CFO Dive

      CFO Dive Asks About RS Group CFO Resignation

      David Egan, 55, the CFO of RS Group — a provider of product and service solutions for designers and builders of industrial equipment and operations — resigned after notifying the board of directors of “a personal relationship with a colleague,” according to a company announcement Wednesday.

      “Right now, there needs to be a full assessment of the team, as they have just unexpectedly lost their leader,” he said. “They really owe it to themselves and their shareholders to assess internally and externally what is best for the company.” 

      While the statement did not disclose the colleague that Egan is involved with, Cole also said the full impact will partly depend on the role that person played at the company.

      “We don’t know who this colleague is, if it’s the VP of Finance, well that’s double the trouble,” said Cole.

      The company now faces a host of questions related to governance, according to Cole. In situations like these, it depends on the severity, but generally, “you have to assess the leadership in general and the choices this person has made maybe in the last six months to a year,” said Cole. “You also might want to bring in an outside interim to help stabilize the team and assess if there’s any long term damage or anything that needs to be addressed there. Or if this is just strictly a personnel issue,” he said. 

      “They really owe it to themselves and their shareholders to assess internally and externally what is best for the company,” he said. 

      Read more HERE

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      Cowen Partners is the nation’s executive search firm, enabling companies to harness the power of human capital to fuel their success. Cowen Partners gives our clients access to the top 1% of human capital to create opportunities that accelerate their growth and market share. With Cowen Partners, clients can grow at scale, create value, and drive results with world class talent. Our clients are both small and large, publicly traded, pre-IPO, private, and non-profit organizations.

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      About Shawn Cole, President & Cofounder

      Shawn Cole is a serial entrepreneur and executive leader with over 15 years’ experience founding and running successful companies. Shawn’s business career has been centered on value creation for both turnarounds and startups.

      Shawn is President and Co-Founder of Cowen Partners, a national CFO executive search firm focused on the key elements of a successful business: sales, marketing, and finance. Business clients across the country trust Cowen Partners to take their companies to the next level by finding them executive talent, such as a CEO, CFO, COO, Chief Revenue Officer, and Chief Marketing Officer. Clients are both small and large, publicly traded, pre-IPO, private, and non-profit organizations, typically $50 million to multi-billion dollar revenue Fortune 1000 companies or have assets between $1 billion and $15 billion.

      An active participant in the business community and startup space, Shawn Co-Chairs The Cowen Partners Venture Fund which provides seed funding and early stage investments, focusing on market disruptors in niche markets, community businesses, and minority entrepreneurs.

      Shawn attended Oregon State University’s College of Business Austin Entrepreneurship Program and participated in a first-of-its-kind experiential entrepreneurship experiment at Weatherford Hall. He was also a Founding Member and President of Oregon State University’s Students in Free Enterprise, an international non-profit organization working with university students who want to positively change their communities and learn practical knowledge to become socially responsible business leaders.

      At the age of 16 Shawn became a volunteer firefighter and EMT, eventually founding and managing a half marathon to raise funds for the community. To date, the marathon is still a success and has raised over one million dollars benefiting the community.

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