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Interim executives bring 'new understanding' to firms
Executives specialising in interim management can bring a new set of "eyes, skills and understanding" to troubled organisations.
That is according to John Collard, managing director of the consultancy group Strategic Management Partners, who explained that businesses facing operational difficulties can take a positive step towards recovery by recruiting turnaround executives.
Identifying that interim positions are highly personal operations, the equity capital investment specialist disclosed that executives working in this field require a "special set of skills".
In an article published in ABF Journal, Mr Collard also suggested that interims can often revive a company with their talents despite initial unfamiliarity with the technical aspects of the business.
He wrote that businesses faced with insurmountable challenges would be able to recruit whatever the situation.
"Turnaround specialists concentrate on varying stages of business decline. While some practitioners work with clients in or on the edge of bankruptcy, others concentrate on only those in an early stage of decline."
Charlotte Baker, Head of Practice at OdgersInterim Public added: "The independent view together with a lack of a longer term career with the organisation is possibly the most useful attributes that an interim executive can bring to a difficult situation.
"Not only have experienced turnaround specialists seen some of the issues before, they should have a wider pool of experience to draw on and plenty of experience of organisations who a re distressed. Firm action is not career limiting for them, in fact the opposite is more likely.
"This is well illustrated by one of our clients, who commented that in a little over 80 days the interim executive charged with turnaround of a very distressed and high profile organisation, had achieved more than the previous chief executive had been able to do in the previous two years."
Categories: Board & CEO