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

Recent Comments

    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

    ON successful placements

    SUCCESSFUL PLACEMENT: EPICOR- CHIEF ACCOUNTING OFFICER

    Epicor Software Corporation Names Greg Dunn Chief Accounting Officer (CAO) and Head of Corporate Development   Epicor Software Corporation, a global provider of industry-specific enterprise software to promote business growth and owned by global investment firm...

    SUCCESSFUL PLACEMENT: GETAROOM – PRESIDENT AND COO

    Getaroom® Names Matt Davis President and Chief Operating Officer   Getaroom®, a technology-enabled, B2B-focused distributor of hotel rooms and funded by growth investor Court Square Capital Partners, has named Matt Davis as President and Chief Operating Officer....

    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.