Senior Interim Board advisers acting as Interim Non Executive Directors
14 July 2009 by
A growing number of businesses are turning to Interim Managers as Interim Directors to advise the Main Board during a critical turn in their fortunes. The advice of a senior individual can be of substantial value when it comes to pulling off ambitious takeovers, making a radical change in strategy or advising on succession plans. Once the project is complete, the Interim Director leaves with the business healthier and more productive for the experience. Identifying individuals with sufficient experience and subtlety to be effective interim Main Board Directors or advisers is not easy.
Concept
Interim management is well established throughout the private and public sectors. It is less appreciated that Interims can be valuable Board advisers, essentially acting as temporary Non-Executive Directors (NEDs).
A number of experienced business heavyweights have time to advise Boards, Chairmen or Chief Executive Officers. The interim NED would be employed by Odgers Interim and would have no legal tie to the client.
The interim NED would therefore be legally independent, objective and would be carefully selected to fit Board requirements in terms of background, culture and expertise.
Adding Value
- Acting as consultants
Consultants tend to be used for major projects over a long period of time. Our concept can offer a faster, less expensive and more focused solution.
- Acting as advisers or mentors
Advising or acting as sounding boards to give a second opinion on new strategic moves or changes of direction.
- Acting as managers - Coming in actively to manage a critical situation at high level.
How would this work in practice?
Odgers is well placed to offer this service. We are the leading UK based executive search firm, active in placing NEDs and have a highly successful interim management business.
Odgers would hold detailed discussions with the client and obtain a clear understanding of an area where help might be needed. If it was felt that this concept should be explored, we would identify Interim NEDs for interview. In some cases the Client might ask for and be provided with a specific individual.
Speed and flexibility are key.