on news

footer news ticker

resources.

SOMETHING WITH MEANING

Nov 24, 2015 | ON Blogs

Excerpt from CFO Magazine’s ‘From Finance to Fintech‘ by David McCann featuring Larry Ormsby, Partner, ON Partners.

November 24, 2015

LOrmsby-ON Partners
Larry Ormsby, ON Partners

 

CFOs of financial startups may be motivated by more than money.

Yes, financial services executives are taking technology CFO jobs because they are tired of regulatory handcuffs, they want to do something more entrepreneurial and fun, and the prospect of a huge equity cash-out is alluring. But there may be another motive at play: the desire to foster positive change in the world.

Really? The bottom-line guys want to do good? Yes, says Larry Ormsby, a veteran executive recruiter with ON Partners who specializes in placing CFOs with technology companies.

“There’s a broad trend of people trying to find more meaning in their work,” says Ormsby. “My office is in a shared work area, and I talk to a lot of younger people who are doing different things. Most of them are trying to develop apps or companies that somehow or other will change the world for the better. It’s not about being rich. It’s about doing something cool, which is defined as something with meaning.”

That mind-set may be moving up the age spectrum. Take Laurence Tosi, 47, the former Blackstone CFO whom Ormsby recruited to Airbnb. “He tossed a lot of money aside,” Ormsby says. “He made a bet on a long-term financial return that would help catch him up, but it would be a real stretch to say he did it for the money.” (Tosi declined CFO’s request for an interview.)

Of course, there is a low-end compensation threshold for someone like Tosi. Airbnb wouldn’t have been able to afford him had its valuation been, say, $1 billion rather than the $25.5 billion it was valued at shortly before hiring Tosi, Ormsby acknowledges. “But for him, [the job switch] had a lot more to do with being part of something exciting and feeling like he was doing something good. The technology world allows you to feel like that.” —D.M.

 

Resources: CFO Magazine

Explore: Our Resources

Archives

+

connect with ON.

Bring ON executive search insights!
Sign up to receive thought leadership pieces, ON in the news, recent placements, quarterly updates and more.

ON resources.

ON in the news

THE EVOLVING PRIVATE EQUITY RECRUITING MARKET

Published in Hunt Scanlon Media's Private Equity Recruiting Report 2020. Jeff Hocking is a partner at ON Partners with over 20 years of search experience. Previously head of the North American technology practice at Korn Ferry, he serves private equity and major...

RANKED ONE OF THE MOST PROMINENT RECRUITING FIRMS IN NEW YORK

ON Partners named on Hunt Scanlon’s annual roundup of the 60 most prominent executive search firms in New York. Connect With ON October 2020 - ON Partners, the experience-driven retained executive search firm, is proud to be named to the New York Power 60 list...

ON successful placements

SUCCESSFUL PLACEMENT: NEW WAVE DV – PRESIDENT

New Wave Design and Verification Appoints New President Connect With ON  (GLOBE NEWSWIRE) -- New Wave Design and Verification (New Wave DV), a leading provider of high-performance digital electronic interface solutions for the Defense/Aerospace market, is proud to...

SUCCESSFUL PLACEMENT: SOLARWINDS- VP, NORTH AMERICAN SALES

SolarWinds Appoints Jared Thomas to Vice President, North American Sales Connect With ON  SolarWinds (NYSE:SWI), a leading provider of powerful and affordable IT management software, has appointed Jared Thomas to Vice President, North American Sales. Jared Thomas...

a better experience gets recognized.

ON Partners named to the Weatherhead 100 Case Western University annual ranking of the region’s fastest growing companies
ON Partners named by Boston Business Journal’s Largest Executive Search Firms and Minneapolis/St. Paul Business Journal’s Twin Cities Largest Executive Search Firms
ON Partners six time Inc. winner by being name to the Inc. 500/5000 Lists and to the Inc. 5000 Hall of Fame
Hunt Scanlon names ON Partners executive search firm to the Private Equity Recruiting Power 75 list
Business Insider ON Partners Executive Recruiters
Fortune ON Partners Executive Search
Fast Company ON Partners Executive Search Consultants
ON Partners named by Forbes as one of America’s Best Executive Recruiting Firms

ANNAPOLIS • ATLANTA • BOSTON • CLEVELAND • DALLAS • MENLO PARK • MINNEAPOLIS • NEW YORK • SAN FRANCISCO

© Copyright 2019 On Partners. All Rights Reserved.