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IP Reference Checks
On the 25th September, Mark Leonard announced he is stepping down as President of Constellation Software for health reasons and Mark Miller is his replacement. For the last month, we have been interviewing former colleagues of Miller’s to understand more about him as a leader. We’ve conducted over 15 hours of interviews with Volaris Portfolio and Group Leaders globally that reported directly or indirectly to Miller, early Volaris M&A executives, and board members at non-CSI companies Miller has joined and chaired in the past.
This report is structured to highlight the main learnings about Miller’s character from first-hand stories and experiences. The learnings are organised around the core drivers of CSIs long-term performance including capital deployment, organic growth, and talent development.
Although we’ve been studying Constellation for ~10 years, producing this report provided a deeper level of insight into the company than we expected. We plan to replicate our IP Ref Check process for many other companies over the coming years. Our research is built from hours of interviews with the following profiles:
This report is part of a new subscription tier at IP. Contact sales for access. No onward distribution is permitted
We have an internal research team focused on sourcing executives that worked closely with or reported to the Target CEO. Our team will vet each executive to understand the CEOs character and competence. We aim for a selection of executives with different perspectives on the Target CEO. Our internal team of investment research analysts conduct 5-10 hours of research per reference check and summarize our findings relating to the individual, company culture, and how it may link to the investment thesis. We also have a team of forensic investigators scouring court filings and other public documents historically to build a picture of the target CEO. The report and all interviews, filings, sources are made available supporting the work.
We're focused on quality over quantity. We aim for ~15 checks per year to focus us on sourcing the most relevant executives to help us understand the Target CEO. We only publish reference checks if we can source the right executives and believe the work is incremental to long-term shareholders.
It costs anywhere between $15-40k to produce each report including the executive interviews, forensic investigation costs, and analyst time.
We focus on understanding leaders that we may wish to invest in. We also prioritise leaders or executives that are new, unknown, or polarising.
We aim to have a rolling coverage list of ~30 companies at all times; our sourcing team is constantly searching for executives from these companies and we publish the reference check when we feel we have enough sources and information to give us an incremental perspective.
IP References are not available on our core library subscription tier.
There are three tiers of pricing for IP References:
IP References is not available widely on our core interview library subscription tier because the research focuses on individuals and companies where confidentiality and limited distribution is critical to sourcing high-quality executives willing to share candid perspectives.