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New regulations, introduced in the wake of the recent economic crisis, are fundamentally changing recruitment at board and CEO level in banking, reports Rebecca Knight in the Financial Times. According to George Davis, who leads the global Board Consulting Practice of Egon Zehnder International, U.S. Security and Exchange Commission regulations have led to an explosion in the "soft time requirements" related to board and senior executive positions and are forcing companies to face key succession issues. The new rules have also modified the profile of the ideal chief executive or board member, notes Davis. "The era of the 'master and commander' type manager is dying" he says. In his view, financial services companies are now seeking leaders with expertise in finance and risk management, as well as an understanding of the complex relations between the firm and the markets. "The downturn highlighted just how interconnected our financial markets are and so companies want people with a global outlook and intercultural sensitivity," explains Davis. "International experience alone is not a ticket to entry," he concludes.