Have you ever wondered why some organizations hire an Interim CEO or an Interim President/COO? Here are some insights as to why they do it.
1. Allows Hiring the RIGHT Leader to be the TOP Priority
The decision to change the top leadership of an organization is a big one. Replacing that person with the right candidate is a long and time-consuming process. And one that an organization can’t afford to mess up. An interim leader allows the hiring committee to solely focus on the priority of recruiting and selecting a permanent leader. Often times a top leader is left in place much too long for the simple reason that the hiring committee does not yet have their replacement identified.
2. Brings Objectivity
An interim leader is able to remain inherently objective while they are in their role. They are able to see the big picture and prioritize the needs of the organization without emotion or bias.
3. Reduces Anxiety
Change at the top level creates uncertainty for the employees. A board member or operating partner acting as CEO can create additional stress and workplace politics which creates a more inefficient workforce.
4. Reduces Transition Lag
An interim leader is able to keep the company moving forward and focused on strategic goal achievement during the transition from one leader to the next.
5. To Support a Founding CEO
Sometimes a founding or start-up CEO finds that their organization has outgrown them. They might not be ready to step away and/or still have value to bring the company. An interim COO can provide the necessary support and collaboration the CEO needs to keep the business moving in the right direction.
6. To Balance an Entrepreneur
Everyone knows that the skills that make someone an amazing entrepreneur are not all the same skills that make an amazing leader. A proven c-level executive collaborating with a visionary entrepreneur can be the perfect synergy for a start-up to realize true success.