Many Fortune 1000 companies are turning to Interim Executives to fill temporary gaps in both leadership and expertise. Rapid changes in technology and accelerating competition are fueling the trend towards needing to hire and onboard executive talent quickly. While there are many scenarios where organizations hire Interim Executives, the most common are as follows:
- Executive Attrition – These situations typically arise if an existing Executive is either terminated or unexpectedly resigns from the organization. As the search for the full-time CXO may take months, most companies require someone to fill the position on an interim basis.
- Major Crisis – The organization may have gone through an unfortunate event such as a financial restatement, security breach or technology melt-down.
- Company IPO or Sale – Companies in this situation may need an experienced CFO, COO or CIO with specific transaction experience who can ready the company for the sale or liquidity event.
- Temporary Bridge Resourcing – The Interim Executive may set the stage for the future permanent hire and/or the Company may want a try out the Interim Executive for the full-time position.
- Situational Assessment – The Company may want the Interim Executive to do due diligence or evaluate new investment opportunities. This situation may also involve resolving operational or performance issues.
- Transition Advisor – Assist a current Executive Team in the execution of special projects such as a turnaround, merger integration, a major technology refresh or expansion into international markets.
In general, Interim CXOs typically have specific experience that’s not currently available within the company. An important reason for hiring an Interim CXO is that they can join the company immediately and hit the ground running. Another reason why Interim CXOs can be highly effective is the fact that they are outsiders can rapidly bring change to an otherwise slow moving or entrenched organization.
Interim CXOs tend to have a wide variety of experience and have typically worked across multiple industries. This cross industry expertise can greatly help companies leverage best practices as they implement business technologies or attempt a wide spread digital transformation.
Every company regardless of size needs a team of highly competent Executives. Whether your company is publicly traded or private held and in an organizational transition, or a start-up that needs to navigate a dynamically changing environment, our Interim CXO Services can bridge the gap to your success. If your organization is thinking about using Interim Services, please contact HBSC Strategic Services at firstname.lastname@example.org.