A leading Indian retail entertainment company needed to restore the confidence of investors and staff after running out of cash during the COVID pandemic. The company had received an infusion of funds from the Founder/Promoter but needed a new CEO to execute the company’s growth plan.
Situation
The incumbent CEO, the Founder of the company, was suffering from major health problems and had no successor. He had also lost the confidence of investors because his expansion plans failed, partly due to the COVID pandemic.
Attempts to hire a permanent CEO failed because the company was close to bankruptcy and the company was unable to provide assurances to any CEO candidate that the company had the resources to survive more than a few months.
Solution
X-PM provided an interim CEO to run the day to day activities of the company, revive the morale of the employees, bring about cultural transformation, strengthen accountability of the team and chart a new growth strategy of the company.
Three X-PM Partners were involved in the supervision of the new interim CEO and met regularly with the Founder and Investors to ensure people transformation, business transformation, and alignment between the interim CEO and Founder.
Results
X-PM’s interim CEO hit the ground running and was hands on, result focused and whose vision was compatible with that of the Founder.
The Founder quickly introduced the CEO to investors, positioning him as his replacement.
The Founder gave full control and autonomy to the interim CEO which enabled transformation of culture and a focus on results within a few months.
Within four months X-PM’s interim CEO was absorbed as the permanent CEO of the company, allowing the Founder to fully retire.
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