FOR IMMEDIATE RELEASE
Contact: Anita Buchanan
2010 EXECUTIVE HOT JOBS: STEP BY STEP, THE
TARP, New Regulations and First Mover Advantage Are Creating
Uptick for Executive Job Market, According to CTPartners’ Annual
NEW YORK, NEW YORK – December 9, 2009 – CTPartners, the performance-driven
executive search firm, today released its 15th annual list of hot executive jobs. The 2010
report is mixed, reflecting a staggered economic recovery. Executive hiring in healthcare,
renewable energy and social media continues to be competitive. Executive job
opportunities will emerge gradually in financial services and other industries that
continue to be impacted by financial headwinds.
Economic bright spots developed during the third quarter of 2009. The Dow hit the magic
10,000 mark. The number of Americans filing first-time claims for unemployment
benefits dropped in mid-October to the lowest level in nine months. The National
Association for Business Economists reported that U.S. companies are planning to hire
and invest more in the near future.
According to CTPartners‟ CEO Brian Sullivan, “Even amid the downturn and layoffs,
competition for key talent was strong in renewable energy and healthcare industries.
We‟ve seen an uptick in searches in these and other industries. Strategic risk takers and
entrepreneurs are moving ahead to exploit gaps left by troubled companies.”
Sullivan further noted, “Companies were forced to cut to the bone in 2009. Now the
word on the street is „next quarter.‟ Next quarter means some companies will be late to the dance. Competition for talent who can really invigorate a company is intensifying.
Already, private equity‟s appetite for risk and investment has increased and the leading
PE firms are hiring executives in teams. We see this and hiring in the CFO suite as big
trends for 2010.”
CTPartners has identified 40 jobs that will be in demand during 2010.
FINANCIAL SERVICES: A SLOW BUT SURE RECOVERY
There‟s a collective sigh being heard. Bonuses are back at some leading financial
services companies as profits increased during 2009. Companies that received TARP funds are returning monies to the federal government.
These trends are part of a significant shift happening on Wall Street. Bedrock institutions are looking for executives with significant regulatory, risk management and compliance experience, and also for those global managers and traders who can raise capital and create opportunities in markets that have been redefined during this recession.
Pension funds, hit hard by the recession, are rethinking fund management. Since the downturn, the fund values have dropped significantly. Investors are now hiring separate account managers whose sole responsibility would be to manage a single fund, rather than a group of funds with similar investment objectives.
Payments is a hiring bright spot in retail and commercial banking because of the major growth engine re-shaping enterprise-wide product and technology strategies. Pressure on traditional deposit and card products (Novantas predicts new regulations could wipe out 20 percent to 40 percent of total checking account revenue) has money centers flocking to payments as a major revenue generator. Activity and innovation are on fire, from person-to-person payments and mobile banking to PayPal's recent partnership with S1, FIS, and First Data. Only a handful of payment executives in North America have the required skills of product development, project management and technology mixed with business acumen.
Continued financial and regulatory pressures have some key talent on Wall Street looking for opportunities elsewhere. Top traders are fielding offers for their expertise and street experience from foreign banks, hedge funds and private equity.
Companies within financial services are re-emerging cautiously, but also looking for the next market-making trends and those who can execute to seize opportunities ahead of others. Financial services companies will see hiring across these positions:
1) Business Development/Capital Raising executives
2) CFO with restructuring and operations experience
3) Pension Fund Manager, single asset
4) CFO or Head of Treasury
5) Compliance executives
6) Payments executives
7) Lobbyists, Government Affairs executives
ENERGY TECHNOLOGY: GREEN STILL GROWS
In 2009 as credit became harder to come by, renewable energy projects were put on hold. Companies revised growth projections, resulting in layoffs that trickled down from large to smaller companies. Even so, the industry saw the rise of significant players taking
steps to seize market opportunities. Across all industry sectors – hardware, software,
industrial, consulting – companies have taken what they learned from their clean tech initiatives and applied it to creating new commercial opportunities and new market
In the U.S., the competition for DOE billions is strong. And as DOE grants and loans are
awarded, projects will move quickly from “on hold” into construction and then activation.
Companies will hire quickly, but not at 2008 rates. In addition, aggressive project
integrators are looking to establish relationships with investors that want steady, long-
term returns, but are new to renewable energy. This will result in a drive for talent with
strong private banking and financial backgrounds.
VCs and angels will continue to invest in SmartGrid technologies, biofuels, and next
generation/improved efficiency solar technologies.
In addition, companies will continue to look for cost savings through renewable energy.
Job titles for 2010:
8) VP, Government Relations
9) Financial Director with private banking or VC experience
10) Global Development Director with significant experience in China
11) CTO or VP of R&D
12) VP, Engineering
13) VP, Operations and Commercialization
14) VP, U.S. Sales and Marketing – non-U.S. companies
BIO: A PRESCRIPTION FOR PHARMA‟S PATENT AILS
With patents set to expire within the next five years on blockbuster drug brands, big
pharma is moving quickly toward the “patent cliff.”
This trend has resulted in increased R&D spending and licensing deals, but with a
resulting increase in sales and new drug offerings still weak among some of the top
pharmas. Since 2007, research spending in the United States has declined four percent.
Biotech and pharma bucked that trend. A recently published report cited that 13 of the 25
major U.S. corporations that aggressively increased R&D spending were in biotech and
In addition, mega-merger deals in big pharma failed to deliver the desired long-term
benefits. This means that biotech and biopharmaceutical companies will continue to be
fertile ground for future deals with big pharma.
Job titles for 2010:
15) Director of Licensing
16) Execution CEO, biotech
17) In-House Counsel, regulatory
18) Board Member with M&A experience in bio
HEALTHCARE: PROGNOSIS GROWTH
Healthcare is one of the few sectors that performed reasonably during 2009. Also, the healthcare debate in Washington and changes in the FDA approval process will change the way healthcare, pharma and medical device companies will do business. Industry players have stepped up lobbying efforts; this could well extend into 2010.
Increasing regulations on drug and medical devices will slow the approval process. Healthcare companies will seek executives who can work across departments and companies to meet new regulatory requirements and tighter FDA approval grants.
In addition, the call for electronic health records requirements will drive executive jobs as companies move to get ahead of further mandates on e-records.
Jobs titles in demand:
19) VP, Regulatory
20) VP, Quality
21) VP, Clinical
22) VP, Informatics
COMMERCIAL REAL ESTATE: TIME TO RESTRUCTURE
The writing on the (dry)wall is not overly positive for 2010. With asset devaluation, longer shelf lives, and tight credit, the market is bracing for looming losses and defaults in the commercial real estate sector. Capmark Financial Group‟s bankruptcy filing may
be the first of more to come.
Loan delinquencies and property foreclosures increased; many mortgage-backed securities were issued during the boom and are being tested during the recession. Failure of high-profile investments could further rattle the market for apartments, offices, hotels and other commercial property.
This is not lost on federal banking regulators, who have taken up new guidelines to encourage lenders to rework troubled commercial real-estate loans, a sector of the economy that could jeopardize financial institutions.
The highly regarded McGraw-Hill construction forecast predicts that new development will continue to be impacted by high unemployment and tight credit markets. However, the forecast also cited that starts are expected to climb 11 percent to $466.2 billion.
Investors with cash or strong financials are looking for commercial real estate deals, which abound globally.
Job titles in demand:
23) Portfolio and Asset Managers
24) VP, Large Project Development
25) International Project Directors in engineering construction
26) CEO and Business Development/Marketing/Capital Raising executives
27) COO and CFO with restructuring or capital raising experience
PRIVATE EQUITY: RE-ENERGIZED
2008 brought the lowest number of IPOs in a decade. IPOs are now back on, but at a slow pace. Private equity is looking at opportunities being created by DOE billions and even making political plays into renewable energy.
Private equity continues to grow in India and other countries, creating opportunities regionally and also for executives that can manage across time zones and continents.
The downturn in IPOs in 2008 and poor investment results are having another effect. Some PE firms are moving out executives from their own firms, in addition to replacing some at portfolio companies.
Even if economic problems persist, PE funds will use parts of their big cash reserves for the right opportunities. Funds will also invest to fix portfolio companies by bringing in executives fit for CEO and CFO positions when funds become aggressive again in segments like alternative energy, healthcare, social media and retirement services.
The days of quick financial return through financial engineering are over, but when credit becomes available again, a private equity boom is possible because valuations will remain low.
Venture capital investment in 2010 will continue to hunt down great technologies, especially if they help solve the puzzle of monetizing the Internet, which is now used by 72.5 percent of the U.S. population. We‟re also likely to see more PIPE deals to
recapitalize undervalued public companies, much like Warren Buffett„s investments in
Goldman and GE.
Job titles in private equity:
28) Managing Partner
39) Renewable energy portfolio specialists
30) CEO, alternative energy startup
31) Partner, specific sector and emerging market experience
SOCIAL MEDIA: BEYOND CUTE
MySpace is so 2008. And Facebook found 2009 profitability.
The social media environment is changing rapidly. New platforms and apps are being introduced at a dizzying pace.
With Facebook boasting 350 million users, companies, nonprofits and governments are making serious and sustained campaigns on it and other platforms. This is driving an increased need for creatives able to design and execute successful social media marketing plans.
Some experts are asking whether social media could be the next technology bubble because of the significant increase in startups looking to be the next Twitter or Facebook.
Job titles in social media:
32) VP, Community
33) VP, Social and Digital Media Marketing
34) CMO or VP, Marketing with global interactive strategy development background
CORPORATE BOARDS: RISK, RISK, RISK
In real estate, it‟s location, location, location. In board management, it‟s risk, risk, risk.
Corporate boards will continue to pay strong attention to risk management and board independence. In addition, pressures on executive pay coming from shareholders and Washington will continue to make executive compensation a hot issue for the board.
Companies are already seeking board candidates with strong credit and risk exposure experience. Those that have served on risk management committees at financial institutions are highly sought after.
Annually mandated board effectiveness audits are also driving opportunities, with boards looking to third party consultants to manage and execute the audits and advise next steps based upon findings.
Many companies are forming advisory boards, which make it easier to attract the executives that companies want to engage with, but who would not otherwise be
interested in joining a public board. Advisory boards can help companies penetrate new markets and can help mentor young executives. They can also increase the capability of a company to prevent mistakes from happening.
Board titles in demand:
36) Risk Committee Member
37) Governing Audit Expert
38) Compensation Committee Member
39) Independent Board Member
40) Advisory Board Member.
CTPartners is the performance-driven executive search firm serving clients across the globe. Committed to a philosophy of true partnership with clients, the firm offers a proven record in C-Suite, top executive, and board searches, as well as expertise serving private equity and venture capital firms.
With origins dating back to 1980, CTPartners serves clients with a global organization of more than 300 professionals, offering unparalleled expertise in board consulting services, financial services, life sciences, manufacturing, professional services, retail, and technology, media and telecom.
CTPartners‟ focus is simple: Place the right executive in the chair. Proof positive of
CTPartners‟ ability to get the job done is its 78% placement rate in 2008. With searches typically taking about 132 days to complete, 86% of placements were completed on average in 100 days. Furthermore, independent post-placement research reveals an industry-high stick rate of 90% for 2009. These statistics are believed to be the best in the executive search industry.
Methodologies used include state-of-the-art technology, such as ClientNet?, a password-protected extranet service that renders a search transparent and facilitates client communications. Other tools include Candidate Central?, which shortens the recruitment cycle by efficiently engaging candidates; and the 40-day Audit? processes.
Headquartered in New York, CTPartners has offices in Bogotá, Boston, Caracas, Cleveland, Columbia, Geneva, Hong Kong, Lima, London, Mexico City, Miami, Paris, Redwood Shores, Santiago, São Paulo, Shanghai, Singapore, and Washington, D.C.