Executive Search May Be Long, But Interim Execs Deploy in 48 Hours

There is no question that the executive search process is long. When a C-level executive bolts or an organization is going through a transformation – acquisition, product launch, market expansion, etc. – the right leadership needs to be in place, and needs to be in place now.

Vision Share, a consortium of eye banks, experienced this firsthand. Their mission, ensuring corneas be sent worldwide for transplant by eye surgeons, was hampered by organizational problems. The board of directors knew a new CEO was needed, but “the permanent search was estimated to be 6-9 months and came with a guarantee of a year’s employment,” Cindy Reed, Board Member at Vision Share said. “We really felt like we needed more than that.”

The board went to the Association of Interim Executives’ Rapid Executive Deployment Program to bring in Gregg Steinberg as Interim CEO to stabilize the organization, achieve immediate growth goals, and prepare them to hire the permanent CEO.
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Case Study: Taking a Nonprofit Organization Back to Financial Health

Overview
On March 30, 2015, I began my tenure as an interim manager (Interim Chief Operating Officer) at ChildServ, a social services agency that had recently celebrated its 120th anniversary serving at-risk children and families in the Chicagoland area. While I was new to the role, I had the benefit of not being new to the organization. In fact, I had served on the Board of Trustees of ChildServ for the prior 15 months, resigning only after my Board colleagues had voted to have me take on the difficult task of driving badly needed change from within.

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Private Equity Solve Portfolio Company Challenges with Interim Executive

Interim executives benefit companies dramatically: high-level expertise drops in quickly to do the tough jobs — powerfully and without bias or politicking — to help a company improve. Soon after, they ride off into the sunset to the next assignment. Think of an interim executive as a modern-day John Wayne without the cowboy hat.

Mark Sullivan, founder of Lineage Capital Investment, knows how it works. His private equity firm recently dropped an interim CFO into a manufacturing business amid a turnaround. Monetary villains — so to speak — threatened the corporate ranch and outside help was essential to clean out the threat.

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