News and Features
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Steve Zarrilli
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Secrets of Success
Steve Zarrilli,
Senior VP and CFO,
Safeguard Scientifics
Steve Zarrilli is the Senior Vice President and Chief Financial Officer of Safeguard Scientifics, Inc. (NYSE:SFE), a growth capital provider headquartered in Wayne, Pa. Zarrilli’s career spans more than 25 years in strategic, financial and operational roles. As a CFO and CEO of public and private companies, he has demonstrated an ability to successfully grow and manage diverse enterprises.
In addition to his responsibilities at Safeguard, Zarrilli is Chairman of the Penn Valley Group, a middle-market management advisory and private equity firm he co-founded in 2004. His prior experiences include executive positions with Fiberlink Communications Corp. (2001-2004), Concellera Software, Inc. (2000-2001) and publicly traded US Interactive, Inc., where he led the company’s initial and secondary public offerings (1994-2000).
Zarrilli began his career with Deloitte & Touche in 1983 and was responsible for developing an emerging business practice group for the firm in Philadelphia.
His current board and advisory positions are Director and Chairman of the Audit Committee of Nutrisystem, Inc.; Director of Clarient, Inc.; Director of the Corporate Governance Council of Drexel University’s LeBow School of Business; Member of the Business Advisory Board for LaSalle University’s School of Business; Director and Treasurer of the Arts & Business Council of Greater Philadelphia; and Regional Chairman for Economics Pennsylvania.
Zarrilli graduated from La Salle University in Philadelphia in 1983 with an accounting degree and is a former Certified Public Accountant.
What drives you to be successful?
I think success is the goal that we use to ultimately define ourselves, be it related to work or other personal endeavors. So in understanding such a goal, the drive to succeed for me is rooted in achieving a goal or goals in a manner that ultimately defines the way I wish to be remembered. The short-term focus may be business title, financial reward or a happy marriage, but in the end, success translates to leaving a legacy of effort and results that are remembered as helping others achieve a greater level of success.
What are the three most important elements of solid business leadership?
I believe business leadership encompasses the ability to (a) set a vision for the organization, (b) get an organization (its management team, employees and board) to think strategically about the business; and (c) provide employees with the tools, authority and responsibility to pursue the business objectives
How would you define career success?
Ultimately, career success for me is defined in two ways: one way from a business perspective and the second from a personal development perspective. From a business perspective, I define success as my ability to build and sustain an organization capable of providing returns to its shareholders and an environment for employees to grow and prosper. From a personal development perspective, I define success as the ability to assume an ever-increasing level of responsibility within each organization that I am involved with from an employee or board perspective.
Would you consider yourself successful?
Recognizing that success is never fully attained and that the process is a journey rather than a destination, I feel as if I have continued to achieve success at critical milestones within my career. Not to suggest that the road thus far has been free of mistakes or wrong turns. But on balance, I have pursued my career ambitions, taken risks to launch and grow enterprises, leveraged my skills in ways I never originally contemplated and participated within community business activities that have further strengthened me for future activities. These endeavors have been rewarding and positively recognized, and most importantly, enjoyed during the process.
What are the goals you are setting for yourself now?
I tend to view my career in a manner similar to certain sporting events -- with a first half and a second half. With 25 years of experience under my belt, I am coming to the end of the first half of the game. I have worked hard, developed a number of invaluable skills and experiences and now realize the need to put them to work in a different way in the second half of the game. As I begin the journey on hopefully the next 25 years of my business career, I am working to establish goals that not only focus on taking on more responsibility within an organization, but to further develop myself as a leader in developing other younger professionals.
I also seek to deploy my skills in a variety of ways to contribute to the overall growth of the business and arts community in Philadelphia.
As a senior executive, what is your particular competitive edge?
I think my two most important competitive advantages are the substantial network that I have built here in the Philadelphia business community and the diverse operating experience that I have accumulated over my career thus far.
The network of contacts is both an asset and tool that I am able to use and leverage to pursue and achieve a variety of professional and business endeavors. I have spent more than 25 years developing this asset, and it is an extraordinarily valuable tool when developing and operating a business enterprise.
From an experience standpoint, I have had the opportunity to be a CFO, COO, CEO and board member of both private and public companies. This diversity of experience has enabled me to view a business from a variety of perspectives. These activities have also strengthened my ability to be more confident and efficient in developing and implementing business decisions and strategies.
What is the key to keeping your edge and staying ahead of the curve?
The key for me in maintaining my competitive edge is to continue to stretch beyond the current environment that I operate in and pursue endeavors that continually expose me to new people and unique learning experiences.
How or from whom did you learn leadership skills?
Throughout my career, I have been blessed with some great mentors and bosses. They clearly impacted much of how I approach my business endeavors today. Leadership, as we know, is a combination of both innate and acquired skills.
At each stage in my career, I have tried to analyze the traits and skills of the leaders that I have met. From that process, I attempt to incorporate those skills and attributes that I considered to be effective. The development of my leadership skills has definitely been and continues to be a work in process, and perfection is not achievable.
What type of environment have you created to foster success at your company?
Success is driven in a large part by the motivation to do something beyond the norm on a continual basis. Recognizing that success is a process and not just an event, I have continually strived to create a work environment where individuals are given the resources and support to develop and implement new ideas and reach for higher goals. These activities, I believe, create an environment that fosters success.
What, if any, responsibilities does a business leader have beyond making a profit?
I believe that a business leader has the responsibility to insure that the next generation of leaders understands the importance of ethics within business. We continually see too many examples of the wrong types of behavior in corporate America. We wonder how we have arrived at such a state, and look for ways to legitimatize or justify the behavior. I think most people try to do the right thing. I do think, however, there is an ever-growing contingent of business professionals who need to be educated as to the importance of ethical business practices.
What three lessons or words of advice would you give to emerging entrepreneurs or CEOs?
First, surround yourself with a balanced team of skill sets. Second, develop sooner rather than later an experienced Board of Directors to serve as a sounding board and pool of advice and counsel. Third, use capital prudently, recognizing that the initial rounds of capital are generally the most expensive.
