Background
Financially restructured and on the road to recovery from the effects of the aerospace market collapse following 9/11, twin calamities destroyed 30% the company’s manufacturing capacity and threatened to overwhelm the nascent recovery. With a global customer base and an internationally renowned brand supported by 1,000 employees, the company needed to leverage its commanding brand position to restore full financial performance and drive increased shareholder value. Consequently, we were in search of a CEO to create a new vision for the company who could set and lead the strategic direction that would deliver significant growth in revenue and profit. Concurrently, we were seeking a VP Operations to restore production capability and drive operations excellence to ensure global competitiveness.
The Challenge
Quickly and confidentially recruit an accomplished turnaround CEO who would rapidly transform the company from its historic product-line focus to a highly dynamic and market-driven company while building an executive team capable of delivering increased shareholder value, customer intimacy and loyalty, and employee satisfaction. In tandem, recruit a VP Operations who would provide the leadership to transform the entire supply chain and how the company delivers on its value proposition.
Results
With the new CEO in place in less than two months, joined by the VP Operations the following month, we rounded out the executive team with a CFO and VP Sales over the following year. Together, this team completed the transformation to becoming lean, fast and agile while revolutionizing product development, and tripling sales over three years leading to a very profitable exit for the private equity sponsor. The CEO retired following the sale of the business and the VP Operations was appointed CEO by the new owners.
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