Interim SVP of finance provides team stability during finance team rebuild and business restructuring for a leading PE-backed healthcare company, including spearheading a data transformation project to empower operational teams and executives.
Client:
A leading PE-backed, high-growth healthcare company specializing in optometry products and services
Services:
- Interim Leadership Solutions
Industry:
- Healthcare
Challenge
A leading PE-backed healthcare company experienced workforce turnover and a stagnated data transformation project, which was initiated to align critical financial data with operating metrics. The company’s CFO sought an interim SVP of finance with strong leadership skills and a passion for fostering talent. The primary goals of the engagement were to stabilize employee morale, advance critical business projects and implement strategic processes while conducting a search for a permanent replacement.
Solution
Leveraging an established relationship with the company’s CFO, Focus Search Partners engaged an interim SVP of finance with over 20 years of financial, technical and leadership experience. The interim SVP of finance quickly demonstrated a versatile management style by prioritizing in-person meetings for a primarily remote workforce, and fostering relationships and trust through career development conversations and personalized growth plans.
Drawing on extensive experience with data transformation projects, the interim SVP of finance identified inefficiencies and streamlined the initiative. Furthermore, a clear plan to integrate financial data and operating metrics into a unified data warehouse, leveraging Power BI, was developed to deliver enhanced insights for the organization.
Outcomes
The interim SVP of finance’s swift approach resulted in the retention of all at-risk employees and a notable improvement in team morale and inter-department collaboration. Effective strategies were implemented to reduce unnecessary meetings and a culture of collaboration and continuous feedback across the organization was established. The data transformation project, which had been ongoing for nearly nine months, was completed in just five weeks at approximately 30% of the anticipated cost.
Additionally, the interim SVP of finance successfully migrated the organization into a system of record improving the process and documentation for budgeting, month-end close, earnings calls and monthly business reviews with key stakeholders. These achievements strengthened the organization’s internal brand with the office of the CFO and resulted in the interim SVP of finance being offered the full-time position.
Key Financial Results
Successfully retained
100% of at-risk employees.
Reduced the cost
of the data transformation project by approximately 70%.
Process improvements and enhanced operational efficiency
through improved data management.
I appreciate the strategic thought that Focus Search Partners put into placing our interim SVP of finance that directly addressed our needs. They brought a multi-faceted and personal approach to the position that quickly resonated with our team, and a critical blend of technology and finance experience that quickly drove projects forward. In fact, we were so happy with the results that we decided to hire the SVP of finance during the engagement. As a permanent part of the team, the new SVP of finance serves as a critical member of the organization!
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