Divesting without a CEO

A Joint Venture with two equal shareholders had consumed $30 million without accomplishing agreed upon goals. The venture's management was convinced they were close to a breakthrough. The shareholders were unconvinced and decided to terminate the CEO.

TMG was retained by shareholders to assure the transition went as smooth as possible, other senior management were retained, and a divestiture as a going concern would be completed if possible.

The CEO transition was followed immediately by implementing a recommended strategic change: focusing the business on Latin America, closing Asian and US operations. This change was successfully implemented over 60 days. The newly repositioned company was then sold at a price well above expectations.   Key senior management were retained after the firing of the CEO, and continued under the terms of the sale.