The post True Expands Cybersecurity, AI and Digital Infrastructure Capabilities with Sophie De Ferranti and EJ Murray appeared first on True.
]]>“Sophie brings a perspective to cybersecurity and AI leadership that very few advisors globally can offer,” said Sam McGrath, Global GM, True Search. “She operates at the intersection of cybersecurity, AI, geopolitics and board-level decision-making, and is trusted by founders, CEOs and investors when leadership choices carry real strategic risk.”
Prior to joining True, Sophie held senior leadership roles across global executive search and specialist consulting firms in Singapore, New York, London and Zurich. Earlier in her career, she held a high-security UN-classified role at the NATO Headquarters in Brussels, an experience that continues to inform her perspective on cyber defense, national security and international collaboration.
Sophie specializes in C-suite and senior leadership placements across cybersecurity, AI, digital transformation and information security for high-growth technology, consumer, defense and aerospace organizations, from Series A through public markets. She advises leadership teams and boards on building executive capability in response to escalating cyber risk, AI adoption and increasing global regulatory complexity, while consistently championing diverse leadership.
“Navigating the convergence of AI, cybersecurity, and global risk has never been more critical for boardrooms,” said Sophie De Ferranti. “From my time at NATO to advising high-growth tech firms today, my mission remains the same: ensuring leadership teams are equipped for the complexities of a digital-first, AI-augmented world. I look forward to continuing to partner with global leaders and investors to build the diverse, forward-thinking leadership needed for an innovative and resilient future.”
“EJ’s arrival marks the next phase in the development of our Digital Infrastructure Practice,” said Sam McGrath. “As we extend the work we have been doing in Europe into North America, his blend of operating, advisory and entrepreneurial experience, together with his network across the sector will be highly valuable to clients building the infrastructure that underpins AI and global connectivity.”
EJ previously founded a boutique consultancy dedicated to digital infrastructure and AI, and served as a digital infrastructure lead within Korn Ferry’s Technology Practice. Earlier, he led global executive search for Iron Mountain, advising the executive team on senior hiring, organizational design and leadership strategy across its international business. He began his career recruiting product and engineering leadership for Virtustream during a period of rapid growth, bringing an operator-informed perspective to leadership strategy across the digital infrastructure ecosystem.
EJ focuses on senior-level roles across digital infrastructure, partnering with data center operators, developers, investors and private equity firms as they scale. His arrival builds on the momentum of True’s Digital Infrastructure Practice and further expands its presence across North America following last year’s launch.
“I’m excited to join True’s global Digital Infrastructure Practice as a Principal and formalize a long-standing partnership with the team,” said EJ Murray. “As demand for data centers and digital infrastructure accelerates globally, I look forward to helping clients secure the leadership required to scale and innovate.”
ABOUT TRUE
True is the most trusted executive talent management platform powered by unmatched data, technology, and global expertise. Products and services include True Search for executive recruiting with TrueBridge for fractional and interim placements; and True Advisory to strengthen leadership teams through coaching and assessment. Thrive, a modern Talent CRM, while SearchEssentials brings tech-enabled precision to hiring.
Jillian Ruggieri / Senior Lead, Communications
[email protected]
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]]>The post True’s Consumer Practice on Beauty Independent: The New Mandate For Beauty CEOs appeared first on True.
]]>Shella Abe and Kristyna Smetanova, Managing Directors of True’s Consumer Practice, spoke to Beauty Independent on why boards are prioritizing the “plus one” CEO profile: leaders who can bridge the gap between best-in-class brand heritage and the technical grit required to drive rapid value creation in growth-stage beauty and wellness environments.
Read the full article on Beauty Independent.
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]]>The post Rethinking PE Rewards: Carried Interest and Co-Investment Trends in a Shifting Landscape appeared first on True.
]]>of compensation for investment professionals in private equity (PE) and alternative asset management. Stricter regulations, a competitive job market, and a growing emphasis on company values have forced significant change in both the market and the plans themselves. Private Equity firms now have to adjust to keep pace, and we are starting to see innovation and experimentation in an area that has traditionally been conservative in its approach.
Evolving PE Comp Trends (2019–2025)
- CARRIED INTEREST
Shorter vesting and crystallisation periods: Funds are moving away from traditional 8-10 year carry vehicles toward faster vesting, more frequent crystallisation, and deal-by-deal carry
in some strategies (especially in growth equity or sector-focused funds). - Retention enhancements: Many firms are now incorporating retention hooks, e.g., forfeiture or clawback clauses if individuals exit early or underperform.
- Team-based allocations: More carry pools are being designed to reward the success of the team, not just seniority, possibly reflecting a push for broader cultural cohesion.
- CO-INVESTMENT PLANS
More accessible: Co-investment, once
only for top executives, is now available
to more employees, though with limits
on amount and leverage. - Streamlined structure: Automated and tech-enabled co-investment platforms
are the norm, helping firms manage large groups of co-investors more efficiently. - Risk mitigation: Some funds now allow for back-leverage facilities or offer downside protection in co-investments to encourage participation among more junior staff.
PE Equity Alternatives
Private equity firms face new competition from other long-term incentive plans, especially as tech and growth equity firms blur traditional industry lines. Because vesting periods are also becoming shorter and stranger, PE has had to adapt.
Emerging Competing Models
Phantom equity and synthetic carry: Common in asset-light or new platforms without an existing carry pool, they simulate economic exposure without actual equity ownership, though they often have less
favorable tax implications.
GP stakes and long-term equity grants:
Some firms are now offering equity in the management company itself, or direct profit-sharing from GP stakes, providing long-term alignment.
Annualized equity bonuses:
In response to carry’s long tail, firms (especially in EMEA) are experimenting with annual performance-linked equity grants to drive near-term motivation.
Examining Management Incentive Plans (MIPs)
The Problem with MIPs
PE and VC-backed organisations are now seeing a notable evolution in the structuring of their MIPs. Once considered a key attraction for executive talent, MIPs are now widely viewed as either inaccessible or as “phantom equity” with little real value unless a distant and uncertain exit occurs.
PE / VC-backed firms had also often rolled out quota-based commissions with multi-layered accelerators, retention hooks, and company-wide EBITDA gates. These were topped off with a MIP tied to equity value at exit. But the outcome was a structure so complex that even senior executives struggled to model their own reward potential, which therefore made them feel intangible.
Additionally, many PE-backed firms have high entry valuations and aggressive IRR or MOIC targets built into their MIPs. These may have made sense in a low-interest, high-growth world, but in today’s environment, with economic volatility the norm, many MIPs are structurally “underwater” requiring a minimum 2x–3x value creation to generate any real return.
Revolutionising MIPs
MIP’s are evolving to hybrid incentive models with cash now, equity later.
- Short-term cash performance bonuses are increasingly commonplace and are linked to annual business performance (based on bookings, margin or NRR)
- Retention bonuses or synthetic equity with quarterly or annual vesting
- Smaller, more transparent equity grants tied to milestone triggers
Forward-thinking investment funds are even now offering select leaders a share in the profits from specific deals, much like a synthetic form of carried interest. Instead of typical MIPs, some leaders receive additional performance-based payouts if they achieve a measurable increase in revenue or margin that directly boosts their company’s value.
A clear example of this was in 2018, when TA Associates provided the management team at Speedcast with incremental performance equity tranches: a 10% base grant plus additional tranches up to 20% at different return thresholds (e.g.: 1.5x, 2.0x, 2.5x, 3.0x MOIC). This gave them increasing exposure to value creation that was directly tied to their performance.
The Rise of Secondaries and Continuation Funds
In the past few years, traditional PE exit channels such as IPOs and strategic M&As have noticeably slowed down, leaving sponsors with fewer opportunities to realise value and return capital to investors.
As a result, secondary market transactions including continuation funds have surged.In 2025, global secondary deal volumes hit all-time highs. Continuation vehicles now make up a growing portion of total sponsor exits, as firms choose to hold onto their high-performing assets for longer instead of selling them outright.
This trend allows sponsors to offer more liquidity-tilted incentive structures, moving away from traditional, long-dated MIPs. Continuation and secondary vehicles typically involve shorter vesting cycles, mid-term cash incentives, and more frequent liquidity events than standard 8-10-year buyout funds.
These features better align with the expectations of today’s operating talent, who value nearer-term reward visibility along with long-term upside. These vehicles also often come with tailored performance hurdles and reset incentives. This encourages management teams to continue driving value during the extended hold period, effectively bridging the gap between traditional PE lock-ups and the more immediate payoff rhythms favored by modern professionals.
Challenges in the Current Environment
US: Ongoing debate over taxation of carried interest continues. While current law still allows for capital gains treatment (if held >3 years), the IRS has increased enforcement, and any shift in administration in 2029 could reignite reform efforts.
UK: Starting April 2026, the UK will introduce a controversial change to how Carried Interest is taxed, treating it as income and largely removing its preferential treatment. While a tax multiplier of 72.5% of qualifying carry will remain, the effective tax rate will be approximately 34.1%. This represents a notable increase from the maximum Capital Gains rate of 28% that applied until April 2025. This shift is expected to worsen the challenge for global Private Equity firms in attracting key talent to the UK, as the tax environment becomes increasingly less favorable for high earners compared to other international financial centers.
EU: The EU’s AIFMD II and various DAC6 requirements add layers of reporting complexity. Some EU jurisdictions (e.g., France, Germany) are pushing for more income-like treatment.
Global Trend: Tax authorities are increasingly focused on the actual substance of work performed vs. investment risk to justify this favorable tax treatment.
Talent Mobility and Retention
Long vesting periods and uncertain upside potential are no longer appealing to younger professionals and mobile executives who prioritize flexibility, liquidity, and quicker earnings realization. As a result, some talent is migrating to technology, venture capital, or multi-asset platforms that offer greater transparency and more immediate value.
Fundraising Pressure
As fundraising cycles elongate and LPs become more fiscally conservative, pressure on GPs to demonstrate “skin in the game” increases. This makes co-investment and carry structures both more important, but also more visible and politically sensitive.
Conclusion
Carried interest and co-investment schemes remain powerful tools, but they are no longer untouchable, static perks. PE firms must continuously revisit their reward architecture both internally and within their portfolios to reflect talent expectations, regulatory realities, and the competitive backdrop. The next evolution may not be in reworking the old, but inventing the new, embedding innovation, transparency, and flexibility into the future of incentive design.
Continue the conversation
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]]>The post Evan Grossman on FT Agenda: Activist Investors Drive Record CEO Turnover appeared first on True.
]]>Evan Grossman, Managing Director and Head of the CEO and Board Practices, spoke to Agenda about the recent excessive CEO turnover rate. Boards are replacing even successful CEOs when their companies face challenges like slow growth, low margins, or stalled AI initiatives to preempt activism and demonstrate willingness to make ruthless leadership decisions for the company’s next chapter.
Read the full analysis on Agenda.
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]]>The post Services Leader John Wittorf and AI and HardTech Operator Greg Fasullo join True as Partners appeared first on True.
]]>“John provides a rare strategic perspective on services leadership decisions,” said Sam McGrath, Global GM, True Search. “He understands how these businesses operate, where leadership can accelerate momentum, and how to build teams that perform over the long term. Clients trust him because he leads with insight and integrity.”
John advises boards and senior executives on leadership appointments that shape execution, culture and sustained performance across consulting and services businesses. He is often sought out at pivotal inflection points, when organizations need clarity, conviction, and the right leadership choices to move forward.
Before joining True, John held senior partner roles at Wilton & Bain and Beecher Reagan, where he developed long-standing client relationships across North America and Europe. His international experience informs a practical, market-aware approach to leadership assessment and succession planning, helping organizations identify executives equipped to lead through evolving demands.
“The obvious reason for coming to True is the people, which starts at the top. I am continually impressed by the firm’s ability to scale as quickly as it has while preserving a culture that, in my opinion, is unmatched in the industry,” said John Wittorf. “I am equally excited about the growing interest from private equity firms in professional and tech services. At True, our expertise runs deep at that intersection, and I look forward to adding value to the firm, our clients and our candidates for years to come!”
“Greg has lived the challenges our clients face,” said Sam McGrath, Global GM, True Search. “He knows what it takes to scale complex technology businesses and brings an operator’s mindset to every engagement. That perspective is invaluable for founders and investors driving progress across AI and HardTech.”
Greg brings more than 20 years as a technology executive and serial entrepreneur. He has founded companies that generated over $300 million in cumulative revenue, built global teams of more than 4,000, raised multiple rounds of capital, and delivered exits exceeding $1 billion in total value.
At True, Greg partners with founders, boards, and investors navigating pivotal moments, from early leadership buildouts to enterprise-scale execution challenges. His work is grounded in his firsthand operating experience, helping clients assemble leadership teams that can meet the technical, organizational and execution demands of AI and HardTech businesses.
“Joining True at this moment is an extraordinary opportunity as we enter a new era of industrial and technological innovation,” said Greg Fasullo. “While the technologies are transformative, leadership is what determines which companies truly advance, and I’m excited to support founders, investors, and their boards in building the teams that will define the future of HardTech and AI.”
ABOUT TRUE
True is the premier global talent management platform clients turn to for their most pressing talent needs. True is powered by the industry’s most comprehensive and actionable talent intelligence, AI, and expert insight to strengthen every aspect of clients’ leadership strategy and drive lasting impact. Products and services include True Search for executive recruiting with TrueBridge for fractional and interim placements; and True Advisory to strengthen leadership teams through coaching and assessment. Thrive, a modern Talent CRM, streamlines talent management, while SearchEssentials brings tech-enabled precision to hiring.
Jillian Ruggieri / Senior Lead, Communications
[email protected]
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]]>The post Brad in Philly Biz Journal: True Fuels Growth Ambitions with Integrum Partnership appeared first on True.
]]>True CEO and co-founder Brad Stadler spoke with the Philadelphia Business Journal to discuss the firm’s majority stake sale to Integrum. Following a record $373M revenue year in 2025, the partnership positions True to scale its international footprint and disrupt the executive search landscape. Brad outlines the vision for reaching $700M in revenue and the strategic value of welcoming new board members, including Integrum’s Ursula Burns.
Read the full article in the Philadelphia Business Journal.
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]]>The post 2026 Talent Forecast and Talent Strategy Upgrades appeared first on True.
]]>We analyzed what’s shaping the C-suite and what winning talent strategies will keep organizations at the top this year.
Visualize your future executive team:
Read infographic
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]]>The post Digital Infrastructure Expert Ros Deans Joins True to Strengthen Global Practice appeared first on True.
]]>“With the digital infrastructure market moving at an unprecedented pace, the need for visionary leadership has never been greater,” said Sam McGrath, Global GM, True Search. “Ros has spent more than two decades helping investors, operators and developers in digital infrastructure build leadership teams that can scale operations and deliver on complex, high-growth strategies. Her knowledge of the sector and track record will help our clients to identify and secure the leaders who can drive growth and navigate disruption in this fast-moving industry.”
Ros has partnered with leading clients to assemble executive teams across data centres, cloud platforms, connectivity, and next-generation infrastructure. She has guided both established players and new market entrants in building C-suite leadership from the ground up. Prior to joining True, Ros led global digital infrastructure client relationships at Korn Ferry, served as a partner at Granger Reis, and advised blue-chip organizations on senior appointments earlier in her career.
“Throughout my career, what I’ve valued most is working closely with clients to understand their ambitions and help them build leadership that reflects where they want to go next. Digital infrastructure is an industry defined by possibility, and that’s what energizes me,” said Ros Deans. “Joining True gives me the opportunity to partner even more closely with organizations shaping the future of connectivity and capacity worldwide, and to guide them through the moments that matter most.”
“Having worked with Ros previously, I’ve seen firsthand her ability to identify leaders who can transform digital infrastructure businesses,” said Steve Dargan, Managing Director, Head of the Digital Infrastructure Practice. “She has an unmatched instinct for placing the right executive to the right challenge, whether it’s scaling data centers, guiding cloud and connectivity platforms, or supporting new market entrants. With her on our team, we can bring clients a level of insight and strategic talent guidance that truly sets the pace in this fast-moving industry.”
ABOUT TRUE
True is the premier global talent management platform clients turn to for their most pressing talent needs. True is powered by the industry’s most comprehensive and actionable talent intelligence, AI, and expert insight to strengthen every aspect of clients’ leadership strategy and drive lasting impact. Products and services include True Search for executive recruiting with TrueBridge for fractional and interim placements; and True Advisory to strengthen leadership teams through coaching and assessment. Thrive, a modern Talent CRM, streamlines talent management, while SearchEssentials brings tech-enabled precision to hiring.
Jillian Ruggieri / Senior Lead, Communications
[email protected]
The post Digital Infrastructure Expert Ros Deans Joins True to Strengthen Global Practice appeared first on True.
]]>The post 2025 Talent Partner Survey appeared first on True.
]]>The post 2025 Talent Partner Survey appeared first on True.
]]>The post Rituparna Chakraborty on what growth-stage firms are looking for in their next CEO appeared first on True.
]]>True Search Partner Rituparna Chakraborty shares her insights in The Times of India on the specific qualities CEOs need to lead companies through growth. From being willing to make difficult short-term decisions to designing the dashboards, customer frameworks, and financial discipline necessary, Boards are searching for leaders who have “rolled up their sleeves” and proven they can grow revenues while holding teams together.
Read the five demanding qualities that define successful CEOs here.
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