Topic: General Posts

Subject: New job starting as CEO
Jim Bento
Member: 2003
Posts:1
Submitted on 09-23-12 8:41 am
Message:
I have a great opportunity as a past CFO with 37 years (3 IPOs) to start on Monday as CEO of a BioScience company in Connecticut.

Although I have worked for many good and bad CEOs in the past, taking this position will be a challenge for me.

The company needs a lot of operational work, but has a very promising future in the medical world.

I am asking if anyone has any useful advise for me on my new position?

Regards,

Jim

PS: The current CFO has left the company prior to my arrival, and I may be looking for a replacement!
 
1  2  3  
Replies
Bob Shatanoff
Member: 2012
Posts: 9

Subject: Re:New job starting as CEO

Submitted on 09-23-12 5:35 pm.
Message:
Keep the coomunication open and billed a great team. look at your job as a coach and now you need to develop players who can fit each position and work as a team. When I was the CFO at my old job the entire finance, IT and operations bonded.

With regard to the CFO position call me at 727-492-1514 I am available

Bob Shatanoff
 
Doug Selin
Member: 2011
Posts: 2

Subject: Re:New job starting as CEO

Submitted on 10-01-12 2:41 pm.
Message:
Jim.....18 months ago, I conducted a similar search in that I wanted to package up all my previous skills to help a company hungry for leadership. I thought I found the right opportunity but found the dynamics of such a company needs to be carefully understood. My advice to you is to take it slow and enjoy the learning curve. By the way, while I am still with this company I also am looking for a new opportunity where the chemistry and culture is more conducive to adopting best practices that will help the organization move forward. Having said that, let me know if you want to tape my resume to your wall for when you are ready.

Doug Selin
doug.selin@yahoo.com
813-401-1835
 
Randy Roffers
Member: 2012
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-03-12 11:20 am.
Message:
Congratulations Jim. I worked for a CEO who was a long time CFO. He learned that the skill sets to understand and manage a team of executives with varying skills and responsibilities stretched his leadership experiences. I give him credit for reaching out to an executive coach to help him in the transition. I was his CFO and learned a great deal from him. Feel free to give me a call and I will be happy to share my experience with you (from the receiving end). I suspect the Board of Directors will expect you to recruit your CFO. I am available should that need arise. (813) 230-6612
 
Bart Partington
Member: 2009
Posts: 1

Subject: Congratulations

Submitted on 10-03-12 4:24 pm.
Message:
Jim,

Congratulations on the new position. I have a 22 year career in commercial and private banking and am very interested in transitioning into a finance role at company like yours. I have an MBA in Finance from NYU Stern School of Business. My undergraduate degree is in Biology from Middlebury College in VT. I would appreciate you sending me your new business contact information so I can send you my resume.

Thank you and good luck.

Kind regards,

Bart

Bart J. Partington
Partington Advisory Services
11 Ridgeland Manor
Rye, NY 10580

bart.partington@gmail.com
914-921-1586
 
Bernard Ganski
Member: 2011
Posts: 8

Subject: Re:New job starting as CEO

Submitted on 10-04-12 4:36 pm.
Message:
Hi Jim,

Congrats...I too have started a new role in August with an pharmacuetical and biotech outsourcing service provider in North Jersey. I have been in the life sciences industry (biotech/Pharma) for the past 8+ years and would certainly be willing to share any thoughts to help you along with some great contacts. Please feel free to reach out.

Best Regards,

Bernard Ganski
856-803-0097
 
Scott Mackinaw
Member: 2012
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-05-12 11:46 am.
Message:
Hi Jim,
I am new to the FENG and just saw your posting. My advice, as you I'm sure you already know, is to build an effective management team to work with. As it happens, I am currently in the market for new opportunities. I live in the Dallas area but am open to relocating. I would be happy to discuss the CFO position with you if it is still available. My contact info is below.

I wish you all the best in your new role.

Scott Mackinaw
smackinaw@verizon,net
281-352-1043
 
John Denney
Member: 2012
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-05-12 4:35 pm.
Message:
Jim,

I was recruited to be president of a company that had a biomed component several years ago. While that company also had severe financial issues, I believe there are several ideas that could be helpful to you.

The first is to make yourself available to everyone in the company. Depending upon the size of the company, this does not have to be a one to one relationship but I found that walking around the company every week and asking people what they were doing was very informative. The first few times I did that, I was greeted with much, let us say, apprehension/suspicion. After a couple of months however, people got used to me being seen frequently and opened up about the job they did and the things they felt could be worked on.

I should say that, because of the financial straits of the company, I did hold a company-wide employee meeting where I told everyone if they concentrated on their work and let me do mine we would succeed but if they worried about what I was doing then regardless of how good I was, the company would fail.

I also instilled in people the message that I "never shot the messenger" but that if anyone ever lied to me there were no second chances. Somewhere in the second year, after a meeting with the top scientists in the group, one of them came into my office, closed the door and announced, "I lied". He explained the truth and then I thanked him and said I appreciated his candor. Given that he was the messenger and also the liar, it was okay with me. That it happened within a couple of hours of the meeting was the deciding factor.

The last point I wish to make is that the more you empower employees, the harder they will work. People work for money but they work harder for recognition and appreciation. Never begrudge an employee the praise they deserve since the better they are, the better you look.

Good luck.

Respectfully,

John A. Denney, CFA
781-910-7652
linkedin.com/in/JADenney
 
Scott Sloat
Member: 2011
Posts: 2

Subject: Re:New job starting as CEO

Submitted on 10-05-12 7:29 pm.
Message:
Congratulations,
It would be interesting to hear your thoughts and recommendations after 90 days on the job. I wish you the best.

Scott
 
Harold Tamayo
Member: 2012
Posts: 3

Subject: Re:New job starting as CEO

Submitted on 10-08-12 9:59 am.
Message:
Hi Jim,
Hope all is well and congratulations on the new role. I have worked with a few CEOs of smaller organizations in the healthcare/biopharma industry. Most recently, last year I worked for 5 months in the turnaround of a UK operation where a new CEO was starting, the CFO was being let go and I had to come in and fix the financial operations, working capital & hire a new CFO. One thing that I have learned is, that all good CEOs or leaders establish a discipline of execution. Have you read the book “Great by Choice” written by Jim Collins and Morten T. Hansen? I recommend it.

Also, you may reach me at 201-625-3296. I have over 16yrs of Finance experience in Healthcare both domestic and international and I think I can help you with your new challenge.

Best,
Harold
 
Brian Kearns
Member: 2004
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-08-12 2:01 pm.
Message:
Jim - I'm curious how your first couple weeks have gone. I agree with the previous suggestion for CEO as executive coach approach since it helps foster a culture of team building that should trickle down the organization. I'd also suggest an effort to make sure your company has clearly define roles and responsibilities along with specific and measurable deliverables for your team members to make sure they are understand how they will be held accountable for performance. I've been in healthcare and life sciences for more than 20 years including 7 years J&J, 6 years Wall St analyst, 9 years as CFO of two separate publicly traded healthcare companies (services and Rx) and recently my own company. I have also served as president of three separate healthcare companies, so I have experience on both sides of the fence. I'd be happy to help as a sounding board if it might be helpful to you. - Brian

Brian Kearns
cell 215-518-7505
 
Madan Bhandari
Member: 2012
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-09-12 1:55 pm.
Message:
Jim: By now you must be settled in your new role as a CEO. Although for most of my career I have worked as a CFO, I have worked as an interim CEO of a small Health Care firm for a short time before its eventual sale. I also spearheaded a roll up as a CEO of an entrepreneurial venture. I have found CEOs coming from finance background have a better understanding of the organization and operations and have generally done well. CEOs coming from CFO position tend to focus on numbers more than anything else. Instead, they need to delegate more and focus on the big picture to lead the organization.

Whoever said "it is very lonely at the top" had some wisdom. To that end CEO club is a great organization to join so that you never feel lonely. This club meets regularly like FENG where CEOs bring their issues and problems to discuss and other peers offer solutions from their experience. It's like your personal board of advisers. Here is a link to their website: www.ceoclubs.org/

I am a CFO in transition and if I can be of any help, please let me know. Feel free to use me as a sounding board if my 2 cents are helpful.

Madan Bhandari
917-992-4434
 
Mathis Shinnick
Member: 2000
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-10-12 2:01 pm.
Message:
Jim, I am also starting a new position as a CEO. It is my third run at being a CEO and the best advice I can give is similar to a couple of the comments you have received already. Use the initial period to learn as much about the competencies, history, weaknesses, systems, etc that are the employees of the company. Pay particular attention to the informal communication network and the culture of communication in the company. Not just the communication lines but also how people address each other, the word choices and the content. Take advantage of being the new leader for the firm by asking questions, ask more questions than you have ever before and ask questions about things that you think you know already. Explain it as making sure you get it right and in the contect of this firm vs others you have worked in.

With all this said remember it is you now that sets the tone of the company, make sure that this initial period is used to your advantage so that new leadership vacuum develops at any level in teh company without your being aware and engaged in fixing it.

Enjoy the role as the Leader, it is amazingly energizing even with all the frustrations. Believe me, the team will respond well to your enthusiasm.
 
Raghu Ram
Member: 2010
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-10-12 5:04 pm.
Message:
Hi Jim,

I have sent you an e-mail to your g-mail account. I have suggested name of a professional with a history in starting a pharma company.

regards,
Raghu
 
Rocco Ferraro
Member: 2004
Posts: 4

Subject: Re:New job starting as CEO

Submitted on 10-11-12 8:42 am.
Message:
The CEO's who I worked for that I respected most were the ones that were direct and transparent - basically "here's what I expect and I'm here to remove obstacles or steer you back on track". This should start day one and become a consistent message. Good luck!
 
Ross Bratlee
Member: 2004
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-11-12 9:27 am.
Message:
Congratulations! I've got to agree with Rocco. I'd also suggest contacting key customers jointly with your sales team (or lead sales contacts), meeting with your HR leader to brainstorm and craft some internal employee communications, meet with your employees to reinforce messages you may want to publish (keep them very simple and direct). Many of the CEOs / business leaders I've supported over the years were very successful being visible early - to both customers and employees. I'll also look forward to your thoughts in 90 days or so as to what you've seen and learned. Best of luck!
 
Dave Quinlan
Member: 2002
Posts: 8

Subject: Re:New job starting as CEO

Submitted on 10-11-12 9:44 am.
Message:
Congratulations!

I had a situation years ago, and what I learned is to make the hard decisions fast. You'll do your own assessment but once that's done move quickly. This way the "fear" of what the new leader has in mind is dealt with quickly and you can get on with building for the future.

A lesson I learned is in the beginning listen more than you speak (the old adage you have 2 ears and one mouth). You'll learn a lot and build trust

All the best.
 
Mark Trinske
Member: 2010
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-11-12 1:04 pm.
Message:
Jim,

Congratulations on the new opportunity. I'm sure it will be the beginning of a great adventure. As far as advice as you begin, I'd say:

- Communicate. Meet all the people at every level and get to know them. Start to build trust by letting everyone know who you are and what your short-range plan is (you can't tell them your long-range plan before you really understand the business)

- Respect the company's history. Learn why things are the way they are before trying to implement change.

- Manage from within not from above.
 
Judy Miao
Member: 1999
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-11-12 1:32 pm.
Message:
Hi, Jim,

I hve a template for a 90-day plan that you can use as a planning tool for yourself if you like. I used it when I became CEO of a major nonprofit.

Judy
JCMiao@aol.com
 
Mike Beeman
Member: 2009
Posts: 1

Subject: Re:New job starting as CEO

Submitted on 10-18-12 8:31 am.
Message:
Jim,
Congrats on the (now, not new) position! I would like to pass along a couple ideas I have learned in my career.

First, pay attention to, perhaps even rewrite, the company business plan. As you look at the company, pay attention to each chapter of the business plan, marketing and marketing strategy, sales and sales strategy, operations and operations strategy, management team, and finance and finance strategy. Spend time with each chapter, talking with folks, and deciding with them if today's strategy is the best for each area. When you spend time thinking about the management team chapter, it is helpful to note that, the stronger your management team is, the more valuable your company will be. Surround yourself with good people. Those of us who have taken courses on Corporate Valuations know that if a company has an excellent management team, you give them points for this in your assessment of the company's value. Using the business plan model to assess your company will help you in having the 10,000-foot-level view of the company which you should have as CEO.

Second, realize how much power you have, as CEO, and don't abuse it. When a problem occurs at your company, FIRST ask what you have done to cause the problem. Don't point fingers. Ultimately, you are responsible for everything in the company, so, if a problem occurs, even if it has NOTHING to do with you, it is YOUR problem. It can be fun to be the person who brings differing parties together, plays peacemaker, and watches them solve their own problem, once they are forced to work together. When dealing privately with a problem employee, it can help to start the conversation with something like, "I need to know if there is something that I have done to create problems." Also, if an employee has been offended by his manager, and has come to you about it, the first words from your mouth should be, "I apologize." You are ultimately responsible for everything and everyone in the company. Own everything at the company.

Jim, good luck with the position! It should be fun and exciting and very challenging for you. More than you have been before, you are now in a "relationship" position. You'll use the Sales hat a lot now, and it should be fun for you.
 
Alan Booth
Member: 2009
Posts: 4

Subject: Re:New job starting as CEO

Submitted on 10-18-12 8:41 am.
Message:
Jim,
As a friend to FENG (personal friend of Matt Bud), I would enjoy helping in this important transition. I live and work out of Westport so perhaps we are not that far apart to meet for coffee some morning?
Alan Booth
203.454.3502
AlanBooth@mags.net
 
1  2  3  

OUR SPONSORS:

cfo