Background
- A VC-backed chemical engineering company developing innovative approaches to recover valuable silicon from waste
- Founder/CEO was technically competent but lacked people- and operational-management skills, needed to stabilize and grow company
- Investors concerned that technical team might disperse and company would lose momentum
- Investors moved founder to CTO role and engaged KPCG to provide interim CEO, providing business leadership, operational management and consistent leadership of staff
Mandate
- Culture change management and interim CEO role
Activity
- Provided leadership to technical team and interfaced with founder to maximize effectiveness in CTO role
- To allow CTO to focus on technical commitments made to investors, KPCG provided CEO outward-facing functions, including :
- investor communications and status reporting
- handling external legal issues
- interfacing with external business consultants
- Developed business plan to support upcoming new round of fundraising for next growth phase
- Provided hand-off to new (permanent) CEO
Results
- Investors happy to achieve a stabilizing influence resident at company laboratories
- One team member had resigned prior to engagement and another was very dissatisfied. Both staff members were retained and became supportive during KPCG’s involvement
- Founder had committed to meeting challenging goals for Si purificaton (6N purity from silicon kerf) that team had already failed to deliver on time – but met after engaging KPCG. The team has since produced product of 7N purity.
- Business planning and operational changes laid foundation for introduction of new CEO
