The Resurgence of the Professional CEO

Mark Lonergan, July 19th, 2023

The last 12 months in technology markets has been tumultuous for both public and private companies:

  • The bellwether Nasdaq has dropped almost 35% in one year for technology stocks
  • Venture markets have reset, with dramatic downward movement in company valuations
  • The M&A market for Technology companies has shrunk dramatically
  • Historically low number of Silicon Valley IPOs

Translation: These companies will need to stick around for a long time, with no easy exits in sight. Persistence and operational excellence are the catchwords we hear most often, with investors anxious to sustain the companies in their portfolios.

The result of all these factors is the largest spike in the number of CEO search projects in a decade. Lonergan Partners alone will do 3X the number of CEO projects in 2023 that we averaged in 2020 – 2023. We are being highly selective in this process, choosing to work with companies and investors that are committed to long-term success. For the right clients, we’re finding a wealth of highly-trained and highly experienced General Managers eager to get to work.