The last few weeks have been very tough the loss of my brother Don Ruiz. Over the past week my brother Chris, and my two sisters have thought hard about the direction of Gene One. We have prepared a summary of the qualification of the four candidates below is our analysis of the candidates qualification and justification for why we think they should be the choice of the board as the new CEO. Also we have talked about how this change should be managed along with the ongoing changes associated with initial public offering.
Greg Thoman is currently the CHRO at Gene One and has been with the company for six years. Prior to joining Gene One he worked for eight ...view middle of the document...
While Don Ruiz was clearly the leader during his time there, it was not clear who was second in command. Since the passing of Don it is extremely important that a new leader be identified and the rest of the executive team structured to ensure that the employees know there is some structure and potential investors will have peace of mind. I would bring in an outside person to take on the CEO role as there are no obvious choices among the current board. I would recommend a Participative style when forming the new executive team and selecting a replacement CEO. Since none of the current executives seem to have a well-rounded expertise it would be best to use the expertise of each person and have a clear leader who can take the suggestions and make a decision which is then executed.
Michelle is currently the Chief Financial Officer at Gene One and is one of the "start up five" of this company.Â She was with the company from the beginning, put everything she had financially into this company, and has been an integral part of the success ofÂ Gene One.Â Although she has never been the CFO for any other coorporation before she has performed her job flawlessly and takes a cautious approach to changes that could effect the finances of the company to ensure that all rules and regulations are followed.Â It seems that becauseÂ she has such a personal attachmemt to the company she puts extra care and commitment into her job which has allowed her to excel at it.Â She seems slightly weary of making the company public only because of the timing and there are items in the media that could hurt the company now because it is in a related industry.
The only problem with Michelle is that due to her lack of experience, she is a hinderance to the company meeting the standards under the Sarbanes Oxley Act.Â Under thisÂ act,Â an IPO board of directors needs at least one executive with experience as CPA or CFO and since she is the CFO it would be great if that was her.Â Ideally it would be great to keep her because of her skills and her commitment to the company but she does not help the company meet the SOA standards.
I agree with the top down leadership approach with the CEO as the head;however I do think it is important for their to be two separate departments-one that handles the lab side and one that handles the business side.Â These two departments would have managers that would serve as liasons to rely the message of each department to the CEO.Â It will be crucial to the continued success of the company for the science and business sides to feel like their voicesÂ are being heard.Â The ideal candidate to replace Don as CEO would be Michelle, the new CFO should be recruited from the outside keeping the SOA in mind, GregÂ is doing well as Chief HR Officer but he needs some people to delegate to and I believe Teri needs to step down from her CTO position and someone else should be hired that...