This Canadian-based international manufacturer and distributor of consumer products was hard hit by the economic downturn of 2007-2008 resulting in a corporate restructuring and change in control to international investors.
The existing management team was not meeting the expectations of the Board of Directors in terms of recapturing market share and operating results.
We were engaged to conduct a confidential search for a new President and CEO to begin the process of a business repositioning and turnaround.
This position not only involved a fairly high level of risk but also was located in a mid-sized community that would require prospective candidates to relocate.
Working with representatives of the Board of Directors, we developed a comprehensive President and CEO position profile as well as a search strategy. Due to unique circumstances, we could not identify our client to candidates until the day before meeting with representatives of the Board.
Among other sourcing strategies, we utilized our contacts in corporate restructuring as well as manufacturing and corporate turnarounds to identify potential candidates.
Successful candidates would need to have a proven track record of corporate repositioning, substantial increases in both the top and bottom lines, effective dealings with the Board and building a sustainable business.
A short list of six qualified candidates were presented, of which two were finalists. Representatives of the Board had a number of meetings with the finalists before selecting the successful candidate.
The new President and CEO has had a significant impact in a relatively short timeframe returning the company to profitability and cash flow positive.
Since placing the President and CEO, we have been engaged to assist in the search for a new member of the executive team.