Interim CEO for the Turnaround of a US Subsidiary

DURING THE COVID CRISIS

q

About the company

Well-reputated German cutlery brand with heritage over 215 years being owned in fifth family generation
Head office in Solingen (Germany) and US in Norwalk and Ottawa representing roughly 70% of total business

p

Situation and challenge

Termination of the previous CEO in the US
Challenges across the board a full-fledged turnaround
Additionally, most challenging business environment due to covid

m

Goals and tasks

Review of financial and financial process
Turnaround operations for loss making to profit making whilst being affected by covid crisis
Implementing an appropriate processes to manage, controlling and growing the business

n

Measures and approach

Organizational changes; selective new hires; terminated over 30 people
Development and launch of Direct-to-Consumer Channel aside Amazon vendor presence with own web shop in 3 weeks
Development of new products; Build up adequate reserves for warranty, returns, COOP, etc.

x

Results and successes

Turnaround from a loss to an operational 11% profit margin
Considerable cost reductions across the cost structure (Selling & Marketing expenses down -56%, Salaries & Benefits down -8%)
Net sales flat despite covid and the bankruptcy of the third largest retailer