At first glance, the term ‘Interim CEO’ may not make sense. How is it different from a CEO, and what do they do? More importantly, when would you need interim management for your company?
What is an Interim CEO?
Imagine this scenario- the current CEO of your company or organization has left. For some reason, they are not available to take care of the projects and responsibilities anymore. This vacuum needs to be filled ASAP, but where will you find a suitable figure for such an important role?
Regardless of reason, the company or organization must continue, albeit without directions or someone guiding them from the top. The only problem is that finding a great CEO will take time. This is actually where an interim CEO comes to the rescue (temporarily).
An interim CEO is a person who has the skills to meet the demands of leadership in an organization. They are often regarded as crucial crisis management tools that can bring order in a difficult transitional phase. Hiring a C-level talent will be extensive, to say the least, so someone needs to step in momentarily to act as the CEO to provide organizational stability.
CEO versus Interim
A CEO is the figurehead of a company. They are tasked with the strategic direction and overall management. CEOs carry out and maintain significant actions and decisions to lead the company. With this in mind, a CEO must be able to handle complex and often difficult business challenges, and, in smaller companies, be involved in daily operations.
The role of an Interim CEO is more or less the same, but with marked differences. They are there to fill in a sudden void left by a departing CEO. In simple words, an interim CEO bridges the gap from the time the former CEO left and the appointing of a new one. During their tenure, an interim CEO must provide informed decisions with the company’s objectives and goals in mind.
Temporary leadership can be beneficial in challenging times. More than that, a fresh set of eyes can readily identify opportunities and changes. They can evaluate structures and processes and recommend changes to optimize the company and make it align with its goals.
When Do You Need an Interim CEO?
The most common situation where an interim CEO is needed is when an organization is suddenly left without a CEO. During this time, the shareholders or board of directors can decide to bring in someone outside the organization for immediate leadership. The board of directors and shareholders will start the search for someone who’s suitable and knowledgeable of the company’s industry, as well as its unique needs.
Transform and Optimize Your Company with an Interim CEO Today
With Interim CEO and Business Partners, you can transform your company into the best version it can be. Using a detailed transformational process, operational and financial performance can improve with our seasoned executives. Contact us today and we can get your organization going in the right direction.