InX spotlight series: In conversation with Chris Nucci
At InX, exceptional results are delivered by exceptional people. Our team combines deep specialist knowledge, market intelligence and a relentless focus on quality. This spotlight series offers insight into the people behind our practice, exploring how they navigate the executive search landscape and what drives them beyond the office.
In this edition, we are delighted to welcome Chris Nucci, Partner in our private equity practice, to discuss the evolving demands of CFO search in PE-backed software businesses, why mid-hold leadership changes are becoming the norm, and his journey from the Canadian Armed Forces to the C-suite search market.
Firstly, could you provide an overview of your role and area of specialism at InX?
I've joined the Private Equity Practice at InX and will focus on CFO search for PE-backed portfolio companies across middle market and large cap funds. Given my background, wider CxO search within software will sit alongside that as a secondary lane while I build out the desk.
Tell us more about your experience and background. How do you see that adding value in your new role?
I started in search in 2017, spending my first three years in a delivery role across retained mandates in tech and professional services. That gradually leaned toward software, and in 2020 I joined a search firm where I spent six years focused on CxO roles for PE-backed enterprise software businesses. There was no sub-sector constraint, so I worked across a wide range of different markets: fintech, edtech, and transportation through to supply chain, manufacturing, and ESG platforms.
From a functional perspective, I’ve covered CEOs, CFOs, General Counsels and General Managers. I’ve also made senior appointments in M&A, HR, and GTM/Sales. Over time, CFOs became my clearest area of focus and where I worked most closely with fund the Operating Partners as opposed to the portfolio executive teams. That, combined with my domain knowledge in software, is what I can use to anchor and build out my desk at InX.
What interesting trends are you noticing in your market?
One trend I've noticed over the past two years is the normalisation of mid-hold CFO replacements. This used to be considered a disruptive last resort, but it's now much more common, and in my view, a deliberate feature of how PE firms are managing their portfolios.
Roughly half of PE-backed CFOs are in the role for two years or less, and sponsors are recognising that different stages of the hold cycle demand different capabilities. The CFO you need post-acquisition to build out controls, financial infrastructure, and reporting is a very different profile to the one you need when the business is in commercial growth mode, going through an operational transformation, or preparing for exit. When it becomes clear that the incumbent is struggling, PE firms move quickly to make a change.
What was it about InX that stood out to you during your search process, and what excites you most about your future here?
For me it came down to the reputation and track record of the Private Equity team, and the ambition laid out by Matt Harvey and Alex O'Neill during the interview process. InX is in growth mode and there was a clear path for me to help shape what that looks like. Building relationships with CFOs and fund Partners, establishing a profitable desk in a market that hasn't been fully activated yet, and doing that alongside a strong team made the decision straightforward.
What's the best piece of career advice you've ever received?
Specialise enough to be known for something. Generalists are hard to refer.
If you weren't in executive search, what career path might you have taken?
If I wasn't in recruitment, I'd likely have gone into tech, probably starting out in product. AI is rewriting the software industry, and figuring out what to build, for who, and why, then bringing it to market, is an exciting job nowadays. The best part of search is that I get to spend my time talking to the people who own and run these companies.
Outside of work, what might people be surprised to learn about you?
Back in Canada I was in the Air Cadets and the Canadian Armed Forces, which is a reasonable distance from where I am now, though I'll gladly take my desk over a 5am ruck march on a Saturday morning.
Get in touch with the InX Private Equity team
Whether you're a sponsor looking to strengthen finance leadership across your portfolio, or a CFO considering your next move in a PE-backed business, connect with Chris and the team to explore how InX can help.