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