A company undergoing CEO transition faces uncertainty due to a vacuum in leadership. During this challenging phase, it’s important for key personnel and C-level executives to maintain a steady course and survive. However, the support of someone who’s experienced, like an interim CEO, can play an important role in preparedness, continuity, and stability.
It’s often considered a strategic move to hire interim leadership in major organizational transitions. It makes sense to bring executive leadership to the table and position your company to where it can succeed.
Expectations of Interim Leadership
An interim executive, such as a CEO or someone at the C-level, is expected to do the following:
- Set the stage for future leadership
- Assess the organization’s culture and processes
- Assume a CEO role
- Bring stability and lead with the company’s vision in mind
While it’s true that interim directors serve a short time within an organization, the best ones will lay the groundwork for the future successor to the CEO role. Before leaving, a good interim leader will address current challenges and ensure processes are being followed. They can also recommend a suitable hire and play an important role in the transitional phase.
Interim leaders will look at the company with a fresh set of eyes and have a unique vantage point. They will make decisions that are aligned with the organization’s values. It’s not uncommon for changes to happen even at ground level.
Firms can assume that an interim executive will take on the full responsibility of the recently-voided position. The same goes when an interim CEO takes the helm of a company. It’s not enough to just hire someone who’s experienced- they will need to have a working knowledge and experience in the industry.
The Advantages You Get with an Interim Executive
Stronger Impact
Interim executives can deliver a stronger impact compared to existing C-level executives. For one, having an interim leader on board gives the organization much-needed breathing room so they can stop and think about their next steps.
Gives Companies Time to Think
When there’s time to pause and think, companies avoid rush hires and gaps in communication. In the meantime, the interim CEO takes stock of the goals and the current state and starts recommending improvements.
Board Member Support
Board members can get the support they need to make a crucial decision about who will be the next CEO. Interim leaders will have the experience to provide valuable insights as to what qualities they should look for.
It’s worth noting that an interim CEO doesn’t just fill a gap but also creates a smooth transition period. Collaboration between executives is part of the job, and ensuring that the next leader is prepared and coached is what you can expect a great interim CEO to do.
Call Interim CEO and Business Partners Today
If you want these advantages for your company, contact Interim CEO and Business Partners, and we can set up an initial meeting to discuss important points.