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Article Excerpt
Byline: Ken MacFadyen
Aviation and defense contractor DynCorp International currently has 500 openings listed on its website, a job bank that includes positions for test pilots, armed security guards, physician's assistants, weather forecasters, executive chefs, woodworkers and even drug intervention specialists. After clicking through 22 pages of openings, job seekers will also come across a listing for a senior director's role, a new position at the company that oversees M&A.
Dr. Craig Reed, who joined DynCorp near the end of last year, is tasked with filling this position. Reed himself was brought on as a senior vice president of strategy and corporate development after serving in similar roles for Northrop Grumman and Lockheed Martin, in addition to stints at the US Department of Energy and a strategic and transaction advisory consulting firm. He tells Mergers & Acquisitions that resumA[c]s from 60-plus applicants have already crossed his desk, the vast majority of which have come from investment bankers.
In years past, it is unlikely bankers would have stumbled across this position, or if they had given a second thought to applying. A salary wasn't disclosed, but more than likely compensation won't approach what was being doled out to bankers just a few years ago. Moreover, the position asks for 15 years of relevant experience. In banking terms, that translates to a "managing director" designation, setting the stage for some serious title deflation.
In the new world order, however, a growing number of bankers - humbled by the past 18 months - would gladly pick up in corporate development. The problem, as many are going to find out, is that the job can be starkly different than what they are used...
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