Balancing the Books: Medical Device CFO Executive Search Case Study 

>The Background 

A Prescription for Financial Leadership 

Our client is a German medical and pharmaceutical device company, founded in 1839 and headquartered in Melsungen, Germany. With over 63,000 employees and operations in more than 60 countries, the company offers a wide range of products and services across infusion therapy, surgery, dialysis, and critical care. In the Asia Pacific region, they operate 10 production sites and 16 offices, supported by over 16,000 employees across all major markets. Their India operation, established in 1994, is headquartered in Mumbai with a modern, ISO-certified manufacturing facility in Bhiwadi, Rajasthan. The company supports both local and export markets and is known for its focus on product localization, medical education through their academy, and sustainable healthcare solutions. 

>The Challenge 

Diagnosing the Leadership Need 

Our firm was retained to conduct an executive search for a Chief Financial Officer (CFO) in India, prompted by the internal promotion and international relocation of the incumbent. The mandate came with several complexities. The board and global leadership expressed a preference for candidates with European or international backgrounds, reflecting both legacy considerations and alignment with global corporate governance expectations. The role required on-site presence in India, and the compensation framework was firmly defined, adding a layer of selectivity to the search. In parallel, there was a strong organizational emphasis on enhancing gender diversity at the leadership level, which was reflected in the final shortlist. 

>The Solution 

Operating with Surgical Precision 

To address the client’s specific mandate, we began with a data-driven scan of CFO talent in India across medical device, pharmaceutical, and biotech sectors. However, the market revealed no expatriate CFOs within these categories. We expanded our search beyond industry boundaries and geography. This included 13 NRI CFOs working in both medical and non-medical companies. We also reviewed 112 non-Indian finance leaders based outside India in healthcare, electronic equipment, and industrial sectors. In parallel, we found 41 expat CFOs currently based in India, regardless of industry. 

Next, we conducted initial conversations to evaluate leadership capabilities, cultural adaptability, and alignment with client expectations. We presented a selection of candidates—some from outside the medical sector—whose competencies matched the role. Together with the client, we shortlisted a group for further interviews and consideration. 

>The Result 

A Healthy Prognosis for Success 

Our process led to a final list that included one NRI and four expatriate candidates. As expected, compensation was a challenge—two were beyond the approved range, and two lacked the experience needed for a CFO role in India. One female candidate met the diversity goal and salary expectations but declined due to the expat benefits not exceeding her current package. 

Given these constraints, we recommended considering an Indian finance leader with experience in a European multinational and familiarity with the culture and operating style of German firms. We proactively engaged a candidate from a German multinational with a similar product line and a strong leadership background. After interviews and evaluation, the client successfully hired him, closing the search with a high-quality, culturally aligned CFO.