Client Background
Our client is a leading developer, manufacturer, and service provider in the organ transplant industry. With the need to meet rising demands for its organ preservation products, the Cambridge, MA-based privately owned company was looking to hire its first inhouse Finance leader.
The Brief
Founded in 2010, the 40-employee company had reached a stage of critical mass. The CEO and Board were looking to bring their outsourced accounting function inhouse and hire a high caliber, senior finance professional, to take charge of the accounting team for the next stage in their development. With no internal HR function, and the CEO and Board having exhausted their own networks, the client was looking for an executive search partner to lead the CFO search.
Skip to our search methodology to find out how we engaged with our client, sourced candidates, assessed them and delivered this assignment.
The Results
The client was impressed with the successful applicant who came with 25 years’ experience leading accounting functions for medical device and clinical diagnostics businesses. He was offered a competitive package and equity and has been the CFO for 3+ years. He was instrumental in securing $24 million in Series B funding in early 2023.
"Thanks so much for your help and patience with this hire! - CEO"
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Search Methodology
Engagement
Having worked with Page Executive’s sister brand Michael Page to recruit quality engineers, the client retained Page Executive for the CFO search.
The Page Executive team partnered with the client’s high-profile team comprised of the CEO and two Board Members.
While the brief received was for a Financial Controller level, as executive search experts with a track record of helping scaling companies find their finance leadership talent, we advised our client to hire a CFO given the business needs.
Sourcing
Understanding the 'critical mass' stage of the company, we developed a job description for the CFO role. This was approved by the CEO, and we began our search.
The candidate had to come from a large medical device company, be well-networked and based in Boston, and have experience as a strategic finance business partner to the senior executive team, leading an accounting function and building investor relations.
Tapping into our exclusive database of candidates and inbound applications to our website, Page Executive mapped out talent with 10-15 years of experience with pre-IPO medical device companies across New England. Staying abreast of the market through our industry networks, social media and trade publications, we also targeted talent from medical device companies with impending restructure plans.
Assessment
Candidates were assessed for their subject matter expertise and ability to lead commercial growth in a highly regulated industry. Equally, the candidates had to be bought into our client’s mission of creating the best possible product in the organ transplant industry to help more people receive a second chance at life in a safe and effective manner.
A well-defined criterion, thorough search, and referencing process helped us present a shortlist of five candidates to the CEO and Board.
Delivery
The CEO and Board Members interviewed the candidates and agreed on the successful applicant. To ensure a smooth end-to-end candidate and client experience, we played a credible advisory role in the offer management process. The role was filled within 3 months from receiving brief to the candidate start date.
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