When an interim CEO or CFO parachutes into a company they have first-hand experience of what measurements and benchmarks (analytics) are useful and how to use and prioritize them. There is also solid recognition that data and numbers can eliminate a great deal of negativity and get people focused on solutions. Taking action is key, and that often begins with active listening to quickly figure out the exact condition of the company.
An interim must get the facts by asking people what they see and where their main areas of concern are. It is rare during this initial listening process that someone does not say something like “if we had better lighting in this area quality control would improve!” Continue reading →
In a recent interview with The Philippe Matthews Show, Association of Interim Executives Chairman, Richard Lindenmuth sheds light on the most important component of any company in transition: its people. Lindenmuth, who has been an Interim CEO in a number of industries ranging from high technology to services shows how to gain people’s respect, trust, and engagement.
In a recent NPR story about the rising demand for interim executives, Association of Interim Executives CEO, Robert Jordan shares that a temporary CEO is not a babysitter, but rather a specialized surgeon. “It creates a bias in favor of action and against playing politics,” Robert said, then commenting that Interim CEOs are “trying to solve a problem and work themselves out of the job.”
Association RED Team Member and Interim CEO, Richard Lindenmuth, is also interviewed sharing about his turnaround of Styrotek, an agricultural packaging company in California that contacted the Association in the midst of a 3-month drought and big financial losses. Dick was able to parachute in as Interim CEO and get the company quickly back to profitability. He says “you really have to listen – the solutions are generally within the company.”
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.
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.
First-year Change Agent members have access to the Interim Institute’s 4 hour audio program on the Fundamentals of Interim Management, and a one-hour strategy session to help jumpstart their interim career.
*$200 additional charge for Accelerator Program only applies for first-year members. After the first year, membership renews at $485/year.