Interim CEO/sale - telecoms industry

Situation A private equity technology play had been in development for two years. The industry was advancing rapidly - as was the company's cash-burn rate. The principal investor was frustrated with the company's lack of commercial success when compared to industry performance.

Task Thirdman was engaged to review the operations, identify and remove blockages to growth.

Action Operational review process and recommendations for change led to Interim CEO appointment. Replaced all key managers and introduced additional executives to develop key functionality, in particular across product development and financial control.

Result The business was successfully re-aligned from a technology to a customer-facing focus. An evaluation of strategic options led to preparation of an Information Memorandum and a successful trade sale process.