"The announcement came suddenly on Thursday. A Fortune 500 technology client needed an interim CFO immediately. Its previous executive had departed unexpectedly, leaving a $2.3 billion merger and reorganization in limbo. By Monday, Denise, the number two finance executive, occupied the interim CFO post. She faced 10,000 skeptical employees and a board expecting miracles. Interim leadership has exploded: The number of Fortune 1000 companies that have used an interim CXO has increased 117% since 2022."
"Yet most leaders enter these roles unprepared for the unique demands that await. Not only do these leaders suffer, companies do as well. When leadership transitions fail, organizations face a 20% higher likelihood of losing direct reports, experience 20% lower employee engagement, and incur replacement costs up to 10 times the executive's salary. I've helped several interim executives land the job: here's what worked."
An interim CFO was appointed within days after an unexpected executive departure left a $2.3 billion merger and reorganization in limbo, confronting 10,000 skeptical employees and a demanding board. Interim leadership usage has risen dramatically, with Fortune 1000 interim CXO placements up 117% since 2022. Many interim leaders enter roles unprepared, producing costly organizational consequences: 20% greater likelihood of losing direct reports, 20% lower employee engagement, and replacement costs up to ten times an executive's salary. Proven approaches can improve interim outcomes by offering targeted strategies, clear performance assessment questions, and awareness of common pitfalls to avoid.
Read at Fast Company
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