REPORT. Predictors of CEO Success. CHARACTERISTICS OF SUCCESSFUL TECHNOLOGY CEOs (REVENUE RANGE $10 0 MILLION TO $1 BILLION)

Size: px
Start display at page:

Download "REPORT. Predictors of CEO Success. CHARACTERISTICS OF SUCCESSFUL TECHNOLOGY CEOs (REVENUE RANGE $10 0 MILLION TO $1 BILLION)"

Transcription

1 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C HDECEMBER N O L O G Y C2010 E O S I REPORT A PUBLICATION OF VELL EXECUTIVE SEARCH INC. CHARACTERISTICS OF SUCCESSFUL TECHNOLOGY CEOs Predictors of CEO Success (REVENUE RANGE $10 0 MILLION TO $1 BILLION)

2 Contents Introduction 1 Research Report Topic One: Education 2 Topic Two: Experience 6 Topic Three: Internal vs. External Hire 17 Topic Four: Age 20 Topic Five: Tenure 23 Topic Six: Combined Chairman and CEO 27 Methodology 30 About Vell Executive Search 31 Dora Vell 32 ISBN-13: ISBN-10: Copyright, 2009 by Vell Executive Search Inc. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, except as permitted under sections 107 or 108 of the United States Copyright Act, without prior written permission of the publisher.

3 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 1 Introduction This Vell research report on Characteristics of Successful CEOs investigates whether common perceptions regarding the predictors of CEO success are valid. The research uses data about public technology products companies in New England with over $100 M in revenues and their CEOs. Our research examines the correlation (or lack of) between a company s performance and the CEO s education, experience, tenure, age, reliance on an independent Chair, and whether the CEO came in as internal promotion vs. external hire. Not unexpectedly, technology companies differ from other companies in many significant ways. Although we work extensively with technology CEOs, some of the findings were surprising to us. For example, the predominance of founders among companies with revenues between $100 M $1 B was unexpected. Each topic has three sections. The Patterns Detected section summarizes the underlying distribution of our data set, e.g., the percent of CEOs who were founders by company size. The So Where Were the Differences section reports the correlation between corporate performance and the relevant characteristics, e.g., founders vs. non-founders. The Key Take-Aways section highlights the most striking conclusions. We hope that you find this study both informative and insightful. If you would like to discuss any aspect of this study further, please contact us at info@vell.com. Your input will help fuel investments in future research we publish. Best Regards, Dora Vell CEO

4 2 Topic One: Education PAT T E R N S D E T E C T E D CEOs are highly educated Degree Distribution by Company Size % 16% 8% 16% 11% 11% 22% 33% 21% 15% 12% 21% PhD Master s Only Master s & MBA Bachelor s & MBA 2 36% $100 M $1 B >$ 1 B 22% All 32% Bachelor s Only Company Revenue 68% have advanced degrees 43% of CEOs with advanced degrees have MBAs (33% of all CEOs have MBAs) 21% of all CEOs have PhDs CEOs in larger companies differ from those in smaller companies as follows: Larger company CEOs are more likely to have an advanced degree (88% vs. 64% for companies between $100 M and $1 B) A larger portion of big company CEOs with advanced degrees have MBAs (55% vs. 24% for companies between $100 M and $1 B)

5 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 3 CEOs with technical degrees predominate (59% of all CEOs in our study) and these are more likely to have advanced degrees. Level of Degree by Type % 7% 29% 43% Non -Technical 45% 15% 15% 25% Technical All 35% 12% 21% 32% Master s / PhD, no MBA Master s & MBA Bachelor s & MBA Bachelor s Only CEOs with Ivy League degrees were in the minority (4) but over-represented not a surprise given the preponderance of Ivy Leaguers in New England. They are less likely to have technical backgrounds (33% vs. 68% for non-ivy League CEOs) S O W H E R E W E R E T H E D I F F E R E N C E S? Not surprisingly, growth rates were lower at larger companies (61% vs. 93% median 3-year growth rates) CEO Performance by Company Size Max, 342% Median, 93% Median, 61% Min, $100 M $1 B Company Revenue > $1 B

6 4 MBAs outperform non-mbas at companies under $1 B in revenue (159% vs. 89% median 3-year growth rates) MBA vs. Non-MBA Performance Comparison Company Revenue $100 M $1 B Max, 324% Median, 159% Min, -5% MBA Median, 89% Min, -2 Non-MBA For companies over $1 B in revenue, the results were much closer, 61% for CEOs with MBAs vs. 7 for CEOs without MBAs. The companies with CEOs holding technical degrees outperformed companies with CEOs who didn t (99% and 101% vs. 71% median 3-year growth rates) Technical vs. Non-Technical Performance Comparison All Companies Max, 607% Median, 71% Non-Technical Median, 99% Min, -36% Technical Bachelor s Only Max, 407% Median, 101% Min, -3% Technical Master s / PhD Even though the median 3-year growth rate was close for technical CEOs whether they had a BS or higher degree, the maximum growth rate CEOs with just a BS degree was over 800 a company that grew from $3.6 M to $306 M in 3 years. This outlier underscores the value of identifying and taking advantage of technology trends, which often requires a technical background.

7 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 5 In companies over $1 B in revenue, the technical degree premium was even more striking (99% vs. 47% for companies whose CEOs had non-technical degrees) Technical vs. Non-Technical Performance Comparison Company Revenue > $1 B Max, 20 Median, 47% Non-Technical Max, 342% Median, 99% Min, -3% Technical Companies whose CEOs have Ivy-League degrees significantly outperformed companies of CEOs without (287% vs. 86%) Ivy vs. Non-Ivy Performance Comparison Company Revenue $100 M $1 B Max, 252% Median, 86% Min, -2 Non-Ivy League Median, 287% Min, 43% Ivy League

8 6 K E Y TA K E AWAYS MBA degrees are correlated with stronger growth, but only in companies between $100 M and $1 B. Moreover, the strongest growth of any of the smaller companies was by a non-mba CEO. An MBA is a useful early indicator of business savvy and perhaps drive, but as executives build their experience, results should be a larger factor in selecting candidates than whether they have an MBA or not. Some search committee members favor CEO candidates with strong business backgrounds, which often blind them to excellent candidates with valuable technical backgrounds. Our experience is that technical degrees often correlate with high intelligence levels and also that CEO comfort with technical details helps address strategic issues such as where the market is headed and where the best opportunities are to be found. An Ivy League degree is an asset to performance. Perhaps the admissions process in these programs is a great filter for work ethic and smarts. Search committees tend to be biased either for or against Ivy League degrees. This data shows that an Ivy League degree is positively correlated to performance. Topic Two: Experience CEO / General Manager Experience PAT T E R N S D E T E C T E D Only 29% of companies have a current CEO with prior CEO experience. CEO & GM Experience Distribution % 45% 31%{ 78% 28% 29% 26% } 3% 3% 34% 22% 26% $100 M $1 B >$ 1 B All Company Revenue GM Only CEO & GM CEO Only None CEOs at companies with revenue below $1 B were slightly more likely to have prior CEO experience, but still only 31% did so. 34% of CEOs at companies between $100 M - $1 B in revenue had neither prior CEO or any GM experience. Most of these CEOs were founders (7 of 34% or 23% of all CEOs). In companies with revenues over $1 B, 78% had GM prior experience only and 22% had CEO and GM experience.

9 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 7 Inversely, 72% of CEOs had General Manager experience, either at current or prior companies GM Experience Distribution % 1 45% 22% 33% 11% 16% 45% }72% Both GM Current Only GM Prior Only % 44% 29% None $100 M $1 B >$ 1 B All Company Revenue All CEOs at companies with revenue over $1 B had GM experience. However, in most cases, CEOs were experienced as GMs at other companies. In companies with revenue over $1 B, CEOs typically have to prove their talent as GM in the current company: 56% of these CEOs had been GMs at their current company. Only 11% of CEOs had GM experience at both their current and prior companies. S O W H E R E W E R E T H E D I F F E R E N C E S? Prior CEO experience correlates to higher median 3-year growth rates. 125% 10 75% 5 25% -25% Company Performance by CEO Experience All Companies Median, 66% No Prior CEO Experience Max, 607% Median, 89% Min, 32% Prior CEO Experience

10 8 However, the advantage is more pronounced at large companies Company Performance by CEO Experience Company Revenue > $1 B Max, 342% Median, 33% No Prior CEO Experience Max, 20 Median, 13 Min, 61% Prior CEO Experience Perhaps because they rarely bring in outside CEOs - only 1 in 5 large company CEOs had prior CEO experience - and when they do, the vetting process brings in best-in class-ceos. At companies between $100 M - $1 B - where 7 of CEOs are founders - CEOs with prior CEO experience outperform their peers, but by a smaller edge. 125% 10 75% 5 25% -25% Company Performance by CEO Experience Company Revenue $100 M to $1 B Median, 77% Min, -2 No Prior CEO Experience Max, 607% Median, 89% Min, 32% Prior CEO Experience

11 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 9 General Manager (GM) experience initially appears to be detrimental to median 3-year growth rates Company Performance by CEO s GM Experience All Companies Median, 98% Min, -2 Prior Company Only Max, 106% Median, 39% Current Company or Both Where CEO Was GM Max, 607% Median, 11 Min, 12% No GM Experience This can be partially explained because CEOs at companies with over $1 B in revenue are overrepresented in the GM experience class recall they all had GM experience - and their growth rates are slower than smaller companies. In companies with revenues over $1 B, GM experience at the current company correlates with a significant edge for median 3-year growth rates Company Performance by CEO Experience Company Revenue > $1 B Max, 342% Median, 33% No Prior CEO Experience Max, 20 Median, 13 Min, 61% Prior CEO Experience

12 1 0 As you might expect in these large companies, CEOs with GM experience at a prior company have significantly lower performance than those promoted from within. Especially in larger companies, a successful track record with the company s technology, market, competitors, and culture might be a more significant predictor of success as CEO. This emphasizes the importance of having a solid succession and development plan in larger companies. In addition to a solid succession plan, companies could benefit greatly from a talent management program, where the talent in their specific industry is tracked and nurtured over years. Potential successors are courted over years and relationships developed with key players and up and comers in the industry so that when they are needed they can be easily approached. In companies with revenues between $100 M and $1 B, the highest median 3-year growth rate was associated with CEOs who lacked GM experience 73% of these being company founders Company Performance by CEO s GM Experience Company Revenue $100 M to $1 B Median, 89% Min, -2 GM Prior Only Max, 56% Median, 43% Min, -5% GM Current or Both Where CEO Was GM Max, 607% Median, 11 Min, 12% No GM Experience Among the CEOs with GM experience in smaller companies the result is the inverse of that found in larger companies: experience as GM in a prior company correlates to higher median 3-year growth rates than GM experience in the current company or both. K E Y TA K E - AWAYS Prior CEO experience is more important to companies with revenue over $1 B. In smaller companies, a very small percentage of CEOs have prior CEO experience. GM experience is not a predictor of strong corporate revenue growth. In larger companies, all CEOs have some GM experience. In this class of companies, experience as a GM in the current company is strongly correlated to higher performance, underscoring the importance of familiarity with the company s challenges and options. In companies with revenues between $100 M - $1 B, CEOs without GM experience most of whom are founders are the top performers. Companies with revenues between $100 M $1 B are more likely to look at outside candidates with prior CEO than prior GM experience.

13 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 1 1 Strategy Role PAT T E R N S D E T E C T E D Only 13% of CEOs in our study had held a Strategy role. All of these were in companies with revenues between $100 M $1 B. S O W H E R E W E R E T H E D I F F E R E N C E S? Median 3-year growth rate was higher for those CEOs with Strategy backgrounds CEO Performance by Background Experience All Companies Median, 82% No Strategy Background Max, 607% Median, 159% Min, -5% Strategy Background While the median 3-year growth rate was higher for those CEOs with Strategy backgrounds, this may be partly due to the fact that they are in smaller companies, which typically experience higher growth rates. K E Y TA K E - AWAYS Both strategy and operational skills need to be present when selecting a CEO. Executives with strategy backgrounds can make a significant impact as CEOs if they are also skilled in operations, but this combination of talents is rare. Succession planning committees thinking about future CEO candidates should be assessing executives with strategy backgrounds for operational potential and where merited giving them opportunities to develop and hone their operational skills through a series of progressive and meaningful roles.

14 1 2 Consulting Role PAT T E R N S D E T E C T E D Only 8% of CEOs in our study had worked previously as consultants. All of these were in companies with revenues between $100 M $1 B. Given that the companies in our study were product vendors, it is not surprising that only a small subset had a consulting background. S O W H E R E W E R E T H E D I F F E R E N C E S? Consulting experience correlates with higher median 3-year growth CEO Performance by Background Experience All Companies Median, 76% No Consulting Background Max, 159% Median, 11 Min, 106% Consulting Background As with strategy backgrounds, consulting experience correlates with higher median 3-year growth rates, but these folks are in a minority (8%) and found only in companies with revenues between $100 M $1 B. K E Y TA K E - AWAYS Executives with consulting backgrounds can make a significant impact as CEOs and should be considered but only if they also understand the product side and can operate a business. Succession planning committees thinking about future CEO candidates should give executives with consulting backgrounds opportunities to demonstrate their operational abilities.

15 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 1 3 Engineering Role PAT T E R N S D E T E C T E D 29% of CEOs had held engineering roles, with almost all of these (91%) in companies with revenues between $100M $1 B. In this smaller company set, they constitute 39% of CEOs. Only 11% of CEOs in companies with revenues over $1 B had engineering experience. S O W H E R E W E R E T H E D I F F E R E N C E S? Median 3-year growth rate was higher for those CEOs with prior engineering functional roles CEO Performance by Background Experience Company Revenue $100 M $1 B Median, 66% No Engineering Background Max, 407% Median, 98% Min, 43% Engineering Background Again, while the median 3-year growth rate was higher for those CEOs who had held engineering functional roles, this may be partly influenced by the fact that most (91%) of these CEOs are in smaller companies, which typically experience higher growth rates. Even in the smaller companies, however, CEOs with engineering experience correlate with superior median 3-year growth rates. Because the maximum, minimum, and median numbers are the same for all companies as for companies in the $100 M $1 B range, we only show the latter, more relevant, chart. K E Y TA K E - AWAYS We recommend that while candidates with business backgrounds need to be considered, a good grounding as an engineering executive should be considered a positive indicator of success. When paired with strong business acumen, experience in engineering can broaden a CEO s perspectives on the potentials of the technology and help with the strategic orientation and nimble repositioning of the company based on changes in market and competitive conditions. Some search committees do value the engineering functional experience as a real asset, because deep understanding of the technology fundamentals, paired with a good business mind is a decidedly strong indicator for performance.

16 1 4 Sales & Marketing Roles PAT T E R N S D E T E C T E D Most CEOs (66%) did not come from a Sales & Marketing background. CEO Background Distribution % 7% 1 11% 11% 11% 16% 8% 11% Both Marketing Only 6 Sales Only 4 66% 67% 66% None 2 $100 M $1 B >$ 1 B All Company Revenue This was consistent across the different company sizes. Of those with sales or marketing backgrounds, roughly half were likely to have a combined sales and marketing background. 8 of the CEOs with combined sales and marketing experience were in the smaller companies. S O W H E R E W E R E T H E D I F F E R E N C E S? The top performers were CEOs with marketing rather than sales backgrounds Company Performance by Background Experience All Companies Max, 252% Median, 79% Sales & Marketing Max, 36 Median, 147% Min, 1 Median, 20 Min, -2 Sales Only Marketing Only Background Max, 607% Median, 87% Min, -5% Neither

17 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 1 5 Executives with sales experience and executives with marketing experience outperformed executives with neither. Interestingly, all companies whose CEOs had both sales & marketing backgrounds performed the worst. When sales and marketing are combined, the tendency has been to give the role to a strong sales executive, who focuses on field marketing as opposed to strategy and product management / marketing. K E Y TA K E - AWAYS Many technology company search committees focus heavily on sales backgrounds. Marketing backgrounds tend to be considered less frequently, especially in the B2B sector. It may be that marketing positively correlates to performance only when the executive has had strategic marketing experience. Understanding how to focus the company and targeting it to the right buyers may be more valuable than tactical sales execution. Clearly, both marketing strategy and sales execution are required for the functioning of a company, but the question here is who is at the helm and what bias they bring to the thinking of its strategy. Finance PAT T E R N S D E T E C T E D 16% of CEOs in our study had experience in finance, with the majority (83%) of these CEOs in companies with revenues between $100 M $1 B. CEOs with finance experience constitute 11% of CEOs at companies with revenues greater than $1 B and 17% of CEOs at companies with revenues between $100 M $1 B. S O W H E R E W E R E T H E D I F F E R E N C E S? In companies with revenues between $100M $1 B, CEOs without finance experience produced significantly higher 3-year growth rates Company Performance by CEO Experience Company Revenue $100 M to $1 B Median, 91% Min, -2 No Finance Background Max, 159% Median, 43% Min, -5% Finance Background

18 1 6 CEOs without finance experience produced significantly higher median 3-year growth rates than CEOs with finance backgrounds in companies with revenues between $100 M $1 B. However, the highest performing CEO had a finance background, so there are exceptions to the rule. K E Y TA K E - AWAYS Financial acumen, including a clear understanding of performance measurements, is a vital requirement for an executive, especially in this era of higher regulation. Financial executives tend to be well prepared for the top role because they have access to the boardroom at very early stages in their careers. Perhaps the correlation between prior finance roles and lower corporate growth rates is because financial executives tend to be selected in turnaround or financial re-engineering situations that have measures of success other than revenue growth. Venture Capital or Private Equity PAT T E R N S D E T E C T E D Only 8% of CEOs had venture capital or private equity experience and most of these were in smaller companies. S O W H E R E W E R E T H E D I F F E R E N C E S? As with strategy backgrounds, VC and investment experience correlates with higher median 3-year growth rates, but these executives are in a minority (8%) and found mainly in companies with revenues between $100 M $1 B Company Performance by CEO Experience All Companies Median, 82% No VC / Private Equity Background Max, 36 Median, 20 Min, 66% VC / Private Equity Background K E Y TA K E - AWAYS Venture Capital and Private Equity often attract the best and brightest. In our sample, the performance by CEOs with experience in VC or private equity firms was superior to their peers. As with consulting or strategy backgrounds, when VC or private equity experience is paired with operational capability, it can become a very potent background for a CEO.

19 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 1 7 Topic Three: Internal vs. External Hire PAT T E R N S D E T E C T E D 39% of all CEOs were founders. However, all the founders were in companies with revenue between $100 M $1 B. CEO Distribution % 28% 52% 33% 67% 24% 37% 39% Externally Hired Internally Promoted Founder $100 M $1 B >$ 1 B All Company Revenue Founders constitute 52% of CEOs in companies between $100M $1B. 14% of these founder-ceos were co-founders who were promoted into the CEO slot. 37% of all CEOs were internally promoted, including 67% of CEOs at companies with revenue > $1 B. 24% of CEOs were recruited externally.

20 1 8 S O W H E R E W E R E T H E D I F F E R E N C E S? Founders turned in the best revenue growth rates, partially because they are all in smaller companies Company Performance by CEO Origination All Companies Max, 607% Median, 93% Min, 12% Founder Max, 407% Median, 58% Internally Promoted Median, 89% Min, 33% Externally Hired Founders and externally hired CEOs both had an edge over internally promoted CEOs in terms of 3-year median growth rates. The performance difference between external hires and internally promoted executives is significantly greater (3x greater) for companies with revenues > $1 B than for companies with revenues between $100 M $1 B CEO Performance by Background Experience Company Revenue >$1 B Max, 342% Median, 35% Internally Promoted Max, 20 Median, 99% Min, 33% Externally Hired

21 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 1 9 In companies with revenue between $100M $1B, founders outperform all other CEOs, but they have only a slight edge over external hires Company Performance by CEO Origination Company Revenue $100 M to $1 B Max, 607% Median, 93% Min, 12% Founder Max, 407% Median, 66% Min, -2 Internally Promoted Median, 89% Min, 66% Externally Hired Founders who can scale in management skills as the company grows are able to apply their indepth knowledge and passion to drive higher growth rates. K E Y TA K E - AWAYS Entrepreneurial founders are passionate and intimately knowledgeable about the products and markets they serve. There are many founders that have the ability to scale their skills as the company grows and deliver superior performance in companies up to $1 B in revenue. It was surprising that external hires outperformed internal hires even in larger companies, where you d expect greater bench strength. In spite of this, 75% of CEOs in the larger companies were internal promotions. There may be a bias to bet on the ones you know intimately when internal and external candidates are each a close fit for the CEO role. Conversely the bar for external candidates may be slightly higher. Companies with a strong succession planning process give internal candidates opportunities to develop their skills and vie for the CEO slot. But these companies go with outside candidates when the external candidates are clearly a better fit than anyone in the internal pool. Even when they select an external CEO, the internal talent pool is typically strengthened as a result.

22 2 0 Topic Four: Age PAT T E R N S D E T E C T E D Smaller companies have a higher percentage of CEOs older than 60. CEO Age Distribution % 48% 22% 67% 29% 53% % 3% $100 M $1 B 11% >$ 1 B All 16% 3% Company Revenue The predominance of older CEOs in companies with revenues between $100 M $1 B is partially attributable to over half of these CEOs being founders. Non-Founder vs. Founder Age Distribution Company Revenue $100 M to $1 B 10 14% % 47% 33% % Non-Founder 13% 7% Founder 30 39

23 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 2 1 Interestingly, there was no apparent correlation between age and overall tenure at a company. 70 Correlation between Age and Tenure at Company All Companies Age Tenure at Company Nor is there an apparent correlation between age and tenure as CEO of that company. 70 Correlation between Age and Tenure as CEO Founders vs. Non-Founders Age Founders Non-Founders Tenure as CEO

24 2 2 S O W H E R E W E R E T H E D I F F E R E N C E S? CEOs between years old do correlate with higher median 3-year growth rates Company Performance by CEO Age Group Company Revenue $100 M to $1 B Median, 156% Min, 76% Max, 407% Median, 85% Min, -2 Max, 252% Median, 56% Min, 12% Age Group In part, this is because companies with revenue between $100 M $1 B are over-represented in the youngest age group. However, the performance edge of younger CEOs is consistent when looking at CEOs from the smaller companies by themselves. The edge of younger CEOs is consistent, though more muted, in companies with revenues > $1 B Company Performance by CEO Age Group Company Revenue >$1 B Median, 106% Max, 342% Median, 66% Age Group Max, 61% Median, 29% Min, -3% 60 69

25 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 2 3 Interestingly, the only CEO of a company with > $1 B in revenue who was under 50 outperformed the majority of CEOs. K E Y TA K E - AWAYS Youth can be a real asset to emerging companies, especially those under $1 B. In technology companies, executives familiar with emerging technology tend to be younger. Ages seem to be ideal for optimal company growth for companies > $1 B. Topic Five: Tenure PAT T E R N S D E T E C T E D Of the CEOs who have been in their position at least 3 years the focus of our research over 87% have been at their companies more than 5 years. Distribution of CEOs by Tenure at Company 10 24% 22% 24% > % 11% 11% 11% 13% % 33% 39% $100 M $1 B >$ 1 B 22% All 13% 4 5 Company Revenue The pattern of tenure at their current company for the CEOs in our study is fairly consistent across company size. The exception is that in larger companies the mix of CEOs who have been there less than 10 years is tilted more towards those who have been there less time between 4 6 years.

26 2 4 Of the CEOs who have been in their position at least 3 years the focus of our research over 79% of CEOs have been CEO at their companies more than 5 years. Distribution of CEOs by Tenure as CEO % 14% 1 48% 14% $100 M $1 B 22% 33% 44% >$ 1 B All % 44% 21% > Company Revenue The pattern of tenure as CEO at their current company is dramatically different by company size. CEOs at larger companies are much more likely to be replaced after 5 10 years. Longer tenure at companies with revenues between $100 M $1 B reflect that over 5 of these CEOs were founders. Our comparisons in this research are primarily among the 38 public technology companies in New England with at least 3 years of reported results for the current CEO. It is important to observe that including the 13 companies who had replaced their CEOs in the last 3 years (with an average tenure as CEO of.85 years), the average tenure overall as CEO was 5.4 years. S O W H E R E W E R E T H E D I F F E R E N C E S? Not surprisingly, the median 3-year growth rate was smallest for companies that replaced their CEO in the last 3 years Company Performance Comparison by CEO Tenure Group All Companies Max, 11 Median, 43% Min, -17% Max, 407% Median, 99% < Years in Current Company as CEO Median, 59% Min, -5% >6

27 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 2 5 While some CEOs were replaced due to death or age-related retirement, most CEO replacements could be tied to company struggles to reach growth targets. It was also surprising to see that the median 3-year growth rate for CEOs who have been in the saddle for 3 6 years was significantly higher than that for longer-tenured CEOs. The difference in median 3-year growth rate was much less for companies with revenues between $100 M $1 B Company Performance Comparison by CEO Tenure Group Company Revenue $100 M to $1 B Max, 11 Median, 43% Min, -17% Max, 407% Median, 89% Min, -2 Median, 77% Min, -5% < >6 Years in Current Company as CEO The difference in median 3-year growth rate was markedly greater for CEOs who have been in the saddle for 3 6 years in companies with revenues over $1 B Company Performance Comparison by CEO Tenure Group Company Revenue >$1 B Max, 343% Median, 106% Max, 61% Median, 21% Min, -3% >6 Years in Current Company as CEO

28 2 6 In the chart below, we compare the 3 year growth rate for the companies that recently changed CEOs for the 3 years before the change, with the growth rate since the new CEO normalized to a 3 year growth rate in order to compare it with the last 3 years of growth for the companies with long term CEOs. Contrast Company Performance Before and After CEO Replacement vs. Companies with Long Term CEOs - All Companies 15 Max, 237% Max, Median, 85% 5-5 Median, 43% Min, -17% Prior to Recent CEOs Median, 43% Min, -6% Post Recent CEOs Normalized Long Term CEOs Comparing companies with recently changed CEOs against companies that had CEOs in place for at least 3 years is tricky, since there is no 3-year track record for the same period. The story shown here is that: most of the companies who changed CEOs in the last 3 years were growth challenged (the com pany growth slowed before the transition) things have improved slightly after the CEO change but growth remains slower than at companies with CEOs who have been in place at least 3 years. The implication is that when CEO transitions result from growth shortfalls, it can take a period of time to show significant improvement. K E Y TA K E - AWAYS Although there is much talk recently about the average tenure of CEOs declining, this trend is not as strong among technology companies. Only 25% of these companies changed CEOs in the last 3 years and in 4% of all companies, the CEO transition was due to a death of the founder. However, it is the case that CEOs who have been in place between 3 6 years outperform their peers with longer tenure as CEO, especially in the larger companies.

29 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 2 7 Topic Six: Combined Chairman and CEO PAT T E R N S D E T E C T E D Fewer than 5 of companies had independent Chairmen, and companies with revenue between $100 M $1 B are slightly more prone to allowing one person to hold the combined roles. CEO Only vs. CEO & Chairman Distribution % 44% 53% CEO & Chairman 6 CEO % 56% 47% $100 M $1 B >$ 1 B All Company Revenue S O W H E R E W E R E T H E D I F F E R E N C E S? Companies with independent chairmen outperformed companies that combined roles CEO Only vs. CEO & Chairman Performance Comparison All Companies Median, 99% Max, 324% Median, 63% Min, -2 CEO Only CEO & Chairman CEO s Scope of Responsibility

30 2 8 The performance edge was more marked in larger companies CEO Only vs. CEO & Chairman Performance Comparison Company Revenue >$1 B Max, 324% Median, 99% Max, 106% Median, 47% Min, 1 CEO Only CEO & Chairman CEO s Scope of Responsibility There is a smaller edge for companies with revenue between $100 M $1 B CEO Only vs. CEO & Chairman Performance Comparison Company Revenue $100 M to $1 B Median, 98% Min, -5% Max, 324% Median, 74% Min, -2 CEO Only CEO & Chairman CEO s Scope of Responsibility

31 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 2 9 The smaller edge for companies with revenue between $100 M $1 B may be due to the fact that there has not been an impetus to recruit an independent Chair when a strong founder has successfully transitioned from start-up to mid-sized company. Formalizing a separate Chair role tends to happen as companies mature. K E Y TA K E - AWAYS Companies with independent chairs do nominally outperform their peers based on median 3-year growth rates. However, the labels can mask actual division of responsibilities. In some companies, a CEO transitioning to a Chair-only role may influence selection of a cooperative replacement CEO who lets the Chair still call the shots. In other companies, a strong CEO forced to accept an independent Chair may influence the selection to retain as much free reign as possible. This is a controversial area and one that merits more investigation.

32 3 0 Methodology Vell Executive Search selected public technology companies in New England with revenues over $100 M. Financial and technical data were collected from Hoovers, ZoomInfo, and archived press releases. Companies where CEOs had been on board for less than 3 years were excluded from most analyses. The key exception was comparing performance of companies where the CEO has been on board for at least 3 years (38 companies) vs. companies that recently replaced the CEO (13 companies). Companies where the CEOs educational background was not available were excluded from the educational analysis, leaving 34 companies for that analysis. We intend to expand the analysis and would value hearing about your questions / concerns that may not have addressed in this phase of the research.

33 C H A R A C T E R I S T I C S O F S U C C E S S F U L T E C H N O L O G Y C E O S 3 1 About Vell Executive Search Vell Executive Search is a retained executive search firm that specializes in recruiting board directors, CEOs and C-Level executives in the software industry. Vell has built a reputation for recruiting talented high-performing leadership teams globally. Our services are designed to help you build strong leadership at the top. We offer retained executive and board level search, reference checking, candidate benchmarking, and access to a pool of interim candidates. We are a boutique firm with Fortune 500 experience. Veteran senior consultants with backgrounds at the world s largest executive search firms handle all of our board and C-level assignments. Because our executive recruiters are technology industry specialists, we can focus more time and attention on fewer searches and projects and drive strong results. With our unique operational and technical background, Vell becomes deeply versed with your company faster, helping not only find the right candidates, but also excite them about your opportunity and perform assessments to ensure the right skills and cultural match. W H Y O U R C L I E N T S C H O O S E U S 1. Deep tech industry expertise through veteran consultants. 2. More dedicated time as consultants have few parallel projects. 3. Thorough understanding of your company s business and culture through comprehensive meetings with leadership team. 4. In-depth view of the executive s skills and culture fit through behavioral interviews and competency scorecards. 5. Constant two-way, direct communication during your search with regular status calls and 24/7 availability. 6. Insightful and detailed reference checking through our extensive network of senior executives. 7. Broad reach of candidates: no hidden relationships, no parallel searches holding up the best candidates.

34 3 2 Dora Vell Dora Vell is Managing Partner of Vell Executive Search, a retained firm focused on recruiting top C-level executives and board members in the Software/Technology industry. Vell was a Partner in the Heidrick & Struggles technology practice for seven years. Prior to her career in executive search, Vell was a sales executive at IBM managing a $150m software sales region, and an engineering executive responsible for a 100-person software development team. Vell has published and been quoted in numerous articles including The Wall Street Journal, Forbes, Fortune, Agenda Week, MSN, MSNBC, Mass High Tech, the OPUS for the World Economic Forum, Boston Business Journal, Globe and Mail, CIO, and IEEE, and has been a featured speaker at numerous events. Vell is a member of the National Association of Corporate Directors (NACD), and serves on the board of Framingham State University and the Advisory board of ZoomInfo. She has served on the board of Entrepreneur s Organization, Goodwill, and Mary Centre for developmentally handicapped adults, and the venture firms garage.ca and RBC Capital Partners. She regularly conducts pro-bono search assignments for non-profit organizations, such as CAB Health and Perkins School for the Blind. Vell received an MBA from the University of Toronto, a Master in Computer Science from the University of Waterloo and a Bachelor in Computer Science from Carleton. She holds seven worldwide software patents. Contact Ms. Vell at dora@vell.com

35

36 3 4 Vell Executive Search 1050 Winter Street, Suite 1000 Waltham, MA Phone: e-fax: info@vell.com $ Copyright, 2009 by Vell Executive Search Inc. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, except as permitted under sections 107 or 108 of the United States Copyright Act, without prior written permission of the publisher.

2011 Private Equity. Compensation Report PRESS VERSION

2011 Private Equity. Compensation Report PRESS VERSION 2011 Private Equity 2009 JobSearchDigest Compensation Report 2010 JobSearchDigest.com PRESS VERSION TERMS OF USEljldjlkjljlj NOTE FOR PRESS VERSION: This version of the report is a subset of the data available

More information

2013 Hedge Fund. Compensation Report SAMPLE REPORT

2013 Hedge Fund. Compensation Report SAMPLE REPORT 2013 Hedge Fund Hedge Fund Compensation Report Compensation Report JobSearchDigest.com SAMPLE REPORT HedgeFundCompensationReport.com Introduction It is our pleasure to share with you, for the sixth time,

More information

Generalist vs. Industry Specialist: What are the trends and where does the advantage lie?

Generalist vs. Industry Specialist: What are the trends and where does the advantage lie? Generalist vs. Industry Specialist: What are the trends and where does the advantage lie? Generalist vs. Industry Specialist: What are the trends and where does the advantage lie? When we debate the generalist

More information

Risk averse. Patient.

Risk averse. Patient. Risk averse. Patient. Opportunistic. For discretionary use by investment professionals. Litman Gregory Portfolio Strategies at a Glance We employ tactical asset allocation by identifying undervalued asset

More information

2014 COMPENSATION REPORT FOR FINANCIAL PROFESSIONS

2014 COMPENSATION REPORT FOR FINANCIAL PROFESSIONS 2014 COMPENSATION REPORT FOR FINANCIAL PROFESSIONS WE RE CENTURY GROUP. And we execute an average of 1,500 searches a year in finance and accounting. Promptly. Precisely. Reliably. Delivering the kind

More information

PERFORMANCE STUDY 2013

PERFORMANCE STUDY 2013 US EQUITY FUNDS PERFORMANCE STUDY 2013 US EQUITY FUNDS PERFORMANCE STUDY 2013 Introduction This article examines the performance characteristics of over 600 US equity funds during 2013. It is based on

More information

Vital Statistics Top of Mind A SURVEY OF SENIOR IN-HOUSE COUNSEL

Vital Statistics Top of Mind A SURVEY OF SENIOR IN-HOUSE COUNSEL Vital Statistics 2003 Top of Mind A SURVEY OF SENIOR IN-HOUSE COUNSEL More than Ever, Time Is Money You want to know what s on the minds of other in-house counsel and how they re dealing with today s problems,

More information

Guide to Working with an Investment Bank

Guide to Working with an Investment Bank Guide to Working with an Investment Bank Innovation & Growth Table of Contents Role of an Investment Bank 2 Benefits of an Investment Banking Relationship 4 Evaluating an Investment Bank 5 Cultivating

More information

LITMAN/GREGORY. Investment Strategies

LITMAN/GREGORY. Investment Strategies Investment Strategies For Client Use Investment Strategies Litman/Gregory Portfolios at a Glance Litman/Gregory s tactical asset allocation expertise helps identify undervalued asset classes and weights

More information

The Financial Engines National 401(k) Evaluation. Who benefits from today s 401(k)?

The Financial Engines National 401(k) Evaluation. Who benefits from today s 401(k)? 2010 The Financial Engines National 401(k) Evaluation Who benefits from today s 401(k)? Foreword Welcome to the 2010 edition of The Financial Engines National 401(k) Evaluation. When we first evaluated

More information

GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE

GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE WELCOME TO THE 2009 GLOBAL ENTERPRISE SURVEY REPORT The ICAEW annual

More information

SAMPLE REPORT. Contact Center Benchmark DATA IS NOT ACCURATE! In-house/Insourced Contact Centers

SAMPLE REPORT. Contact Center Benchmark DATA IS NOT ACCURATE! In-house/Insourced Contact Centers h SAMPLE REPORT DATA IS NOT ACCURATE! Contact Center Benchmark In-house/Insourced Contact Centers Report Number: CC-SAMPLE-IN-0617 Updated: June 2017 MetricNet s instantly downloadable Contact Center benchmarks

More information

[ PURCHASE AT A DISCOUNT ]

[ PURCHASE AT A DISCOUNT ] [ ABOUT THE COMPLIANCE SOLUTIONS REPORT ] The Financial Planning Association (FPA) and ActiFi are proud to announce the completion of the third of a planned total of seven technology reports: the Compliance

More information

How PE Operating Partners Are Paid, Hired Special Report: All About PE Operating Partners

How PE Operating Partners Are Paid, Hired Special Report: All About PE Operating Partners How PE Operating Partners Are Paid, Hired Special Report: All About PE Operating Partners David Snow, Privcap: Today, we are joined by Joe Healey and Ben Sanders of Korn Ferry. Gentlemen, welcome to Privcap.

More information

In-House Fraud Investigation Teams: 2017 Benchmarking Report

In-House Fraud Investigation Teams: 2017 Benchmarking Report In-House Fraud Investigation Teams: 2017 Benchmarking Report Contents Key Findings 3 Introduction 4 Methodology...4 Respondent Demographics 5 Industry of Respondents Organizations...6 Region of Respondents

More information

Bringing practical insights to the boardroom kpmg.com/us/blc

Bringing practical insights to the boardroom kpmg.com/us/blc KPMG Board Leadership Center Bringing practical insights to the boardroom kpmg.com/us/blc Diverse perspective Keen insight Unique experience 2 2018 KPMG LLP, Board a Delaware Leadership limited Center

More information

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 (Exposure Draft)

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 (Exposure Draft) 16 May 2012 The Manager Superannuation Unit, Financial System Division The Treasury Langton Crescent PARKES ACT 2600 By email to: strongersuper@treasury.gov.au Dear Sir Superannuation Legislation Amendment

More information

S&P 1500 Board Profile: Board Fees (Part 1)

S&P 1500 Board Profile: Board Fees (Part 1) S&P 1500 Board Profile: Board Fees (Part 1) 2013 Featuring Commentary From: About Equilar Equilar is the leading provider of executive compensation and corporate governance data for corporations, nonprofits,

More information

Growing Income and Wealth with High- Dividend Equities

Growing Income and Wealth with High- Dividend Equities Growing Income and Wealth with High- Dividend Equities September 9, 2014 by C. Thomas Howard, PhD Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent

More information

A PATH FORWARD. Insights from the 2010 RIA Benchmarking Study from Charles Schwab

A PATH FORWARD. Insights from the 2010 RIA Benchmarking Study from Charles Schwab A PATH FORWARD Insights from the 2010 RIA Benchmarking Study from Charles Schwab The year 2009 marked a turning point for registered investment advisors. As an era of rapid growth came to an end, advisors

More information

SAMPLE REPORT. Contact Center Benchmark DATA IS NOT ACCURATE! Outsourced Contact Centers

SAMPLE REPORT. Contact Center Benchmark DATA IS NOT ACCURATE! Outsourced Contact Centers h SAMPLE REPORT DATA IS NOT ACCURATE! Contact Center Benchmark Outsourced Contact Centers Report Number: CC-SAMPLE-OUT-0617 Updated: June 2017 MetricNet s instantly downloadable Contact Center benchmarks

More information

Succession Planning in a Single Owner Physician Practice

Succession Planning in a Single Owner Physician Practice Succession Planning in a Single Owner Physician Practice Case Study C. Aaron Nichols, MHSA, FACMPE April 19, 2016 This paper is being submitted in partial fulfillment of the requirements of Fellowship

More information

It s more than our tag line.

It s more than our tag line. It s more than our tag line. Earning our clients confidence starts with delivering consistently excellent investment results and outstanding service. But it doesn t end there. Confidence also comes from

More information

Making Predictive Modeling Work for Small Commercial Insurance Risk Assessment

Making Predictive Modeling Work for Small Commercial Insurance Risk Assessment WHITE PAPER Making Predictive Modeling Work for Small Commercial Insurance Risk Assessment Best practices from LexisNexis Risk Solutions AUGUST 2017 Executive Summary While predictive modeling has proven

More information

Private Enterprise. Behind the curtain: What mid-sized private companies need to know about what drives Private-Equity investments

Private Enterprise. Behind the curtain: What mid-sized private companies need to know about what drives Private-Equity investments Behind the curtain: What mid-sized private companies need to know about what drives Private-Equity investments Deloitte s Commitment to Private Enterprise Deloitte has a large group of professionals committed

More information

International survey of Interim Managers who the interim managers are and what they do

International survey of Interim Managers who the interim managers are and what they do International survey of Interim Managers 2016 who the interim managers are and what they do Senior Management Worldwide (SMW) is the longest running and most successful international partnership of Interim

More information

To our shareholders Letter from Our Chairman & CEO

To our shareholders Letter from Our Chairman & CEO To our shareholders 2008 Letter from Our Chairman & CEO We are proud of Accenture s performance in fiscal 2008. We responded to the challenges of the global economy by relentlessly focusing on our clients

More information

The state of CICS in the modern enterprise

The state of CICS in the modern enterprise The state of CICS in the modern enterprise Part 2: CICS and its relationship to crucial business data A CICS survey analysis report from: Contents Introduction.................................................................

More information

THE ORGANIC PATH TO GROWTH. McKinsey Quarterly. McKinsey Quarterly IN THIS EDITION: 1 A deal-making strategy for new CEOs

THE ORGANIC PATH TO GROWTH. McKinsey Quarterly. McKinsey Quarterly IN THIS EDITION: 1 A deal-making strategy for new CEOs THE ORGANIC PATH TO GROWTH IN THIS EDITION: McKinsey Quarterly 1 A deal-making strategy for new CEOs 5 The value premium of organic growth McKinsey Quarterly 7 The roots of organic growth April 2017 A

More information

Q CONFERENCE CALL. Prepared remarks from: David L. Dunkel, Chairman and CEO Joseph J. Liberatore, President David M.

Q CONFERENCE CALL. Prepared remarks from: David L. Dunkel, Chairman and CEO Joseph J. Liberatore, President David M. Q4 2018 CONFERENCE CALL Prepared remarks from: David L. Dunkel, Chairman and CEO Joseph J. Liberatore, President David M. Kelly, CFO Disclaimer Certain of the statements contained herein, including earnings

More information

Understanding the Cyber Risk Insurance and Remediation Services Marketplace:

Understanding the Cyber Risk Insurance and Remediation Services Marketplace: Understanding the Cyber Risk Insurance and Remediation Services Marketplace: A Report on the Experiences and Opinions of Middle Market CFOs September 2010 Betterley Risk Research Insight for the Insurance

More information

ESG Investing: A Constraint or An Opportunity? Summary About the Authors

ESG Investing: A Constraint or An Opportunity? Summary About the Authors ESG Investing: A Constraint or An Opportunity? Gautam Dhingra, Ph.D., CFA GDhingra@HighPointeCapital.com Christopher Olson, CFA COlson@HighPointeCapital.com Presented at the CFA Society Chicago Symposium,

More information

Perspectives On 2004 and Beyond Ron Surz, President, PPCA, Inc.

Perspectives On 2004 and Beyond Ron Surz, President, PPCA, Inc. Volume 8, No. 1 Senior Consultant The Voice of the Investment Management Consultant Perspectives On 24 and Beyond Ron Surz, President, PPCA, Inc. Due to a 4th quarter rally, the stock market returned 12%

More information

AIM DIRECTORS REMUNERATION REPORT

AIM DIRECTORS REMUNERATION REPORT AIM DIRECTORS REMUNERATION REPORT ii AIM DIRECTORS REMUNERATION REPORT executive summary 1 ceo remuneration 2 cfo remuneration 6 OTHER EXECUTIVE DIRECTOR REMUNERATION NON-EXECUTIVE DIRECTOR REMUNERATION

More information

SELLERS VS BUYERS: WHO WINS? A STUDY OF CME OPTIONS EXPIRATION PATTERNS BY JOHN F. SUMMA, PH.D. FOUNDER AND MANAGING MEMBER OPTIONSNERD.

SELLERS VS BUYERS: WHO WINS? A STUDY OF CME OPTIONS EXPIRATION PATTERNS BY JOHN F. SUMMA, PH.D. FOUNDER AND MANAGING MEMBER OPTIONSNERD. SELLERS VS BUYERS: WHO WINS? A STUDY OF CME OPTIONS EXPIRATION PATTERNS BY JOHN F. SUMMA, PH.D. FOUNDER AND MANAGING MEMBER OPTIONSNERD.COM, LLC Introduction Option traders rarely take into account a little

More information

Financing Your Tech Company - Angel and VCC Sources

Financing Your Tech Company - Angel and VCC Sources Financing Your Tech Company - Angel and VCC Sources BCTIA Tech Forum Speakers Series February 23, 2006 By Basil Peters Building Company Value Founding = 10% Equal Tactics & Strategy = 40% Exit Strategy

More information

Board of Trustees, Fresno County Employees Retirement Association

Board of Trustees, Fresno County Employees Retirement Association MEMORANDUM To: From: Cc: Board of Trustees, Fresno County Employees Retirement Association Brian Rowe, CFA, Research Associate Bee G. Lim, CFA, CAIA, Associate Director of Research Jeffrey MacLean, Chief

More information

SAMPLE REPORT. Service Desk Benchmark DATA IS NOT ACCURATE! Outsourced Service Desks

SAMPLE REPORT. Service Desk Benchmark DATA IS NOT ACCURATE! Outsourced Service Desks h SAMPLE REPORT DATA IS NOT ACCURATE! Service Desk Benchmark Outsourced Service Desks Report Number: SD-SAMPLE-OUT-0617 Updated: June 2017 MetricNet s instantly downloadable Service Desk benchmarks provide

More information

CEO reputation. How investors assess new CEOs

CEO reputation. How investors assess new CEOs i s s u e 6 c e o T r a nsitions Leadership change affects a company s enterprise value. Whether that s positive or negative depends largely on measures taken by boards and CEOs in the months leading up

More information

SALARY GUIDE TAX KSA

SALARY GUIDE TAX KSA SALARY GUIDE 2019 KSA 2019 KSA SALARY GUIDE Welcome to the Cooper Fitch Salary Guide for the Kingdom of Saudi Arabia in 2019. Our guide provides salary expectation ranges for mid-level to senior professionals

More information

Executive Compensation: Insights from the 2014 CompStudy Survey of Venture-Backed Companies

Executive Compensation: Insights from the 2014 CompStudy Survey of Venture-Backed Companies Life Sciences Edition Executive Compensation: Insights from the 2014 CompStudy Survey of Venture-Backed Companies LIFE SCIENCES EDITION Today s moderator Bryan Pearce Global Leader EY Entrepreneur Of The

More information

ROYAL BANK OF CANADA SCOTIA CAPITAL FINANCIALS SUMMIT 2010 WEDNESDAY, SEPTEMBER 15, 2010

ROYAL BANK OF CANADA SCOTIA CAPITAL FINANCIALS SUMMIT 2010 WEDNESDAY, SEPTEMBER 15, 2010 ROYAL BANK OF CANADA SCOTIA CAPITAL FINANCIALS SUMMIT 2010 WEDNESDAY, SEPTEMBER 15, 2010 DISCLAIMER THE FOLLOWING SPEAKERS NOTES, IN ADDITION TO THE WEBCAST AND THE ACCOMPANYING PRESENTATION MATERIALS,

More information

Active or passive? Tips for building a portfolio

Active or passive? Tips for building a portfolio Active or passive? Tips for building a portfolio Jim Nelson: Actively managed funds or passive index funds? It s a common question that many investors and their advisors confront during portfolio construction.

More information

The research, analysis, and writing for this report were conducted in concert with the following ECHELON professionals: Tyler Resh Vice President

The research, analysis, and writing for this report were conducted in concert with the following ECHELON professionals: Tyler Resh Vice President Authorship The research, analysis, and writing for this report were conducted in concert with the following ECHELON professionals: Daniel Seivert CEO and Managing Partner dseivert@echelon-group.com Aaron

More information

Accessing capital to start or grow your business.

Accessing capital to start or grow your business. ATB Entrepreneur's Edge Transaction Advisory Solutions Issue: February 2018 Accessing capital to start or grow your business. You ve safely navigated your company through the oil price meltdown. You re

More information

Choosing the Right Tax Preparer for You

Choosing the Right Tax Preparer for You R www.theincometaxschool.com Choosing the Right Tax Preparer for You By: Charles E. McCabe Why Not Do It Yourself? If you enjoy the challenge of tackling Form 1040 and have ample time to study the tax

More information

The affluent investor

The affluent investor The affluent investor Insights and opportunities for advisors Agenda Who are the affluent? What s on their minds? What do they expect from an advisor? How do they want to communicate? 2 Who are the affluent?

More information

The State of Student Finances 2018: Results from a Multiyear Assessment. Carissa Uhlman Vice President of Student Success, Inceptia RESEARCH BRIEF

The State of Student Finances 2018: Results from a Multiyear Assessment. Carissa Uhlman Vice President of Student Success, Inceptia RESEARCH BRIEF RESEARCH BRIEF The State of Student Finances 2018: Results from a Multiyear Assessment Carissa Uhlman Vice President of Student Success, Inceptia October 2018 1 Executive Summary A critical component of

More information

The Select Investment Scorecard. Don t Settle for Average.

The Select Investment Scorecard. Don t Settle for Average. The Select Investment Scorecard Don t Settle for Average. A Group of Select Equity Funds Has, on Average, Consistently Beaten the Index Research proves that two simple screens can help identify a group

More information

Summary Results from the Softletter 2009 Telesales Compensation and Efficiency Survey, Part II of IV

Summary Results from the Softletter 2009 Telesales Compensation and Efficiency Survey, Part II of IV Wednesday, Sept.30th 2009 Vol. 25, No. 18 BUSINESS INSIGHTS FOR SOFTWARE DEVELOPERS & PUBLISHERS Summary Results from the Softletter 2009 Telesales Compensation and Efficiency Survey, Part II of IV Softletter

More information

An Impact Brief October Great Expectations. Phantasmagorical Forecasts and Optimistic Entrepreneurs

An Impact Brief October Great Expectations. Phantasmagorical Forecasts and Optimistic Entrepreneurs An Impact Brief October 2017 Great Expectations Phantasmagorical Forecasts and Optimistic Entrepreneurs Contents Great Expectations 3 Phantasmagorical Forecasts 4 Growth Rate 6 Profitability 8 Capital

More information

CRIST KOLDER ASSOCIATES Volatility Report 2014

CRIST KOLDER ASSOCIATES Volatility Report 2014 CRIST KOLDER ASSOCIATES Volatility Report 2014 CRIST KOLDER Volatility Report Table of Contents Page 3 Page 6 Page 7 Page 15 Page 24 Page 33 Report Methodology Report Highlights Executive Turnover C-Suite

More information

One of the most critical challenges for

One of the most critical challenges for Market Outlook STEVE MAXWELL Maxwell Financing Sources for Your Water Business One of the most critical challenges for any company young or old is developing and sustaining the proper financial backing

More information

The VAS Voluntary Sector Survey 2017

The VAS Voluntary Sector Survey 2017 The VAS Voluntary Sector Survey 2017 A report on the results by Voluntary Action Swindon September 2017 Contents 1. Executive Summary... 3 2. Introduction... 5 3. Focus Group Sessions... 6 4. The Survey

More information

Welcome to Boyden s annual review of the Interim Management market in the UK

Welcome to Boyden s annual review of the Interim Management market in the UK 2011/2012 Introduction Welcome to Boyden s annual review of the Interim Management market in the UK Boyden has been surveying the Interim Management market since the 1990 s, providing an insight into market

More information

Impact of Size and Age on Hedge Fund Performance: evestment Research Division April 2014

Impact of Size and Age on Hedge Fund Performance: evestment Research Division April 2014 Impact of Size and Age on Hedge Fund Performance: 23-213 evestment Research Division April 214 Table of Contents Methodology... 2 Size and Age Indices: Number of Funds... 3 Size and Age Indices: Cumulative

More information

CAMPUS CAREERS INVESTMENT GROUPS BUILD STRATEGIES

CAMPUS CAREERS INVESTMENT GROUPS BUILD STRATEGIES ABOUT BlackRock was founded 28 years ago by eight entrepreneurs who wanted to start a very different company. One that combined the best of a financial leader and a technology pioneer. And one that focused

More information

Developing a new generation of mortgage banking leaders

Developing a new generation of mortgage banking leaders Developing a new generation of mortgage banking leaders An industry call-to-action by Carol Hartman and Glen Corso Developing a new generation of mortgage banking Executive Summary A shortage of mortgage

More information

About this report Executive summary The Retail Team Salaries Top Level Manager salary... 5

About this report Executive summary The Retail Team Salaries Top Level Manager salary... 5 Salaries 06 Contents About this report... Executive summary... 3 The Retail Team... 4 Salaries... 5 Top Level salary... 5 Performance related bonuses for Top Level s... 5 Salary tables... 6 Impact of the

More information

2015 Q1 Market Pulse Report

2015 Q1 Market Pulse Report Pepperdine University Pepperdine Digital Commons Pepperdine Market Pulse Report 5-18-2015 2015 Q1 Market Pulse Report Craig R. Everett Pepperdine University Follow this and additional works at: http://digitalcommons.pepperdine.edu/gsbm_pcm_pmp

More information

Ana Botín: The board intends to increase the dividend per share by 5% for 2016 PRESS RELEASE

Ana Botín: The board intends to increase the dividend per share by 5% for 2016 PRESS RELEASE PRESS RELEASE 2016 ANNUAL GENERAL MEETING Ana Botín: The board intends to increase the dividend per share by 5% for 2016 The total dividend would be EUR 21 cents per share, of which 16.5 would be paid

More information

In this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin

In this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin December 2017 Death, Taxes and Short-Term Underperformance: International Funds In this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin Since the Brandes Institute

More information

E X P O R T P A R T N E R S H I P I N V E S T I M E N T S

E X P O R T P A R T N E R S H I P I N V E S T I M E N T S E X P O R T P A R T N E R S H I P I N V E S T I M E N T S I D E A L S O L U T I O N S F O R Y O U R I N T E R N AT I O N A L G R O W T H GruppoBPC International is the ideal partner to support the international

More information

Is passive aggressive?

Is passive aggressive? Is passive aggressive? Insight: Is passive aggressive? The dust has finally settled on the 2018 FIFA World Cup. At home, millions cheered on Gareth Southgate s young, unheralded bunch of England players

More information

The Practical Application of Behavioral Finance

The Practical Application of Behavioral Finance The Practical Application of Behavioral Finance July 2, 2013 by Mitchell D. Eichen and John M. Longo Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent

More information

Death, Taxes and Short-Term Underperformance: Emerging Market Funds

Death, Taxes and Short-Term Underperformance: Emerging Market Funds Death, Taxes and Short-Term Underperformance: Emerging Market Funds In this world nothing can be said to be certain, except death and taxes. 1 Benjamin Franklin March 2018 Since the Brandes Institute first

More information

NEW SOURCES OF RETURN SURVEYS

NEW SOURCES OF RETURN SURVEYS INVESTORS RESPOND 2005 NEW SOURCES OF RETURN SURVEYS U.S. and Continental Europe A transatlantic comparison of institutional investors search for higher performance Foreword As investors strive to achieve

More information

Summary of: Trade Liberalization, Profitability, and Financial Leverage

Summary of: Trade Liberalization, Profitability, and Financial Leverage Catalogue no. 11F0019MIE No. 257 ISSN: 1205-9153 ISBN: 0-662-40836-5 Research Paper Research Paper Analytical Studies Branch Research Paper Series Summary of: Trade Liberalization, Profitability, and Financial

More information

Time is Money: Exploring the Costs of Hiring a CFO in Preparation for an Initial Public Offering

Time is Money: Exploring the Costs of Hiring a CFO in Preparation for an Initial Public Offering Time is Money: Exploring the Costs of Hiring a CFO in Preparation for an Initial Public Offering By: Kyle Holm, Associate Partner; Joe McNeal, Senior Consultant and Keaton Hoffman, Analyst Team: Published:

More information

The Cornell Retirement and Well-Being Study. Final Report 2000

The Cornell Retirement and Well-Being Study. Final Report 2000 The Cornell Retirement and Well-Being Study Final Report 2000 Phyllis Moen, Ph.D., Principal Investigator with William A. Erickson, M.S., Madhurima Agarwal, M.R.P., Vivian Fields, M.A., and Laurie Todd

More information

Long Term Incentive Plans

Long Term Incentive Plans Long Term Incentive Plans September 26, 2017 OFFICES: CHICAGO, ILLINOIS CEDAR RAPIDS, IOWA Copyright 2017 - The Overture Group Presented by Mark Reilly Mark is Managing Director of Compensation. He has

More information

Institute for Business in Society. Views from the C-Suite: Cash Strategies: The When/How/Why of Deploying Capital

Institute for Business in Society. Views from the C-Suite: Cash Strategies: The When/How/Why of Deploying Capital Institute for Business in Society : Cash Strategies: The When/How/Why of Deploying Capital by Kenneth M. Eades Paul Tudor Jones Research Professor of Business Administration by Kenneth M. Eades Paul Tudor

More information

J ENNISON SMALL/MID CAP CORE

J ENNISON SMALL/MID CAP CORE J ENNISON SMALL/MID CAP CORE MANAGED BY JENNISON ASSOCIATES MULTIPLE STRATEGIES, ONE MANAGED ACCOUNT The JENNISON SMALL/MID CAP CORE PORTFOLIO invests in both small and mid cap securities and also encompasses

More information

U.S. Investor Demographics

U.S. Investor Demographics Behavioral Insights Results from ASI s Behavioral Research on U.S Investors U.S. Investor Demographics by Mark Ferrari, PhD & Li Huang, CFA Behavioral IQ White Paper 1708 1 Advisor Software, Inc. 12 September

More information

Ted Stover, Managing Director, Research and Analytics December FactOR Fiction?

Ted Stover, Managing Director, Research and Analytics December FactOR Fiction? Ted Stover, Managing Director, Research and Analytics December 2014 FactOR Fiction? Important Legal Information FTSE is not an investment firm and this presentation is not advice about any investment activity.

More information

Issue 2 Understanding differences between age diverse SMEs

Issue 2 Understanding differences between age diverse SMEs Vero SME Insurance Index 2017 Issue 2 Understanding differences between age diverse SMEs Customer insights drive new opportunities Vero SME Insurance Index 2017 Issue 2 1 Introduction Issue 1 of the Vero

More information

Point of View. The CIO Point of View ASIA PACIFIC. The New Agenda for Transformative Leadership: Reimagine Business for Machine Learning

Point of View. The CIO Point of View ASIA PACIFIC. The New Agenda for Transformative Leadership: Reimagine Business for Machine Learning The CIO Point of View ASIA PACIFIC The New Agenda for Transformative Leadership: Reimagine Business for Machine Learning Global Overview Machine learning has arrived in the enterprise, and companies are

More information

Putting International Small-Caps On the Map The Case for Allocating to International Small-Cap Stocks

Putting International Small-Caps On the Map The Case for Allocating to International Small-Cap Stocks ROYCE RESEARCH FINANCIAL PROFESSIONALS ONLY Putting International Small-Caps On the Map The Case for Allocating to International Small-Cap Stocks Our goal in this paper is to provide an introduction for

More information

Executing Effective Validations

Executing Effective Validations Executing Effective Validations By Sarah Davies Senior Vice President, Analytics, Research and Product Management, VantageScore Solutions, LLC Oneof the key components to successfully utilizing risk management

More information

Investment manager research

Investment manager research Page 1 of 10 Investment manager research Due diligence and selection process Table of contents 2 Introduction 2 Disciplined search criteria 3 Comprehensive evaluation process 4 Firm and product 5 Investment

More information

Our Edge in Emerging Markets Fixed Income

Our Edge in Emerging Markets Fixed Income RECOGNISING EXCELLENCE Our Edge in Emerging Markets Fixed Income Experience + Research + Performance The Global Investor Investment Excellence Awards 2015 has named Pioneer Investments Fixed Income Manager

More information

NACD Public Company Governance Survey SELECTED MATERIALS

NACD Public Company Governance Survey SELECTED MATERIALS 2018 2019 NACD Public Company Governance Survey SELECTED MATERIALS About Our Survey The 2018 2019 NACD Public Company Governance Survey presents findings from our annual questionnaire. This report details

More information

Canadian Spencer Stuart Board Index Board Trends and Practices of Leading Canadian Companies

Canadian Spencer Stuart Board Index Board Trends and Practices of Leading Canadian Companies Canadian Spencer Stuart Board Index 2017 Board Trends and Practices of Leading Canadian Companies header (section title) (remove when section header present) Social Media @ Spencer Stuart Stay up to date

More information

U.S. Equities LONG-TERM BENEFITS OF THE T. ROWE PRICE APPROACH TO ACTIVE MANAGEMENT

U.S. Equities LONG-TERM BENEFITS OF THE T. ROWE PRICE APPROACH TO ACTIVE MANAGEMENT PRICE PERSPECTIVE February 2017 In-depth analysis and insights to inform your decision-making. U.S. Equities LONG-TERM BENEFITS OF THE T. ROWE PRICE APPROACH TO ACTIVE MANAGEMENT T. Rowe Price has demonstrated

More information

Main Street Report Q4 2017

Main Street Report Q4 2017 Q4 2017 1 About the report The Experian/Moody s Analytics Main Street Report brings deep insight into the overall financial well-being of the small-business landscape, as well as providing commentary around

More information

How Investment Managers Use Active Share to Win New Business, Retain Clients and Justify Fees

How Investment Managers Use Active Share to Win New Business, Retain Clients and Justify Fees How Investment Managers Use Active Share to Win New Business, Retain Clients and Justify Fees Including graphics that illustrate eight different ways active share can help managers make the case for their

More information

Get active with Vanguard factor ETFs

Get active with Vanguard factor ETFs Get active with Vanguard factor ETFs Factor investing has gained attention in recent years, in part because of the rise of alternatively weighted indexes and smart-beta products. Yet factor investing has

More information

JOB SITUATION INCOME. 3 rd Quarter 2015 PITTSBURGH

JOB SITUATION INCOME. 3 rd Quarter 2015 PITTSBURGH 3 rd Quarter PITTSBURGH JOB SITUATION The Pittsburgh market area will continue to experience slow and steady economic growth through the remainder of and into next year. The market area s employment is

More information

An Impact Brief September The Rich Get Richer. Are Canadian VCs inadvertently limiting their returns?

An Impact Brief September The Rich Get Richer. Are Canadian VCs inadvertently limiting their returns? An Impact Brief September 2017 The Rich Get Richer Are Canadian VCs inadvertently limiting their returns? Contents The Rich Get Richer 3 Introduction 5 Capital Requirements 8 The Link to Growth 14 Correlation

More information

Russell Survey on Alternative Investing

Russell Survey on Alternative Investing RUSSELL RESEARCH THE 25-26 Russell Survey on Alternative Investing A SURVEY OF ORGANIZATIONS IN NORTH AMERICA, EUROPE, AUSTRALIA, AND JAPAN EXECUTIVE SUMMARY OF KEY FINDINGS Looking for Answers In 1992,

More information

STOCK BUYBACKS HIGHLIGHTS DRIVING THE STOCK MARKET THE MECHANICS OF A BUYBACK PROGRAM WHERE DO BUYBACKS COME FROM?

STOCK BUYBACKS HIGHLIGHTS DRIVING THE STOCK MARKET THE MECHANICS OF A BUYBACK PROGRAM WHERE DO BUYBACKS COME FROM? OCTOBER 2014 STOCK BUYBACKS DAVID KREIN Head of Research NASDAQ OMX Global Indexes CAMERON LILJA Sr. Product Developer NASDAQ OMX Global Indexes HIGHLIGHTS Among the biggest buyers in today s stock market

More information

RIA GUIDE. Which RIA Platform is Right for You? PAGE 3. RIA Trends & Opportunities in 2015 PAGE 1. Sponsored by

RIA GUIDE. Which RIA Platform is Right for You? PAGE 3. RIA Trends & Opportunities in 2015 PAGE 1. Sponsored by 2015 RIA GUIDE RIA Trends & Opportunities in 2015 PAGE 1 Which RIA Platform is Right for You? PAGE 3 Sponsored by 2015 RIA GUIDE Trends & Opportunities for the RIA ın 2015 The RIA space is currently experiencing

More information

2016 CIO Agenda: A China Perspective

2016 CIO Agenda: A China Perspective G00297509 2016 CIO Agenda: A China Perspective Published: 19 February 2016 Analyst(s): Owen Chen Gartner's 2016 CIO survey results show that we are now knee-deep in the era of digital business, with many

More information

INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE

INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE QUARTERLY SURVEY REPORT FOURTH QUARTER 2013 P E P P E R D I N E PRIVATE CAPITAL MARKETS PROJECT

More information

Like many other countries, Canada has a

Like many other countries, Canada has a Philip Giles and Karen Maser Using RRSPs before retirement Like many other countries, Canada has a government incentive to encourage personal saving for retirement. Most Canadians are aware of the benefits

More information

2010 ASPE-SDLC, Ravenflow & IIBA Business Analyst Salary Survey

2010 ASPE-SDLC, Ravenflow & IIBA Business Analyst Salary Survey ASPE SDLC Training 2010 ASPE-SDLC, Ravenflow & IIBA Business Analyst Salary Survey A WHITE PAPER PROVIDED BY ASPE-SDLC, RAVENFLOW & IIBA www.aspe-sdlc.com 877-800-5221 2010 ASPE-SDLC, Ravenflow & IIBA

More information

FEATURING A NEW METHOD FOR MEASURING LENDER PERFORMANCE Strategic Mortgage Finance Group, LLC. All Rights Reserved.

FEATURING A NEW METHOD FOR MEASURING LENDER PERFORMANCE Strategic Mortgage Finance Group, LLC. All Rights Reserved. FEATURING A NEW METHOD FOR MEASURING LENDER PERFORMANCE Strategic Mortgage Finance Group, LLC. All Rights Reserved. Volume 2, Issue 9 WELCOME Can you believe MBA Annual is only a month away? And it s in

More information

EY Center for Board Matters Board Matters Quarterly. January 2017

EY Center for Board Matters Board Matters Quarterly. January 2017 EY Center for Board Matters Board Matters Quarterly January 2017 2 Board Matters Quarterly January 2017 January 2017 Board Matters Quarterly In this issue 04 Governance trends at Russell 2000 companies

More information

Improving returns in capital-intensive industries

Improving returns in capital-intensive industries Improving returns in capital-intensive industries Four steps to increase return on capital even in the toughest markets By François Rousseau and Luca Caruso François Rousseau is a partner and director

More information

PREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT MARCH In association with

PREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT MARCH In association with PREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT MARCH 2018 In association with PREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT FOREWORD The private capital industry

More information