Interim, acting, project, contract, fractional. The array of titles can make your head spin. But they all point to a specialized type of executive that companies call on when they are going through transformation.
What is an interim executive and how does that differ from a part-time executive, a project executive, or fractional executive?
Let’s break it down.
What is an Interim Executive?
Interim executives are highly-skilled, experienced C-level executives who typically contract to work for a company for a defined period, versus full-time executives who are hired by the company. The defined period can be as little as one month or last as long as two years.
There are highly qualified interim CEOs, interim CFOs, interim COOs, interim CIOs, interim CMOs and CSOs ready to step into a position.
Why would a company choose an interim executive over a full-time executive?
There are many possible reasons, but in all cases, the company needs some kind of change or upgrade.
For example, the organization may have a leadership gap. Maybe the organization is on the wrong track and losing market share. It needs an executive to create an operational roadmap and then execute and implement to ramp up growth.
Maybe it’s a technology or security issue or there’s a need for an effective leader to reposition the company, update the brand, and build out a best-practices sales team to bring it into the new digital era.
In all cases, executives across the C-suite can be drawn on for these types of assignments. There are interim CEOs, CFOs, COOs, CIOs, CMOs, and CSOs.