Challenge
Our client, one of the largest insurance companies in the U.S., was exploring ways of broadening its product offerings. In the previous five years, the company had experienced considerable change as it moved towards an organizational structure that allowed it to be more market responsive. Following the promotion of a general manager, our client needed to recruit a business line general manager who would bring in new talent and experience.
While a traditionally conservative company, which generally recruited from within its own ranks, the restructuring highlighted the need to bring in talent from outside to boost its skills if it was to remain competitive. In addition, diversity was a critical aspect of recruitment for this client and the company had a particular interest in qualified senior executives who were ethnic minorities and women.
Under the new business model, the senior-level executive would be responsible for a division’s multi million-dollar revenue and the integration of functional disciplines.
Action
As a result of our long-standing relationship with the client and the strong credibility we had built through previous assignments, the company turned to us to conduct the search.
The company was committed to identifying diversity candidates and was prepared to wait for a worthy, representative slate. Though conducted primarily in the U.S., the search involved members of our Financial Services Practice, as well as consultants with industry exposure in other regions, to help identify prospects. We approached insurance companies to identify possible candidates with experience in the property and casualty sector specifically and, more broadly, in the financial services area. Organizations in which people of Hispanic, African-American, Asian and Native American origin occupied senior positions were also targeted.
Result
After we presented six candidates to the client, the company gravitated towards an African-American Rhodes Scholar with broad international experience who had worked in Paris, London and the U.S. He brought to the role excellent problem-solving skills and was analytical, sophisticated and influential. During the search, the candidate had been very much in demand, weighing up offers from numerous companies, including major financial services and consumer brand organizations. His objective, however, was to work for an organization where he could make a difference, as well as broaden his own skill-set.
While there were some questions at the time about the candidate’s insurance experience and lack of business management experience, the company was willing to support him through this period of adjustment. Two years later, the executive continues to make great contributions to the organization. Since his appointment, Spencer Stuart has been asked to conduct other searches for the company.