To ensure operational continuity and restructure a subsidiary in Eastern Europe following a disposal
- French mid-cap established some forty years ago, which designs and manufactures equipment parts
- Revenues of more than €100 million
- Workforce of over 1,000 across several sites in France and internationally, including one in Eastern Europe
The Chairman and founder was retiring and sold most of his capital to an investment fund, which appointed a new CEO to take operational control.
The Eastern Europe subsidiary, which accounted for 20% of revenues and employed nearly half of the workforce, did not have a reliable management control or reporting system.
When the takeover was announced, the subsidiary’s regional Director, who had held the position for more than 15 years, handed in his resignation. His departure posed a threat to the future of the business. The company urgently needed to find a replacement to maintain continuity of operations and complete the restructuring that was underway.
Eurosearch & Associés involvement
The group’s CEO, supported by the investment fund, asked Eurosearch & Associés to find an Interim Executive Director who could replace the regional Director.
Selection and presentation of the Interim Executive Director:
- We worked with the group’s CEO to draw up a roadmap for the project
- Eurosearch & Associés chose a project Director in situ: a French engineer who had held positions of responsibility in manufacturing for more than 15 years, in France and Eastern Europe. He spoke three languages (French, English and the local language) and had lived for more than 10 years in the country
- We introduced the CEO to the on-site project Director and the assignment Director, a Eurosearch & Associés partner and specialist in this type of industrial operation, who would provide remote oversight and support
Implementation and monitoring of the assignment by Eurosearch & Associés over four months:
- We ensured operational continuity
- We finalized the industrial restructuring underway
- We put in place management control and reporting systems
- We carried out an audit and proposed an action plan
- We supported the implementation of the chosen plan
- We managed and resolved unforeseen difficulties such as an unsolicited takeover offer for the subsidiary, the sudden departure of the group’s founding Chairman and the shut-down of information systems…
- The executive interim management process took place according to the roadmap and schedule
- At the end of four months, the Interim Executive Director was appointed regional Director and Executive Director of the subsidiary