Phil Marshall
CEO of Phenna Group
Phil Marshall is a self-made, people-first leader whose journey from overcoming early learning challenges to leading multi-million-pound exits is a story of grit, humility, and strategic clarity. At Phenna Group, he brings sharp financial acumen and a deep belief in teamwork to build one of the most dynamic platforms in the TIC+ sector.
CAN YOU TELL US ABOUT YOUR BACKGROUND AND HOW YOU GOT STARTED IN THE TIC SECTOR?
I was born in Doncaster (England), working class background, loving parents but experienced learning difficulties at school and therefore didn’t get accepted to university. I was always good with numbers, probably from all my time at the bookmakers during my youth (!) , so I concentrated my efforts on finance and for whatever reason found management accounting relatively easy. Finance was my focus until my late thirties when I transitioned to CEO. I’m not a TIC+ specialist. I’ve had a 30+ year career covering a wide variety of industries and situations across private equity backed and listed businesses, including a 17-year career at the former US conglomerate General Electric in both CFO & CEO roles, a FTSE100 CFO role and most recently as CFO & Operations Leader of Hg Capital, one of the largest software private equity firms globally with $85bn of assets under management. My prior TIC+ experience was at Exova, where we successfully delisted and sold the business. This is also where I met Paul Barry, founder of Phenna Group, remaining friends ever since.
CAN YOU SHARE WITH US A SPECIFIC PROJECT OR ACCOMPLISHMENT THAT YOU ARE PARTICULARLY PROUD OF AND WHY?
I’ve been involved in four successful exits covering private-public, private-private, and public-private situations, at an aggregated enterprise value of c.£10bn, contributing to strong returns for investors and employees. The exit is the culmination of years of hard work and teamwork. Knowing that on each occasion it positively impacted the life of many friends and fellow employees, is very satisfying.
CAN YOU SPEAK TO THE BIGGEST CHALLENGES YOU HAVE FACED IN YOUR CAREER AND HOW YOU OVERCAME THEM?
I was searching for purpose in my early years, but once at General Electric, I found that purpose in a company that was a meritocracy. With my focus on hard work and people, I overcame many challenges associated with new locations, industries, situations, etc. by always believing I could learn, willing to put in the hard yards, and leveraging relationships from mentors, peers, and team members. This allowed me to go from a junior finance analyst to CEO of a £1.2bn+ business employing 10,000+ employees. As a result of overcoming so many challenges inside General Electric, challenges now seem “easy” in comparison, not because they’re easy, simply because I’m more experienced, calm, and self-confident from all those prior learning experiences. My approach can be put simply as people, relationships & (hard) work.
IF I COULD SPEAK TO MY 20-YEAR-OLD SELF, I’D SAY FOCUS ON GETTING LEARNING OPPORTUNITIES, AND PREFERABLY IN AN ENVIRONMENT WITH GREAT PEOPLE AROUND YOU.
IF YOU COULD SPEAK TO YOUR 20_YEAR_OLD SELF, WHAT WOULD YOU SAY?
If I could speak to my 20-year-old self, I’d say focus on getting learning opportunities, and preferably in an environment with great people around you. If you ask me today, would I work for a large corporation or in a public setting, I’d say this wouldn’t be my preference. I much prefer smaller enterprises in a private setting. However, from a perspective of overcoming challenges and developing as a leader, it was largely formed during my 17 years at General Electric (large, public corporation). I was fortunate to join in my mid-20’s, hence the advice to my 20-year-old
self to focus on getting learning opportunities, and preferably in an environment with great people around you.
WHAT DO YOU THINK IS THE BIGGEST FACTOR AFFECTING THE TIC+ INDUSTRY AT THE MOMENT?
The geopolitical landscape and uncertainty that is being created. We all make medium to long-term investment decisions, which feels more difficult currently for a multitude of reasons. It’s possibly the new norm that we will have to adapt to and navigate. I don’t think there is a “right” or “wrong” answer to this, we have approached it by largely focusing our acquisition approach to countries which we believe will provide the stability and consistent “rule of law” that underpins investor confidence in making such long-term investments.
WHAT IS YOUR APPROACH TO LEADERSHIP AND TEAM MANAGEMENT?
It’s always about people. Behave how you wish to be treated, so act with humility and respect. Look folks in the eye and have honest conversations with them. Ensure the team have clarity, give them your trust and support, and keep everyone focused on delivery. Work hard, especially at maintaining the one “team” dynamic with no tolerance for behaviours that undermine this. I’m extremely fortunate to have inherited a fantastic culture at Phenna, created by Paul, supported by every member of the business. It’s core to who I am also, and something to protect in who we hire and how we conduct ourselves. It’s ok to smile and have fun in work!
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WHAT ROLE DO YOU THINK BUSINESS LEADERS SHOULD PLAY IN SHAPING A BETTER FUTURE FOR SOCIETY?
In terms of how we can help shape a better future for society, start with building great businesses that in addition to serving society, generate opportunities for people to advance themselves and their families. Then behave with the right values and expect the same from others. You bring into work your values and take them home. Finally, give back in whatever form you can, whether it be charitable donations, matching programs, or personal time commitments to others less fortunate than yourself.
WHAT DO YOU HOPE YOUR LEGACY AT PHENNA WILL BE?
I’ve been entrusted by my friend and the founder of Phenna, Paul Barry, and our investors, led by Oakley, to build upon the strong foundation that I inherited. If I could be viewed by them, plus the Phenna employees and partners, as the right choice as CEO, leaving my successor with a similarly strong foundation for the subsequent growth phase after me, I’ll view my time as a success. And of course, my friendship with Paul endures, and new ones built during my time at Phenna.
HOW DO YOU PRIORITIZE AND MANAGE YOUR WORKLOAD TO ENSURE SUCCESS?
30+ years helps! You learn where to spend your time, albeit it’s impossible without the right team, and continuing to scale organizations as they grow. Back to people and investing the time to ensure you have the talent and support them accordingly. Again, I’m extremely fortunate to have a world-class leadership team at Phenna, complimented by operating businesses full of passionate entrepreneurs. I try hard to block 1-2 hours per day in my calendar where I use the time to ensure I’m on top of things, and ensuring business decisions are being made, information flowing and personal connections maintained.
HOW DO YOU SPEND TIME OUTSIDE OF WORK?
Family. I have three boys in their twenties. All have citizenship with three countries due to the various locations we lived during my career at General Electric. Despite all the travel and associated work demands, I believe I’ve been a pretty good father, but possibly an average husband for the same reasons. Now my three boys are adults and have left home, I’m now trying to give back to my wife! We enjoy travelling and visiting new places, even if it means even more time at airports. We also support various charitable activities focused on underserved communities and children. When time allows, I relax by fishing, both deep sea and lake, usually with one of my sons. Our last trip was Miami Beach last year fishing for Goliath Grouper (see picture of 500lb catch).
IN 3 WORDS ONLY - WHAT IS THE SECRET TO YOUR SUCCESS?
PEOPLE. RELATIONSHIPS. (HARD) WORK.
BEHAVE HOW YOU WISH TO BE TREATED, SO ACT WITH HUMILITY AND RESPECT. LOOK FOLKS IN THE EYE AND HAVE HONEST CONVERSATIONS WITH THEM.
