AD INTERIM POSITIONS, AD INTERIM CEO, AD INTERIM CFO, AD INTERIM COO AND MORE
“CxO Interim Positions, Roles & Responsibilities, Reasons & Situations To Hire An Executive Interim Director - Ad Interim Definition”
Ad interim services and ad interim positions Consultdustry Interim Management provides
To develop, improve and to rescue businesses we collaborate with screened and selected, seasoned, 250+ associates - independent native Asian and expats - which we can deploy as executive interim as
• ad interim CEO, chief executive officer a.i. - ad interim CEO services
• ad interim CFO, chief finance officer a.i.- ad interim CFO services
• ad interim COO, chief operating officer a.i.- ad interim COO services
• ad interim CRO, chief restructuring officer a.i. - ad interim CRO services
• and other c-level, executive interim director positions such as human resources management, marketing & sales, purchase, project management, manufacturing, engineering, strategy and legal.
Definition of ad interim
'Ad Interim' is Latin, also referred to as a.i. or ad int., literally "in the time between" and it means:
- for a particular period/time
- for the time being,
- acting (director)
- for an intermediate period
- in case of temporary absence
- in the meantime.
Ad interim stands for the temporary observation of a position or function. As mentioned, it comes from the Latin expression ad interim: in the meantime.
A company can appoint an ad interim manager to take charge of (part of) the company temporarily. But in the opinion of us as Consultdustry interim management, this is only a limited and incomplete qualification.
After all, observing is a synonym for taking over, a temporary substitute for the continuation of the existing business and its policy. Or it should be that the temporary appointment of the interim CEO position is assessed as a viable alternative by the board of directors and stakeholders to create time to find the right CEO.
This 'bridging a gap' naturally occurs, but at a C-level position, it is a rare interim management solution. Although commonly, firms will certainly call from their existing directors base when hiring an ad interim Chief Executive Officer or CxO, a rising number of businesses are currently bringing in ad interim CEOs from outside the company. Among the factors for this is that the capability wanted for ad interim CEOs are usually distinct, as they are typically required to manage a specific situation, in contrast to the everyday operations of the business. Executive interim directors are, as a rule, deployed in an organisation to manage a start-up, project, transition/turn-around, change, improvement or a crisis. Below we give an enumeration for the appointment of an ad interim executive or ad interim director; ad interim CEO and other executive interim directors such as ad interim CFOs, ad interim COOs, ad interim CRO.
30 reasons - specific situations - to hire ad interim Cxx; ad Interim CEO, ad interim CFO, ad interim COO or an ad interim CRO
• crisis management
• improve financial return, profitability
• implementing changes, change management
• cutting/lowering operating costs
• implementation of a (new) strategy and plans
• implementation and optimisation of business processes, methods and technology
• debt refinancing, financial restructuring
• debt restructuring, debt negotiations, creditors agreements
• raising capital
• cash management, cash-flow optimisation
• disappointing sales results and margins, increasing competition
• planning and starting new business activities or products/services or markets
• investment projects
• image/reputation improvement
• restoring trust from investors/financiers
• improve or raising morale among employees
• pre-merger or post-merger integration
• supply chain efficiency
• succession planning
• bridging a gap in management staff and expertise
• solving internal/external problems, problem-solving ability
• risk mitigation through experiential knowledge
• claims negotiations and (legal) procedures
• transfer of knowledge, experience and management/leadership style
• objective, unemotional, unbiased and business assessment of plans, decision making and management
• business closure, liquidation
• administrator management, trustee, insolvency
Ad interim executives do have an important role for five main motives:
- emotions must be eliminated, an optimistic perspective must be truthful and substantiated and promised 'better' results must become reality
• knowledge and experience
- executive board directors are experienced in day-to-day operations and not in change, turnaround or crisis management. A common mistake is that the existing executive board directors overestimate their competence! Plans must be bottom-up structured and operationally practical, and communication both internally and internally must be aimed at creating time so that the organisation can stabilise and programs can be implemented.
• efficient use of resources
- there is no time to lose; an executive interim director can fully concentrate on the task, inefficient activities must be stopped, securing the necessary means to achieve the objective is after all the highest priority.
• execution speed
- in changes there must be adequately and frequently reported, in crisis management, one must even know the exact status every moment of the day. Urgency and impact of change processes and reorganisation are great. A sense of urgency and acceptance is a prerequisite for success.
• no failure
- first time right, as failure is not an option, there is (often) only one chance, failure is dramatic and expensive, and therefore an executive interim director need to keep focus to deliver.
Consultdustry obtains its interim management services assignment in the following ways
Consultation Interim Management can often be a possible management solution for an unfavourable business situation
• financial and other major stakeholders intervention or introduction
• shareholders interference
• supervisory board / board of directors corrective measures
• CEO or members of the executive board / business executive committee preventive and corrective action (mainly concerns assignments at subsidiaries of larger, public and/or listed companies)
Executive interim positions (CxO positions) that Consultdustry Interim Management do provide
As mentioned, we can fill in the following interim positions
• ad interim CEO, chief executive officer a.i.
• ad interim CFO, chief financial officer a.i.
• ad interim COO, chief operating officer a.i.
• ad interim CRO, chief restructuring officer a.i.
There are also some interim positions with less emphasis on general management and that require specific expertise. Such c-level interim positions for which can also nominate excellent executive interim directors are among others;
• ad interim CTO, chief technology officer (CTO)
technology research and development, responsible for product/service development to bring it to the market
• ad interim CIO, chief information officer (CIO), leads and facilitate internal information technology
• ad interim CBO, chief business officer, a combination of strategy, marketing & sales, may also include the business development and product/services development
• ad interim CCO, chief commercial officer, commercial strategy and development
• ad interim CSO, chief sales officer
• ad interim CMO, chief marketing officer
• ad interim CPO, chief procurement officer
- procurement strategy, sourcing and procurement of goods and services, negotiating prices and terms
• ad interim CEngO, chief engineering officer
• ad interim CHRO, chief human resources officer
• ad interim CCO, chief communications officer
- internal and external communication, new media, etc.
• ad interim CIO, chief investment officer
- accountable for asset liability management and investments
• ad interim CCO, chief compliance officer
- supervising and managing compliance with the regulations.
• ad interim CLO, chief legal officer
- monitoring and managing legal issues may also include corporate governance and business policy, often indicated as chief counsellor general counsel
• ad interim CRO, chief risk officer
• ad interim CSO, chief strategy officer or chief strategic planning officer (CSPO)
• ad interim CCO, chief compliance officer
- supervising and managing compliance regulations
In addition to executives interim director positions/functions as mentioned above, we also offer candidates for other temporary interim positions, such as
• temporary managers, job management professionals - read here the difference between interim management and temporary management
• advisors and consultants
• non-executive directors and board members
Finally, concerning interim CxO positions, we want to focus and list the primary duties of the most important chief officers. It seems an obvious enumeration, but the appearance is deceptive. Besides the reason for appointing an executive interim director, it is for us essential to have a clear understanding of the intended accent differences in the new policy. The following list can be a guideline for this.
Leading interim roles and responsibilities of the ad interim CEO, CEO a.i., interim chief executive officer:
• takes on a task that matches the organisational structure and/or organisation size of the business (from hands-on/operational to strategic decisions/delegation at a large company)
• ensuring continuity and increasing shareholder value and business innovating /business improving based on this main task
• set strategic goals and ensure that they are tangible and measurable
• presenting and justifying the company's performance and strategy to the shareholders and other important stakeholders and further consultation to get their approval
• represent the company and communicate on behalf of the company with all stakeholders; supervisory board/board of directors, shareholders and other financiers, government bodies, customers, the public, etc.
• leading the development and implementation of short and long-term strategies of the company
• creating and implementing the vision (external and future-oriented, goals, distinctive character, core values) and mission (intern directed, the company's right to exist, motivation and identity)
• managing, coaching, appointing, promoting and dismissing of executive board members and the evaluation/assessment of the performance of executive board members, the composition and cooperation within the board, other key leaders and advisors (f.e. advisory board) and, if desired, make changes regarding the appointments
• verify and approve (accept) budgets, (principal) contracts and agreements
• recognise opportunities and threats, remain aware of the direct and indirect competition, expansion opportunities, developments in the industry, etc.
• ensure compliance and maintain high social responsibility, regardless of where the company does do business
• assess risks for the business and ensure that risks are monitored and minimised through active mitigation planning.
Leading interim roles and responsibilities of the ad interim CFO, CFO a.i., interim chief financial officer:
• acts as a valuable sparring partner for the CEO, particularly for improvement in business operations; return and reduce risks
• managing the company in the financial field and compile and evaluating financial policy
• setting up and managing an adequate information system for financial management and control
• planning, coordinating and managing the financial departments of the organisation, such for example; treasury, accounting and risk management, and let these departments function optimally
• collecting, organising, analysing and reporting (financial) information for planning and control to the management; the internal planning and control activities.
• planning and managing cash flows of the organisation (cash and treasury tasks) including the decision-making around desired capital structures and investments
• formalise the internal and external reports about the financial situation of the company
• preparing financial forecasts and identifying, mapping and reducing business risks
• assessing the financial position of the company and making changes if necessary
• supervising financial matters, such as the efficiency of business processes and the productivity of employees (part of management accounting)
• investor relations, bears responsibility for the quality of both financial and non-financial information provided to investors
• as a board member contributes to the strategy and planning cycles and will develop the financial budgets, prognoses and consequences for it
• provides support to the executive board/management in making decisions and advising on strategic options regarding the financial implications
• acts as a compliance officer of the applicable internal rules and procedures and external legislation and regulations.
Leading interim roles and responsibilities of the ad interim COO, COO a.i., interim chief operating officer:
• managing the day-to-day operations; lead, motivate, train, coach the middle management and let these managers and departments function optimally
• determining the (annual) targets (in consultation with the CEO and other executive board members)
• formulate and managing an (annual) task-setting improvement plan
• formulate the (annual) formation plans and budget plans
• determining the (year) targets (in consultation with the CEO and other executive board members)
• directing the operation team to achieve the objectives
• optimising issues like planning and execution of production, engineering, purchasing, logistics and supply-chain etc.
• monitoring and secure the quality of production (or services)
• and most important; the adequate elimination of deviations, disruptions and stagnations.
Summarising a COO is explicitly focused on managing processes, such as
- set, analyse and report on tangible and measurable goals,
- get and keep in grip on the production process (or projects),
- striving for an optimum in quality, resources (money) and time,
- identify possible risks and minimise them
- developing and improving LEAN management,
--- flexible and cost-effective production methods and techniques,
--- effective use of the organisation and its resources,
--- the optimal organisation of the work processes,
- set and meet deadlines (milestones, progress monitoring) by effective planning and organisation,
- developing and improving quality awareness, customer focus, safety and working conditions.
Leading interim roles and responsibilities of the ad interim CRO, CRO a.i., an interim chief restructuring officer (recovery/crisis management):
Almost every assignment requires the executive interim director to take on a role as an ad interim CRO, Chief Restructuring Officer a.i. However, when the situation is exceptionally severe, and the CEO is already burdened with the daily problems, it can be a solution to appoint (additional) an ad interim CRO; Chief Restructuring Officer. Today, it is generally accepted and recognised as vital to hiring a CRO since it gives shareholders and creditors confidence and a CRO has the experience and knowledge to bring stability, which is a precondition for guaranteeing continuity. Usually, an ad interim CRO will report to the CEO, but depending on the seriousness of the situation, the CRO could be directly accountable to the supervisory board/board of directors.
The ad interim CRO's responsibilities in recovery/crisis management would be focused on:
• developing a business plan and strategy that demonstrates mid and long-lasting feasibility sustained by credible assumptions regarding the business future
• leading negotiations for acceptance regarding restructuring plans with major lenders
• managing and negotiating with trade creditors/suppliers to ensure continued support
• managing the sale of equity, assets and shares
• the planned termination of cash drains and non-profitable or unnecessary expenses and activities
• initiate, investigate opportunities and implement improvement of revenues and cash flow
• determining solutions and aiding management in the development of plans and agreements with unsecured creditors
• finding external resources of funding and financial restructuring if required
• vouch for sufficient cash assets and other resources to keep business ongoing and get it through the crisis
• aiding administration in discussing out-of-court negotiations or taking preparations and also guiding through suspension of payment / administrative receivership / Chapter 11 bankruptcy procedures.