When Bauer Media, one of Europe’s largest media groups, faced a period of uncertainty following a complex SAP system implementation and a vacant key role in the finance team, their Nordic CFO, Thomas Loft, acted decisively. The solution was to bring in an experienced interim Financial Controller to stabilize the situation and create a sustainable structure. We met with Thomas, who himself has a background as an Interim Manager, about the assignment, his views on Interim Management, and the collaboration with Nordic Interim.
Thomas, you are the Nordic CFO for Bauer Media. Tell us a bit about your leadership philosophy.
“Competencies that define me as a leader are turnaround leadership, strategy development, and driving growth, and I have a passion for growth and process optimization. In my role as CFO, I focus on creating results through growth, strategy implementation, and a passionate, open-minded leadership style. I also have an eye for optimizing both my employees’ work and our business processes. And finally, a motto I have always valued is: ‘Do the right thing’.”
What was the challenge you faced at Bauer Media that led to you to engage an interim Finance Controller?
“There had been a vacancy in the finance lead role for some time. At the same time, we had just completed a major implementation of a new SAP system, which involved many new processes, tools, and ways of working. With the previous CFO gone and a new system in place, the situation was chaotic, to say the least. I needed to quickly bring someone in who could simply help me ‘clean up,’ get the basic accounting in order, and ensure that we had correct and reliable numbers to work with. I am a strong advocate for Interim Management, partly because I have worked as an interim CFO through Nordic Interim myself. I see it as an incredibly powerful tool for creating structure, transparency, and gaining control over a challenging situation. In this case, we needed someone with deep experience who could quickly come in and bring order to the chaos. You often hire an Interim Manager who is more experienced and overqualified than the permanent role requires, to be able to handle a complex and unstructured situation.”
Can you describe the assignment and the results?
“The assignment was crystal clear: get the accounting in order and establish reliable data. The interim Finance Controller we brought in immediately started working on making sense of the numbers and implementing the right processes. The result was very good – I am extremely satisfied. During the interim assignment, Nordic Interim also helped us recruit a permanent Financial Manager. For the permanent position, we were looking for a broader profile, while the interim assignment was highly focused on just cleaning up. They worked in parallel for three months, which ensured a good handover. Now, our new Financial Manager is fully operational, and we have taken significant steps towards establishing finance as a trusted and strategic partner within the organization.”
Based on your experience, when do you think a company should consider engaging an Interim Manager?
“An Interim Manager is useful in several scenarios. As in our case, when you need to ‘clean up’ and quickly gain control. Another typical case is when a key person leaves, and you don’t know exactly what profile you’re looking for going forward. In that situation, an Interim Manager can ‘keep the ship afloat’ and give the organization breathing room to define the permanent role. In a previous position at Mono Solutions, we hired an interim CEO, also through Nordic Interim, for that very reason. My overall philosophy is that Interim Management is about business continuity. Instead of letting a vacancy lead to escalating problems, you can bring in a resource that keeps the business under control. It might seem expensive if you only compare the salary to a permanent employee, but the cost of letting problems grow will always be much higher in the end.”
How was the collaboration with Nordic Interim?
“It was very good. I know Nordic Interim well from before, both as a client and as an Interim Manager for them. They are extremely professional, open, and accommodating. I find Ole Perregaard to be just that – professional, honest, and transparent in his approach.”
You have also worked as an Interim Manager yourself. What did you take away from that experience?
“It was a fantastic positive experience where I learned a lot. Quickly getting up to speed in new companies and complex situations is incredibly developing. In fact, that experience was one of the reasons I was later chosen for my role at eBay. It gave me both breadth and confidence that is hard to gain in any other way.”
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