How Paul Cottey won his new CIO job after warm intros from not one, but two contacts in his network.

Paul Cottey is the latest subject in our series, “How I Landed My New CIO Job.” Cottey became CIO at Water Street Healthcare Partners in June 2015 after receiving two warm introductions to the firm from people in his professional network.

Were you actively looking for a new CIO role?

I was looking for a new opportunity as my last role at a healthcare startup had wrapped up the previous month. Actually, I had planned to take the summer off, figuring that a CIO-level job search would take months. As it was, I started at Water Street that June, just two months after my last job ended.

How did you hear about the CIO opportunity at Water Street?

What was interesting is that two different people, one an executive recruiter and the other a contact from a consulting firm I had previously employed, reached out to Water Street and suggested that they talk to me. It speaks to the importance of building relationships with people, executive recruiters and firms. Instead of a "cold" introduction to Water Street, I received two warm ones!

What were you looking for in your next CIO role?

I was looking for a position that made good use of my professional experience, including having been a Big Four partner, a healthcare CIO, and a private equity CIO. I wanted to work with a group of people who weren’t just good at what they do, but were fantastic at it, and I wanted to be able to point to how I, personally, would make a difference.

What was it about your professional background that was attractive to Water Street?

Water Street focuses exclusively on investing in and growing healthcare companies, so the fact that I had significant IT experience in the healthcare industry was an important differentiator. 

What piqued your interest in this CIO opportunity?

I have been a turnaround IT person in the course of my career where I have had to come in to "right the ship." While that can be very rewarding, Water Street's approach of "collaborating with companies in creative new ways to accelerate growth and value creation" sounded exciting, challenging, and much more fun!

How did you prepare for your interviews?

First, I looked at Water Street's website and read everything there, and did the same with each of their healthcare companies, to understand their businesses.

Consulting seems to be about what you have done (big systems, transformational work, turnarounds), whereas Water Street was more interested in how I built relationships to achieve results. So I looked at the people. I looked at the leadership team and their LinkedIn profiles. I then researched people in my network who knew Water Street's executives and companies.

What was the company looking for in their new CIO?

Water Street was looking for a CIO who could collaborate with the team, when we are evaluating companies for investment, to identify the IT risks as well as the possibilities. Water Street was also looking for a person who, once an investment was made, could collaborate with our companies on aligning their IT strategy and execution to support their strategic growth plans.

What was your interview strategy?

I recognized that, as a partnership, Water Street is focused on its people. So I went into the interviews being myself. I know there are people who have tried to "game" the system and be something they are not during the interview process. But I was open and straightforward, figuring that if we were a match, we would know it.

Who do you report to in the organization?

One partner serves as my go-to person if I don't know where to turn for an answer, but effectively I work for all the partners and CEOs in Water Street’s family of companies. That sounds like it would be difficult to balance, but the partners and our CEOs have always made it easy to find a solution when their demand outstrips my supply of time.

From day one, what are some of the steps you took to learn the business and build relationships?

I sat with each of the partners and talked through their companies. I sat down with or talked with the CEOs and CIOs of the companies. Then, I made a list of the cross-company opportunities for value and started making connections between our companies.

What would you say were the keys to success for your first 100 days?

The first key to success is to recognize that you don't get 100 days to make an impression or to have an impact.  A CIO new to the role is going to be judged much more quickly, so the first key to success is to get out and meet people. You need to listen more than you talk in those meetings, but you still need to convey your priorities and your passion. If you do that, you can probably buy yourself enough good will to have a 100-day plan. 

How do you know whether your IT organization is succeeding?

Your internal and external customers will tell you if you are succeeding or failing.  All your internal metrics that show that your systems are up, your spending is down, and that staff can't wait to come to work in the morning do not matter if you hear from your customers that they’re not able to get done what they need to get done. I don't say that customer happiness is the measure, because it is not your job to make them happy, or happy in their jobs, but they need to be able to do their jobs without fuss, mess, or bother.

What advice do you have for  CIOs thinking about the move to a bigger role and a bigger challenge?

Start by looking at your own role and your own company. Is there an operations role that you could add to your job responsibilities? Is there a big project that you have not articulated to your CEO or your Board that would fundamentally change the business? Have you done everything you possibly can with your current company?

If you have tapped out your current company, look around to understand what you would want to do next. It is not OK in a job search, even in a passive job search, to say that you are “open to anything."  Understand what you want to do. Write it down. Research which companies are doing what you want to do or could be doing it in the future. This exercise will give you a list of prospects.

At that point, if you are ready to move on to a new role, let your network know. Executive search firms can play an invaluable role, but remember, they do not work for you, they work for the companies looking for you. Treat them respectfully, and if there is a match to be made, they will make it.  Then, work your network.

About Paul Cottey

Paul-Cottey-CIO-Water-StreetPaul T. Cottey is the CIO of Water Street Healthcare Partners, a strategic investor focused exclusively on the healthcare industry. Prior to Water Street, Cottey served as the CIO at Accretive Health, and before that he was the CIO for Patient Matters LLC.

 

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