What is Interim Management?
Interim management is the deployment of experienced executives on a full-time, temporary basis (typically 3-12 months) to lead specific business challenges, transformations, or fill critical gaps. Unlike consultants who advise, interim managers execute. Unlike part-time fractional executives, interim managers work full-time for a defined period.
When Businesses Use Interim Executives
Companies typically engage interim managers in five situations:
Crisis Management
Financial distress, operational failures, or sudden leadership departures requiring immediate senior expertise.
Transformation Projects
Digital transformation, restructuring, or major change programs requiring dedicated leadership.
Rapid Growth
Scaling operations, entering new markets, or managing explosive growth before permanent infrastructure is built.
Capability Gaps
Temporary need for specialized expertise (e.g., IPO preparation, M&A integration, regulatory compliance).
Leadership Transition
Covering maternity leave, sabbaticals, or bridging the gap while recruiting a permanent executive.
Testing Leadership
Trial run with an executive before making a permanent hire, reducing risk of a bad long-term hire.
Interim vs Part-Time: Key Differences
| Aspect | Interim Management | Part-Time/Fractional |
|---|---|---|
| Time Commitment | Full-time (5 days/week) | Part-time (1-3 days/week) |
| Duration | Fixed term (3-12 months) | Ongoing (indefinite) |
| Purpose | Specific project or crisis | Ongoing strategic guidance |
| Day Rate | £800-£2,000/day | £600-£1,500/day |
| Exclusivity | Usually exclusive to one client | Works with multiple clients |
| Best For | Transformation, crisis, gaps | Ongoing advisory, smaller businesses |
How Interim Management Works
1. Engagement Process
- Define the Brief: Company identifies the specific challenge, deliverables, and timeframe
- Source Candidates: Via interim recruitment agencies, networks, or direct approaches
- Fast Hiring: Typically 2-4 weeks from brief to start (vs 3-6 months for permanent)
- Onboarding: Rapid immersion with clear deliverables and success metrics
2. During the Engagement
- Full Authority: Interim executives typically have full decision-making authority in their domain
- Execution Focus: They do not just advise—they implement and deliver results
- Knowledge Transfer: Train permanent staff and build sustainable processes
- Regular Reviews: Monthly or quarterly check-ins against agreed deliverables
3. Exit and Handover
- Planned Exit: Clear handover to permanent successor or existing team
- Documentation: Comprehensive documentation of work, decisions, and recommendations
- Extension Options: Many engagements extend beyond initial scope if needed
- Conversion to Permanent: Some interim placements convert to permanent roles
Cost Structure
Interim executives typically charge daily rates based on seniority and specialism:
- Finance Director
- Operations Director
- HR Director
- CFO
- CTO
- CMO / COO
- Turnaround CEO
- Restructuring experts
- Regulatory specialists
Example Cost Calculation
Interim CFO at £1,400/day × 5 days/week × 6 months (26 weeks) = £182,000
Plus recruitment fee: 15-20% = £27,300-£36,400
Total: £209,300-£218,400 for 6 months
Benefits for Businesses
- Speed to Impact: Experienced executives hit the ground running with minimal onboarding
- No Long-Term Commitment: Fixed-term engagement without permanent salary, benefits, or equity obligations
- Proven Track Record: Interim executives bring experience from multiple similar situations
- Objective Perspective: External viewpoint without internal politics or career concerns
- Flexibility: Scale up or down based on business needs without redundancy risks
- Knowledge Transfer: Build internal capability while solving immediate challenges
Benefits for Executives
- Portfolio Career: Work on diverse challenges across industries and company stages
- Higher Earnings: Daily rates often exceed permanent salary equivalents
- Work-Life Balance: Gaps between assignments allow for personal time and development
- Skill Development: Rapid exposure to different business models and challenges
- Impact Focus: Deliver specific outcomes rather than manage ongoing operations
- Autonomy: Senior-level work without the long-term corporate politics
Common Interim Roles
Most Common
- •Interim CFO - Financial restructuring, fundraising, IPO preparation
- •Interim CEO - Turnarounds, transitions, crisis management
- •Interim COO - Operational transformation, scaling
- •Interim CTO - Technology transformation, platform rebuilds
Specialist Roles
- •Interim CMO - Brand repositioning, go-to-market strategy
- •Interim CHRO - Culture change, restructuring, M&A integration
- •Interim Programme Director - Major transformation initiatives
- •Interim Commercial Director - Sales turnarounds, new markets
How to Find Interim Executives
There are three main routes to finding interim managers:
1. Specialist Interim Recruitment Agencies
Agencies maintain networks of vetted interim executives. They charge 15-20% of total contract value but provide speed, quality assurance, and replacement guarantees.
Browse interim recruitment agencies →2. Direct Networks and Referrals
Many interim placements happen through personal networks, LinkedIn, or referrals from investors, board members, and other executives.
3. Job Boards and Platforms
Online platforms list interim opportunities, though senior roles are often filled before reaching public job boards.
Browse interim jobs →Success Factors
Successful interim engagements share these characteristics:
✓ Clear Scope
Well-defined deliverables, success metrics, and timeframes agreed upfront
✓ Executive Authority
Interim manager has real decision-making power, not just advisory role
✓ Stakeholder Alignment
Board, investors, and leadership team aligned on the interim's mandate
✓ Cultural Fit
Match between interim's style and company culture, despite temporary nature