Yesterday, peHUB reported that Globespan Capital Partners lost its only CFO since being spun from JAFCO Ventures in 2003. Turns out, they turned the situation around pretty quickly.
While it happened in April, former CFO Mary Bevelock Pendergast’s departure still was a tough hit for the VC to take–since just before the JAFCO spin-out, she had a lead role in all finance and administrative functions at Globespan. But apparently, they’re quickly rebounding, bringing in David Poltack, a veteran of TVM Capital.
Poltack had spent more than a decade with TVM Capital, working as a general partner within its corporate finance segment. At press time, it was unclear who would fill his board seats for TVM on CyDex Inc., and ClearCube Technology, two positions he held on behalf of the investor. Prior to joining TVM, Poltack spent six year with PwC in Boston, where he specialized in healthcare and VC investments.
This closely represents not just the past experience of Globespan’s departing CFO—it also reflects her ambition. Pendergast took the same position she had held with Globespan with Fidelity Biosciences, apparently more closely aligning her focus with the firm’s medical device and healthcare early-stage investing strategy. Globespan continues to employ a broader investing focus.
“Mary did a fantastic job,” an individual familiar with Globespan’s hiring process said. “David’s experience makes him a natural for the role and we are pleased to have him on board.”