Thursday, 30 November 2023 17:57

C-Suite Shuffle: Latest CFO transitions in the software world Featured

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December 1st, 2023

 

Welcome to our Software CFO newsletter. We considered software companies in the United States and Canada that are of some size: revenues of $40m or more, 200+ employees, or $50m or more raised. All numbers were based on CapIQ’s estimates. We looked at the period from August 7th to November 21st, 2023.

In this newsletter, we examine the following: geographic distribution of newly appointed CFOss and interim CFOs ("iCFOs”), internal or external sources of talent, areas of functional expertise, as well as gender diversity. It contains:

 

Summary Trends

 

  • Geographic distribution: California has 36% of the appointments and 45% of the open roles. The number two state for appointments is New York with 12% of the appointed CFOs and Texas with 22% of the open CFO roles.
  • Internally or external sources: surprising results: 80% of CFO appointments are internal, while 61% of interim CFOs are external.
  • Prior roles held: interesting and potentially surprising.
    • 71% of CFOs appointed are experienced CFOs. 15.2% are promotions.
    • In terms of interim CFOs: for internal appointments: 33% of all iCFOs are financial executives at the company. For external appointments: 33% of all iCFOs are iCFO service providers.  
  • Gender Diversity: appointments are between 18% and 21% female. The interim roles have 11% female representation.
  • CPA designations: public companies have more CFOs and iCFOs appointed with CPAs. iCFOs on average have more CPAs than CFO appointees.
  • Detailed appointments and open roles

Our set of companies: 77 software companies: 49 private, 28 public. 

  • CFO Appointments: 40 private companies; 19 public companies
  • CFO Open roles: 9 private, 9 public

 

Geographic Distribution

 

  • CFO Appointments: California has 36% of the appointments, New York has 12%, Georgia 8% and Illinois 7%
  • Open CFO roles: 45% of the open roles are in California, Texas has 22% and Massachusetts 11%

 2023 11 CFO States

 2023 11 iCFO States

 

CFO Sources and Functional Expertise

 

CFOs are promoted 80% of the time; iCFOs are 61% externally sourced: Companies chose internal candidates 80% of the time for full time roles, while interim CFOs are sourced externally, 61% of the time. 

2023 11 CFO Internal External

 2023 11 iCFO Internal External

 

Prior roles CFOs held

  • 71% of CFOs appointed are experienced CFOs. 15.2% are promotions.
  • In terms of interim CFOs,
    • For internal appointments: 33% of all iCFOs are more junior financial executives in the company.
    • For external appointments: 33% of all iCFOs are iCFO service providers, followed by 17% of all iCFOs are experienced CFOs.

2023 11 CFO Prior Roles

 

A couple of notes:

  • The internal experienced CFO comes from parent company.
  • 2 external first-time CFOs - both have equity analyst backgrounds.
  • Internal various – one BD (Advisor to CEO and varied background) and one Chief Legal Officer.

2023 11 iCFO Prior Roles

 

Gender Diversity

 

  • The overall percentage of female CFOs varies between 18% and 21% for private and public companies respectively.
  • Interim CFOs are 11% female.

2023 11 CFO Gender

2023 11 iCFO Gender

 

Professional Designations

 

Appointments: 32.2% of total have a CPA or a CA. In a small number of cases, serious accounting education paired with public accounting experience are also counted in this category. There is no major difference between internally or externally appointed CFOs.

42.1 % of CFOs of public software companies have a CPA, while only 27.5% of private companies hold one.

44.4% of interim CFOs have a CPA designation: 50% of the public iCFOs appointed have a CPA designation, while 28% of the iCFOs appointed in private companies have CPA designations. 

2023 11 CFO CPA

2023 11 iCFO CPA

 

Hope you enjoy this newsletter and find it useful. Suggestions and corrections are most welcomed and appreciated.

Thanks again and all the best,

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Vell Executive Search is a retained executive search firm that specializes in recruiting technology execs for boards and executive roles, including Board Members, CEOs, Presidents, GMs, CTOs/Chief Digital Officers/VP Engineering, SVP Sales, Chief Revenue Officers, CMOs, and CFOs. Vell has built a reputation for recruiting talented high-performing leadership teams globally. www.vell.com.

 

East Coast

 

East Coast Appointments

  • Georgia: NCR Voyix (NYSE: VYX), NCR Alteos (NYSE: NATL), Cox Automotive, Avora Holdings (Revenue Grid), Sa.global
  • New York: Paychex (NasdaqGS: PAYX), Greenidge Generation Holdings (NasdaqGS: GREE), DailyPay, Clear Street, Apex Fintech Solutions, Latch (OTCPK: LTCH), Obvio Health USA
  • Maryland: 2U (NasdaqGS: TWOU), The Emmes Company
  • Various: Envestnet (NYSE: ENV), Computer Programs and Systems (NasdaqGS: CPSI), UpHealth (NYSE: UPH), Cybereason, Built Technologies, Deltek

East Coast open roles

  • Massachusetts: Aspen Technology (NasdaqGS: AZPN), Aura Company

 

East Coast Appointments

NCR Voyix Corp (NYSE: VYX) - Timothy Oliver concluded his role as CFO of Voyix. Brian Webb-Walsh then took over as the new CFO. Webb-Walsh brings a wealth of experience from global Fortune 500 companies, having held several positions at Xerox and recently as CFO for various divisions at UPS. Additionally, he served as Executive Vice President and CFO at Conduent Incorporated. NCR Corporation provides various software and services through Retail, Hospitality, Digital Banking, Payments & Network, and Self-Service Banking segments. (GA)

Paychex (NasdaqGS: PAYX) - Paychex has announced the retirement of SVP and CFO, Efrain Rivera. Revera will serve as a senior advisor until the end of the year. Robert L. Schrader, the company’s VP of Finance and Investor Relations will succeed him as CFO starting late 2023. Schrader, who joined Paychex in 2014, previously held roles at Unither Manufacturing and Bausch & Lomb. Paychex provides integrated human capital management (HCM) solutions for human resources (HR), payroll, benefits, and insurance services for small to medium-sized businesses. (NY)

NCR Alteos (NYSE: NATL) - Paul J. Campbell has been named as the NCR Alteos CFO after the spin-off from the former NCR corporation. Campbell most recently served as the VP of Finance at NCR Corp., and previously served in various other financial roles at NCR Australia and NCR Beijing. NCR Alteos operates in three segments: Self-Service Banking, Payments and Network, and Telecommunications and Technology. (GA)

Envestnet (NYSE: ENV) - Joshua B. Warren is set to become the CFO at Envestnet, stepping into the role previously held by Peter H. D'Arrigo. Warren is joining Envestnet from BlackRock, where he was the Managing Director and Global Head of Business Strategy for iShares and Index. Before BlackRock, Warren held positions at Barclays, Foros Group, the U.S. Department of the Treasury, Skadden, Arps, Slate, Meagher & Flom LLP, and worked for former Senator John Kerry. Envestnet provides wealth management software and services operating through Envestnet Wealth Solutions and Envestnet Data & Analytics segments. (PA)

2U (NasdaqGS: TWOU) - Matt Norden, currently the Chief Legal Officer at 2U, will take on the additional role of Chief Financial Officer. He has over ten years of experience at 2U, contributing significantly to the company's IPO and other major financial and M&A activities. Before 2U, Norden served as General Counsel at TOMS Shoes, playing a key role in strategic planning and international growth, and earlier worked in the M&A practice at Skadden, Arps, Slate, Meagher & Flom LLP in Washington, DC. (MA)

Computer Programs and Systems (NasdaqGS: CPSI) - CPSI appointed Vinay Bassi as the new CFO, with the outgoing CFO, Matt Chambless, staying on as an advisor to support the transition. Bassi brings extensive experience as a strategic finance leader, previously serving as CFO for the Audience Measurement division at Nielsen Holdings plc. His career includes various senior roles at Nielsen, as well as positions at Avaya Inc., PricewaterhouseCoopers, Standard & Poor’s, and Citigroup. Computer Programs and Systems provides healthcare information technology solutions, patient management software and services. (AL)

UpHealth (NYSE: UPH) - UpHealth has replaced its CFO, Mr. Beck, with Jay Jennings, the company's CAO. Jennings has been with UpHealth since June 2021. He is an experienced accounting and finance executive with a background as an Audit Manager at Ernst & Young LLP and Corporate Controller for MetaCreations Corporation, as well as over 17 years at eHealth, a prominent health insurance marketplace, where he last served as SVP Finance and Principal Accounting Officer. UpHealth operates as a digital health services company. (FL)

The Emmes Company - Matt Bond is the new CFO of Emmes, having previously been CFO at Bracket (Signant Health) and a founder/CFO at Aptiv Solutions. He led significant growth and acquisitions at these firms and managed a successful IPO at PRA, a global CRO. Earlier, he worked in finance at Marriott International and as a financial consultant. The Emmes Company operates as a contract research organization. (MA)

Greenidge Generation Holdings (NasdaqGS: GREE) - Christian Mulvihill, previously the Vice President of Engineering and Corporate Development at Greenidge, has been appointed as the new CFO, succeeding Robert Loughran. Mulvihill, previously worked at Atlas Holdings and Granite Shore Power, and began his career at TC Energy. Greenidge Generation Holdings operates as an integrated cryptocurrency datacenter and power generation company. (NY)

DailyPay - DailyPay has appointed Ken Brause as its new Chief Financial Officer, reporting to CEO Kevin Coop. Previously, he was the CFO of Burford Capital and OnDeck Capital, and held executive positions at CIT Group, Inc. His earlier career included roles at American General, the Bank of New York, and Bankers Trust. DailyPay develops and operates a financial system platform. (NY)

Clear Street - Steve Bisgay has been appointed as the new CFO of Clear Street, succeeding Jacob Asbury. Bisgay, with over three decades of financial experience, previously held executive roles at Cantor Fitzgerald, BGC Partners, KCG Holdings, and others. Asbury will assist in the transition and remain as a consultant. Clear Street develops a cloud-native platform for capital markets, institutions, professional traders, and brokers. (NY)

Cox Automotive - Scott LeTourneau is set to become Cox Automotive's new CFO, succeeding the retiring Mark Bowser. LeTourneau, who joined Cox in 2012, was SVP of Corporate Development for Cox Enterprises, the parent company for Cox Automotive. Cox Automotive provides digital marketing, retail, financial, operation, inventory/wholesale, service, and mobility solutions for consumers, dealers, manufacturers, and the automotive ecosystem worldwide. (GA)

Cybereason - Cybereason announced the appointment of Manish Narula as its new CFO. Narula brings over 18 years of experience in the technology sector, including a recent role as an Investment Advisor for SoftBank Corp, CFO at Treasure Data, VP of Corporate Development for Arm, and leading acquisitions and investments at Microsoft. Cybereason develops a cybersecurity platform for endpoint detection and response (EDR), anti-ransomware, anti-malware, and antivirus. (MA)

Apex Fintech Solutions - Apex Fintech Solutions has appointed Chantal Wessels as its new CFO, succeeding Chris Springer who transitions to Strategic Finance Advisor after four years as CFO. Wessels brings over 18 years of experience in the financial industry, notably as Division CFO for Nasdaq's Capital Access Platform division. Apex Fintech Solutions operates as a B2B platform for investing and wealth management. (NY)

Built Technologies – Appointed as first CFO - Built Technologies has appointed Sam Kemp as its first CFO. Kemp brings significant financial and strategic expertise to the company, having previously served as the CSO at GoDaddy, where he focused on aligning strategy, operational drivers, and financials for profitable growth. Built Technologies develops a cloud-based construction loan administration and draw management platform to manage risk and maximize productivity. (TN)

Latch (OTCPK: LTCH) – Soon to be Door.com – Latch announced David Lillis, based in St. Louis, who is starting as SVP of Finance and who is expected to take over as CFO later this year. Latch offers LatchOS, an operating system that extends smart access, delivery and guest management, smart home and sensors, connectivity, and personalization and services. (NY)

Obvio Health USA - ObvioHealth appointed John Cassidy as its new CFO. Cassidy has extensive experience in clinical research, healthcare, and technology sectors, with previous roles including Global Head of Product and Commercial for eClinical at LabCorp and corporate controller for Parallel 6. At ObvioHealth, he will focus on developing the company's financial infrastructure and planning. Obvio Health USA operates as a virtual health research organization. (NY)

Avora Holdings (Revenue Grid) - Jim Mackey has been appointed as the new CFO of Revenue Grid. His background includes strategic roles at Citigroup's Technology Investment Banking team, and leadership positions at SAP, Open Text, and BlackBerry, where he contributed to significant growth and restructuring. Avora Holdings, doing business as Revenue Grid, develops SaaS-based revenue operations and intelligence platforms that provide businesses with AI-driven deal guidance to sales teams. (GA)

Deltek - Dean Tilsley has been appointed as the new CFO of Deltek. He previously served as CFO for Renaissance Learning and Cox Automotive's Software and Media Solutions Group, and held leadership roles at NASDAQ, Reuters, and Associated Press Television. Deltek provides enterprise software and information solutions for project-based businesses in the professional services and government contracting markets worldwide. (VA)

sa.global - sa.global has named Geoffrey Ghyoot as its new CFO. Ghyoot most recently served as COO of Dentons Global Advisors, prior to that he was Head of International Finance for Amicus Therapeutics. Sa.Global develops and offers ERP, CRM, HCM, business intelligence solutions, consulting, and modern workplace solutions to firms in key vertical markets. (GA)

 

East Coast open roles

Aspen Technology (NasdaqGS: AZPN) – Chantelle Breithaupt is set to resign as CFO of Aspen Technology. but will stay on until a successor is appointed. Christopher Stagno, the current SVP and Chief Accounting Officer, is to take over as Interim CFO. Stagno has over 25 years of finance leadership experience, particularly in software companies. His past roles include Treasurer at Cognex Corporation and various finance positions at Brightcove Inc. and Unica. Aspen Technology specializes in software and services for industrial operations. (MA)

Aura Company - Aura company announces appointment of Blake Cunneen as acting CFO. Prior to Aura, Blake was EVP of corporate development at Endurance International. In his nearly 10 years at Endurance, his experience included IP-based deals and the acquisition of Constant Contact, purchased for $1.1 billion. Blake also worked in both commercial and investment banking, most recently at Piper Jaffray. Aura Company develops software as a service (SaaS) based security software solutions. (MA)

 

Great Lakes and Midwest

 

Great Lakes & Midwest Appointments

  • Colorado: DHI Group (NYSE: DHX), Apogee Engineering, Optiv Security, Smartly (Bonusly)
  • Illinois: FourKites, ActiveCampaign, SpotHero, Kalderos
  • Various: Instructure Holdings (NYSE: INST), Press Ganey, Edmentum

Great Lakes & Midwest open roles

  • FOXO Technologies (NYSEAM: FOXO) (MN)
  • OmniIQ (NasdaqCM: OMQS) (UT)

 

Great Lakes & Midwest Appointments

Instructure Holdings (NYSE: INST) - Peter Walker has been named the new CFO of Instructure, succeeding Dale Bowen. Walker, with over 15 years of executive experience, including more than a decade as a CFO, comes from Sterling Check Corp., Jackson Hewitt, and over 15 years at Assurant, most recently as CSO. Instructure Holdings provides cloud-based learning, assessment, development, and engagement systems worldwide. (UT)

Press Ganey - Press Ganey appointed Clemente Cohen as its new CFO. Cohen has over 25 years of international finance and operations management experience, having worked in Latin America, Europe, and the U.S. for Fortune 500 corporations. Prior to joining Press Ganey, he served as CFO at Lionbridge, a technology-enabled content creation solutions provider. His past roles include leadership positions at Empirix Inc., CA Technologies, Sun Microsystem, and Silicon Graphics. (IN)

DHI Group (NYSE: DHX) - DHI Group announced it has hired Ms. Raime Leeby Muhle as its new CFO. Prior to DHI, she was the CSO and interim CFO at US Med-Equip and served as CFO and VP of Strategic Accounts at biotech firm AlloSource. Leeby also held CFO and COO roles at Galvanize, a tech education company, and was the CFO of Global Components at Arrow Electronics, a Fortune 500 technology company. DHI Group provides data, insights, and employment connections through specialized services for technology professionals. (CO)

FourKites - FourKites has appointed Bill Maw as their new CFO. Maw has a significant history of guiding high-growth companies through various stages. Previously, Maw held senior finance roles at GE, PwC, Recharge Payments, Covius Holdings, and Liquidnet, and is an active investor in over 15 seed-stage companies. FourKites develops and operates a software platform for freight brokers and shippers to streamline their operations. (IL)

Apogee Engineering - Apogee has appointed Andrew Cox as its new CFO. Cox, with two decades of experience in the defense industry, joins Apogee as it expands its defense solution offerings. Previously, Cox served as the VP of Finance at Parsons Corporation, managing financial functions for a sector with $500 million in revenue within a $4 billion company. He also held finance leadership positions at Braxton Science & Technology Group and TechWise. Apogee offers engineering and science, IT, software solutions, mission support, management services, and cyber security services to defense and civilian customers. (CO)

ActiveCampaign - ActiveCampaign has named Joy Whinery as its new CFO. Whinery brings over 20 years of financial leadership experience, having served as CFO at PlanSource and 84.51°, and holding senior finance roles at Worldpay, including Business Unit CFO and VP of Corporate Finance. ActiveCampaign develops a marketing and sales automation platform that enables Fortune 500 businesses to connect and engage with their customers. (IL)

SpotHero - SpotHero has named Kavita Suthar as its new CFO. Suthar, previously CFO at Redbox, brings extensive experience in scaling businesses and financial strategy. Her background includes roles at Redbox in FP&A and Strategy, over 10 years at US Cellular, and a start in auditing at Grant Thornton. SpotHero develops a digital parking platform that offers parking reservation services that help drivers to reserve parking with garages and lots. (IL)

Kalderos - Kalderos hired Jim Sparks as its new CFO. Sparks, with over 20 years of corporate finance experience, previously worked at Growth Operators, serving as partner and CFO. Sparks is also a board member of Think Small, a nonprofit in Saint Paul, Minnesota. Kalderos develops a drug discount management platform for healthcare providers. (IL)

Edmentum - Edmentum appointed Mike Trimarchi as its new CFO. Trimarchi has over 20 years of financial leadership experience, particularly in high-growth, software-as-a-service (SaaS) organizations. Trimarchi previously served as CFO at CommerceHub, a SaaS provider in the commerce network sector. He also held finance executive roles at Vistaprint and AngioDynamics. Edmentum provides online learning programs. (MN)

Optiv Security - Marc Cabi has been appointed as the CFO of Optiv, bringing over 30 years of experience in finance and technology. His background includes leadership roles at InvestCloud Inc., Zendesk, Credit Suisse First Boston, Deutsche Bank, and Salomon Smith Barney. Optiv Security, a security solutions integrator, offers suite of information security and cloud security solutions that help organizations to mitigate risks, defend against attacks, and improve cyber security programs. (CO)

Smartly (Operating as Bonusly) – Smartly has appointed Radhika Samant as the new CFO. Samant previously held various executive roles at Optimizely, Welcome, NewsCred, and signpost. Smartly, doing business as Bonusly, develops and operates a software-as-a-service-based platform for peer-to-peer recognition and rewards. (CO)

 

Great Lakes & Midwest open roles

FOXO Technologies (NYSEAM: FOXO) - FOXO Technologies has elected Martin Ward as Interim CFO, succeeding Robby Potashnick. Ward brings extensive experience, currently serving as CFO of KR8 AI, and as CFO, Secretary, and a director of One Horizon Group. FOXO Technologies engages in epigenetic biomarker underwriting technology and consumer engagement platform service. (MN)

OmniIQ (NasdaqCM: OMQS) - OmniQ has announced that its CFO, Niv Nissenson resigned from his position as CFO for personal reasons. During his resignation, he indicated he had no disagreements with the Company’s accounting policies or procedures. The interim CFO will be the Company’s CEO, Shai Lustgarten until a new one is found. OMNIQ provides artificial intelligence-based solutions in the United States. (UT)

 

Southwest

 

Southwest Appointments

  • Nevada: Switch, Socure
  • Texas: Flashparking, Recuro Health, RapidDeploy

Southwest open roles

  • Arizona: Moatable (NYSE: MTBL)
  • Texas: Epicor Software, Securonix, CyrusOne, Hewlett Packard Enterprises (NYSE: HPE)

 

Southwest Appointments

Switch - Switch has appointed Madonna Park as its new CFO. Park has over 20 years of experience in investment banking and equity research. Her most recent role was with RBC Capital Markets, where she served for over 17 years, including as Managing Director and Global Head of Communications Infrastructure. Switch operates a data center that provides colocation space and related services. (NV)

Socure - Aaron Barfoot has been appointed as the new CFO of Socure, a company experiencing rapid revenue growth and expansion. Barfoot, with over 20 years of experience in the B2B technology sector, is skilled in driving growth and building finance teams. He has a history of significant roles in various high-growth companies, including a four-year stint as CFO at Forter, and pivotal positions at Rackspace, Amazon, Anaconda Inc., and ClearDATA. Socure develops and operates digital identity verification solutions. (NV)

Flashparking - Chris Donus has been named the new CFO of Flash. He brings extensive experience from his previous roles, including COO & CFO at Wheel Health and leadership positions at Lyft and Silvercar, as well as at Freescale Semiconductor, Hertz Global Holding, and Lucent Technologies. FlashParking develops and provides a cloud-based software solution for parking applications. (TX)

Recuro Health - Jason Casten has been appointed as the new CFO of Recuro Health. With extensive experience in healthcare technology, including significant roles at MDLIVE and Watermark Medical Holdings, Jason brings strong financial and leadership skills. Recuro Health develops digital healthcare solutions for employers, providers, and managed care organizations. (TX)

RapidDeploy - RapidDeploy has appointed David Stack as its new CFO. Stack brings over 25 years of experience as a financial executive. He previously served as CFO of The RepTrak Company, a private equity-backed firm, as well as the CFO at HubSpot, where he significantly transformed the company from a venture capital-backed startup to a corporation with a $100 million revenue run rate. Additionally, Stack was instrumental in the successful $2.3 billion sale of RSA Security to EMC Corporate in 2006. RapidDeploy develops a cloud-based call-taking and computer-aided dispatch (CAD) platform that enables public safety officials to reduce emergency response time. (TX)

 

Southwest open roles

Epicor Software - Joe Ayers has been appointed as the Acting CFO of Epicor Software Corporation. He initially joined Epicor in 2021 as VP of Finance. Ayers brings 15 years of experience in various roles, including audit and accounting, SEC reporting, M&A, and operations in both startup and private equity environments. Before Epicor, he worked at KPMG, PG&E, and Lithium Technologies (now Khoros), where he held significant finance and operations roles. Epicor Software provides enterprise application software and services to manufacturing, distribution, retail, and services sectors. (TX)

Securonix - Securonix has appointed Doug Owen as its interim CFO. Doug previously served as SVP of Operations at Vista Equity Partners, He has also held roles as CFO at PDI Software, as well as Managing Director and Program Director at Vista Consulting Group. Prior to Vista Consulting Group, Doug was VP and Divisional CFO at NCR Corporation, where he oversaw the company’s hospitality industry. Securonix develops a SaaS-based security analytics and operations management platform for big data and advanced cyber threats. (TX)

CyrusOne - CyrusOne announces the departure of CFO Katherine Motlagh. Michael Schafer, the company's SVP, Finance, will take over as interim CFO following Motlagh's departure. Schafer brings nearly three decades of experience in corporate finance and currently oversees investor reporting, FP&A, and treasury functions, playing a key role in the company's capital markets team. CyrusOne is a leading global data center developer and operator, known for its advanced digital infrastructure solutions. (TX)

Moatable (NYSE: MTBL) – Moatable has appointed Michael Schifsky as interim CFO, after the resignation of Chris Palmer. Schifsky brings over 30 years of experience, particularly in overseeing SEC, Sarbanes-Oxley, NASDAQ, and NYSE reporting. His career includes key CFO roles in various public and private companies, notably at Xhibit Corp, as well as an independent consultant and interim CFO for companies like Big Bear Mining Company and MD Helicopter. Moatable engages in the software as a service business in the United States and internationally. (AZ)

Hewlett Packard Enterprises (NYSE: HPE) - Hewlett Packard Enterprise (HPE) has accepted the resignation of Tarek Robbiati, the EVP and CFO, who is leaving to become the CEO at RingCentral. Jeremy Cox, SVP, Corporate Controller, and Chief Tax Officer at HPE, has been appointed as the interim CFO. Hewlett Packard Enterprise Company provides solutions that allow customers to capture, analyze, and act upon data seamlessly. (TX)

 

West Coast

 

West Coast Appointments

  • California: Uber Technologies (NYSE: UBER), PayPal Holdings (NasdaqGS: PYPL), AppLovin (NasdaqGS: APP), Cloudera, Coupa Software, LiveRamp Holdings, Invitae (NasdaqGS: NVTA), JFrog (NasdaqGS: FROG), Cohesity, Inseego (NasdaqGS: INSG), Pantheon Systems, PlusAI, Vectra AI, Plaid, Contrast Security, LeanTaaS, Kite, Bionano Genomics (NasdaqCM: BNGO), Worldly Holdings, Data.ai
  • Washington: Edifecs

West Coast open roles

  • California: Near Intelligence (NasdaqGM: NIR), WM Technology (NasdaqGS: MAPS), SambaNova Systems, Mitek Systems (NASDAQCM:MITK), Embark Technologies, SlashNext, The RealReal (NasdaqGS: REAL), Jumio Corporation

 

West Coast Appointments

Uber Technologies (NYSE: UBER) - Uber Technologies has announced that Prashanth Mahendra-Rajah will become its new CFO. Mahendra-Rajah is currently the CFO of Analog Devices (ADI). Before ADI, he was the CFO of WABCO Holdings Inc., a global supplier of commercial vehicle technologies, and held financial leadership roles at Applied Materials, Visa, and United Technologies. Uber Technologies develops and operates proprietary technology applications. (CA)

PayPal Holdings (NasdaqGS: PYPL) - PayPal Holdings has appointed Ms. Jamie Miller as the new EVP and CFO. Miller will oversee PayPal's financial strategies and lead the global finance organization, succeeding Gabrielle Rabinovitch, the current acting CFO. Her prior experience includes serving as SVP and CFO at General Electric as well as leadership roles at Anthem and PricewaterhouseCoopers LLP. PayPal Holdings operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. (CA)

AppLovin (NasdaqGS: APP) - AppLovin announced that Herald Chen, President and CFO, will transition from a full-time role with the company to pursue new career opportunities at the end of 2023. He will remain on the AppLovin Board of Directors and serve as Advisor to the CEO. Matt Stumpf, current VP of Finance and FP&A has been appointed as CFO. AppLovin engages in building a software-based platform for mobile app developers to enhance the marketing and monetization of their apps. (CA)

Cloudera - Cloudera brings on Dilip Upmanyu as CFO. Dilip Upmanyu comes from ASG Technologies, where he held the same role. He's previously held finance leadership positions at The Attachmate Group, NetIQ, and IBM, and brings more than 25 years of experience to Cloudera. Cloudera offers a suite of data analytics and management products and operates through two segments: subscriptions and services. (CA)

Coupa Software - Coupa Software has named Kevin Burns as CFO. Burns has more than 30 years of leadership at market-leading technology companies. Most recently, Burns served as CFO at global technology company Dynatrace, where he led its IPO in 2019. Prior to that, he was the CFO and COO of iCAD and AMICAS, which was acquired by Merge Healthcare. Coupa develops and operates a cloud-based business spend management platform that connects its customers with suppliers worldwide. (CA)

LiveRamp - LiveRamp has promoted Lauren Dillard to the position of CFO. Dillard, who has been with the company for nearly a decade, previously served as interim CFO and SVP of Finance and Investor Relations. She initially joined Acxiom, a predecessor of LiveRamp, as Head of Investor Relations. She was also instrumental in launching LiveRamp as a public company. LiveRamp Data Collaboration platform enables an organization to unify customer and prospect data to build a single view of the customer in a way that protects consumer privacy. (CA)

Invitae Corp (NYSE: NVTA) - Invitae Corporation appointed Ana J. Schrank as its new CFO, succeeding Robert Dickey IV, who will transition to a consulting role. Schrank has extensive experience in finance roles, having served as CFO at Truepill Inc. and Collective Health. Previously, she held various positions at McKesson Corporation, including SVP and Chief Audit Executive. Invitae Corp, is a medical genetics company, that provides genetic information to improve healthcare. (CA)

JFrog (NasdaqGS: FROG) – Jfrog announced Ed Grabscheid's promotion to CFO, succeeding Jacob Shulman, who is leaving to pursue another opportunity. Grabscheid, with over 25 years of financial experience, joined JFrog in 2019 as VP of Finance. His background includes serving as CFO at Atlona and holding various finance and accounting roles at ServiceMax, Intermolecular, and Cisco. JFrog provides DevOps platform in the United States, Israel, and internationally. (CA)

Cohesity - Cohesity has appointed Eric Brown as its new CFO. Brown has extensive experience, including roles as CFO at Informatica, Electronic Arts, McAfee, and Polycom. He's known for leading Informatica's $1B IPO and co-founding an AI/data mining company during his time at MIT. Cohesity offers hyper-convergence secondary storage solutions to consolidate, protect, and share non-mission-critical data assets of large organizations. (CA)

Inseego Corp (NasdaqGS: INSG) - Inseego appointed Steven Gatoff as CFO, succeeding Robert G. Barbieri. Gatoff brings over 25 years of financial and leadership experience, particularly in technology and telecom sectors. His background includes serving as CFO for companies like Absolute Software, 8x8, Rapid7, and iPass, and roles at United Online, Sterling Commerce, and VeriSign. He also has a history in investment banking with Morgan Stanley, Bear Stearns, and Credit Suisse, and began his career as an auditor at Deloitte. Inseego engages in the design and development of fixed and mobile wireless solutions, Industrial Internet of Things (IIoT), and cloud solutions. (CA)

Edifecs - Edifecs appointed Stephen Ayers as its new CFO. Ayers brings extensive finance management experience from his executive roles at Lyric, Change Healthcare, and particularly McKesson Corp., where he spent 24 years, including a tenure as Vice President of Finance/CFO. He later served as SVP and CFO of Corporate at Change Healthcare. Edifecs designs and develops healthcare software solutions that provide a comprehensive set of integrated solutions for data exchange, analysis, and insights. (WA)

Pantheon Systems - Pantheon has appointed John Gardiner as its new CFO. Gardiner, a seasoned software leader with over 30 years of experience in high-growth cloud businesses. He has a notable track record, including significantly scaling ZoomInfo as President and CFO, leading to a highly successful company exit, as well as previously serving as CFO of Sitecore. Pantheon Systems develops a website operations platform that empowers marketing and development teams to take control of their websites. (CA)

PlusAI – Plus has appointed Steven Spinner as their new CFO. He previously served as Advisor to the CEO on Finance & Strategic Initiatives at Plus, leading key strategic transactions and team building initiatives. Before Plus, Spinner co-founded two startups in the data sciences space and held significant roles in the Obama Administration, McKinsey & Co., the 1996 Atlanta Olympic Games, and the National Broadcasting Company. PlusAI develops self-driving trucks to enable commercialization of autonomous transport. (CA)

Cyara - Brian Brady, with over 20 years of financial leadership experience, has been appointed as the new CFO of Cyara. Brady's previous roles include CFO at Calero, where he managed financial reporting and forecasting, and leadership positions at EagleView Technologies. He also has a background in public accounting, having spent six years at PwC. Cyara designs and develops testing software solutions. (CA)

Vectra AI - Scott Dussault has been appointed as the new CFO of Vectra AI. He has previously served as CFO at Workhuman and held key roles at Nasuni and Demandware. Dussault is also known for his extensive IPO expertise and currently serves on the board of Desktop Metal. Vectra AI develops AI based solutions to detect and respond to cyberattacks in cloud, data center, and enterprise infrastructures. (CA)

Plaid - Fintech company Plaid announced the appointment of Expedia Group veteran Eric Hart as its first CFO amid reports that it could be on the path to going public. Plaid designs and develops digital financial solutions for users to connect their bank accounts to an application and transfer money. (CA)

Contrast Security - Peter Daley has been appointed as the new CFO of Contrast Security, bringing over 25 years of experience in enterprise SaaS, cybersecurity, and financial services. His previous role was as VP of Strategic Finance and Investor Relations at CrowdStrike. Contrast Security develops and operates security software that enables applications to protect themselves against cyberattacks. (CA)

LeanTaaS - LeanTaaS appointed Ana Sirbu as its new CFO. Sirbu brings over 15 years of experience in finance, strategy, and technology investing. She previously served as CFO of Nitro Software and BlueVine, and has worked in roles at Google Capital and Silver Lake, focusing on Enterprise SaaS and Fintech investments. Her career began in investment banking on Wall Street. The outgoing CFO, Lloyd Martin, will assume the role of Chief Administrative and Risk Officer. (CA)

Kite - Kite has appointed Markus Leunig as its new CFO. Leunig, with substantial experience in finance, previously served as CFO at Walker Edison, as well as over 13 years with VF Corporation, including five years as the Global CFO of The North Face brand. Kite develops a commerce platform for consumer product brands. (CA)

Bionano Genomics (NasdaqCM: BNGO) – Ms. Gülsen Kama is the new CFO of Bionano Genomics, succeeding Christopher Stewart. She has a background in business planning and expense management, with previous roles as CFO at Northern Data AG and Quest Diagnostics, and senior positions at FedEx, United Airlines, A&P, and AIG. Bionano Genomics provides genome analysis software that enables genomics labs to analyze and interpret data across a range of platforms to generate informative data visualizations for streamlined and simple reporting of causal variants. (CA)

Worldly Holdings - Worldly has appointed Francois Thrower as its new CFO. Thrower brings over two decades of experience in strategic management consulting and financial leadership roles in various SaaS companies. He previously held the role of CFO and COO of Fond, a rewards/recognition platform for businesses company. Worldly Holdings operates as a technology company that delivers, implements, and supports the Higg Index for consumer goods industries. (CA)

Data.ai - Alfred Chak has been named data.ai’s new CFO. Alfred joins data.ai with over 20 years of both finance and operations leadership, having held roles such as CFO and COO of IMAX Entertainment Division and Head of Business Planning and Strategy at The Walt Disney Studios. Data.ai provides analytics and market data intelligence tools and services for application publishers and developers. (CA)

 

West Coast open roles

Near Intelligence (NasdaqGM: NIR) – Near Intelligence has placed its CFO, Rahul Agarwal, on administrative leave pending an internal investigation. In response, the Board appointed John Faieta as the interim CFO. He joined Near Intelligence as the Controller in April 2021, focusing on operations in North America. Prior to this, Faieta was the CFO of UberMedia until its acquisition by Near Intelligence, as well as Controller for eSolar. Near Intelligence operates as a cloud-based data intelligence platform internationally. (CA)

WM Technology (NasdaqGS: MAPS) - Ms. Mary Lay Hoitt has been appointed as the Interim CFO, previously the Principal Financial & Accounting Officer of WM Technology, following the resignation of Arden Lee from the CFO role. Lee's departure was not due to any disagreement with the company and was made to pursue another business opportunity. WM Technology operates a leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses. (CA)

SambaNova Systems - SambaNova Systems has appointed Geoffrey Ribar as the interim CFO. Ribar has extensive leadership experience in the computer software and semiconductor sectors. In addition to his new role at SambaNova, he continues as a director and board member for Macom and Everspin Technologies. His previous roles include serving as a director of Aquantia Corporation and CFO for several high-tech companies, such as Cadence Design Systems, Matrix Semiconductor, Inc., NVIDIA Corporation, SiRF Technology, Inc., and Telegent Systems. He was also the VP and corporate controller at Advanced Micro Devices (AMD). SambaNova Systems designs and develops SambaNova Suite for generative AI for enterprises and government organizations. (CA)

Mitek Systems (NASDAQCM:MITK) - Mitek Systems has appointed Fuad Ahmad, a partner at FLG Partners, LLC, as the company's Interim CFO and Principal Financial Officer. Ahmad brings extensive experience from his tenure at FLG Partners since 2013, serving as consulting CFO for multiple clients. His background includes interim CFO roles at several companies, including Vaxart Inc., IRIDEX Corporation, Chargebee Inc., Cutera, Inc., Telenav, Inc., Quantum Corporation, and Real Time Innovation, Inc. Additionally, Ahmad has advised various companies and served as CFO for Ensighten. Mitek Systems provides mobile image capture and digital identity verification solutions worldwide. (CA)

Embark Technology - Embark Technology announced the resignation of Richard Hawwa as CFO and the appointment of Morgan Dioli as the interim CFO. Dioli has been a partner at Ravix Group since 2016. He has over 20 years of experience working with startups and technology companies. Before Ravix Group, Dioli served as CFO for SocialChorus and co-founded Azzurri Finance. Embark Technology (Embark) develops technologically advanced autonomous driving software for the truck freight industry. (CA)

SlashNext - SlashNext has appointed Robert Malley as interim CFO. Robert has over 20 years of experience in senior financial roles in software and cybersecurity companies, ranging from VC-backed startups to Fortune 100 firms. Prior to Slashnext, he served as CFO for Palerra, an enterprise cloud security provider acquired by Oracle. SlashNext, Inc. develops cyber-security solutions to identify phishing, social engineering, and other cyber threats across enterprise communication channels and apps. (CA)

The RealReal (NasdaqGS: REAL) - The RealReal announced that Robert Julian will step down as CFO. Julian will continue as an executive advisor until January 31, 2024, if a new CFO is appointed before that date. He has also agreed to provide consulting services from February 1, 2024, to June 30, 2024, after his employment ends. The RealReal, Inc. operates an online marketplace for resale luxury goods. (CA)

Jumio Corporation – Jason Campbell has been appointed as Acting CFO, since 2023.  Jason is responsible for managing all financial aspects of the company. With more than 20 years of leadership experience in financial and operational strategy, he previously held C-level or senior management positions at LightEdge Solutions, Integrity Locums and Comcast. Jumio Corporation develops and delivers digital identity verification and scanning solutions. (CA)

 

Canada

 

Canada Appointments

  • LeddarTech (QC)
  • Tulip (ON)
  • Tribe Property Technologies (TSXV: TRBE) (BC)

Canada open roles

  • Voxtur Analytics (TSXV: VXTR) (ON)

 

Canada Appointments

LeddarTech - LeddarTech appointed Chris Stewart as the new CFO. Stewart, with over 20 years of financial management experience, will play a key role in LeddarTech's transition to a publicly traded company following its business combination with Prospector Capital Corp. He previously served as CFO of Bionano Genomics Inc., led Maxwell Ultracapacitors at Tesla Inc., and was VP of Finance and IT at Maxwell Technologies Inc., which was acquired by Tesla. Stewart also held leadership roles at Entropic Communications and was CFO of V-ENABLE Inc. LeddarTech develops and supplies advanced detection and ranging systems based on the sensing technology that performs time-of-flight measurement using pulses from infrared LEDs processed through algorithms. (QC)

Tulip - Matt Petrow has been hired as the new CFO of Tulip, bringing significant financial leadership experience with a focus on customer experience. He previously served as CFO of Coconut Software, where he played a key role in scaling operations and securing funding, including a notable $28 million Series B round, as well as a key role at TCU Place. Tulip develops and operates a cloud and software-as-a Service (SaaS)-based retail store management and order fulfilment mobile application and software platform. (ON)

Tribe Property Technologies (TSXV: TRBE) - Angelo Bartolini has been appointed as the new CFO of Tribe Property Technologies, succeeding Jim Defer. Bartolini, with over 12 years of public company experience, previously served as CFO of Altus Group and held senior financial roles at The Home Depot Canada and Canadian Tire Corporation. Tribe Property Technologies provides technology-enabled property management services. (BC)

 

Canada open roles

Voxtur Analytics (TSXV: VXTR) - Voxtur Analytics Corp. announced the appointment of Robin Dyson as the interim CFO following the resignation of Angela Little, who left to pursue another opportunity. Dyson has served as CAO of Voxtur for the past two years. Prior to this, she was the CFO of iLOOKABOUT Corp. before its merger with Voxtur Technologies in 2021, forming Voxtur Analytics Corp. Voxtur analytics offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. (ON)

Read 657 times Last modified on Thursday, 07 December 2023 14:51
Dora Vell

Managing Partner

Dora Vell is the CEO of Vell Executive Search, a boutique executive search firm in Boston that recruits technology executives and board members for companies ranging from promising tech startups to Fortune 100 companies. Throughout her 22-year career in executive search, she has successfully completed hundreds of assignments, placing board members, CEOs, COOs, CIOs, technology officers, vice presidents and many other C-level executives. Vell’s clients span both private and public companies and her work has included searches in markets large and small across the U.S. and Canada.

Prior to founding Vell Executive Search in 2005, she was a partner at the executive search consulting firm Heidrick & Struggles for seven years. She started in the Technology Practice in the Toronto office, became the firm’s Technology Practice leader for Canada, and then joined the firm’s Boston office.

Before her career in executive search, Vell worked for 11 years at IBM Canada in software-related roles of increasing responsibility. She started as a software engineer, managed a software engineering team of 100, and then led software sales for IBM Canada. She holds seven worldwide software patents. This deep industry understanding has helped Vell Executive Search become a recognized leader in finding senior executive and board talent for software and SaaS companies.

Vell is a recognized industry thought leader who has published several reports on governance and leadership topics. She has been frequently quoted as an expert on executive and board leadership by outlets such as The Wall Street Journal, Forbes, Business Week, Fortune, Agenda Week, MSNBC, Mass High Tech, The OPUS for the World Economic Forum, Boston Business Journal, The Globe & Mail, CIO Magazine, and IEEE. She has been a featured speaker on leadership at numerous conferences and at Columbia University's MBA program.

Vell has been a Fellow of the National Association of Corporate Directors (NACD) and the Boston CEO Roundtable. She has served on the boards of Framingham State University, Entrepreneur's Organization, Goodwill, Mary Centre for Developmentally Handicapped Adults, garage.ca, and RBC Capital Partners.

The trilingual daughter of a diplomat, Vell grew up in Canada, Greece, France, Switzerland and China. Her unique multicultural and international perspective, experiences as a woman in the male-dominated software field, and insights as a dual Canadian and U.S. citizen inform all her work for clients.

Vell received an MBA from the University of Toronto, a master’s in Computer Science from the University of Waterloo, and a bachelor’s in Computer Science from Carleton University.  She has also completed the MIT Entrepreneurial Master’s program.

Areas of Practice:

  • C-Level Technology Executives
  • CEOs, CROs, Heads of Sales, Heads of Marketing, Chief Product Officers
  • Technology Officers: CTOs, CIOs, Heads of Engineering, CISOs, Chief Data Officers
  • Board Directors
  • Diversity Executives and Board Directors
  • Canadian Executives and Board Directors

Publications:

https://www.vell.com

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