Interim Executives - "A Strategic Alternative"

by Pamela Wasley

Companies today are looking to do more than just fill a role when they consider outsourcing an executive level function. Rather they are searching for the best person to help them achieve competitive advantage.

Interim management first appeared in the Netherlands in the '70s where the recession and strict employment laws made it difficult to get the right people on board at the right time. In the '80s, it began its migration to the UK. It then made its way to the United States in the '90s where it first became accepted for the roles of CFO and Controller.

Interim management is a flexible, short-term executive solution with long-term benefits for organizations and businesses going through change. Companies used to use interim executives to cover the sudden departure of key people where skills needed to be replaced quickly or to temporarily fill particular expertise gaps. However, upon analyzing the circumstances leading to interim executives' current assignments, there appears to be a shift away from using interim executives in times of crisis, with a higher number of assignments being more strategic and planned in nature.

The use of interim executives to address internal change, growth and profitability issues and to manage projects and programs accounted for the top three reasons companies hired interim executives in 2005. 50% of the interim executives were engaged on transformational projects with less than 20% engaged on assignments where they were replicating an executive role. Interim management has now become an established executive resource strategy for enterprises in the private, public and non-profit sectors.

Many businesses are now viewing interim management as a cost-effective and positive way to obtain highly specialized leadership skills at a time they are most needed. These skills can significantly contribute to beneficial outcomes for a company's sustainability, growth and survival.

It is common today to hire an interim executive to fill the role of CFO, Controller, CIO or CTO. And, we are beginning to see interim CMOs, COOs and VP of Sales being used to drive strategies and efficiencies. Even interim CEOs are appearing in companies like Sharper Image, McAfee, Bristol-Myers Squibb and Radio Shack. An interim is a perfect solution for a company needing change in their leadership and strategy.

Click here to view Joe Queenan's article in the February 2007 issue of Chief Executive Magazine, where he suggests a CEO Temping Service. In a follow-up article in Chief Executive Magazine, Charles Kissee mentions that Cerius Consulting Group, a full service interim executive firm already provides executives for every functional role within a company (CEOs, COOs, CFOs, CMOs, CIOs, VP Sales, etc.). As he says, "Corporate malfeasance, shareholder outcry and the need for new energy in many corner offices may usher in this growing trend sooner rather than later."

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