The challenges that Public and Private companies face in today’s economic environment are as unique as their products, markets, resources and staffing. As they work on transformational strategies, Interim CEOs can offer a timely and effective solution to their problem solving.
Capitalizing on an impressive career as an Executive Leader, including two appointments as
a PepsiCo President and five CEO roles with small and mid-cap companies, Mike Lorelli has completed four Interim CEO assignments with stellar results. For two decades, he has also coached next-generation executives to prepare for future roles.
Mike is recognized among his peers to build significant enterprise value and accelerate revenues by finding additional income streams from new channels, new markets, new products and global expansion. A former Operating Partner at Falconhead Capital, Mike recently completed an 11-month engagement as the Interim CEO of a PE-backed company. He increased the company’s EBITDA run-rate from $11 million to $17 million in 4 months.
Excerpts from the October 2020 issue of the Association of Executive Search and Leadership Consultants (AESC) magazine The Rise of the Interim Role
“Interim CEOs provide a senior, experienced, immediately-available individual while you
are engaged with a retained search for the role to eliminate any form of business disruption. Another regular request is when a company is going through considerable change and
they require the experience of CEO-level executive who has executed this type of transformation before.”
“Also, an organization may want to test-drive an idea before fully committing. For example, Interims can be an ideal solution where firms are experimenting with different structures and roles. It could be they are looking to digitize their business and require a ‘chief digital officer’ type role, or around data with a ‘chief data officer,’ but they are not fully sure on the remit or positioning of said role. It could be anything where it's a concept the firm hasn’t necessarily looked at in-depth before.”
“If there's a lot of turmoil in the organization, putting an outside interim in place makes a lot of sense because they can have some of the hard conversations inside the organization.
“You can bring heavy-hitting, amazing, best-of-breed people in their field to the table for a short period of time that you could never afford to have in a in a permanent capacity,”
Someone who understands it is New York-based Mike Lorelli, a career CEO/interim CEO with over 35 years in leadership roles at Fortune 50 consumer, B2B and private equity-backed companies. His advice to organizations hiring an interim: “The biggest mistake is to try to hire on the cheap, or even be as frivolous as to interview three or four people and go for the lowest cost person.” To illustrate, Lorelli says, “Think about Lasik surgery. The doctor who runs a TV ad saying it’s $599 an eyeball is probably the last person I want to go to.”
– Mike Lorelli