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TEN CHAIRS THE EXECUTIVE SEARCH 2026 ALMANAC VOLUME ONE
PRIVATE EQUITY & PORTFOLIO
ONE OF THE TEN

Alex Doran

Managing Director, Doran Fitzgerald

Alex founded Doran Fitzgerald in 2013 after eleven years at a global search firm, the last three running its UK industrials desk. The company places chief executives, finance directors and chairs into private-equity backed businesses between £20m and £250m enterprise value, working mostly in mid-market buyout.

Fourteen people across London and Manchester. Alex holds the Private Equity & Portfolio chair in the first volume of The Executive Search Ten.

2013Founded
14People
London & ManchesterOffices
12 / 12Questions answered
THE TWELVE

What Alex Doran said.

01
What separates the executives who succeed from the ones who fail?

The ones who fail usually failed at the offer stage and nobody noticed for a year. Somebody sold them a job that four people in the room described differently. They walk in solving a problem two of those people don't think exists, and by month nine they've spent all their credit arguing about what the job actually is.

I've stopped believing the individual is the variable. Put the same person into a business that agreed what it wanted and they look like a brilliant hire. Put them into one that didn't and they look like a mistake.

02
AI is doing more of the work every year. What happens to the people you place?

Everything upstream of the shortlist is already gone. Mapping a market used to take a researcher three weeks and now it takes an afternoon, and pretending otherwise would be silly.

What it can't do is sit opposite somebody and know they're describing a turnaround they watched rather than one they ran. It hasn't been access for years: everybody can find everybody. What clients pay for is judgement and the willingness to be wrong in public, and our industry has never worked out how to invoice for that.

03
What is the most overrated quality in a leader?

Gravitas. It's the word people reach for when they can't say what they actually mean, and it correlates with being tall and sounding certain more than it correlates with being right.

The most effective people I've placed in the last five years were not the most impressive in the room. They were the ones who changed their mind when the evidence moved.

04
Is culture fit a real assessment, or an excuse?

Mostly an excuse, and I include myself in that. It's a word people use when they can't say why they didn't like someone.

There is a real version. If a business makes decisions by argument and you hire someone who experiences argument as conflict, that is a genuine mismatch and it will not resolve. But that's a specific claim you can write down. "Culture fit" as it's usually deployed is a feeling given a job title.

05
What kind of leader does a business need now that it did not five years ago?

Someone who can hold a plan loosely. Five years ago a three-year plan was a credential; now it's a liability if you can't say what would make you abandon it.

The brief has changed even where the job title hasn't. Boards ask about adaptability now in a way they simply did not, and they mean it.

06
What do boards get wrong about succession?

They start it eighteen months too late, and then they run it as a process rather than a decision. By the time anyone is formally identified, everyone in the building already knows who it is, and the process is theatre for the two people who disagree.

07
Is the market for senior people rational?

No, and the irrationality is concentrated in one place: the premium for having done the exact job before. Businesses pay enormously for it and it predicts less than they think, because the thing that made someone effective at the last company is often the thing that doesn't travel.

08
When should a company not use a search firm?

Three situations, and all three are more common than we admit. If you already know who you want, don't pay us to validate a decision you've made. We will take the money and produce a very professional-looking process, and at the end you'll hire the person you were always going to hire.

Second, if the role is genuinely findable, and more roles are findable than search firms will say. And third, the real one: don't ring us if you haven't agreed internally what the job is. If four people in that room describe it differently, ring each other.

09
Twenty years of diversity targets. What has actually changed at board level?

The numbers moved and the pipeline didn't. Non-executive appointments changed materially, executive ones far less, and the reason is that the executive pipeline is built two levels below the board where nobody is counting.

We changed one thing that worked: we now report to clients on who was approached, not only who was presented. It's uncomfortable and it has changed the shortlists.

10
How much of a leader’s success is the person, and how much the company they land in?

Sixty-forty in favour of the company, and I'd have said the reverse ten years ago. I've watched the same person be a great appointment in one business and a poor one in another eighteen months later. Nothing about them changed.

11
Who did you back when everyone else thought you were wrong?

A finance director from a business two-thirds the size, for a portfolio company that wanted somebody with the scars. The panel thought it was a stretch and two of them said so in the room.

She's the chief executive now. What I saw was somebody who asked me three questions about the shareholder that nobody else had thought to ask.

12
The question I wanted to be asked.

"What have you got wrong that you still think about?"

An exit interview, years ago. She said "personal circumstances" and I wrote it down, because that's what everybody says. I asked her off-script what the actual reason was and she told me the sums had stopped working in February and she'd been pretending otherwise since.

I'd written "personal circumstances" a dozen times that year. I still think about how many of those were something I could have done something about.

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THE QUICKFIRE TEN

Ten quick ones.

Asked at every sitting, answered without thinking too hard.

Phone call or email?Phone. Always.
CV or LinkedIn?CV. People curate LinkedIn.
How long should a first interview last?Forty minutes.
The most overused word in a job spec?Dynamic.
Counter-offer: stay or go?Go. You'd already left.
Best question a candidate ever asked you?"Who does the chief executive listen to?"
Suits: still required?First meeting only.
The reference that matters most?The one they didn't offer.
Your industry in one word?Personal.
The job you would never take?Chief executive. I've watched too many.