On October 26, 2017, CEOWorld magazine published an article I wrote on “Interim CEO and Turnaround CEO Employment Agreements: Terms and Compensation.”
The Interim CEO may be one of the following:
- company insider from the Board or current executive suit or a current consultant to the Company, as Interim CEO, chosen in part for familiarity with the company and essentially to be a placeholder until the new CEO can take up his or her duties
- executive outside the company recruited to fill that role, someone with a name in the field to maintain the position of the company in the eyes of analysts and investors until the search for a new CEO is completed and the replacement installed
- an executive hired or recruited not just as a placeholder but as a true Turnaround CEO, who is being brought in to “right the ship” when a company is in turmoil, unprofitable or otherwise not performing to the desired level.
This article discusses the different roles each would play as Interim CEO or Turnaround CEO and the different terms each should seek in employment, compensation, severance, equity, disclosure and indemnification from the company that needs their services.
To see my full CEOWorld magazine article, go to LINK: http://ceoworld.biz/2017/10/26/interim-ceo-and-turnaround-ceo-employment-agreements-terms-and-compensation/
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It is my hope that this article will be helpful to senior executives who are navigating the shoals of noncompete, nonsolicitation agreements and going into a new position or change of control. If you or any colleague of yours has a need in this area, please do reach out to me at firstname.lastname@example.org or 617–875–8665.