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Capital Structure · July 2026

One sector. Four boardrooms.

The same title is four different jobs depending on who owns the company.

A VP of Operations at a PE-backed manufacturer, a public prime, a founder-owned shop, and a government contractor are not interchangeable. They sit in the same sector. They are not the same hire. Treat them as the same and you get a mis-fit that looks perfect on paper and comes apart in month four.

Here is what actually changes.

Private equity

The job is a hundred-day plan and EBITDA discipline. Operating partners want a leader who can move fast, integrate a bolt-on, and carry scrutiny without flinching. The upside is equity, and the good ones are motivated by it. The wrong hire here is the operator who needs a large team and a long runway before anything happens. That person will be underwater before the first board meeting.

Public companies

The job runs inside real governance. Tier 1 primes and listed operators have compensation that clears the proxy, decisions that move through a matrix, and process that exists for a reason. The right leader is comfortable with all of it. The wrong hire is the founder-speed operator who reads governance as friction and tries to route around it. In a public company, routing around the process is how you become a problem.

Privately held and founder-led

Here, culture is not a side check. It is the whole check. Founder-owned defense manufacturers run on trust and loyalty, and the founder's shadow reaches everything. The right leader wears several hats, earns the room, and operates without a lot of infrastructure. The wrong hire is the polished corporate executive who cannot function without a department behind every decision. Talented, and completely lost inside a founder's business.

Government contracting

The job lives inside compliance and the customer relationship. It rewards leaders who are fluent in the cleared workforce, in capture and business development, and in DFARS, ITAR, and CMMC as a daily reality rather than a slide. The wrong hire is the commercial leader who has never carried a capture number or lived inside an audit. The rhythm of the RFP is a language, and you either speak it or you do not.

The move is where it breaks

We work across all four because leaders in this industry move between them, and the move is where searches go wrong. A great public-company VP is not automatically a great PE-backed VP. A founder's right hand does not always survive a prime's governance. Knowing the difference, and screening for it before anyone gets excited about a resume, is most of the job.

Read more field notes →

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