Biotech Firms Need a Plan B for Hiring CFOs
The CFO article, "Biotech Firms Need a Plan B for Hiring CFOs," featured Russell Reynnolds Associates' research on the problem with the current biotech CFO market. The article is excerpted below.
An explosion in the number of publicly traded biotech companies, combined with their strong preference for hiring from within the life sciences industry, has put intense pressure on the biotech CFO market, says recruiting firm Russell Reynolds Associates.
Not only do they want someone with life sciences experience, but they also want a sitting CFO in that field who has IPO experience, according to Russell Reynolds.
The insularity that marks the biotech sector is exemplified by the average 15.4 years of industry experience among its current finance chiefs, Russell Reynolds reports. Among their “comparable peers” at S&P 500 companies, the next-most-insular industry is industrials, where CFOs have an average of 8.3 years of industry experience.
Reality portrays just how unrealistic biotechs’ view of what constitutes an ideal CFO is: 62% of finance chiefs at public companies in the sector were first-time CFOs when they took their current job, according to Russell Reynolds.
To read the full article, click here.