PT  - JOURNAL ARTICLE
AU  - David L. Auchterlonie
TI  - How to Fix the Rotating CEO Dilemma
AID  - 10.3905/jpe.2003.320055
DP  - 2003 Aug 31
TA  - The Journal of Private Equity
PG  - 52--57
VI  - 6
IP  - 4
4099  - https://pm-research.com/content/6/4/52.short
4100  - https://pm-research.com/content/6/4/52.full
AB  - CEOs of distressed and underperforming companies are being dismissed at a record rate. Companies typically replace a CEO by undertaking a long and costly search for a new leader capable of reinvigorating the organization and restoring profitability. Unfortunately, this formula for corporate turnaround seldom works. This article examines the underlying reasons behind this trend and presents a new methodology for equity groups and board members to consider prior to replacing their incumbent CEO—driven by the benefits gained from hiring a turnaround management professional as interim CEO, CRO, or COO. Best practices used by today's leading turnaround management professionals are shared, as well as the process by which corporate leaders can determine whether an interim CEO or CRO would be well suited to assist the organizations they manage.