I’ve led major corporate transformations and turnarounds for decades — taking ITT and 12,000 employees through deregulation into record profits; overhauling Styrotek, a California agricultural packaging company, in 3 months during a drought. That’s the job of an Interim CEO: to parachute in, rebuild a jumpy staff’s trust and engagement, and manage profound change. It takes a unique skill set, but as I wrote in my new book, The Outside the Box Executive, extreme leadership is really leadership, just the condensed version: there are lessons for everyone.
Here are my 9 steps for saving a struggling company:
9 Steps for Saving a Struggling Company
Don’t ask permission to start making decisions and forming strategies: do it. The Board brought you in to do a job. And don’t dispatch a group of VPs to speak for you. Leading by proxy is not leading, particularly in today’s business culture, where transparency matters (for good reason).
To learn about a company’s daily operations, its staff (good and bad), and its problems and challenges, you have to get out there. Don’t hide behind your desk. Walk the halls and let everyone see you.
I recommend active listening, in which you repeat back what someone tells you, and continue that cycle until you reach common ground. It forges mutual respect, paving the way for the honest opinions and information you need for your own due diligence. While an Interim CEO draws from outside experience to set direction and strategy, listening creates the necessary knowledge base.
No CEO is an island.You’ll need a team of the best and brightest to rely on, but forge your own impressions and make your own judgment calls. That way, when someone’s not being entirely above board, you know it. That’s how I stopped a damaging game of politics at one firm: I knew the difference between reality and rumor.