, Inc. President Steven Smith led the assignment. Mr. Pease joins the company from McKinsey & Co., where he was a leader in the firm’s global corporate finance and business functions practice working with leading CFOs across a wide range of industries.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Will Schatz, Managing Editor – Hunt Scanlon Media