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Interim CEO for the Turnaround of a US Subsidiary



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

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

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

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. 

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​