8 Aug 2019 05:09pm

Top FS CEOs don’t have tech skills

Not a single chief executive of a FTSE 100 financial services company has a background in technology, despite the fact that advances in AI and other emerging technologies are set to disrupt the sector on a massive scale

According to recruitment firm Robert Half’s latest FTSE 100 CEO tracker, the 23 CEOs all come from a financial background and bring with them a traditional set of skills.

This is in contrast to the rest of the FTSE 100 where the number of CEOs with a background in technology has rocketed by 27% over the past 12 months. Taken as a whole across all sectors, the percentage of CEOs with a financial background comes down from 100% to 52%.

“With digital disruption transforming all sectors, established businesses need to embrace technology if they are to compete with the new wave of tech-enabled start-ups,” said Charlie Grubb, managing director of Robert Half Executive Search.

“Leaders are needing to navigate this increasingly competitive landscape, while also surrounding themselves with the expertise to effectively manage the change within their own company. Within financial services, this could mean re-evaluating the candidate mix to future-proof their business in the future of work.”

The survey also revealed the need for greater diversity within financial services. Out of the current financial services companies in the FTSE 100, there are no female CEOs (five across all sectors) and more than a third (35%) are Oxbridge educated (18% across all sectors).