Businesses with CFO vacancies are struggling to find replacements as prospects get cold feet amid the economic fallout from the pandemic, or as they find themselves with renewed importance in their existing companies. Some companies are pulling back on external hiring plans, asking incumbents to stay put for longer or weighing internal interim promotions, executive recruiters say.
William Hill on Thursday said it found an alternative candidate, who will take over as CFO on Monday. There could also be fewer companies in need of a new CFO, given that bankers expect the market for initial public offerings to slow. When startups go public and turn into large, complex businesses, they often look to hire a finance chief who can bring a new level of managerial expertise. That is less the case at this time, said Peter Crist, chairman of Crist Kolder Associates, a professional recruitment firm. “It will have an impact,” Mr. Crist said, referring to a potential decline in IPOs.
“Unless candidates have already met the board face-to-face, it is very difficult to get a search over the finishing line,” said Jenna Fisher, head of the corporate officers practice at executive recruitment firm Russell Reynolds Associates. As the novel coronavirus spread in the U.S., the search slowed, said Jack Lazar, a member of the company’s board who has been assisting with the recruitment. Mr. Lazar has not met in person with any candidates in recent weeks.
so workers get laid off and execs get to stay on?
Departing CFOs make great targets and don’t damage the brand going forward
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