Ensuring High Performance in Financial Services Carveout

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by: Summit Leadership Partners February 04, 2023

Client: Financial Services carveout from public traded US-based corporation.

Services:  Senior team talent assessment, executive coaching, and team acceleration and alignment.

Challenges

A larger financial company created a carveout of a division that became a Private Equity backed high growth venture. In the process, the team that spun off with the new company were leaders who had no prior C-suite experience, representing a stretch for every member of the team. In addition, the team was new to one another and were functioning in a highly siloed way. They were challenged to establish a new company, strategy and culture and become a high-performance executive team. Investor confidence in CEO and management team was decreasing and financial performance declined.

Solution

  • Conducted executive assessments of management team to identify strengths and gaps of senior team members.
  • Helped the CEO restructure the team – composition and key roles.
  • Recommended specific executive upgrades and custom development plans for those who could grow into their roles.
  • Coached three critical members to grow and scale in roles including the CEO.
  • Assessed new external candidates hired into team to ensure key roles filled successfully.
  • Assimilated management team to align on key roles, accountabilities, operating model and cadence.

Outcome

  • Helped the first-time CEO establish the standalone management team, set strategy and align the team on expectations.
  • CEO quickly assessed the capabilities of the team and made required talent moves.
  • Reduced silos and increased senior team’s direction and alignment on strategic growth priorities and improved their functioning as a team.
  • Created clarity around preferred culture and engagement, including cascading this to other employees and increasing the likelihood of them being a preferred employer.
  • Business doubled in size within 12 months following two successful acquisitions.
  • On track for better than expected returns upon exit.