Orlando-based Stax likely wants a tech whiz who can motivate, inspire and lead during times of change as its next CEO.
That’s according to Chad Leibundguth, Florida district director for Menlo Park, California-based Robert Half International Inc. The human resources consulting giant offers a range of staffing solutions, including executive search help.
Stax is in an executive search of its own. The company that began as a credit card payment processing startup and grew into a $1 billion fintech firm on recently announced CEO Suneera Madhani and President Sal Rehmetullah left the company.
Madhani and Rehmetullah, siblings who started Stax in 2014 and were the only top executives to lead the company until this year, were replaced by interim CEO John Kristel. He is an operating partner at Knoxville, Tennessee-based investment firm Greater Sum Ventures LLC, which in 2020 took a majority stake in Stax.
Greater Sum Ventures founder and CEO Ross Croley declined to comment on the search, but a Greater Sum Ventures spokesperson told Orlando Inno Stax is searching for a permanent CEO.
That’s a process familiar to Leibundguth, who shared a few points of emphasis for tech firms on the hunt for their next CEO, although he is not involved with Stax or its CEO search.
Experience
There are basic qualities any company wants in a CEO, Leibundguth told Orlando Inno. Those include business experience, collaboration skills and leadership abilities.
However, a fintech firm like Stax likely wants someone versed in the technology industry, the financial sector or both, Leibundguth said. Companies making a CEO change also often need candidates who can lead businesses through “uncharted waters” and are experienced in change management, the processes that transform the way a company operates, Leibundguth added.
The fact that Stax is replacing its top executives for the first time in the company’s history, along with its rapid growth from a startup to a larger company, make the ability to manage a transition important, he said.
“When you talk about the intangibles of a role like this, that’s where focus should fall. Someone who can motivate, inspire, navigate change management, set course, communicate effectively and perhaps build a company if that’s what’s needed.”
Culture
While career background and leadership qualities are important, Robert Half spends a lot of time considering company culture, too.
For the businesses Robert Half works with, that may mean a cultural fit — or a cultural shakeup, Leibundguth said. “Sometimes companies want to make a change because they want to change the culture. Sometimes it’s a great culture, and they want someone who falls in line with the culture.”
Leibundguth stressed that assessing a candidate’s cultural fit can’t be done with a resume glance or even a 30-minute interview. Company ownership or leadership must spend plenty of time with the candidate, he said.
Location
Will Stax’s next CEO be from Florida? Don’t rule it out, Leibundguth said.
The Sunshine State, particularly South Florida, has a growing fintech talent pool, namely because of companies relocating to the state, Leibundguth said.
Still, the tech talent market is tight, and a company should look everywhere for its next top executive, not just in its own backyard, Leibundguth added. “I think it would be a mistake to think, ‘We have to search outside of Florida.’ But you have to be open to all possibilities and broaden your search.”
Longtime leaders depart Stax
The next CEO of Stax is important for the region's technology community, as Stax is one of the fastest-growing companies in Orlando and nationwide. For example, the firm was No. 908 on the Inc. 5000 2022 list of the U.S. private companies with the fastest-growing revenue from 2018-2021. Stax grew its revenue 972% in those three years.
Plus, Stax has served as a success story for Central Florida’s entrepreneurial ecosystem. In its early days, the company used local resources like accelerator Starter Studio and the Rollins College Venture Plan Competition to access coaching, funding and exposure. Plus, some of its earliest investors were Orlando firms like DeepWork Capital LLC and venVelo.
At the time of their departure, Madhani and Rehmetullah did not share their future plans. Neither have responded to requests for comment.
Sign up here for The Beat, Orlando Inno’s free newsletter. And be sure to follow us on LinkedIn, Facebook and Twitter.
