When Scale Demands Structure
Over the course of 80 years, a Saudi Arabian family business grew into a highly diversified conglomerate operating primarily in Saudi Arabia, with subsidiaries in other Gulf States and in Europe. Its portfolio spans FMCG, construction, technology, and other sectors, and it is now one of the country’s largest conglomerates, generating multibillion dollars in annual revenue.
For decades, the business was managed at the group level by family members, with oversight passing from one generation to the next. But as the time came once again for a new generation to take the helm, the family recognized that its now‑sprawling enterprise required a more formal management structure. Seeking external counsel for the first time in the company’s history, they engaged a consulting firm to guide the transformation.
A Strategic Foundation for Formal Group Leadership
The consultants proposed establishing a Group Head Office to formalize group-level leadership and governance. Doing so would provide the strategic framework for a professionalized, unified, and future-ready organizational structure.
The endeavor presented specific challenges. The group oversaw numerous well-managed subsidiaries and had never operated with a central leadership function. Stakeholders and subsidiary leaders needed to be convinced of the value that a Group Head Office could deliver. The family and consulting team also needed to determine the appropriate seniority level for new group-level roles, all within the context of a generational transition.
To recruit the right leaders, the firm recommended Boyden for its track record in group-level executive search and in hiring external executives into family-owned conglomerates. Boyden was selected to recruit the leadership team for the Group Head Office, beginning with the Chief Financial Officer.
Once appointed, the Group Head Office leaders would need to quickly build credibility across the organization and demonstrate that the new structure would deliver tangible benefits without adding unnecessary bureaucratic layers. These requirements would form the basis of Boyden’s candidate profiles.
Envisioning the Ideal CFO Candidate
The Boyden partner leading the CFO search met personally with key stakeholders at the conglomerate’s headquarters in Saudi Arabia. An in-depth discussion gave the search team firsthand insight into the client’s situation, needs, and expectations. It also helped clarify the challenges that the stakeholders were entrusting Boyden to resolve.
Subsequently, the Boyden team shared sample CFO candidate profiles representing different levels of seniority to calibrate the emerging profile. Because the family conglomerate had no prior group-level structure, this step was especially crucial. It helped the client understand the range of possible CFO profiles, agree on the appropriate seniority level, and begin to envision their ideal candidate. It also brought any disagreements or misalignments to light early on.
This culminated in a clearly defined profile for the new group-level CFO: The ideal candidate would have foundational experience with a Big Four firm, followed by multinational corporate experience. They would also have experience in a family conglomerate, applying their Big Four and multinational background to bring best‑practice governance to a family-owned environment.
Agreement on the seniority level and criteria for the group-level CFO set the search in motion.
From Attraction to Selection
Executive searches for family-owned businesses, particularly for C-level roles, often present unique complexities. In this case, CFO candidates currently within a family conglomerate would be the most suitable. They would also be the most difficult to attract. These executives are highly valued, trusted, and competitively compensated. Convincing one to join another company requires compelling reasons.
This CFO role offered the challenge of building something unprecedented: the first Group Head Office of a family conglomerate with a long history, considerable scale, and diverse international holdings. For the right leader, this would be a career-defining achievement.
Once the Boyden team identified high-calibre leaders with serious interest in the role, and developed a shortlist, the search shifted to determining which candidates could succeed in building a Group Head Office. This required them to articulate how the new group-level function would deliver value that outweighed the added cost. They also needed to reassure the family and other stakeholders that they would avoid introducing unnecessary bureaucracy or hampering decision-making.
This assessment made it clear which candidate was the strongest fit for the mandate. His experience included a role in a family enterprise of similar scale, in which he led a major turnaround. This initiative demonstrated his ability to drive change while retaining and developing the existing team. This strength was particularly important given the concurrent generational transition.
The new CFO has begun transitioning into the role and is working with the Chairman, the family, non-executive directors, and other stakeholders to lay the foundations of the Group Head Office.
His appointment, the first in a series that will transform the family conglomerate, underscores the importance of partnering with a search firm that understands the dynamics of family-owned enterprises and has a network of accomplished leaders within that ecosystem. Trust and transparency help ensure alignment around the challenges and opportunities inherent in leadership roles in family businesses, enabling a search process grounded in clarity and shared purpose.
This engagement was led by Magdy El Zein, Managing Partner, Boyden MENA & UAE.