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"Mannie Gill and Renovata Partners have done some great work for our portfolio companies (Skype, Viagogo) and they are a great partner in the European market. They have a thorough and intimate understanding of the technology universe. They are a pleasure to work with and we look forward to continuing to work with them in the future."
Danny Rimer,
General Partner,
Index Ventures
"Renovata Partners, with Mannie Gill and his team did a great job.
At Livebookings we were very impressed with their process and approach - and more importantly very pleased with the result.
As a VC-backed high growth company we strongly recommend Renovata Partners."
Niklas Eklund,
CEO Livebookings
"I would recommend Thomas to be one of the most thoughtful, diligent and effective senior executive recruitment professionals in the UK market, and would always want to consult him when approaching a new search. He is also a delight to work with."
Mark Simon,
former CEO of Tuxedo
"Thomas Jepsen is a top class head hunter who unusually in my experience takes the time to get the brief 100 percent right and really understands the business before starting the process. Has found some great people for a number of companies I have Chaired. He is my first go to for any new roles."
Bryan Taylor,
Chairman for multiple VC backed businesses
"We hired Mannie Gill & the team at Renovata Partners to recruit a heavy hitting VP EMEA to help us launch Aliph in EMEA. From the outset it was clear that Renovata Partners were head and shoulders above their competitors when it came to their understanding of our market, the challenges in making this type of hire, their knowledge of the international telecoms sector and reach to the best candidates. As a result we ended up hiring a great candidate in EMEA. In short they did a stellar job and I would not hesitate to recommend them for senior level hires."
Hosain Rahman, CEO Aliph, Backed by Sequoia Capital and Khosla Ventures
"We partnered with Renovata for a key European position. The team at Renovata was great to work with. They took ownership and had a sense of responsibility and responsiveness that was outstanding. They never wasted time or money. In every interaction with Renovata they came properly prepared and came with the facts and appropriate next steps. We are glad to have worked with Mannie & Peter and the team."
Mark Quinlivan,
Carrier IQ
"In order to start a successful company, you need good people. Mannie has demonstrated to me time and again his ability to understand the brief and culture of a person we were seeking to recruit and presented high quality candidates in a short period of time. He’s a top tier recruiter and an invaluable resource for any technology company. I highly recommend him and look forward to continue working with Mannie in the future."
Mark Edwards,
Mformation, CEO
"At MOO we’re passionate about our culture, as much as we are focussed on bringing great talent into the organisation: Mannie did a fantastic job of finding the right person for us on both fronts. He has exactly the right balance of emotional insight, persistence, and flair to ‘sell’ to candidates without sounding like a salesman, it’s almost unnatural. I’d definitely work with him again"
Richard Moross,
Chief Executive & Founder, MOO
"Mannie has an extensive network and has a way to bring the best candidates forward. He was very good at understanding the brief, needs of the company, identifying the right pool of candidates, closing and reference checks. I would highly recommend him."
Tamer Ozmen,
CEO, Touch Local
"I worked with Thomas to identify, attract and hire a critical hire for my company. During our search he displayed a great understanding of the software arena and talent in the European region. He helped our Board to identify a number of strong candidates and we have made a great hire."
Eric Guilloteau,
CEO and Founder of Corizon
"I have worked with Thomas on a number of senior appointments in a broad range of companies. He has a deep knowledge of the technology sector and he complements this knowledge with thorough research into the specific market of each engagement. This enables Renovata to deliver value way beyond a good hire."
Henry Sallitt,
FF&P Private Equity
"When we engaged with Mannie Gill and Renovata Partners to recruit a CEO for Commprove, we knew that it would be a demanding assignment. We wanted to have access to global candidates of the highest calibre. Renovata Partners conducted a very complex global search which left us impressed by their intimate understanding of our requirement, the quality of their research, reach and ultimately by finding and closing on the right candidate. I would not hesitate in using Renovata Partners again for senior level headhunting assignments"
Mauro Pretolani,
Partner
TLcom Capital
www.tlcom.co.uk
"At Appium we needed a world class SVP Sales who had operated successfully worldwide. Renovata Partners made this as easy as possible through a high quality, professional preparation and search programme which quickly fielded more than half a dozen good candidates with extremely relevant experience to our needs. The whole process was smooth and efficient, meeting Appium’s needs in a timely manner.
I would not hesitate to recommend Mannie Gill and the team at Renovata Partners for high impact, senior level searches."
Keith Miller,
CEO
Appium AB
Backed by Nordic Venture Partners, Innovations Kapital and innovacom
"In order to start a successful e-commerce venture, you need good people. Mannie helped us identify, evaluate, and close on the best candidates in the market. He’s a top notch recruiter and an invaluable resource for any technology company. We recommend him highly and look forward to working with him for years to come."
Eric H. Baker,
CEO
Viagogo
Backed by Index Ventures
"We were a new company with a new solution focussed on fixed/mobile convergence and we needed to establish ourselves in the European market quickly. Mannie Gill helped us to find the best VP Sales candidate in Jeremy Deaner. From the start he focussed his attention on Jeremy and coached us through the process to make sure we landed him. We highly recommend Mannie and his team for any senior level searches."
Menahem Tirosh,
CEO
OutsmartTelecom
Backed by Accel Partners, Gemini Israel Funds and Magnum Communications Fund
"Renovata Partners offer a refreshingly different approach to headhunting assignments.
Their ability to understand in detail the nuances, as well as the obvious, in candidate requirements marks them out from the crowd. The quality of preparation, analysis and feedback is exceptional.
This means an organisation spends far less time in the \'educational\' part of the recruitment process, and much more in face- to face time with a shortlist of very well qualified candidates, all of whom are extremely well briefed.
I would thoroughly recommend Renovata Partners to any organisation that places a high priority on hiring the right candidate, first time."
Geoffrey Finlay,
Chairman of Cache Logic, Udex and others
"Mannie has conducted a number of important searches for our portfolio companies. He has demonstrated an in depth understanding of the needs for high growth technology businesses, at different stages of their development, and has helped us land some great talent. I would not hesitate in recommending him for any critical senior level appointments."
Rina Shainski,
Partner,
Carmel Ventures
"SurfKitchen needed to transform its sales model and organisation and was looking to recruit a top notch SVP of WW Sales to lead this transformation. From day one, Mannie Gill had a strategic approach, spending quality time understanding our issues and needs, and guiding us through the potential candidate profiles. Throughout the process, he kept focused on our success and the right fit, not on the transaction, and helped us secure the best possible candidate.
I strongly recommend Mannie Gill and the Renovata team, who are of a rare breed and calibre in executive recruitment"
Michel Quazza,
CEO,
Surfkitchen
Backed by Accel, Scottish Equity Partners, Add Partners, Argo Global Capital
"At Digica we built one of the best and most effective teams I have had the pleasure of working with. They are achieving great results. Thomas identified a key member of this – our Sales & Marketing Director who is doing an outstanding job."
Tim Wightman,
Non-Executive Chairman,
Digica Group
"I have worked with Thomas on multiple occasions both as a candidate and client over the last 5 years. He has a great grasp of the key dynamics facing technology businesses coupled with an excellent understanding of what motivates potential candidates. He is available and responsive throughout the project and drives the process hard to get to a good result for all parties. These qualities mark him and Renovata Partners out from the rest of executive search players in the market.
I have no hesitation in recommending Thomas and his team when it comes to conducting critical, senior level searches."
Bryan Taylor,
Chairman – Nomad,
Non-Executive Chairman – Exor
Non-Executive Director - Axxia
"As a CEO operating in the global technology industry I have built a trusted relationship with Renovata Partners because of their open, pragmatic and professional approach."
Shaun Gray,
Former CEO of Dione (now sold to Lipman)
"I have worked with Thomas Jepsen on multiple occasions to recruit senior executives into SAS. Thomas always manages recruitment processes very professionally and with a high level of attention to detail. Moreover, he consistently shows a real understanding and interest in our business, coupled with an enthusiasm to work with us. He over-delivered for us and uses his extensive network to identify and qualify candidates in a thorough and objective manner. I would not hesitate in using Thomas or Renovata Partners again."
John Dalton,
Managing Director
SAS UK and Ireland
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Compensation Research for Chief Financial Officers of LSE Techmark & AIM listed Technology Companies
By Dr Christiana Vonofakou of Renovata Partners
February 20th 2009 –
Renovata Partners is pleased to present the second in our latest series of remuneration reports – CFO remuneration in 2008. This report includes updated and expanded remuneration data of Chief FinancialOfficers (CFOs) of technology companies traded on the London Stock Exchange (LSE) Techmark & AIM markets. The report follows our CFO Remuneration Report 2007, providing the latest remuneration data with an increased sample size and additional contextual variables that explore the relationship between company size and CFO remuneration, including profitability and market capitalisation. We hope our data and analyses will be useful to our clients (and network of CFOs) when considering suitable compensation for CFOs.
Our findings show that CFOs of Techmark companies earn more in terms of basic salary and total remuneration than CFOs of AIM listed companies (Mean Base Salary: Techmark £155,730 versus AIM £109,960; Mean Total Remuneration: Techmark £250,158 versus AIM £145,797). However, CFOs of Techmark companies should expect to receive less “percentage equity” than their counterparts on the AIM market (Mean Percentage Equity: Techmark 0.86% versus AIM 1.64%). Typically, equity granted to CFOs of Techmark companies lies below 1%, while the majority of CFOs of AIM listed companies are granted < 2% equity. These findings are in line with the results from last year’s remuneration report, and are not surprising. The result can partly be attributed to the difference in company revenues between the two markets. Techmark companies are usually larger and more mature than AIM listed companies – e.g. 73% of AIM listed companies reported revenues of < £40m, while only 40% of Techmark companies had revenues < £40m.
Prior to conducting our analysis we would have expected to find a link between scale of company, base salary, total remuneration and equity. From our analysis this is at best partially true: On the Techmark, there is no statistically significant correlation between company scale (both in terms of revenue and gross profit) and CFO remuneration / percentage equity. On the AIM market, there is a significant positive correlation between scale (in terms of revenue and gross profit) and remuneration (in terms of base salary and total remuneration), but beyond this result the AIM market mirrors the Techmark.
We further expected to find an inverse relationship between market capitalisation and percentage equity – the larger the market cap, the smaller the percentage equity granted to CFOs in Techmark and AIM listed companies. However, our findings were surprising – we did not observe a significant inverse relationship, neither in Techmark, nor in AIM listed companies. Still, there was a very weak inverse (albeit not statistically significant) relationship between market capitalisation and percentage equity in Techmark companies. In contrast, in AIM listed companies the relationship between market capitalisation and percentage equity was virtually flat. Please also note that 95% of companies on the AIM market had a market cap of < £100m, compared to only 42% of Techmark companies.
Another common assumption is that there is a trade off between cash and equity – the more salary, the less equity. We did not observe such a trade off in our 2007 CFO report (in fact, cash - that is, base salary - and equity were not statistically correlated). However, in this year’s report, we found a significant positive relationship between base salary and percentage equity in both Techmark and AIM listed – that is, the more cash, the more equity. Cash compensation is usually considered to be a function of previous work experience. Since cash is positively linked to equity, our finding suggests that companies are paying a premium for experience with the aim of reducing executional risk.
If you are interested in the full report with a comparative analysis of the compensation of CFOs in 2007 versus 2008, please do not hesitate to contact Christiana Vonofakou or Thomas Jepsen at: christiana@renovatapartners.com or thomas@renovatapartners.com. |
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