Renovata & Company Places Chief Technology Officer at Blue Foundry Bank

January 13, 2021 – Global executive search and private equity advisory firm Renovata & Company has recruited Mugur Tolea as chief technology officer for Blue Foundry Bank, which specializes in “craft banking” for consumers and small businesses. “Mugur brings more than 30 years of industry, technical and leadership experience to his new role, and he knows how to operate at the pace of a small- to medium-sized company,” said Mannie Gill, partner at Renovata & Company. “He will develop a technical and product vision and strategy that focuses on mid- to longer-term needs for the company—ensuring alignment with the bank’s overall business objectives.”

Mr. Tolea was previously vice president of technology, search, and discoverability for Walmart eCommerce. He is a member of the board of advisors for the cybersecurity program at Ithaca College. Past leadership roles include vice president of engineering for Jet; co-founder and chief technology officer for Premierfly, a “marketplace as-a-service” venture; and vice president of engineering at Shutterstock. He began his career working for several companies in engineering and architecture leadership roles, including Amazon, Audible Inc., Atsonic and Lucent Technologies.

In his new role, Mr. Tolea will be expected to drive the bank’s technology and digital transformation to create a best-in-class customer experience.

In 2019, Boiling Springs Savings Bank renamed itself Blue Foundry Bank. Boiling Springs Savings Bank had a 75-year history as one of northern New Jersey’s largest savings banks and providers of financial services. The bank changed its name to reflect its transformation toward customer-focused banking with an emphasis on building relationships and opportunities. Blue Foundry Bank, which has 17 branches and approximately 170 employees, offers a line of products and services, including personal and business banking and lending, along with financial planning and investing services.

Private Equity Search & Advisory Firm

Renovata & Company is a global executive search and private equity advisory firm. The firm partners with financial sponsors, their portfolio companies and public corporations to deliver leaders and investment insights. Renovata & Company’s executive recruiting activities are focused on search assignments—board-level mandates which include board directors, CEOs, CFOs and other C-suite executives, as well as investment professionals and operating partners. The firm provides strategic counsel to clients across the technology, digital, business services, industrial, consumer and retail sectors.

Renovata & Company has relationships with over 50 of the top 100 private and growth equity firms globally. Its private equity advisory services include diligence support, backable executive introductions and deal sourcing delivered by its affiliate, L Capital Advisors. The firm also makes equity co-investments alongside its private equity clients through its investment affiliate, L Capital. Renovata & Company is privately held and operates from five offices across two continents: Boston, Hamburg, London, New York and San Francisco.

Mr. Gill is a co-founder of Renovata & Company. His practice is focused on conducting board and C-level searches for private equity portfolio companies across internet, eCommerce, SaaS, and Ad/Mar-tech. In addition, he works with public companies on their digital transformation projects.

Recruiting CTOs

An assortment of executive search firms has placed CTOs in recent months. Here’s a look at a few from the Hunt Scanlon Media archives:

San Diego, CA-headquartered executive search firm Bespoke Partners has placed Atish Ghosh as the chief technology officer for Cority Software in Toronto. He replaces the retiring CTO Stan Marsden, who worked for Cority for 28 years. Alex Bossetta led the assignment. Mr. Ghosh brings over 20 years of experience in product engineering expertise in B2B cloud-based software, products, and services to Cority. He joins the company from Neustar.

ChampionScott Partners, which specializes in senior-level appointments for technology and technology-enabled companies, recently assisted in the placement of Corey Bodzin as chief technology officer of deepwatch. Mr. Bodzin is a proven leader with over 25 years of experience in building teams, solutions and products in the cybersecurity industry. He most recently served as head of product for ExtraHop.

Golden, CO-based Human Resource Solutions placed Tony Thakur as chief technology officer for Great Plains Communications, Nebraska’s largest independent telecommunications company and a Grain Management portfolio company. The search was led by R. Woody Daroca. “It was important for me to understand and honor Tony’s respect and concern for his then current employer,” said Mr. Daroca. “Tony wanted to time his resignation so that when he resigned he would have a plan in place to aid in his transition and thereby not burn a bridge.”