Interim CEOs – Filling A Leadership Gap In Times Of Transition
In most cases it makes sense to hire a long-term CEO. However due to the fact that finding and hiring the right CEO can take 6-12 months, there are two general situations where an Interim CEO is the right answer for organizations:
- Unexpected departure of the current CEO. Different scenarios can lead to an unexpected departure of a CEO (e.g., job change, sickness or death, company / legal / ethical violations, …) and this coupled with situations where there is no clear successor in the organization creates an opportunity for using an interim CEO.
- Specific Short-Term Leadership Requirement. During some periods of time a specific skill set is required in the CEO position that the existing CEO may not have. Additionally, there could be an upcoming transition occurring that will require the CEO to step down after the transition. In these situations, an interim CEO can bridge both the skill gap and the short-term leadership need. A perfect example of this is when a company is completing an exit strategy and need leadership that is skilled in selling a company. In this case once the transaction is completed the role likely ends, making this a perfect situation for an Interim CEO
When putting an interim CEO in place it’s critical that the interim CEO has both the leadership and industry experience to be able to hit the ground running and make a difference in a short-term arrangement. At M&A we have placed many interim CEO’s from our network of interim CEOs covering a broad number of industries. Our focus is on first understanding the specific short-term needs of the organization and placing and interim CEO who has “been there and done that” for a similar organization. The result is our interim CEOs don’t just fill a vacancy but, are equipped to make a difference in a short period of time. We have a variety of other Interim Executive positions we place for.
The following is an example of Interim CEO's from M&A’s network: