 |
|
|
|||||
The announcement came suddenly on Thursday. A Fortune 500 technology client needed an interim CFO immediately. Its previous executive had departed unexpectedly, leaving a $2.3 billion merger and reorganization in limbo. By Monday, Denise, the number two finance executive, occupied the interim CFO post. She faced 10,000 skeptical employees and a board expecting miracles. Interim leadership has exploded: The number of Fortune 1000 companies that have used an interim CXO has increased 117% since 2022. Yet most leaders enter these roles unprepared for the unique demands that await. Not only do these leaders suffer, companies do as well. When leadership transitions fail, organizations face a 20% higher likelihood of losing direct reports, experience 20% lower employee engagement, and incur replacement costs up to 10 times the executive’s salary. I’ve helped several interim executives land the job: here’s what worked. In this piece, paid subscribers will learn: Five tried and true strategies interim executives can use to land the job The questions they should ask to assess their performance Common pitfalls to avoid 1. From Methodical Relationship Building to Accelerated Trust Unlike executives afforded the luxurious nine months before performance expectations kick in, interim leaders face immediate scrutiny. Organizations typically place them during crises that don’t afford more reasonable onboarding runways. If externally hired, their high fees create financial pressure for quick returns. It can take months to build relationships, and understand where the problems in an organization lie. I worked with an interim COO at a manufacturing company who cracked this code. The COO and a small team conducted 20-minute interview sessions with 70% of the 350 stakeholders over a two week period to map the real power structure of the organization. This allowed him to identify needed wins neglected by the prior COO within 18 days. The learning: dont assume people with big titles have the deepest and most impactful influence. Here are some questions to surface needed relational information quickly and accelerate trust building: Who are the three most influential people beyond the org chart? What’s the one thing everyone complains about, but no one fixes? Which relationships will make or break my first initiative? What unspoken rules govern how decisions really get made? 2. From Holistic Solutions to Getting Traction with Visible Wins Instead of focusing on holistic solutions that include too much at once, getting traction in a few critical areas through visible and well-timed wins can take you to the finish line of landing the big role. These wins must coincide with high visibility, broadly supported parallel initiatives, and experience minimal disruption. As an example, an interim CHRO I worked with in a rapidly growing global Fortune 500 retailer was appointed to stop a talent hemorrhage in a flagship brand. The loss of recently hired talent was causing confusion, communication problems, and erroneous product assortments being sent to stores. Sales were suffering and internal teams started blaming each other for the errors. There were several areas across the company that needed to be addressed, but the CHRO honed in on what was underneath her control: onboarding new talent. The existing onboarding program for employees was expensive, lengthy, and outdated. However, a full redesign of the program would have taken eight months and rolling out the program would have taken another year. Instead, the CHRO and her new team laser focused on redesigning a module for field and merchandising employees: the employees who could make the most impact in fixing the organizations problems. The team transformed the 21-day onboarding program, which had a 23% dropout rate, into an efficient 10-day program with an 8% drop rate. The program also trained new hires in the field more efficiently on how to communicate with product decision-makers in merchandising. The result: better product assortment and sales for the brand, more collaborative relationships across merchandising and field organizations, and an improvement of 15% retention in the onboarding program. All of this was done within the interim CHROs tenure, over the period of a month without disruptions, and was universally celebrated as an all around win. Well-timed wins to focus on can be easily identified with some simple questions: What’s causing the most visible pain across departments? Which broken process would everyone celebrate fixing? What improvement would make my biggest skeptic an ally? Where can I demonstrate competence without threatening existing structures? 3. From Moving Quickly to Progressive Decision-Making I often observe new leaders put immense pressure on themselves to achieve something quickly, as a means of demonstrating their worth. Many times this leads to catastrophic overaction. An interim CTO inherited a cybersecurity software product failure crisis that resulted in a public customer backlash and a steady quarterly profit loss of 45%. Instead of a five-alarm fire reaction, he chose a graduated approach. His 30-day plan included an initial round of tactical fixes, while continuing to gather intelligence and keeping open lines of communication with both customer and investment communities. By day 60, armed with data and buy-in, he unveiled a short-term strategy to fix the points of failure using customer feedback to improve security and user intuitiveness. For those existing customers that participated and were pleased with the new softwares performance, discounts and incentives were provided through a new program. Overall, the CTO mitigated an initial potential profit loss of 34% and increased sales steadily 20% per quarter thereafter. Both metrics fed into a longer-term strategy that was being developed in parallel. Hitting pause on moving hastily allows you to step back and ask what decisions can be made incrementally for progressive success? Questions that can help are: What decisions are easily reversible if wrong? Which stakeholders must I consult before irreversible changes are made? How can I test hypotheses on small scales first? What data moves me from tactical to strategic decisions? 4. From Steward to Serious Candidate Interim executives are often perceived as more stewards of the status quo, seat warmers, until the permanent executive arrives. To avoid this pitfall, I recommend taking two precautions. Buffer risk by coalition building: Denise’s tech company merger carried enormous risks stemming from clashing cultures. Rather than freezing at the face of this risk, she identified 12 “culture carriers,” advocates from both organizations, forming an integration advisory committee, who became the companys informal culture coalition. The merger, projected for 22 months, was completed in 18 and considered widely as a success. Role clarity negotiation focusing on management success: Because interim executives are automatically given shorter-term objectives as a test-drive strategy before being offered the permanent spot, I advise interim leaders to ask for more. By actively working with sponsors to clarify the longer-term expectations of the job, interim leaders can make headway on demonstrating their managerial skills and ability to deliver on longer-term goals. One interim CFO I advised drafted her own ideal CFO description of the role and what would be required of her so she could clarify what impact she could make if she were operating as the full-time, permanent CFO. She reviewed the description with her board sponsor and documented weekly progress reports with this criteria after their meetings. This created transparency about both short- and long-term operational plans and their intended strategic outcomes. This systematic communication transformed perceptions of her as a placeholder executive to a proven C-suite ready leader within three to four months. By month six, she had landed the job. Demonstrate your abilities by asking the following: What evidence can demonstrate my ability to perform in a longer-term capacity? How do I maintain momentum while navigating the potential Caretaker perception? What three initiatives warrant acceleration versus transformation? What’s my exit strategy if the role doesn’t convert? 5. From Shifting Assumptions to Reputation Intelligence Two to three months in, stakeholder misperceptions crystallize but haven’t hardened. This critical window is the perfect opportunity for course correctionyet most operate blind to ones internal reputation. Dr. Chen’s cautionary tale illustrates this perfectly. As acting head of medicine within a highly esteemed healthcare institute, she delivered strong financial results with her CEOs support yet remained oblivious to her profound unpopularity amongst peers and her teams. When a permanent appointment seemed imminent, 40% of medical staff departed within six months. A 360-feedback check would have revealed trust scores 70% below average at a time when she had a chance to turn it around. Unfortunately, this feedback was obtained in exit interviews as most knew of the strong relationship between Dr. Chen and the CEO. It took several months before Dr. Chen began to intellectually process the disparity between what the exit data showed and her CEOs exuberant support of her. Sadly, because the transition was not well supported through proper vetting and personal development, it simply became too late for the board to regain confidence in Dr. Chen as a full time candidate. Unlike external recruitment’s gradual relationship-building, interim leaders are left in limbo. They arent given proper evaluations but people form impressions of them anyway. Companies should treat interim appointments like external searches from day one: establish formal evaluation criteria, capture feedback systematically, and reset relationship expectations immediately. I advise leaders to get ahead of such challenges by negotiating support: 360 leadership evaluations with recommendations and follow up, 1:1 executive transition and team coaching that surfaces differing needs, values, and personalities. Get ahead of potential reputation challenges by shifting assumptions to intelligence through these questions: How might peers perceive me differently as their leader? What concerns are discussed privately but not raised directly? Which actions have been misinterpreted, under which context(s) and how? Who provides genuinely candid feedback? When and how should I seek feedback? Interim does not always mean temporary if you possess a serious drive and desire to land the permanent role. If mastered, these five strategies can transform interim appointments into securing your role in the C-suite. And the rewardsboth personal and organizationalcan prove remarkable.
Category:
E-Commerce
When David Dominé moved to Louisville, Kentucky, for law school in the 1990s, he was captivated by the historic district of Old Louisville, lined with stately Victorian mansions. After he bought a reputedly haunted home in the neighborhoodand had “some strange things happen” therehe began researching the ghost stories told in the area. That led Dominé to write books about the communitys legendary hauntings. Soon, reader interest convinced him to offer tours, leading to a business he calls Louisville Historic Tours. Dominé’s company now has about nine tour guides, mostly people interested in local history. Many live in the neighborhoods where they give tours. We started off with ghost toursthose seem to be the most popularbut we also do history and architecture tours, [and] we do food tours, he says. Across the country, people passionate about history and curious about the supernatural have followed a similar path. In an age of ghost-hunting TV shows, YouTube channels, and podcasts, they combine historic storytelling with spooky local legendsand frequently operate at night after other attractions close down. “They surprised me for being these rich and kind of complicated little storytelling projects, even though they were clearly sensationalist sometimes,” says Heidi Aronson Kolk, a professor at Washington University in St. Louis who has written about ghost tours. But the game has changed, thanks to the ascendance of multicity ghost tour chains. As with other industries, from ride hailing to news media, the internet has contributed to their rise. These outfits take advantage of economies of scale in centralizing operations like reservations, human resources, and even tour route planning, while leveraging search engine optimization and online advertising expertise to be the first ghost tour option tourists see. The rise of online marketing has, however, brought with it numerous disputes between local ghost tour operators and a handful of national chains over intellectual property, with tour companies accusing one another of copying tour titles and business names in an effort to game search listings. Big tour companies have also faced allegations of plagiarizing tour content from local operators in a rush to expand. Some have also faced allegations of violating labor laws around subjects like independent contractor classification and overtime pay as they recruit a national workforce of tour guides and other staff. Long-standing tour operators say chain operators can appear to be just another internet-based hustle with little consideration for what was once a cozy industry presided over by local history buffs. Competition isn’t a bad thing, but you’ve got to kind of be respectful,” Dominé says. “You can’t just go in and copy what someone’s doing, use their information, and things like that.” You cant own history Dominé has firsthand experience with these sorts of disputes. In 2022, he sued a ghost tour chain called Ghost City Tours, which bills itself as “the world’s largest and best ghost tour company,” serving more than 600,000 customers per year and advertising tours in at least 26 U.S. cities. Dominé alleged copyright infringement and unfair competition, saying Ghost City incorporated stories from his booksincluding fictionalized elementsinto its tours and worked his name into marketing materials, falsely implying his endorsement. Citing a nondisclosure agreement, Dominé declined to comment on the case, which settled in 2023. Ghost City Tours declined to make someone available for an interview for this article, citing concerns about revealing proprietary information. Another chain, called US Ghost Adventures (USGA), offers tours in more than 150 cities, from Akron, Ohio, to Yorktown, Virginia, and claims to have more than 1,000 local experts and trained guides on staff. The company was founded by serial entrepreneur and Marine Corps veteran Lance Zaal, who has said the business grew out of efforts to build a mobile tour guide app. Zaal, who did not respond to questions asked via email, also operates a broader tourism website called Tourismo. In recent years, Zaal has also purchased reputedly haunted historic properties. They include the Lizzie Borden House in Massachusetts, site of the notorious 1892 axe murders of Borden’s parents and now a bed-and-breakfast, and New Orleanss LaLaurie Mansion, a French Quarter site associated with the torture of enslaved people in the 1830s. (Zaal currently lives at the mansion.) Zaal also operates an online ghost hunting equipment store called Ghost Daddywhich boasts that it tests its merchandise at the Borden houseand even founded a Ukraine-focused aid organization called Ghosts of Liberty. Zaals businesses have been on both sides of ghost industry intellectual property disputes. In 2023, US Ghost Adventures sued Miss Lizzie’s Coffee, a newly opened coffee shop next door to the Lizzie Borden House, for allegedly infringing trademarks on the Lizzie Borden name and a hatchet logo. USGA says consumers and even local officials had been confused into believing the businesses are related. I said, This is ridiculous, because I always knew Lizzie Borden as a historical figure, says Miss Lizzies owner Joe Pereira. And you cant own history. So far, USGA has failed to convince a federal judge to issue a preliminary injunction in the matter, and the case remains before the court. Mimicry USGA has itself been repeatedly accused by other ghost tour companies of mimicking their business and tour names. The company was sued in 2024 by the owner of Queen City Tours in Charlotte, North Carolina, for allegedly infringng its trademarks in operating tours under the name Queen City Ghosts. USGA has filed its own legal challenge to the Queen City Tours trademark, and the cases remain pending. Queen City Tours did not respond to an inquiry from Fast Company. Terror Tours, the company behind a line of haunted pub crawls known as Nightly Spirits, also sued USGA in 2024 for allegedly infringing its Booze and Boos trademark. In its lawsuit, the company said USGA operated Boos and Booze tours, which confused consumers, including some who mistakenly brought complaints to Terror Tours. The case was settled in 2024. Founder Jared Broach declined to comment on the matter, citing a nondisclosure agreement. In Baltimore, USGA has advertised under the name Baltimore Ghosts, which is similar to the name of a local ghost tour company founded in 2001. Melissa Rowell, one of the founders of Baltimore Ghost Tours, says her business has received messages from customers seeking USGA, including an angry voicemail she shared with Fast Company. And, she says, Google at one time erroneously merged the business listings for the two tour operations. The two companies have exchanged cease-and-desist letters, which Rowell shared with Fast Company. Lawyers for Rowells company have claimed USGA is infringing on Baltimore Ghost Tourss trademark as part of a plan to ride on the coattails of an established business in various cities through similar naming. USGA attorneys have questioned the validity of the geographically descriptive Baltimore Ghost Tours trademark and alleged misconduct and defamation involving allegations around the Google issue. Jeanine Plumer, owner of Austin Ghost Tours, says shes spoken to multiple tour companies whove reported similar tactics by USGA. Mike Carter, owner of Tours & Crawls in Annapolis, Maryland, says hes also received texts and voicemails from confused customers who will often turn out to have actually booked with USGA. I get calls almost daily from somebody who’s confused or wants to verify which company it is, he says. USGA entered that market around 2023, using a variety of names including Ghosts of Annapolis, which Carter had previously used, he says. After he complained through an attorney, he says USGA began using the name Annapolis Ghost Tours, which Carter also previously used. Taking on the Goliath In 2024, Carter registered the domain usaghostadventures.com, one letter off from the USGA site, listing local alternatives in cities where USGA operated, along with the message: Don’t be tricked by the large national chains who pretend to offer the local tour experience you’re seeking, according to Zaals legal filings. Zaal filed a legal complaint with the World Intellectual Property Organization, which handles domain name trademark disputes. The organization awarded Zaal ownership of the domain after finding Carter went beyond offering criticism and advocacy in linking to USGA competitors, including his own business. I abided by that decision, Carter says. I understood where it came from. But in June, Zaal and USGA sued Carter and his company in federal court. They alleged Carter continued to infringe USGA trademarks with a new Local Ghost Adventures site and defamed USGA and Zaal through disparaging blog and social media posts, as well as comments to an Annapolis tourism organization. Zaals lawsuit also cites comments by other ghost tour operators around the country criticizing the company, arguing Carter and his company actively engage with fellow competitor ghost tour operators and potential customers to encourage harmful and misleading attacks, in part via a private Facebook group for local ghost tour operators. Carter acknowledges that he is active on such a group, but says members are more likely to share SEO and marketing tips or recommendations for graphic designers, along with other advice for operating a ghost tour in the internet age, than they are to discuss particular competitors. It’s more about sharing information than it is taking on the Goliath, he says. Death trap Like some other businesses that have rapidly expanded thanks to the internet, USGA has also faced accusations of violating employment laws. In 2023, two Pennsylvania women sued USGA and Zaal, saying they had been employed by the company as content creators documenting ghost tours but were improperly denied overtime pay, even when working more than 80 hours per week. Plaintiffs protested the lack of overtime wages to Mr. Zaal personally who erroneously stated that Plaintiffs were 1099 [independent contractors] and refused to discuss the matter further, they alleged. The women also alleged that Zaal and USGA provided them with an RV and pickup truck to use for ghost tours but said the truck wasnt large enough to tow the RV, with customers allegedly referring to the arrangement as a death trap. When they complained, they said Zaal and USGA traded in the RV for a smaller model at a loss, and began to illegally deduct the cost difference from their paychecks. Zaal and USGA denied the allegations, and the case was settled for an undisclosed amount earlier this year. In another case that remains pending, a Kentucky woman named Emily Menshouse alleges she worked for USGA-affiliated Zaal Ventures in administrative roles and was misclassified as an independent contractor, illegally underpaid for overtime and breaks, and fired when she complained. Menshouse, who previously appeared in a TV show called Paranormal Journeys and has a supernatural-themed video podcast, says she had hoped the position would be her dream job. Zaal Ventures has denied the allegations but made a payment to Menshouse after the lawsuit was brought, though Menshouse says the amount was inadequate to resolve the matter Ghost City Tours also faced an employment lawsuit filed in 2024 by San Antonio tour guide JoAnn Valenzuela, who alleged she was fired after complaining to the federal Department of Labor that she wasnt paid her $50-per-hour wage for more than 20 hours of mandatory training. The company said in a legal filing that Valenzuela was fired for not showing up for shifts, not because of the complaint, and that while she had attended the companys public tour guide training classes which are offered to members of the public, she had signed an offer letter that said she wouldnt be paid until she finished her first solo tour. The case was settled in 2024. Committed to the supernatural For their part, leaders of ghost tour chains have generally said they have the same commitment to supernatural storytelling as their independent rivals. Mike Huberty, founder of American Ghost Walks, which has expanded from a single operation in Madison, Wisconsin, to more than 25 cities across the country, says he still gathers stories personally before launching tours in new locales. He claims to talk to everyone from museum workers to busboys about legends that might fit into a tour, and often simply asks whether a particular place might be haunted. I’ve repeated that question probably to 5,000 people in my life, he says. Thats how you start collecting the stories. Zaal and USGA have emphasized their devotion to preserving their historic properties and bringing meticulously researched stories to life. And in a blog post, Ghost City Tours founder Tim Nealon wrote about becoming interested in ghosts after believing he had recorded the voice of one in Gettysburg, Pennsylvania, and his companys commitment to telling real, well-researched stories. But to some local competitors, certain chain operations can feel like just another online get-rich-quick scheme, disrupting long-standing mom-and-pop businesses in pursuit of a buck.
Category:
E-Commerce
AI is radically changing the future of the workplace from redefining jobs to fueling the rise of so-called work slop. Live on stage at the Masters of Scale Summit in San Francisco, Box CEO Aaron Levie, LinkedIns Chief Economic Opportunity Officer Aneesh Raman, and Metas Head of Business AI Clara Shih share their insider perspectives on AI optimism, uncertainty, and navigating this unprecedented era. This is an abridged transcript of an interview from Rapid Response, hosted by the former editor-in-chief of Fast Company Bob Safian and recorded live at the 2025 Masters of Scale Summit in San Francisco. From the team behind the Masters of Scale podcast, Rapid Response features candid conversations with todays top business leaders navigating real-time challenges. Subscribe to Rapid Response wherever you get your podcasts to ensure you never miss an episode. iFrame Embed: Aneesh, there’s a real debate about the impact of AI on work and some say it will be positive, some say it will be negative. You’ve said it will be spectacular. Why? Raman: I’m at LinkedIn, we are if nothing else, a platform of people. We go where the species goes. So for two years I have thought about human intelligence as my core focus For humans, work has kind of sucked since the industrial age. We have turned ourselves into efficiency machines, whether you’re at the assembly line or sending emails, it’s more, better, faster. More, better, faster… That isn’t who humans are. AI is going to out-efficiency us, robots going to out efficiency us. That’s okay. We became the apex species, not because we were the most efficient, but because we were the most imaginative, the most innovative AI is going to force us finally to broaden our view of human intelligence. I’m pessimistic about our state of being ready for that because it’s entire new systems of education, employment, entrepreneurship, but we’re going to have to fix that and that’s great, I think. Clara, we’ve heard this term that’s become very popular, work slop, that AI-generated work is creating more work. It’s like volume over quality Is work slop just a phase for AI? Is it like a bug that we’re going to fix or is this a feature and something that we’re always going to have to be vigilant about when we’re in a world where so much can be created so easily? Shih: I think there’s always been work slop. I’ve been responsible for some work slop, especially earlier in my career. I think certainly AI makes it easier to create lots of work slop, and so just like any new technology. I can imagine the very first spreadsheets when they were invented, people weren’t sure how to use it. The features probably didn’t include checking the formulas, and so there were probably some really bad, incorrect spreadsheets. The same thing is happening now. Raman: Like any tool, use it. Do not misuse it. Do not overuse it. There’s already lots of research. MIT has great research with brain scans that if you overuse AI, you’ll deplete your ability to grow critical thinking skills. AI helps individuals get started, but if everyone’s using it across a team, sameness creeps in. So it’s all about how you use it. Aaron, you founded Box. You know how important and distinctive a culture can be in an organization. Each company is different. All of our cultures, each one is different. When we add AI agents to our work, do we need to orient them like we do new employees? If we all use off-the-shelf AI, are we going to end up with off-the-shelf culture? Levie: Certainly. And by the way, I’m actually fine with lots of work slop because all I see is lots of files that are going to get generated That’s good for you. Levie: I think everybody here is familiar with context engineering. It’s sort of a simple analogy, which is if you have an employee off the street, super-intelligent person, doesn’t know kind of what job they’re in, they just appeared and you’re like, “Okay, today you’re a lawyer and the next day you’re a marketer and the next day you’re a coder.” That’s kind of what an AI model is. And so you have to give it the context necessary to be able to perform its tasks. And so maybe actually ironically, if anything, you’ll have to get more context than the person would. It’s actually very easy for an employee to pick up the general cultural sort of norms and work practices because they can just look over at one other person and say, “Oh, I see the way that you just collaborated over there.” And so we’re more of a collaborative culture versus we just make really quick decisions and then move forward. An AI agent again doesn’t know, “Did I just join SpaceX or did I join Patagonia?” I’m assuming those are two different ends of the cultural spectrum. So you’re going to have to tell the agent effectively like, “Who are you right now? And here are the norms in our organization, and here is the context about the business process that you’re involved in.” Clara, I talked to one CEO last week who said like he’s being pressured to adopt AI in areas that he’s not sure it’s actually beneficial for the business, but he feels like, “Oh, I’m getting this push from all different parts of the organization, investors, and the board.” How do leaders strike the balance between, “I got to be in this,” versus, “It’s not really showing any measurable impact now yet”? Shih: I see this all the time from various leaders that I meet with. I think it’s first being hands-on and really getting in there and understanding the capabilities because I think with that judgment, with that firsthand experience, only then can leaders really know, “Okay, I want to apply it here but not here.” Another really great success formula is splitting up the team, having people focus on immediate use cases. What can I unlock today that will show me ROI this quarter, next quarter, versus what are the bigger bets where just I see the secular trend and we have to skate to where the puck is going Levie: One pitfall that a lot of existing organizations will fall into, like us included when I walk around and try and talk about what kind of processes we can bring automation to, I think there is this idea that we have this sort of end-state utopian view of AI can do anything and can automate anything. The reality is that if you drop AI into today’s business process, it’s going to actually do very little and you have to actually re-engineer your workflow and you have to re-engineer your process. I think a lot of times, unfortunately, you’ll see people try and drop in AI into a process where then even with thebest automation, you’re going to get a 10% gain or whatnot of that workflow. It’s not world-changing. Levie: It’s not world-changing, but it’s because you didn’t think about re-engineering the workflow for AI. And we thought AI would work how we do. It turns out it might be the case that we have to work how AI does and we have to be actually in service of the agent to make it most productive as opposed to this unfortunate reality where we probably thought it would make us productive. It’s a little terrifying. Your job is to make the AI more productive? Levie: Totally. Well, so there was some offsite 15 years ago where one of our engineering managers told me about the inverted pyramid. His job is to enable all the people below him technically in a hierarchy, but to be as productive as possible. And it was sort of this inversion of like he works for them to make them as effective as possible. And the reality is that that’s kind of what we’re going to be doing with AI agents for quite some time because we’re going to be working to make them effective And if you look at the five and 10 and 20-person startups that are AI-native fully, they don’t have a single business process, that’s basically what they’re doing. They’re working to support agents to be super effective, and that’s just a totally different way to work. Raman: Make them more productive to make you more impactful. Shih: Yeah, help you help me. Raman: I think we have to be affirmatively pro-human. It’s hard to state how radical it is.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||