Short dive:
- Ryan Clement, SVP of financial planning and analysis for the SelectQuote life insurance company, is now its CFO after several months as interim finance leader, the company announced in a Wednesday filing with the Securities and Exchange Commission.
- The move took effect Feb. 10, according to the filing. Clement, 42, joined the Overland Park, Kan.-based company in January 2022 and was named on an interim basis in May following the departure of the company’s former chief financial officer, Raffaele Sadun.
- SelectQuote is one of several companies that recently tapped an in-house candidate to fill their finance leadership gap on an interim basis: it follows food supplier Cargill in permanently promoting its chosen interim role. Cargill alum Joanne Knight will become the company’s chief financial officer immediately after serving as interim CFO for about a month, the company said Monday.
Dive information:
Clement will receive an annual base salary of $375,000 for his role as chief finance officer, as well as an annual bonus opportunity equal to 50 percent of that base, according to Wednesday’s filing. He will also receive a one-time $200,000 cash bonus “upon the Company achieves certain strategic goals,” which will not be paid if the goals are not met.
Prior to joining SelectQuote, Clement was the CFO for logistics software company Sifted, formerly VeriShip, and also held finance executive roles at other companies, including Financial Engines, an independent investment advisor, and The Mutual Fund Store, according to his LinkedIn profile.
SelectQuote is one of several companies that have recently looked within themselves for financial leadership; as well as Cargill, shoe retailer Foot Locker recently announced that it has named Robert Higginbotham, its SVP of investor relations and financial planning and analysis, as interim CFO following the departure of its current finance chief effective in March 1st.
Interim leadership can offer several benefits to companies looking to navigate a challenging economic environment, and there’s always the possibility that that interim becomes a permanent fit. Bringing forward an internal candidate means the executive already has a deep understanding of the needs of the business.
It’s definitely easier for companies “to promote from within and they should be celebrated for having an in-house desk to do so, assuming that person is qualified,” Shawn Cole, president of boutique executive search firm Cowen Partners, said in a statement. email in response to questions.
“There is a shortage of skilled CFOs and I think we will see more internal promotions due to lack of talent and time,” Cole said. “It’s a great opportunity for younger executives to rise to the challenge and be the leaders of the next generation.”
Clement’s appointment follows strong second-quarter earnings for the life insurance company reported in early February, with Clements noting the company is in a “significantly stronger position than it was a year ago,” he has declared.
The company reported revenue of $319.2 million for the second quarter, compared with $194.2 million in the second quarter of the prior fiscal year, according to earnings results released Feb. 7. SelectQuote also updated its forecast for the full fiscal 2023 year, now expecting revenue of $910 million to $960 million versus the $890 million to $960 million the company forecast in its first quarter.
