June 24, 2016 – Executive search firm Seiden Krieger Associates has been chosen by publicly traded Covisint Corporation to identify qualified candidates to serve as independent members of its board.
“While Covisint has a strong board of directors composed of highly-qualified directors who are proven leaders with solid expertise in a variety of areas that are critical to the success of Covisint, we believe that identifying qualified board candidates through a comprehensive search process will benefit us and all of our shareholders,” said Philip Lay, Covisint’s lead independent director.
Over the past several weeks the Covisint board has sought and received input from many of its largest shareholders. “As a result, we believe that the addition of one or more independent directors would be responsive to the wishes and interests of our shareholders.”
Mr. Lay said Covisint will begin its director search immediately and it will be looking for highly qualified, experienced, and proven business leaders “who have competencies, skill sets and relevant industry expertise that would complement the strengths of the current members of our board and enhance management’s ability to drive the execution of its various initiatives for creating shareholder value.”
Covisint is a cloud platform for building identity and Internet of Things (IoT) applications. It supports 3,000 organizations who connect more than 212,000 business partners and customers that support $4 billion in e-commerce transactions annually.
Based in New York City, Seiden Krieger Associates is an executive search firm that was founded in 1984 by firm president Steven A. Seiden. The firm conducts high level search assignments for corporations and not-for-profit organizations in the financial, service, consumer and industrial sectors for clients that include AlliedSignal; American Express; Bayer Pharmaceuticals; CarMax, Chubb; Days Inn; Ernst & Young; Forest Laboratories; GE; Honeywell International; NASDAQ; Novartis; Reuters; Revlon; Sterling Bancorp; and Wells Fargo, among others.
Director recruiting has grown markedly more challenging in recent months, according to recruiters with board practice emphasis. According to Egon Zehnder, heightened expectations now placed on boards have elevated both the professional standards and personal commitment required of all directors.
At the same time, many boards find that the supply of independent-minded ‘board experienced’ directors – especially those who can add vital forms of specialized skills and expertise – is limited, as such candidates are both widely sought after yet sometimes hesitant to take on the intensive responsibilities now required of board service.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media