Non-Exec Chair & Director

The Role:

Confidential Client

The Client:

The Client

Moon Executive Search is proud to have established an ongoing relationship with a market leading financial services group which provides a broad range of benefits to private investors, companies, and professional partners.

The business has a great presence, a strong set of values and is very customer centric. Due to their continuing expansion, we were initially tasked with appointing a Non-Executive Director to the Group Board and due to our success with that campaign, the client subsequently invited us to lead on their Non-Executive Chair appointment to help guide the business in the next stage of their development.

The Challenge

A key requirement of both of these searches was the need to identify candidates who were not previously known to the CEO, given the dynamics of their very close knit and niche market. On both occasions, our client wanted to ensure that the Non-Exec could bring a high degree of independence to the Board, offering guidance, support, challenge, expertise and an objective perspective on the key matters of financial services.

In addition, we were mindful of identifying candidates who could further develop commercial and marketing affairs, strategy, operational management, organisational structure and corporate governance.

For the Non-Exec Chair role, it was an even more precise search as our client was keen to appoint a candidate who brought financial services knowledge and expertise to assist with the acquisition and growth strategy adopted by the Board.

In conducting the search, we were also mindful of the need for the utmost confidentiality at all times, considering the sensitivity of the market and the requirements of the shareholders when communicating with prospective candidates.

Our Approach

As these searches were conducted at different times in the business cycle, on both occasions we visited the client on site to discuss the key attributes sought in a Non-Exec Director and Chair. Our meetings with both the CEO and Company Secretary provided us with a clear insight into the company culture, the existing Board composition and the areas on the brief that were most critical to understand at the given time.

We agreed client protocols for the searches, including operating with strict Non-Disclosure Agreements in place. For the Non-Exec Chair search we also mapped the market initially to allow us to present our long-list and agree in conjunction with the CEO, the best target shortlist to approach. In conducting our initial background research into the market and our knowledge of experienced Non-Exec Directors, we particularly considered the perceived market profile of each candidate:

  • Were they known in the market? If so, was there a potential conflict of interest, given the regulatory nature of the appointment?

  • Did they complement the existing Board structure and offer a background that suggested their experience would add value?

The Solution

With both campaigns, having worked closely with the client to build a targeted and diverse shortlist, we moved to initial first stage meetings with the candidates. Our aim was to consider whether the candidates could demonstrate the following key expectations for a potential Non-Exec and Chair appointment:

·       Integrity - high ethical standards

·       Sound judgement - willingness to challenge

·       Interpersonal skills – listening, persuasiveness, ability to communicate ideas, sensitivity, openness and awareness of non-verbal communication, co-operation and team-working, facilitation skills

·       Leadership and self-awareness - ability to gain respect and attention, confidence

·       Critical thinking, creativity and strategic awareness - the ability to take the wider, strategic view

·       Business acumen, ability to identify new business opportunities, embrace change and innovation

·       Ability to assimilate, assess and analyse information, especially financial information

·       Political astuteness, diplomatic, able to deal with conflict

After our initial meetings, on both occasions we selected a final shortlist of candidates for the client to meet, initially for a ‘fireside chat.’ The key to this approach was to ensure all parties understood the ‘two way’ nature of their discussions. Once a preferred candidate was selected, they then had an opportunity to meet the wider Board on site before commencing conversations with regards to the terms of their appointment.

The searches have resulted in two Non-Executive Directors being appointed to our client, one who was appointed as their Non-Executive Chair.

Simon Quinn, Director of Search said:

‘The nature of the client’s business meant that these searches were conducted under highly confidential terms. It was critical to judge when to disclose specific information to the candidates in the process and I believe the successful appointments were made because of the trust we built up with the key stakeholders. The Board is continuing to innovate, and I am certain that they will enjoy a period of sustained growth in their competitive market. It was fantastic to be appointed again to conduct their Chair search and we have developed a great relationship with this business.’ 

Our Client, who wishes to remain confidential, commented:

‘When we approached Moon, we had never used a search firm to appoint a truly Independent Non-Exec Director before. Therefore, it was critical for us to feel we could trust the advice and guidance we were given at every step of the way. The fact that we returned to Moon to appoint our Non-Exec Chair shows we are confident in their ability to listen and deliver.’

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