Life Sciences Monitor 1.03 - Spencer Stuart

issue 1 2003
Life Sciences monitor
a review of global leadership issues
and industry trends
1
7
global trends in pharmaceutical
m&a: the impact on human capital
inside the organization
assisted living: an industry in
transition
Global trends in pharmaceutical M&A: The
impact on human capital inside the organization
Phil Le Goff, Spencer Stuart – Zurich
John Mitchell, Spencer Stuart – Atlanta
Pharmaceutical companies — both big and small — are walking a tightrope:
how to continue to develop life-saving treatments while generating the highestpossible
levels of shareholder return. With investors demanding double-digit
increases, coupled with the rising costs of R&D budgets, pharmaceutical companies
are seeking new ways to plug product gaps to achieve expected growth rates. As
a result, M&A activity among the pharmaceutical sector has remained relatively
strong during the economic downturn compared to other industries. Some
speculate it’s become a matter of survival for the major players.
The real changes are taking place inside these organizations as the emergence
of the “superpharma” company shifts the human capital landscape. For example,
the four major pharmaceutical players currently each employ 90,000 people, but
over the next four years, this number is predicted to jump to 200,000 1 . In addition
to the massive consolidation underway, leadership attrition skyrockets to 47 percent
within three years following a merger 2 .
Given these changes, the industry is taking a hard look at the positions and
leadership requirements needed to successfully steer the next generation of
pharmaceutical companies. We spoke with industry experts Neil Anthony, head
of global human resources for Novartis Pharma AG; Don Nelson, head of human
resources for Pfizer’s pharmaceutical business; Michael Pearson, a director in
McKinsey & Company’s healthcare practice; and Joe Riccardo, head of healthcare
investment research for Bear Stearns & Company, for their views on this topic.
1 Delany, Kevin; The Future of Pharma HR 2002
2 Bogan, Christopher and Keith Symmers; “Marriages Made in Heaven,” Pharmaceutical Executive January 2001

Life Sciences Monitor
“Given that organizations are growing so quickly, the question remains:
is this productive or counterproductive for our human capital strategy?”
2
motivating factors behind
today’s mega pharma mergers
Today’s pharmaceutical companies are facing a
number of challenges: increased competition from
generics companies, anticipated patent expirations
and a depressed economy. By merging with a midsize
player and creating a superpharma, the organization
has a better opportunity to develop the next
blockbuster product — which allows them to stay
in the big pharma category over the long term.
“All companies need growth for survival,” says
Pearson. “A decade ago, most pharma mergers
were initiated based on impending patent expirations
and anticipated earnings pressures. In order
to sustain positive earnings momentum, they
merged to benefit from opportunities to reduce
costs and help earnings. Today, it’s both about
size, especially on the commercial side, and cost
opportunities.”
“This ‘merger mania’ is driven by the need to
leverage R&D and the sense that sheer scale and
size of sales forces and marketing efforts will be
the determining factor, particularly in the U.S.,”
says Anthony.
“A pharmaceutical company’s survival hinges on
its ability to create new products,” says Riccardo.
“However, the timing and rationale of each merger
depends on the company. In some circumstances,
the CEO is being proactive and strategic. He or
she initiates a merger and/or acquisition if time
is running out on a particular patent or if there is
an opportunity. But in the majority of cases, the
pharmaceuticals need to strengthen their business
and find new synergies.”
“Everyone agrees, for the most part, that the principal
drivers of a merger are to strengthen the
current product portfolio and the R&D pipeline,”
explains Nelson. “However, given that organizations
are growing so quickly, the question remains:
is this productive or counterproductive for our
human capital strategy?”
the human capital challenges
inherent in a mega merger
While the pharmaceutical mega merger may
increase R&D budgets on paper, there are challenges
that all newly merged companies will
need to handle if they hope to reap the long-term
benefits of the deal.
Managing the overall complexity of the organization,
according to Nelson, is an issue. “These
mergers, inherently, create complex organizational
structures and work processes,” he says.
“It’s a result of the sheer size of the new organization.
For example, our research group has
more than doubled in size in less than five years.
So, how do you organize all of those people, get
role clarity and manage complex matrices?”
“For many years, the best R&D groups were from
the small- and mid-size players,” explains Riccardo.
“These organizations were not complex. Rather,
they purposely had small R&D units focused on
very specific objectives. Today’s superpharmas
have to act like the little guys. We’ve observed this
in GlaxoSmithKline’s approach, where they are
replicating what works at companies like Amgen
and Immunex.”

Anthony concurs. “A merger will only be successful
if the company is committed to growing and
enhancing its human capital in the new environment,”
he says. “An assessment of what exactly
you are taking on in terms of people and quality
is rarely a part of merger assessments.”
“You only have partial insight into what you are
getting before the merger closes,” explains Nelson.
“The due diligence completed prior to the announcement
is focused primarily on the financial
implications of the merger and not heavily on
the human capital implications. This is a mistake.
We need to do more during the due diligence
phase to understand the human capital side of
the equation.”
According to Nelson, you also have to understand
whether the company you are buying will deliver
short-term results, long-term results or both, and
make your decisions accordingly. The key is the
ability to make these decisions during the due
diligence phase. This is made difficult by the lack
of information generally available, particularly on
the human capital side, during due diligence.
This added layer of complexity makes producing
early returns — following the merger — even
more difficult to accomplish. “Immediately following
the merger, there is automatic pressure to
show investors and Wall Street that the deal was
a sound business decision,” explains Anthony.
“Focus tends to be, obviously, on cost savings as
a result. Attention is often taken away from the
brands and there is inevitably a period of time
when the organization gets ‘distracted.’ It takes
time to get brand-building back on top.”
managing the obstacles through
restructuring
One of the first steps that a newly merged pharmaceutical
company takes is to restructure the
organization to better manage the complexity
while still being productive. “I firmly believe
that whoever figures out how to organize around
R&D in a large organization,” says Nelson, “and
is able to thoroughly assess the talent they are
getting in the merger — that organization will
have the competitive advantage.”
“To work around the organizational issues, we
have to consider different organizational structures
and rethink the ways we do work,” adds Nelson.
“For instance, there may be cases where breaking
the larger organization into smaller, semi-
autonomous organizations makes sense in terms
of getting clarity of the work process and crispness
and timeliness of decision-making. In such a
regulated industry, however, this has to be balanced
against the need for standardization of many
processes across the corporation. Notice I said
standardization, not centralization.”
The challenge for the larger pharmaceutical
companies is that they have had great success
with a standard business model, according to
Pearson. “In most cases, this consists of centralized,
global functions,” he says. “While some are
experimenting with decentralization, only a few
have adopted this model. What we haven’t seen
are radically different business models within the
industry. Organization innovation is occurring on
the periphery — often with specialty pharmaceutical
companies.”
continued
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Life Sciences Monitor
4
“Traditional drug companies are not the most
efficient operations,” explains Riccardo. “They
have operated for a long time in monopoly situations
that have reaped very high profit margins.
Today, they are facing unprecedented competition,
which is forcing them to find another way
to operate efficiently.”
Similar to the oil industry, which needed to adjust
its business model in the 1970s, the pharmaceutical
industry will need to adjust its cost and
pricing structure accordingly as the price of pharmaceuticals
drop, adds Riccardo. In doing so,
leadership will need to adjust to the new environment,
purposely seeking out those executives
who can drive sales and marketing to propel the
business forward.
assessing your talent
With approximately 80 percent of employees
stating that senior management cares more
about the bottom line than the quality of the
product or the people, following the merger,
it is imperative that leadership does not overlook
its talent. 3 While restructuring the organization
in an effort to overcome the chaos is needed,
so is properly assessing the people in those
structures. “Understanding the cultural fit of
the talent that you are acquiring and how that
talent fits in with the restructured organization
is critical,” says Anthony.
“We’re definitely seeing a better assessment of
human capital following a merger, but there is
still much room for improvement,” says Nelson.
“We need to continue to find ways to assess the
3 Bogan, Christopher and Keith Symmers; “Marriages Made in Heaven,” Pharmaceutical Executive January 2001
talent prior to engaging in the merger/acquisition.
However, this is not always easy to accomplish.”
The primary source of information about the
talent comes from the current management
team — those executives who, understandably,
are trying to save the jobs of their team members.
To counteract this problem, Nelson recommends
that the acquiring organization minimize the
dependence on information received from
current management and maximize the use of
information about historical performance.
“Because,” as he points out, “once senior
management is committed to the acquisition,
they will likely remain committed, no matter
the situation or discoveries.”
searching for the ideal leadership traits
There are no hard and fast rules regarding the
executive leadership characteristics needed to
successfully manage a newly merged pharmaceutical
company. Those traits often depend on
the personality and the culture of the organization.
However, there are common themes and skillsets
that have been proven highly effective in this
ever-changing climate.
1. External experience in a complex environment
“Senior executives from the industrial sector may
be best equipped to run these new organizations,”
says Riccardo. “They have first-hand experience in
an ever-changing environment and they have seen
their stock prices fall apart. While it isn’t easy, the
pharmaceutical industry needs executives who
can adjust to new ways of thinking and are able
take a hard look at productivity.”

In addition to those executives with industrial
sector experience, executives from the consumer
goods and services industry — people who can
manage large, global brands and possess a strong
understanding of a sophisticated selling matrix
— also are highly attractive, according to Anthony.
“For many staff support functions, they do not
need to have any experience in life sciences,”
adds Nelson, “so the industry does not matter
as much. However, there is no way we could go
outside of the industry for some specific skillbased
jobs, such as a disease category specialist.”
2. Industry insiders with strong management
background
As Nelson explains, while outsiders can bring
attractive qualities, there are many times when
industry insiders are required. Pearson believes
that successful pharmaceutical executives need
to have a strong scientific understanding,
especially in the area of products. “The success
rate for outsiders coming in is quite low,” he
says. “However, with insiders, often the general
management experience comes quite late in their
careers. The pharma industry has the reputation
of attracting great talent, but often focuses this
talent in specialized areas without exposing
younger executives to situations where they can
develop more broad-based managerial skills. To
stay competitive, companies will need to speed
this up — familiarize younger talent to the
different functional areas earlier in their careers.”
“However, with insiders, often the general management
experience comes quite late in their careers.”
3. Personality matters
The competitiveness of the pharmaceutical
industry has only intensified as a result of the
mega mergers. At Novartis, as with most
organizations, the culture prescribes the type
of personality required to successfully navigate
the company.
“While we look for executives with multi-faceted
backgrounds, we’re also searching for top performers
who understand how to work through a
complicated matrix,” Anthony explains. “This
type of person often possesses a competitive edge
and a certain level of intensity. They also must
be focused on being innovative in a team environment
— a combination that is not always easy
to find. And finally, because of our pricing and
margin pressures, everyone must be 100 percent
focused on beating the competition. That was
not always the case in the past within the industry.”
looking to the future
There are no signs that the pharmaceutical consolidation
flurry is ending. Pearson predicts that
in the coming years, we will see fewer than six
major pharmaceutical players. Mid-sized companies
will be pushed out, with only the smallersized
companies remaining.
“The only constant in this industry is change itself,”
says Riccardo. “Today’s changes are being stimulated
by new forces — states, federal government,
competition — with generic companies winning
patent disputes 75 percent of the time. In order to
remain successful, companies are going to have
continued
5

Life Sciences Monitor
6
to learn how to live and be productive. This will
take some adjustment in terms of management,
culture and operations of today’s drug companies.”
Successful leaders of a mega pharmaceutical
company will be able to run a complex, decentralized
organization — that shares a common
purpose — through motivation. The most effective
leaders will accomplish this by building trust
amongst the different arms of the company
through constant and open communication;
about the authors
Phil Le Goff is the European Life Sciences Practice
Leader for Spencer Stuart. He has 25 years of corporate
experience in the healthcare sector and has held senior
positions in general management, sales and marketing,
and research and development within the pharmaceutical
and medical device arenas.
Prior to joining Spencer Stuart, Phil served as group
president of vascular and non-vascular businesses at
Boston Scientific Corporation in the U.S. Prior to
that, he was head of strategy and public affairs and a
member of the global executive committee at Novartis
Pharma in Basel, Switzerland. Phil previously had spent
13 years with Sanofi-Synthelabo, where he served in
several senior positions, including CEO of Sanofi North
America in New York and worldwide president of the
bio-industries division in Paris. He began his career
with Ciba-Geigy, where he held positions of increasing
responsibility in Switzerland, Brazil and the U.K. In
addition, he has served on the boards of several international
organizations, including the council of the
International Federation of Pharmaceuticals Manufacturers’
Associations (IFPMA) in Geneva and the policy
board of The Centre for Medicines Research (CMR)
in London.
setting the moral tone of the organization; and
identifying and empowering those in the organization
who also can drive the business. By honing
these skills, today’s superpharma executives will
be better equipped to walk the tightrope: to lead
their organizations as they search for new treatments
and products that generate the highestpossible
returns for shareholders.
John Mitchell is the North American Life Sciences
Practice Leader for Spencer Stuart. In addition, he
leads the global Pharmaceutical Specialty Practice,
coordinating with more than 100 colleagues in the
global Life Sciences Practice. He has 25 years of
experience in the industry and executive search,
focused exclusively in life sciences/healthcare.
John is a former partner with another leading international
executive search firm, where he served as the
managing partner of its life sciences practice. He
also served on that firm’s board of directors. Before
entering the search profession, John was a senior vice
president of Efficient Health Systems, one of the fastest
growing cost management/utilization review organizations
in the managed care industry. Earlier in his career,
he served as vice president and area manager of American
Hospital Supply Corporation, becoming the youngest
company officer elected in the history of this marketleading
company. His functional experience has included
general management, marketing and sales, strategic
planning and business development.

Assisted living: An industry in transition
Ronald Zera, Spencer Stuart – Dallas
Karine Gill, Spencer Stuart – Miami
In the late 1980s, as the parents of the baby boomers neared retirement, there was an accelerated
demand for assisted living facilities that could handle their daily living needs without having to enter
a nursing home. Assisted living was designed to provide long-term supportive care for chronically,
but not acutely ill elderly. The premise was to allow for the elderly to gain an ability to live a more
autonomous lifestyle, while enjoying the comfort and security of on-site services. Now, almost 20
years after its introduction and on the cusp of another demographic influx, the industry is in throes
of monumental change.
To further explore the implications of this evolving
industry, we spoke with Jeff Ferguson, recently
appointed president of management and operations
for Erickson Retirement Communities, formerly
with Marriott Senior Living Services Division;
John Hopkins, chief operating officer and president
of Benchmark Senior Living; Werner Neuteufel,
president and COO of Atria; and Mark
Pacala, a venture partner in Essex-Woodlands
Health Ventures, L.P.
changing demographics
By 2030, it is predicted that the number of Americans
who are age 65 or older will make up 20
percent of the populace. And in Europe, by 2050,
nearly half of its entire population could be over
the age of 60. There are a number of reasons for
this trend. Advances in nutrition and medical
science are increasing life expectancy, especially
throughout Europe and North America. The
nuclear family also is changing. With more
women entering the workforce, the primary caregivers
for elderly parents are less available. In addition,
the average U.S. family moves every five
years — taking them further away from relatives.
As a result, there is an increasing number of elderly
who are not sick enough for nursing homes,
yet are too old to live alone. Both the healthcare
and hospitality industries have become instrumental
in the growth of assisted living facilities. But
what can each industry learn from one another’s
best practices to enhance the sophistication of the
relatively new industry? And more importantly,
what type of executive will be needed to lead an
assisted living organization through increased
customer demand and government regulations?
hotel operators transition into healthcare
After 10 years of running Omni, Hopkins decided
it was time for a change. Having spent his entire
career exclusively in the hotel business, he was
persuaded to invest in an assisted living community.
Two years later, Hopkins now is the
chief operating officer and president of Benchmark
Senior Living, the fastest-growing provider
of senior housing in the Northeast.
Many executives from the hospitality industry
have transitioned into assisted living. Neuteufel
joined the industry for professional and personal
reasons. “It was, and is, an industry of rapid
growth and development,” he says, “allowing me
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Life Sciences Monitor
“Some of the hospitality expertise transfers well to assisted living, but a
lot of the core fundamentals of the day-in, day-out operations do not.”
8
the opportunity to apply my knowledge and
experience to let me start a ‘new’ career in a
field where I could truly make a difference —
running a company and having the chance to
enhance the lives of older people.”
Pacala also wanted a change. “As a consultant
for Booz Allen’s healthcare strategy practice, I
was appalled at the quality of service execution
within healthcare,” he recalls. “I joined Marriott
to see how the best service companies in the
world maintain a relentless focus on the customer.
In other words, I wanted to learn how to recruit
and motivate the hourly service worker all the
while intending to incorporate these learnings
into healthcare.” Pacala now works with existing
assisted living companies to figure out how to
either improve their operational execution or
come up with a transactional strategy.
healthcare versus hospitality
Given that many hospitality executives are
moving into the assisted living industry, is it
safe to assume that the hotel industry is taking
the lead in transforming this industry? If so,
what is the role of the healthcare professional?
“While there are clearly technical differences
between hospitality and assisted living, I was
surprised at the extent at which similarities did
occur,” Hopkins says. “One does not necessarily
need to be a healthcare professional to succeed.
However, one must certainly surround themselves
with direct care experts. Hospitality is a real
estate-based service industry, as is this one. It
is very capital intensive and very labor intensive.
They are both operating businesses, with similar
functional disciplines: accounting, sales, marketing,
human resources, food and beverage. But
while the hospitality industry has been around
for a long time, this industry is very immature.”
“Some of the hospitality expertise transfers well
to assisted living,” counters Pacala, “but a lot of
the core fundamentals of the day-in, day-out
operations do not.”
“As to which industry has the advantage, it’s
really a toss up,” explains Ferguson. “I don’t
think that if you are a natural in the hospitality
industry that it’s an easy transition into assisted
care. Food service and housekeeping skills do,
but there are core fundamentals that do not.
However, if you have a healthcare background,
it’s a big jump as well. So while it draws aspects
from each, assisted living requires an unusual
skill-set with a high degree of flexibility.”
what the industries learn from one another
But to succeed in the relatively new industry,
best-in-class executives acknowledge that assisted
living operators would do well to adopt the best
practices from both industries rather than focus
on only one set of experiences. Hospitality executives
bring operational and business experience
while healthcare professionals understand the
medical and regulatory issues.
“Creating conventional operating performance
metrics at all levels is something that hospitality
experts offer assisted living,” explains Pacala.
“This sounds pretty simple, but metrics were not

commonplace in the retirement industry until
the mid-1990s. When we provided our managers
with performance expectations around productivity
measurements we were able to compare property
to property against those measures. You wouldn’t
believe how quickly performance improved.”
In addition to performance metrics, hospitality
executives also provide operational and real
estate experience. “The genesis of the assisted
living industry was formulated on the altruistic
basis of providing care to seniors,” says Hopkins.
“While this is a necessary ingredient, once
institutional investors entered the sector, the
demand for performance metrics and executive
talent became far greater. Many young companies
have been forced by investor sophistication to
look outside to find leaders who understand
metrics, real estate and service and who can lead
an industry whose success is based upon a wide
spectrum of skill levels of employees.”
“Marriott’s initial strategies in the mid- to late-
1980s were fundamentally sound,” says Pacala.
“There were cross-over aspects from hotels:
property location placement, reception, hospitality,
food service, maintenance, what goes on behind
the scene. However, you still have to understand
the healthcare components: regulation, the
service execution, the kind of psychology of the
professional caregivers, the nursing assistant.”
“Healthcare providers understand the regulatory
aspects of the business,” explains Neuteufel.
“When I entered the assisted living industry
from hospitality, I found myself with a big
learning curve. Also, executives with healthcare
experience have built the necessary networks
that enable them to more actively identify the
track of the medical profession and innovations
and how they will influence the assisted living
industry.”
the ideal executive
Is there such thing as an ideal executive for an
industry undergoing vast changes?
“Minimally, assisted living executives should have
a bachelor’s degree in business, or even better,
an M.B.A.; 10 years of experience in a servicerelated
industry; and somebody with a passion
for good customer service,” says Neuteufel. “It
does not matter where they come from, but they
have to be customer oriented with a love for our
seniors.”
“At Marriott, our executive team was a mixture
of people with both healthcare and hospitality
backgrounds,” says Ferguson. “I was very proud
of the caliber of our executive team. Our industry,
however, needs more people who have experience
in healthcare. Take the CFO. Our broad portfolio
mix required that we have someone who understood
the reimbursement environment since we
did some business with Medicare and Medicaid.
Our prior CFO had no background in healthcare.
It made the job extremely difficult for him and
problematic for the business unit.”
For Pacala, his executive team captures the best
of both worlds. “We recruited people from the
service healthcare industry and from outside,”
he explains. “You need to have some proficiency
and experience that is deep-seeded in healthcare
continued
9

Life Sciences Monitor
10
and you need executives from a range of
industries to broaden the perspective and
hopefully infuse non-healthcare business
elements into the industry.”
challenges facing assisted living
The biggest obstacle today faced by assisted
living operators is regulation — both on a state
and national level. “I fear our industry will
become over-regulated, which is exactly what
happened to skilled nursing,” explains Hopkins.
“While we are a for-profit company, we also
recognize that we have to do what is right for the
residents. And if the industry does what is right,
it shouldn’t be in opposition to making a profit
and should mitigate the need for excessive
government oversight.”
“The greater the intrusion of government into
the business, the more difficult it will be for
providers to be creative in the ways they satisfy
customer needs,” says Ferguson. “I have seen
how regulation doesn’t really sync in with what
the customer wants. I know that the government
is going to be intrusive, but I would like to
minimize their encroachment. They will not only
destroy the economics, but it will change the
whole flavor of the environment for the
customer; it will make it more institutional.”
looking towards the future
Despite fears of government regulation and
insurance costs, assisted living business leaders
believe in the industry’s growth potential. “It is
just a matter of time,” says Neuteufel. “The
emergence of assisted living that took place
15 years ago was, unfortunately, 20 to 25 years
early — given the changing demographics. It’s
soon going to be a huge industry.”
And according to Pacala, the industry needs to
prepare for tomorrow by doing three things today:
rigorously operate around a tightly defined
customer focus, instill a sense of excitement
within the team, and hold firm to simple,
conventional operating performance metrics.

about the authors
Ronald Zera has been involved in executive search
for more than 20 years, specializing in the Life Sciences
Practice of the firm since 1993. At Spencer Stuart, he
has worked with search committees in academic
departments, integrated healthcare delivery systems,
HMOs, emerging biotechnology companies, managed
care groups, drug discovery endeavors and medical
device manufacturers.
Ron has developed the candidate specification and
conducted the recruiting for senior managers, physicians
and scientists in well-established public companies as
well as in startup firms. The engagements have called
for experience in understanding the position of the firm
and its need for continuity or its need for transition to
new functions. He has responded to companies
requesting “visionaries,” “world-class authorities,”
“technocrats” and “seasoned executives.”
Prior to entering executive search, Ron was associate
dean at Iowa State University before beginning his work
in professional placement for Frito-Lay (PepsiCo) and
Nucor Corporation. He serves on the President’s
Research Council at the University of Texas Southwestern
Health Sciences Center, the board of Hope Cottage and
the board of the Center for Research Management.
Karine Gill, based in Miami, leads Spencer Stuart’s
Hospitality & Leisure Specialty Practice and takes
an active role in search assignments in the hotel,
restaurant, cruise line, gaming and timeshare
industries on a global basis. Clients include Fortune
500 companies as well as high-potential emerging
startups and turnaround companies. As a member
of the firm’s broader Consumer Goods & Services
Practice, Karine has immediate access to talent and
resources in that area.
Prior to joining Spencer Stuart, Karine was managing
director for a boutique executive search firm that
specialized in the hospitality, leisure and gaming
industries throughout the Americas. Prior to this role,
she was vice president of sales for the Exclusive Division
of Forte Hotels in New York, and formerly held senior
positions with the ITT Sheraton Corporation, most
notably in the U.S., Europe, Latin America and the
Caribbean.
A native of Antwerp, Belgium, Karine graduated from
the University of Louvain (Belgium) with a master’s
degree in applied economics. She is fluent in English,
French, Dutch and Spanish, and has a working
knowledge of German and Italian.
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Life Sciences Monitor
spencer stuart’s life sciences practice
The executive search firm of choice for top-level
life sciences assignments, Spencer Stuart is the
only firm with a fully integrated Life Sciences
Practice, placing executives in a wide array of
functions in every sector of the industry. Our
global practice comprises a network of more
than 45 consultants — each of whom has seniorlevel
management experience in the life sciences.
In addition to our executive search work, we
have placed directors on the boards of many
leading life sciences companies and regularly
act as consultants for our clients on a number
of ongoing human capital-related issues.
about spencer stuart
Spencer Stuart is the foremost privately held,
global executive search firm, spanning over 50
offices in 25 countries worldwide. Since 1956,
we have been providing select clients with a
range of human capital solutions, including
senior-level executive search, board director
appointments, strategic leadership services and
middle-management recruiting. We conduct
nearly 4,000 assignments each year, partnering
effectively with clients ranging from the Fortune
500, to mid-cap, to emerging growth companies
across a broad range of industries and sectors.
12
for more information
To request additional copies of the Life Sciences Monitor
or copies of our recent intellectual capital, please contact
Kelley Allen at 312.822.0088 or kallen@spencerstuart.com.
The Life Sciences Monitor is a publication of
Spencer Stuart’s Life Sciences Practice.
© Spencer Stuart, 2003
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