In an industry shaped by legacy players and slow-moving change, Eric Lemay defied expectations. As CEO and co-founder of Cevians, Lemay stepped away from the shadow of a dominant market force to build something uniquely resilient—and deeply personal. In this candid interview, he reflects on the early fears of launching a new brand in a highly technical, B2B-driven landscape, the impactful decisions that shaped Cevians’ culture, and the long-term vision driving the company through a shifting geopolitical and technological era. From navigating employee transitions to forecasting the rise of automation in defense systems, Lemay offers a rare look into what it takes not just to lead, but to endure—and evolve—as both a company and an entrepreneur.
1. What did you fear starting Cevians and how did it work out?
We both had concerns about name recognition. Wamco had been present and dominating the market for 30 years. It appeared to us that branding would require significant investment to have the name recognized. We were wrong, very wrong. The same team served the customers and the customers were more attached to the individual and the company technology than the name. We misread the strength of our B2B and had unfounded concerns probably more present in B2C businesses.
2. In retrospective, what has surprised you the most over the last 10 years?
I would say 2 main things. 1. People. I was surprised at how challenging it is to get a long period of mutually beneficial relationships. With a growing company having evolving needs and employees having professional aspirations and family challenges it is a continued challenge and not an event. 2. I would say I am surprised how simple things become if you develop a business strategy and apply discipline to it, things work out. If you have a good idea, stay the course, persevere and things work out.
3. Knowing what you know now, what would you do differently?
I would absolutely be more bullish in my merger and acquisition activities. In retrospect, I have been more inclined to focus on math and the financial model. I have taken an engineer’s view of the opportunities which led to too much risk analysis. There are 2 opportunities in particular that were too good to miss. I would have definitely closed them.
4. Would you re-do it again?
Absolutely. It certainly comes with an elevated level of responsibility and stress but I have had an amazing and rewarding experience.
5. Looking back to launch day, what core vision did you start with, and how has that vision evolved over the past decade?
The core vision was to outdo ourselves. Continue to do better, learn, grow, be different and embrace it. That vision has not changed a bit. If anything we are ever more convinced that our successes are rooted in this vision.
6. What was the single toughest decision you made in year one, and what’s the toughest one you’ve faced in year ten?
In year one it was to let go of some then, key employees, that did not share in the vision. In the first year, you want to maintain stability as much as possible and having to separate these employees was creating uncertainty for the rest of the team. In year 10, the most difficult decision relates to allocation of capital in an environment where there are significant economic and geopolitical uncertainties.
7. How did your leadership style need to change as the organization scaled from a small team to its current size?
This is a great question. My leadership style is one of clarity and proximity. I want to work with and for the team. That leadership style has always served me well but I always had the ability to be present. I like to develop strong relationships and multiple channels of communications. I like to be available, casual and share with others often. With a much larger organization and companies in 3 different countries with unique cultures, my leadership style is at a clear disadvantage. In order to adapt, I am trying to participate in various levels of remote meetings and share in the vision as often as I can. I also make a point to connect with as many employees as I can, as often as I can. That means when visiting the sites but also participating in the various informal company events.
8. Ten years in, what metric (other than revenue) best captures whether the business is succeeding?
Number of new programs being captured. I defined succeeding not in terms of immediate financial success but rather in terms of longer term sustainability. As a result, to me the business is succeeding today by not only having healthy financials but by building a book of future business.
9. How do you balance long‑term R&D bets with the quarterly pressure to hit targets?
Fortunately for us, we do not have the constraint of the public companies or even typical private equity owned companies. The owners share the same long term vision which does not require us to sacrifice the future for short term financials. This question actually exemplifies one of the key advantages Cevians has in the ecosystem. We do what we know is right for the business, not for the quarterly report while others might be constrained.
10. Culture often frays as companies grow. What concrete rituals or policies have preserved (or reshaped) your culture?
This is an excellent question and is so relevant. It is critical that the culture be embedded deeply into the fabric. One of the great policies that we have had since our inception was to establish a spirit committee. The committee is responsible for developing the social aspect of the organization. With members from various functional groups, the committee is meant to be representative of the organization with no management involvement. The group meets regularly and defines company activities. It has been a great way to get the employees involved in developing the culture.
11. Describe a failure that, in hindsight, became a catalyst for a major breakthrough.
We actually had two very similar situations where we failed to acquire technologies we felt were strategic to us. We reacted quickly and invested heavily in additional capabilities that turned out much better than the targeted acquisition. It turned out to be a blessing and we had overestimated the difficulties of this backup strategy. We ended up much stronger with less capital requirements.
12. Talent retention is a perennial challenge—what’s one practice you introduced that significantly reduced churn?
Well, that is something we have worked on steadily for 10 years but still remain in the statistical norm. I think we are now actually taking a different perspective on the challenge. There is so much one can do to actually impact the reality. We are living in different times with societal norms and views of work life balance that have changed significantly in the last decade. Just think of remote working which was, at least for us, not even a topic in 2018. I personally feel it is best to take a clear eyed approach on the subject and seek to have open communication with the workforce. I have young adults in the workforce and experience the unique changes of perspective they have compared to mine at their age. There is no escaping the reality of low employment level, company with rich plans soliciting the employees. We can’t compete with Apple or Google attraction, what we can do is communicate and discuss, at the personal level, the needs and wants of the individual and honestly share our experience with them as a good father would. That they do not get that fromApple and Google.
13. Which external forces—technological, regulatory, or societal—most blindsided you, and how did you respond?
I would say all the cybersecurity threats. The arrival and explosion of incidents is not something we were paying attention to. Entirely focused on managing the business and consumed by the technical aspect of the business, IT was something we needed to work, not much more. With near miss experience and a number of attack stories had us make a 180 degree pivot on cybersecurity. This is not any different than the industry general increased focus. We responded immediately and reallocated significant investment in infrastructure and NIST-800-171 compliance, in advance of government mandated standards.
14. How have your investors’ expectations changed over the years, and what have you learned about managing that relationship?
We are a very small group and everyone’s expectations continue to line up after 10 years. Granted, we have been successful to everyone’s satisfaction so that is probably an easy thing to manage. What I have learned regarding managing that relationship is simply that I have been very fortunate in having the partners I have. I have seen and heard of so many being distracted by having to manage investors that I think I probably would not be where I am if I had to do that much.
15. If you could give your 10‑years‑ago self one sentence of advice, what would it be?
Do not negotiate the price of an acquisition so hard in excel. If it makes sense, just do it.
16. What role has luck played in your success, and how do you try to “engineer” luck for the next decade?
Funny, I used to say my successes were based on luck. I think I have been able to harvest this luck by making sure to be in movement, always. Think, plan, pivot, look, listen. Be agile, place multiple bets, do not miss the opportunities. For the next 10 years, I think it is fairly simple. Double down and do more of what we did, do not sit and let the momentum keep the company moving.
17. How do you personally avoid founder burnout, and what safeguards are in place for the rest of the leadership team?
For me it is the good fortune I have of having a supporting family. My wife and kids have been great supporters. I believe I have managed my work life balance fairly well. That does not mean I manage to work 50 hours a week. But it means it does not feel like work. A lot of what I do, I just love. It allows me to be creative, solve puzzles and design. I also have a very relaxed personal environment where I can enjoy hobbies. As for the rest of the leadership team, they have developed their own which I think is the most durable approach.
18. Which emerging trend do you think will most disrupt your industry in the coming five years?
I would probably say 15-20 years as our industry is pretty laggy. The automation of war is refocusing a lot of the investments and technologies in remotely controlled equipment. Just think of an unmanned aircrafts. No people, no NVIS, no display. I think there will still be significant human involvement, but progressively robots will take over which will affect the number of man-machine interface systems.
19. What does success look like at the 20‑year mark, both for the company and for you as an entrepreneur?
I think success again looks like there is a healthy number of new projects being worked on. The organization would be more mature and resilient due to increased number of employees and experience. For me as an entrepreneur it would mean that I am seriously reflecting on how I can transfer my experience to others as I am grateful for an amazing professional journey.
20. Finally, what has your cofounder Claude been up to lately?
Claude remains active enjoying tennis, golf, and traveling. He also maintains proximity and interest in Cevians’ technological development, which provides him with a continued connection to an industry he loves. He never hesitates to provide coaching to the younger generation sharing decades of invaluable experience. He lives on the east coast, spending time between New Hampshire and South Carolina.
