Appointing an Interim CFO to Lead Financial Stabilisation, Team Uplift, and Debt Restructuring During a Critical Transition
The Brief
A major infrastructure organisation responsible for managing several key ports and an airport faced a critical need for an Interim Chief Financial Officer (CFO). Over the course of 18 months, the company had seen three CFOs come and go, leading to underperformance in its finance team, low morale, and challenges in managing a billion-dollar debt restructuring project.
Additionally, the organisation was undergoing significant infrastructure investment and required a leader who could stabilise the finance function and provide strategic financial leadership. Due to the role being based full-time in a regional location, previous searches were unsuccessful in securing a candidate, narrowing the available talent pool. In this environment, the company required an over-qualified candidate who could stabilise the department and restructure the debt.
Increase in General Management Skills
According to the American Management Association, only 14% of businesses consider themselves “well prepared” to handle a sudden loss in senior management. Add to that the fact that it takes at least four months to fill an executive role, and an Interim Executive experienced in operations makes a lot of sense!
Increase in Customer Experience Skills
These days experience is everything. What truly makes for a good experience? Speed. Convenience. Consistency. Friendliness. And human touch. Our Interim Executives deliver a great experience while improving your customer experience!
Increase in People & Culture Skills
Organisations are constantly changing as they respond to internal and external pressures. Continual process improvement can enable team engagement and lead to growth. Interim Executives bring fresh eyes and effective industry best practice to the execution.
Increase in Data Analytics
Complex challenges require critical thinking and in the age of information-overwhelm it is imperative to have analytical minds at the table. These skills range across finance, data science, systems and more. An Interim Executive can be the right person to optimise your inputs to maximise your output.
The Process
Future Leadership’s Interim Executive team was tasked with delivering a solution quickly. Within 72 hours of the initial client briefing, a shortlist of five qualified candidates was provided.
Following a rigorous selection process, which included psychometric testing and a three-stage interview with the CEO and executive team, a candidate with extensive experience in financial leadership and debt restructuring was selected.
The interim CFO brought both strategic and tactical capabilities, having led debt negotiations in excess of $3 billion in previous roles. They were chosen to ensure stability and address both immediate and long-term financial challenges. The candidate commenced their role just three weeks after the initial briefing.
Emerging Capabilities
Accounting Standards
Expertise in applying and adhering to accounting standards to ensure financial reporting meets compliance and regulatory requirements.
Managerial Finance
Proficiency in managing a company's financial activities, including budgeting, forecasting, and aligning financial strategies with business goals.
Financial Statements
Skilled in preparing and analysing financial statements to provide insights into an organisation’s financial health and performance.
Certified Public Accounting
Qualification in public accounting with the ability to perform audits, tax assessments, and offer financial advisory services, ensuring best practice compliance.
Management Accounting
Expertise in providing financial analysis and reports to assist managers with decision-making, budgeting, and improving organisational performance.
The Outcome
The interim CFO successfully stabilised the finance function, addressed the company’s financial challenges, and led key operational improvements. Achievements during the interim period included:
- Immediate Stabilisation: Provided decisive leadership, stabilising the finance department and boosting morale across the executive team.
- Debt Restructuring: Led the restructuring and negotiation of the organisation’s debt, securing the necessary financial investment for future operations.
- Operational Improvements: Overhauled financial processes and implemented governance frameworks to enhance transparency and mitigate risk.
- Team Uplift: Improved team morale and addressed technical skill gaps, setting a foundation for future success.
- Objective Perspective: Provided a fresh, external viewpoint that helped the executive team make crucial strategic decisions.
The interim CFO exceeded client expectations, delivering strong leadership and strategic insight during a critical period. The CEO praised the interim executive’s ability to provide stabilisation while guiding the company through long-term financial challenges.
