+49 89 452249-540 
E-Mail 
©fotolia.com, shock
©fotolia.com, shock
©fotolia.com, shockInterim 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