Tips for Hiring an Interim CEO

About the Episode

What exactly is an interim CEO? What makes their role different from a permanent CEO? How are they incentivized, and what comes next? Join us as we talk with Jim Evanger, an experienced CEO, interim CEO, and operating partner for private equity firms. He discusses how the position of interim CEO was created, the experience necessary to be successful in the role, why a company would consider this position and tips for hiring an interim CEO. Find out why interim CEOs have become so popular in recent years.

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In this Episode

1:35 What’s an interim CEO?
2:05 Why was this position invented?
3:05 Who are the most common employers of interim CEOs?
5:00 How important is startup experience?
6:08 How important is industry experience?
7:20 How do PE firms retain interim CEOs?
8:20 Why hire an interim CEO as opposed to promoting from within?
11:35 What types of events trigger the need for an interim CEO?
13:00 What’s the typical ramp-up period?
13:48 What are some of the reasons why a company would consider an interim CEO rather than a long-term CEO?
16:12 How is the strategy formed?
18:40 Why is it important to align the strategy with the key competencies of the interim CEO?
20:20 What are the alternatives to hiring an interim CEO?
21:23 How do you establish goals for the interim period?
22:42 What other roles can you hire an interim executive for?
25:30 What are the most important skills and experiences you should look for?
28:30 How do you screen them?
32:10 When do you introduce the former and interim CEO to one another?
33:50 How does the staff react when they’re first introduced to the new CEO?
34:45 What’s the difference in temperament between an interim and permanent CEO?
36:25 How does an investor incentivize the interim CEO to accomplish their job as quickly as possible?
39:30 Is it common for an interim CEO to become permanent?
42:16 What’s the typical time frame?

Meet Our Guest

Jim Evanger

Jim Evanger

Operating Partner and Interim CEO

Jim Evanger has had a diverse leadership career, having built executive teams in Fortune 100, middle market, and entrepreneurial start-up businesses. His industry experience spans healthcare, retail, franchising, light manufacturing, and private equity. Most recently, Jim has been a Private Equity Operating Partner and Interim CEO for PE-owned businesses ranging in size from $5 million to $100 million.

Jim came up through the ranks at Merck & Co., beginning as a sales professional and later as a manager, building a team across 33 states and Canada. After almost 10 years in corporate America, Jim launched his first business that franchised itself to 14 states across the US. After selling that franchise business, he built and led high-performing teams in diverse small to mid-sized companies, some of which are private-equity owned. This experience helped propel Jim into various Operating Partner roles with firms such as Dubin Clark & Co. and Latticework Capital, where he sits on Boards and advises CEOs on strategy and execution.

Location Location: United States

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