What is the role of a CEO?
The CEO is the Chief Executive Officer and he or she holds the highest position within the company.
What is the role of an Interim CEO?
Interim C-level executives step into the role of a permanent CEO (or COO or CFO) to navigate a company through a transition. Sometimes that transition is the resignation of the CEO (or other C-level executive). The interim CEO is hired to run the company until a an executive search is completed for a permanent replacement. In other cases, the company is going through a strategic, operational, and/or financial restructuring and the existing CEO either does not have the skill set or the desire or both to navigate an environment requiring rapid changes. An interim CEO would step into the CEO role until the company has returned to profitability, revamped its operational infrastructure or made significant progress towards its new strategic objectives. In other cases a company is preparing itself for sale or navigating an acquisition and the existing CEO is an owner who does not have the experience or wishes to separate himself or herself from the business in order to make the company a more attractive acquisition or merger target.
What is a Strategic Advisory Board?
A Strategic Advisory Board is a less formal Board of Directors. The Strategic Advisory Board is typically comprised of valued members of the business community – other entrepreneurs, bankers, investors, lawyers, etc. – who provide the owners and executive management team with invaluable strategic, financial, and operational insight regarding the company and its goals and objectives.
Are Interim C-level executives considered consultants?
No. Consultants are hired or contracted to assess a situation, or help the company achieve a certain objective. Interim C-level executives are hired to step into the role of a CEO, CFO, COO, CTO, or other C-level position. As such, they have a fiduciary responsibility to the client to act in the best interest of the company and its shareholder(s). Consultants do not have this responsibility.