Selecting a new chief executive is one of the most consequential decisions a board of directors will ever make. In today’s environment, defined by rapid disruption, shifting stakeholder expectations, and relentless competition, the margin for error has never been smaller.
Across industries, organizations are facing a common reality: growth opportunities are abundant, but leadership is often the limiting factor. What made a CEO successful in the past is no longer sufficient. Operational excellence alone is not enough. Market position alone is not durable. And experience alone is not predictive.
The modern CEO must operate at the intersection of strategy, culture, technology, and execution.
In response, boards are redefining what they look for in leadership. Extensive research and executive assessment work consistently point to three essential competency areas that distinguish top performing CEOs: Connect, Adapt, and Deliver.
CONNECT: Influence People. Build Trust. Unite the Organization.
Today’s CEO is not just a strategist. They are the central force aligning a complex ecosystem of stakeholders.
The most effective leaders connect authentically with employees, customers, investors, partners, and boards. They do not rely on authority. They earn followership. They inspire belief, align teams around a shared purpose, and create trust in moments that matter most.
Command and control leadership is obsolete. High performing CEOs lead through clarity, transparency, and emotional intelligence. They communicate with precision, especially under pressure. They take accountability. And they create environments where people feel heard, valued, and motivated to perform.
The role requires exceptional relationship building. CEOs today operate within increasingly complex stakeholder networks, both internal and external. The ability to navigate competing interests, build alignment, and maintain credibility across constituencies is critical.
Bottom line: The next CEO must unify, not just manage, the organization. They must build trust at scale and mobilize people behind a shared mission.
ADAPT: See Around Corners. Embrace Change. Lead Transformation.
Every industry is being reshaped by technology, data, and evolving customer expectations. The pace of change is accelerating, and standing still is not an option.
The best CEOs are not just operators. They are forward looking, adaptive leaders. They anticipate disruption, ask the right questions, and act decisively ahead of the curve. They are comfortable challenging legacy assumptions and redefining business models when necessary.
Importantly, they do not need to be technical experts, but they must be technologically fluent. They understand how digital, data, and artificial intelligence shape competitive advantage. They surround themselves with strong experts and make informed, strategic bets on the future.
Adaptability also means leading through uncertainty. Whether navigating macroeconomic volatility, regulatory shifts, or societal expectations, great CEOs maintain focus while driving meaningful change. They balance resilience with urgency.
Boards should also consider non traditional backgrounds. Leaders from adjacent industries often bring fresh perspectives and innovative approaches that legacy operators may not. Bottom line: Boards should prioritize CEOs who can evolve the organization before external forces force change upon it.
DELIVER: Execute Relentlessly. Build Elite Teams. Drive Results.
Ultimately, leadership is measured by outcomes.
The modern CEO must translate vision into results, consistently and at scale. This requires operational discipline, clear accountability, and the ability to execute against both short term priorities and long term strategy.
Financial acumen is essential. CEOs must understand the key drivers of value creation, including growth, margins, capital allocation, and risk. They do not need to be financial experts, but they must lead with a strong command of the business.
Equally important is talent. High performing CEOs build and develop exceptional leadership teams. They attract strong operators, empower them, and hold them to high standards. They create cultures of performance, accountability, and continuous improvement.
They are decisive when it matters, making tough calls on people, priorities, and investments. They actively shape culture, recognizing that sustained performance is rooted in organizational health.
Diversity of thought, experience, and background is not optional. It is a competitive advantage that drives better decision making and stronger outcomes.
Bottom line: Boards must prioritize CEOs who deliver measurable performance while building organizations capable of sustaining it.
The Takeaway
What separates a good CEO from a great one today is not pedigree or charisma alone. It is a powerful combination of connection, adaptability, and execution.
The best CEOs are:
Connectors who align people and build trust
Adapters who lead transformation and anticipate change
Deliverers who execute and drive sustained performance
They unify organizations, lead through disruption, and raise the standard of performance across the enterprise.
For boards, the implication is clear. CEO selection can no longer rely on intuition or legacy profiles. It requires a rigorous, forward looking assessment of leadership capability aligned to the demands of the future.
The stakes are simply too high to get it wrong.
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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon and Chairman Emeritus, Russell S. Reynolds, Jr. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.
In the high-stakes world of boardrooms, where decisions can make or break billion-dollar enterprises, the effectiveness of a board often hinges on one pivotal role: the Chair. From Fortune 10 giants to pre-IPO upstarts, a Chair’s ability to lead isn’t just about sitting at the head of the table, it’s about orchestrating the talent around it.
The best Chairs harness the unique skills of each board member, fostering a dynamic mix of decision-making and debate that leads to the best possible outcomes. While some individuals are naturally gifted in leading leaders, the most impactful board Chairs often develop their approach through relentless dedication, agility, accessibility, courage, humility, and integrity.
What Makes a Chair Exceptional?
Insights gathered from The Russell S. Reynolds Jr. Chair of the Year Award process reveal the traits that board members admire most in their Chairs:
Over the past few decades, we have seen the best boards have a “leader among leaders” as their Chair as well as stable of other capable and respected Directors who have the universal support to assume the Chair position if the time comes. In the end, the secret ingredient to Chair effectiveness isn’t just about who they are; it’s about how they lead, inspire, and elevate those around them. We are here to help boards make sure they get it right.
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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon and Chairman Emeritus, Russell S. Reynolds, Jr. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.
In 2022, RSR Partners established the Russell S. Reynolds, Jr. Chair of the Year Award, which annually recognizes a Chair of a public company’s Board of Directors who successfully led the board through significant business or governance challenges. The award celebrates the legacy of one of the search industry’s greatest leaders and icons, Russ Reynolds, who has spent more than 50 years advising boards and CEOs on leadership.
The role of the Chief Financial Officer in family offices has become more complex and consequential. Far beyond traditional financial oversight, today’s CFO is a strategic partner, tasked with preserving and growing multi-generational family wealth and legacies. While the specific needs of each family office will vary, we’ve observed several key characteristics that are consistently prioritized in the search for today’s ideal CFO.
With more than three decades of experience advising family offices, our team has witnessed a clear and growing shift: the demand for strategic CFOs is accelerating. This trend is particularly pronounced in family offices, whether newly formed or well-established, as they look to increase their assets, prepare for succession, or elevate their operational capabilities.
The Evolving Role of the Family Office CFO
The modern family office CFO must combine deep technical expertise with a nuanced understanding of the interpersonal dynamics unique to family environments. Identifying the right leader for this multifaceted role is no longer just about financial acumen—it’s about finding someone who can navigate complexity, provide long-term strategic vision, and build trust across family generations. From managing intricate investments, tax strategies, and regulatory compliance, a skilled CFO provides centralized oversight to reduce risk and ensure transparency.
Their impact is particularly significant during succession planning, where wealth transfer brings challenges like tax optimization and family governance. CFOs design strategies that preserve both assets and family values, while also guiding philanthropic efforts to align financial resources with legacy goals. By educating family members and simplifying complex financial matters, CFOs foster harmony and create governance structures that sustain long-term wealth.
As family offices embrace digital transformation, CFOs are now leading the adoption of new technologies, including AI, to streamline operations and enhance decision-making. Leveraging data analytics, they uncover trends, optimize portfolios, and strengthen cybersecurity, ensuring families remain competitive and secure in an ever-evolving financial environment.
What to Look for When Recruiting a Family Office CFO
Selecting a CFO is not about identifying a jack-of-all-trades but a professional whose expertise aligns with the specific needs and vision for the office. While technical proficiency in areas like financial planning, asset management, and compliance is a must, the most successful candidates also bring strategic vision and emotional intelligence to the table. The endgame is finding someone that will have the unwavering trust of the family. This is easy to say, but often difficult to achieve. However, we have found there are five core competencies that most family offices prioritize when evaluating and selecting their next CFO.
1. Cultural Fit: A family office CFO must align with the family’s values and integrate seamlessly into its culture. Unlike corporate settings, where professional detachment often prevails, family offices demand a high degree of trust and alignment with their unique ethos. A CFO must be able to build relationships based on discretion, respect, and a shared vision.
2. Strategic Vision: The ideal candidate combines technical proficiency with strategic foresight. Whether managing global investments, navigating complex tax structures, or leading ESG initiatives, a forward-thinking CFO adds significant value by aligning financial strategies with long-term family objectives.
3. Adaptability: Given the evolving nature of family dynamics and financial markets, a successful CFO must exhibit agility and a willingness to embrace change. This includes staying ahead of regulatory shifts, adapting to new investment opportunities, and guiding the family through transitions such as leadership succession or market volatility. We have seen many successful family offices transition into full-blown asset managers. So, it is important for them to think about what is needed today but with an eye towards the future. By fostering a culture of continuous learning and improvement, CFOs can ensure that the family office stays ahead of the curve.
4. Interpersonal Skills: As the liaison between family members and external advisors, a CFO must communicate effectively across varied audiences. They should be adept at simplifying complex financial concepts for non-experts and facilitating open dialogue within the family.
5. Technological Expertise: In an era of rapid digital transformation, a tech-savvy CFO is invaluable. From streamlining operations with advanced systems to implementing robust cybersecurity measures, technology-driven innovation enhances efficiency and protects sensitive financial data. An experienced CFO who can leverage analytics and models for better decision-making is paramount.
How to Evaluate Candidates for the Role
Identifying and evaluating CFO candidates has become increasingly complex. While some family offices try to utilize their referral networks to find the right CFO, they are frequently unsuccessful when they haven’t created a “success profile” for how the role will help operationalize the vision of the office. As each family office is unique, a great CFO at one family office does not guarantee success at another.
We have found that families should prioritize a rigorous alignment, identification, and evaluation process that includes craft demos, scenario-based assessments, and in-depth interviews. For example, asking candidates to describe their experience with intergenerational wealth transfer or resolving family conflicts can reveal critical insights into their problem-solving abilities and interpersonal skills. Additionally, any formal and back-channel references should be scrutinized to ensure alignment with the family’s expectations for discretion and integrity. Given the sensitive nature of the role, a successful hire must inspire unwavering trust.
With decades of experience advising family offices, RSR Partners is uniquely positioned to help families navigate the complexities of this critical decision. Our specialized team understands that the perfect CFO is not a one-size-fits-all solution but a tailored match for your family’s unique needs and aspirations. We go beyond traditional recruitment by conducting a comprehensive assessment of your family office’s requirements. From understanding your family’s values and financial objectives to identifying the technical and interpersonal attributes necessary for success, our proven approach ensures that we deliver candidates who excel both professionally and culturally. Our experience, reputation, and existing network allow us to get the “real scoop” and back-channel references on almost any candidate.
If your family office is on this journey, we can help you identify a strategic CFO who will act as a catalyst for intergenerational wealth preservation and growth for the future.
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Brett Stephens, Lindsay Griesmeyer, Maryann Bovich and Ed Fowler are members of the Family Office practice at RSR Partners. RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon Russell S. Reynolds, Jr. The firm has conducted thousands of projects for Boards and CEOs at public, private equity-backed, and family-owned businesses across a range of industries including asset management, consumer goods and services, industrial, technology, and healthcare.
As mutual fund governance continues to evolve, selecting the right trustees is more important than ever. With over two decades of experience collaborating with well-regarded fund boards, we have identified some trends to consider when choosing your next trustee.
Trustee Search Tips
Recruiting mutual fund trustees has become highly competitive and great talent moves quickly! Based upon the most successful processes and outcomes we have witnessed, here are some recommendations for your next search:
The right trustees can future proof a board and strengthen its foundation. We are here to help you navigate these trends and recruit trustees who will add lasting value.
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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services. Maryann Bovich is Co-Head of the firm’s Asset Management practice and Head of the Mutual Fund Trustee practice.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon Russell S. Reynolds, Jr. In 2017, the firm expanded its capabilities in Asset Management through the addition of Higdon Partners. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.
Presented by RSR Partners
Greenwich, Conn., July 24, 2024 – RSR Partners, a leading board and executive search firm, announced today that its annual Chair of the Year Award nomination process has begun. The award celebrates the legacy of Russell S. Reynolds, Jr. (“Russ”), who has spent more than 50 years advising boards and CEOs on leadership and governance. The award recognizes a Chair who has successfully led a public company through a recent and significant business or governance challenge.
“Last year’s inaugural winner, Sarah Nash, set the standard for the award. Her extraordinary accomplishments as Chair of Bath & Body Works include playing a pivotal role in the company’s transformation and spin-out of Victoria’s Secret; recruiting directors to build two new boards; productively navigating an activist campaign; and managing a successful CEO selection and transition process. The leadership and character demonstrated by Sarah during these critical moments is a great example of the importance of board leadership,” said Brett Stephens, CEO of RSR Partners.
To nominate a Chair for the award, please complete the nomination form by October 18, 2024. Any Chair of a U.S. public company with revenue or a market cap greater than $1 billion may be considered. The Chair of the Year Award recipient is chosen by an independent selection committee comprised of renowned experts in the areas of strategic communications, leadership assessment, shareholder activism defense, investment management, human capital, consulting, and corporate governance. This year’s committee includes:
The winner of the award will be announced in February 2025 at the RSR Partners’ Annual Directors Dinner in New York City.
About Russell S. Reynolds, Jr.
Russell S. Reynolds, Jr. (“Russ”) is an American business executive, author, and founder of two of the search industry’s most prominent firms. Considered one of the pioneers of today’s executive search and board recruiting profession, Russ has counseled the boards and CEOs of many of the world’s leading companies over the past 50 years. In 1969, he founded Russell Reynolds Associates, which soon became one of the world’s leading international executive recruiting firms. Russ sold his interest in the firm in 1993. In 1994, Russ founded The Directorship Group (later named RSR Partners) where he served as Founder and Chairman until 2022.
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Contact
Lindsay Griesmeyer
+1 (203) 618-7076
media@rsrpartners.com
In a striking rebound, the IPO landscape in the Americas has surged this year by over 20% compared to the same timeframe in 2023, with the proceeds from these offerings more than doubling due to the larger size of the deals[1]. This resurgence is led by the healthcare and technology sectors, particularly biotechnology, which alone launched nine deals raising a collective US$1.5 billion. Artificial intelligence (AI) continues to capture the market’s imagination, but investors are increasingly demanding tangible proof of its potential impact. Despite the looming challenges of global geopolitical tensions and the upcoming U.S. presidential election, the robust start to the market and growing investor confidence suggests a promising horizon for public listings, extending beyond large-cap entities to a broader spectrum of companies into 2024-2025.
Drawing on three decades of experience advising boards and CEOs through complex leadership challenges, we have observed the speed bumps investor-led boards face when transitioning to become more independent. A critical juncture often arrives when financial sponsors perceive a viable route to an IPO. The significance of a board’s capabilities and composition in maximizing a public listing cannot be overstated, yet one of the greatest barriers is often the reluctance of directors to relinquish their positions when it becomes clear that change is necessary. While some boards hesitantly skirt around these issues, the most successful ones embrace a proven pathway to prepare their governance structures for the public markets.
To navigate this transition and effectively prepare for a future IPO, chief executive officers and boards should consider three governance best practices:
1. Board Architecture
The axiom in real estate that “the taller the building, the stronger the foundation needs to be” equally applies to board structure. Recent shifts in corporate governance have redefined board construction to better weather potential challenges. In advance of any public listing, it is essential for boards to address these fundamental governance tenets.
2. Board Leadership
Determining the leadership structure of the board is perhaps the most critical decision post-architecture finalization, influencing the board’s capabilities, effectiveness, and culture:
3. Board Recruiting
The current environment for board recruitment is fiercely competitive, with a pressing need for directors who bring diversity of thought, background, and expertise. When adding additional independent directors to the board, we have found it is important to keep the following concepts forefront when building out the rest of the board.
By adhering to these best practices, companies who are on the path to an IPO can assemble a board that not only meets today’s challenges but also positions the company for sustained success in the public domain.
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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon and Chairman Emeritus, Russell S. Reynolds, Jr. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.
[1] Data provided by EY Private.
Selecting a new chief executive is one of the most consequential decisions a board of directors will ever make. In the high-stakes world of sports, where multi-billion-dollar franchises and passionate fan bases hang in the balance, choosing the right leader is especially critical. In fact, many sports organizations today find that talent at the top is the key constraint on growth – the business of sports is booming, yet teams often struggle to capitalize on opportunities because they lack the right leadership. The mandate for modern sports CEOs has expanded beyond winning championships; they must also drive business success in an era of rapid change. What made a sports CEO successful in the past is no longer a guarantee of success going forward: Previously, sporting success led to business success. No longer. In the face of a digital technology and data revolution, evolving ownership structures, and changing consumer demands, clubs must now achieve greater business success to compete more effectively in the sporting arena. In this environment, boards of U.S. sports organizations and associations are redefining what they look for in a chief executive. Extensive research and leadership assessments show that the most effective leaders excel in three broad competency areas: Connect, Adapt, and Deliver. Below, we break down these three categories – and the key characteristics within each – that boards should prioritize when scouting the next CEO.
CONNECT: Influence People. Build Trust. Unite the Team.
In sports, the CEO isn’t just a strategist—they’re a symbol. The best leaders connect emotionally with players, employees, fans, sponsors, and civic leaders. They don’t dictate—they inspire.
Forget command-and-control. Today’s CEOs succeed by earning trust, modeling values, and rallying people around a shared vision. Emotional intelligence, integrity, and clear, transparent communication are non-negotiable. When things go sideways (and they always do), it’s the leader who can speak with clarity, take responsibility, and keep stakeholders aligned who wins the day.
Relationship-building is key. The sports CEO sits at the center of a complex stakeholder web. From locker rooms to city hall, media rooms to boardrooms, this job requires diplomacy, empathy, and presence. Boards should look for someone who actively listens, shows up for their people, and knows how to build bridges across divides.
Bottom line: Your next CEO must be more than a manager. They need to inspire belief—and unify the entire ecosystem behind the mission.
ADAPT: See Around Corners. Embrace Change. Lead the Pivot.
The business of sports is evolving faster than the game itself. Streaming, AI, NIL, esports, fan data, sports betting, league realignments—this is not the world of your last CEO. The next one must be wired for transformation.
Great CEOs aren’t necessarily tech experts, but they are tech-savvy. They ask the right questions, understand disruption, and move early. They’re agile thinkers who challenge the status quo, push boundaries, and bet on the future. They also know how to spot opportunities others miss—whether it’s rethinking revenue models or building deeper fan engagement in digital channels.
Crucially, today’s CEOs must lead through turbulence. Whether it’s navigating a pandemic, social justice demands, or college athletics upheaval, leaders must stay grounded while driving big, uncomfortable change. Case in point: the NCAA’s hiring of former Governor Charlie Baker, a leader known for cutting through chaos and building broad consensus. That’s adaptive leadership in action.
And sometimes, boards need to look beyond the sports world. Top leaders from tech, media, and entertainment bring bold new playbooks that traditional executives can’t match. Diversity of thought is no longer a bonus—it’s a strategic asset.
Bottom line: Boards should seek bold, forward-facing leaders who can evolve the organization before the market forces them to.
DELIVER: Execute Relentlessly. Build Elite Teams. Raise the Bar.
In the end, it all comes down to results. Today’s sports CEO must do more than set the vision—they have to make it real. That means delivering both competitive performance and commercial growth.
Execution matters. Boards should demand CEOs who can build operational discipline, drive accountability, and scale what works. Financial fluency is key. Your CEO doesn’t need to be a CFO, but they better understand budgets, margins, revenue levers, and risk.
But results aren’t achieved solo. Great CEOs attract, develop, and empower high-performing teams. Think head coach—but for the front office. They hire leaders who challenge them. They foster a culture of curiosity, collaboration, and continuous improvement. They know when to make the hard calls and when to back their people.
Top-performing cultures don’t happen by accident. Elite CEOs intentionally shape them. They set standards, recognize excellence, and remove mediocrity. Diversity and inclusion aren’t PR boxes to check—they’re how you get better ideas and stronger execution.
Bottom line: Boards must prioritize leaders who deliver—measurable growth, organizational excellence, and a culture built for sustained performance.
The Takeaway
What separates a good CEO from a great one in sports today? It’s not pedigree. It’s not just charisma. It’s a rare mix of influence, adaptability, and relentless execution.
The CEOs who excel are connectors, transformers, and finishers. They turn fractured organizations into unified movements. They don’t just ride change—they lead it. And they hold themselves and their teams to the highest standard of performance, every single day.
Boards of U.S. sports organizations—whether pro franchises, leagues, or governing bodies—need to get sharper, faster, and more strategic in how they assess leadership. The stakes are too high to rely on gut feel or the same old playbook.
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Brett Stephens is the CEO of RSR Partners and helps lead the firm’s Board & CEO Services.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1993 by industry icon and Chairman Emeritus, Russell S. Reynolds, Jr. Over the past 30 years, the firm has conducted thousands of projects for Boards and CEOs at public, private equity owned, and family-owned businesses across a range of industries including asset management, consumer markets and enterprises, financial services, healthcare, industrial, marketing and digital, and technology. To learn more about RSR Partners, click here.
Dear Clients and Friends,
2023 was a dynamic and transformative year across the corporate landscape, and so far, we expect this trend to continue in 2024. Leadership in the boardroom and C-Suite has never been more indispensable. From our beginnings as a boutique board advisory firm, to our evolution into a “boardroom-centric” search firm, we are incredibly proud to work with so many companies that believe that great leadership is a competitive advantage, and with candidates who have a genuine and positive impact on the world around them.
One of the ways we celebrate great leadership is with the Russell S. Reynolds, Jr. Chair of the Year Award. The Chair of the Year Award was established in 2023 to celebrate the legacy of Russ Reynolds, an icon of the executive search and board recruiting industry. The award recognizes a Chair who successfully led a Board of Directors through significant business or governance challenges. As featured in Fortune magazine, the inaugural award was presented to Sarah Nash, Chair of Bath & Body Works, at our annual Directors Dinner in New York in October. We were delighted to recognize Sarah’s extraordinary leadership and character. We hope that many of you will nominate a Chair for the award this year and join us at our Directors Dinner in October.
Our Board practice continues to anchor the firm’s activities and provide enhanced insights and connectivity to assist our executive searches across our core practice areas (Asset Management, Consumer, and Industrial Technology). Our collaborative approach – a hallmark of our firm – helped bring to light some of the trends we expect to be explored by boards and C-Suite leadership teams in 2024:
We look forward to continuing to assist our clients with their most important, complex, and sensitive leadership and governance concerns in 2024. We believe that RSR Partners is uniquely situated in the industry to provide unparalleled access and insight into top-performing business leaders. In addition to our board recruiting capabilities, we offer our clients a broad set of other Board and CEO services. Should you have any important board or C-Suite leadership needs in the coming year, we would be delighted to share our capabilities and expertise to help you. More importantly, we look forward to our continued friendship with you all.
With gratitude,
Barrett J. Stephens
Chief Executive Officer
Email | LinkedIn | Bio
When Russ Reynolds founded our firm back in 1994, he knew that “bigger isn’t always better.” And so, he purposely created a boutique firm with a truly collaborative and client first culture, and with a goal of providing our clients with “high touch” service and unbiased advice. We started out in the boardroom, focusing our efforts on recruiting directors. As would later be the case with all of our practices, senior members of our board practice would lead and execute every engagement and handle all candidate interface, assessments, references, and client interaction. Russ anticipated that staying small would prove to have a big and lasting positive impact on our clients and help preserve our client service culture as the firm evolved. He was right. For the past 30 years and still today, we have consistently achieved, and often exceeded, our clients’ recruiting objectives, and have successfully maintained long-lasting and meaningful relationships with them. While we have expanded our offerings to include executive search and a variety of advisory services, board recruiting continues to be at the core of what we do.
The demand for outstanding director talent is as high as ever. This is especially the case when considering corporate boards’ ongoing efforts to maintain the right mix of skills and experience and the right balance of gender and ethnic diversity in their ranks in order to enable them to stay ahead of an everchanging world in which their respective companies compete. Often, boards encounter supply and demand imbalances for certain types of candidates they seek. That’s why it is very important that the board recruiting firm can guarantee access to any and all relevant candidates without any exceptions. That is a promise that we have continued to keep with our clients since our firm’s founding. Given our firm’s size and structure, we purposely conduct a limited and distinct number of search assignments at any given time, and our engagement review and acceptance process ensures that at RSR Partners, there is no competition for candidates amongst our clients.
Our extensive candidate sourcing network continues to expand and advance. We utilize our own database, social networking tools, and other internet-based candidate search technologies (e.g., LinkedIn, BoardEx, etc.) that have leveled the playing field between boutiques and large firms when it comes to candidate identification. All partners from all practices are engaged as well for candidate ideas. As such, we have the ability to identify most any candidate who aligns well with a given profile.
The benefits associated with partnering with us to achieve our clients’ most important recruiting objectives are no better reflected than in the continued success we have had in achieving our clients’ diversity objectives. Since 2021, 86% of our board placements were either gender and/or ethnically diverse (it’s important to point out that diversity was one of a number of criteria each of these placements met).
As a small and agile team, we are also known for our thorough and rapid kick-starts to board recruiting assignments. We have always strived to complete our board searches within four to five months. There have been times when searches have taken longer than anticipated, but we have always completed our assignments and have amassed a 100% placed candidate “stick rate” along the way.
If I had to point to one step in the board search process that we have learned goes a long way toward ensuring a successful outcome, it would be to put a great deal of thought and effort at the beginning of the process into creating the candidate profile. This candidate profile development process should be a collaborative undertaking between the board and their search firm, and it can be completed in a short period of time. It starts with reviewing the director skills and experience matrix in the proxy and interviewing each member of the client’s Board, their Chairman, CEO and, depending on the nature of the search, certain members of the executive leadership team. Interviews focus on what skills and experience are needed in the next director and why, as well as the characteristics that make for a great cultural and chemistry fit on the board. Then, we undertake a comparison of what criteria the board currently possesses and identify gaps, which in turn, helps to refine the candidate profile. It is important to note that the matrix in proxies does not always provide an accurate picture of the degree to which skills and experience reside on the board (i.e., checking the box versus specifying the strength of a particular skill or experience each director indicates they possess using a 1,2 or 3 rating.) The interview process is therefore helpful on several fronts – it provides a deeper understanding of skills and experience that all the directors contribute, determines what the board is looking for in its next director, and creates alignment amongst the board members around the candidate profile.
Before finalizing the candidate profile, we typically review five to ten candidate ideas with our client to get their feedback and confirm we are in agreement. Sometimes adjustments are made after the client has the opportunity to see how the profile on paper materializes in viable candidates. The goal being to create a profile that is both on target and realistic. So, when clients commit to undertaking our candidate profile development process, it almost always leads to a more successful outcome.
As the leader of RSR’s Board Practice for almost two decades, I am proud of our track record in assisting a wide variety of clients – from start-ups and private companies to Fortune 50 corporations – in achieving their board recruiting objectives. We look forward to continuing to partner with existing and new clients and staying true to the principles that Russ established in the early days of our firm:
We continue to be a small firm with big results.
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Carter Burgess is head of the firm’s Board Recruiting practice and a senior member of the Board & CEO Services team. As practice leader, he focuses on director searches, the build-out of entire boards, comprehensive board composition analyses, multi-year succession planning strategies, and board performance assessments for companies in a broad array of industries.
RSR Partners is a boutique professional services firm headquartered in Greenwich, CT, that specializes in helping Boards and CEOs with their most critical recruiting, selection, and succession needs. The firm was founded in 1994 by industry icon Russell S. Reynolds, Jr. The firm has conducted thousands of projects for Boards and CEOs at public, private equity-backed, and family-owned businesses across a range of industries including asset management, consumer goods and services, industrial, technology, and healthcare.
Dear Clients and Friends,
As we reflect on 2023 and consider the possibilities for 2024, our Board Practice extends our heartfelt gratitude for your ongoing trust and support. It has been a dynamic and transformative year for the corporate landscape, and we are delighted to have navigated it alongside you. Leadership in the boardroom and C-Suite is simply indispensable.
In 2023 we initiated the Russell S. Reynolds, Jr. Chairman of the Year Award. The Chair of the Year Award was established to celebrate the legacy of one of the search industry’s greatest leaders and icons, Russ Reynolds, who has spent more than 50 years advising boards and CEOs on leadership. The award recognizes a Chair who successfully led a public company Board of Directors through significant business or governance challenges. As featured in Fortune magazine, the inaugural award was presented to Sarah Nash, Chair of Bath & Body Works, at our annual Directors Dinner in New York in October. Sarah demonstrated remarkable leadership juggling a spin-out of Victoria’s Secret, managing a CEO succession, handling activists as well as other business challenges all seemingly simultaneously. We were delighted to recognize her extraordinary governance and business guidance. We hope that many of you will join us for next year’s Directors Dinner and Chair of the Year Award.
Throughout 2023, the RSR Board Practice continued to act as the heart of our firm, not only assisting a wide range of clients with their critical governance related needs, but also informing and distinguishing our executive recruiting efforts. As we reflect on the coming year, we have several thoughts on governance issues that we expect to be at top of mind in boardrooms in 2024:
We look forward to continuing to assist our clients with their most important, complex, and sensitive leadership and governance concerns in 2024. We believe that RSR Partners is uniquely situated in the industry to provide unparalleled access to and insight into top-performing business leaders. In addition to our board recruiting capabilities, we offer our clients a broad set of other Board and CEO services. Should you have any important board or C-Suite leadership needs in the coming year, we would be delighted to share our insight and expertise to help you. More importantly, we look forward to our continued friendship with you all.
