The Plastic Fabrication Group is a medium-sized business specialising in the manufacture of innovative plastic products for use in a wide range of applications.
The organisation plays a key role in the Tasmanian aquaculture supply chain, manufacturing the large floating fish pens commonly seen in our estuaries and waterways.
Initially Red Giant was engaged to appoint a CFO – a key position that would help guide the business through growth by consolidating its financial management practices while providing expert, commercially attuned advice to the Board. This would involve a research-led, executive search based on the specific expectations of the CEO and Board.
Following extensive research and numerous conversations with a diverse spectrum of candidates, in less than ten weeks a preferred candidate had been identified; a finance professional with both the capacity to deliver in the role of CFO and the drive to succeed to the CEO’s role over time.
Perhaps reassured by the strength of this appointment, a few weeks later the CEO resigned his position to pursue new opportunities and pave the way for a new leader to take his place. So once again the PFG Board sought Red Giant’s advice on how best to proceed, testing the feasibility of a fast-tracked succession plan for their new CFO or a broad market search for a replacement Chief Executive.
Recognising the need to act diligently at such a critical time in our client’s growth, Red Giant proposed a high level strategic review of the business, which involved meeting with each member of the management team, assessing their individual needs and aspirations while also casting an expert and independent eye over the company’s structures, challenges and opportunities.
Following this review, it was agreed that the appointment of a CEO with specialist skills and experience should proceed. Armed with an additional layer of detail in the form of a culture and capability analysis, we were then able to establish a precise set of search criteria centred on leadership attributes that would bring about increased engagement, strong performance gains and diversification of the organisation’s revenue streams.
Value management is a key focus for Red Giant, so a comprehensive report was provided to the PFG Board outlining our findings and recommendations, which included a number of key focus areas and deliverables for the next CEO. In essence, from one Deep Dive process we were able to develop a search brief, facilitate a Job Design process resulting in a new Position Description, and establish the CEO’s Key Performance Indicators.
As had been the case with the CFO before, the search for a new CEO that followed was intensively research-based, albeit extending our reach into new markets to tap into specific manufacturing capability that would underpin the growth of PFG. By search end, Red Giant had engaged with some of the highest performing leaders in the manufacturing sector, several fulfilling key roles with some of Australia’s leading manufacturers and producers.
By search end, Red Giant had engaged with some of the highest performing leaders in the manufacturing sector, several fulfilling key roles with some of Australia’s leading manufacturers and producers.
Today, with both a CFO and a CEO engaged, and armed with the outcomes of Red Giant’s strategic review of their business, the Board at PFG have delegated responsibility for the delivery of our key recommendations. Notably, the first action for the new CEO is to deliver a new Strategic Plan – a process which he plans to engage all member of the management team in, establishing a common sense of purpose and driving widespread buy-in across the business. Evidencing the strong partnership we have formed with this valued client, Red Giant has once again been engaged, this time to facilitate the strategic planning and management consultation process.