Interim CFO (Chief Financial Officer)
What is an interim CFO?
An interim CFO, financial manager, finance director, or finance executive has the experience required to gain control over reporting, figures, and growth potential.
The CFO role is crucial for organizational success. An interim CFO typically participates in board meetings, and new owners often require a CFO who can effectively communicate to present the figures in the best possible way. The CFO is a supporting function but must collaborate effectively with the entire organization to ensure coherence between the numbers - both KPIs and financial figures - and the organization that achieves these results. An interim CFO excels at cross-functional collaboration and plays a vital role in supporting the CEO. The CFO is particularly analytical and serves as a critical voice within the leadership team.
Why hire an interim CFO?
Hiring an interim CFO can be advantageous in various situations, ensuring financial stability and driving strategic financial initiatives for companies. Here are common scenarios when hiring an interim CFO is beneficial:
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Leadership Transitions: During CFO vacancies due to sudden departures, planned retirements, or extended absences, an interim CFO provides immediate financial leadership and continuity.
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Financial Transformations: When companies undergo significant financial changes, such as restructuring, mergers, or acquisitions, an interim CFO brings expertise in financial analysis, risk management, and strategic decision-making.
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System Implementations: Implementing new financial systems or upgrading existing ones requires the expertise of an interim CFO who can oversee system integration, data migration, and ensure smooth operations.
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Special Projects: Companies may need specialized financial skills for projects like fundraising, cost optimization, or expansion into new markets. An interim CFO offers targeted financial expertise to drive these initiatives.
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Interim Leadership: During the CFO recruitment process, an interim CFO bridges the leadership gap, providing financial guidance and overseeing day-to-day operations. They can also support the incoming CFO through a seamless transition.
By hiring an interim CFO, companies gain access to seasoned financial professionals who bring strategic insights, financial acumen, and the ability to adapt quickly to the organization's needs. Their expertise ensures financial stability, supports growth initiatives, and paves the way for long-term success.
How do we find the best interim CFO candidate for you?
We have perfected our method over more than 20 years and built a network of over 3000 experienced leaders, with a global reach of 60,000 interim leaders. Our primary strength as an interim service provider is understanding, evaluating, and finding solutions while continuously following up on the business. We also assess the effectiveness of the interim assignment for 2-3 years after completion. When you reach out to solve your leadership challenge, we follow this process:
- Together with you, we define the assignment and set the objectives for the assignment period.
- We advertise the assignment to our interim leaders, screen the best applicants, and send them to you anonymously.
- Together with you, we select candidates for interviews and conduct them (all candidates are quality assured before the interview).
- You choose your preferred interim leader.
- The interim leader begins the assignment!
We provide ongoing support and follow-up for both you and the interim leader throughout the assignment.
A selection of our completed interim CFO assignments
Read more about our CFO assignments below. See all our reference articles here, and feel free to contact us for references related to your assignment. We also provide leaders for similar positions, such as Finance Director, Chief Financial Officer (CFO), Controller, Financial Manager, Finance Manager, Accounting Manager, Financial Director, Financial Officer, Chief Accounting Officer (CAO).
Things can get dramatic when the finance manager suddenly resigns, especially if you are owned by a private equity company with a relentless approach to reporting. That was the case when Skovly-Gruppen, in the autumn of 2021, found themselves with a deficit of 14 million pending. The rescue became an interim manager who ensured order in the numbers, fresh capital, and profit during the first months of 2022.
Read MoreIn 2021, Presto Brannteknikk faced a strategic change within the company. As the Nordic region's leader in the field of fire safety, the time had come to merge the company's subsidiaries under one umbrella. This simultaneously as they rolled out an ambitious digital transformation plan.
Read MoreWhen Frode Sandmark, Chief Investment Officer at Kverva, decided to hire an interim CFO for Nutrimar – the Frøya-based producer of fresh salmon oil, salmon flour and hydrolyzed protein concentrate of salmon by-products, he was actually an interim CEO himself. At Nutrimar, that is.
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