May 2, 2022 – Immediate concerns around cash flow, liquidity, and the bottom line are taking precedence at many companies due to continued fallout from the pandemic. But there are high-value lessons emerging from the current health and economic crisis that chief financial officers should bear in mind, according to recruiters specializing in finding talent for finance functional roles. Houston-based executive search firm Preng & Associates recently assisted in the recruitment of Chris Connolly as the new CFO for Reabold Resources PLC. Mr. Connolly was previously group financial controller with EnQuest. Before that, he was group financial reporting manager with Ophir-Energy. Earlier in his career, Mr. Connolly served in various roles with De Beers Group and Canamens Energy Limited. Reabold Resources PLC is a U.K.-based investor in oil and gas projects where an injection of its capital facilitates near-term activity. The company invests in operating companies whose main value driver is the oil and gas asset of interest.
Preng & Associates, founded in 1980, is a retainer-based, international executive search firm specializing solely in the energy industry. The firm’s experience spans the entire energy value chain – from the well head to the wall socket. Its subsector verticals have specific expertise in oil and gas (upstream, midstream, and downstream), oilfield equipment and services, power and utilities, renewables, engineering and construction and industrials. The recruiting outfit has conducted more than 3,800 engagements for over 800 companies and placed highly qualified individuals for board, executive management, and professional positions in 91 countries, according to the firm.
David Preng, the firm’s founder, president and CEO, has worked on over 2,000 energy-related searches during his career, ranging from board and senior executive to managerial and senior technical positions. His current focus is primarily at the board, CEO and C-suite level roles. Mr. Preng’s industry experience includes financial, managerial, and executive positions with Shell Oil, Litton Industries and Southwest Industries.
New Challenges for the Energy Sector
Over the last decade, clean technology, solar and electric energy, and sustainability have moved from the periphery to the center of the global economy. Established and emerging companies, along with private equity and venture capital firms, are making massive investments across the field as they stake out expanding areas of the market. This has driven demand for a new breed of leadership, according to a new report from Russell Reynolds Associates.
Among the search firm’s new research are tips for identifying and hiring leaders in clean-tech, new energy and sustainability. “Governments have made sustainability and the technology needed to achieve it a key component of both environmental policy and economic development,” said Russell Reynolds Associates. “The question no longer is whether this trend will take hold but rather when large markets will coalesce and which technologies and companies will prevail. Current global economic conditions and gyrating energy prices have made operating and investment conditions challenging in the short run, but industry players nonetheless are moving to capture mind share and press their speed-to-market advantage.”
Preng & Associates Assists SeekOps in CEO Search
Preng & Associates has assisted SeekOps in the recruitment of Iain Cooper as its new CEO. The move strengthens the current executive team as the company’s founder and CEO of three and a half years, Andrew Aubrey, transitions to a new role as senior vice president of strategic partnerships.
The influence of clean-tech, energy, and sustainability extends beyond the diverse array of companies focused on this market space. “Sustainability has become a strategic leadership issue in virtually every industry as enterprises rethink everything from product design to facilities strategies in the face of regulatory developments, increasing scarcity of resources and rising costs,” said the search firm. “Forward-thinking companies are appointing chief sustainability officers to proactively address these issues and turn them into opportunities for growth.”
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media