Hire Interim CPO (Chief Product Officer)

Structural changes are common in organizations, especially if small or mid-level companies are experiencing exponential growth. However, the right thought leadership is crucial for them to grow sustainably and stay profitable. A chief product officer is a key top-level executive role at product-based companies. But what happens if the existing CPO steps down or the company needs immediate mentorship for expansion or crisis management? Here comes the importance of an interim chief product officer who steps in and takes charge of the organization’s product strategy. He is the one who executes the plan and delivers the desired results within a defined timeframe. 

All you need to know about an Interim CPO:

In the absence of a full-time CPO, an Interim CPO usually holds the company’s reigns. They are brought into the organization when the in-house CPO resigns and the management needs someone to fill the gap until they find an appropriate replacement. Since it is a contractual role, small and mid-level startups can also consider appointing a high-pedigree Interim Chief Product Officer. It can be for a specific project or to leverage external mentorship.

The Interim CPO oversees the product development part. However, they will closely work with other departments such as sales to skyrocket sales. From determining product features to market research and analysis, an Interim CPO is responsible for an array of tasks. While an Interim CPO only stays with the company for a short period, they can bring in fresh perspectives which can redirect the company’s product strategies and align them with their long-term objectives.

An Interim CPO can enter the organization during a restructuring. Therefore, there can be upheavals or disruptions. One of the challenges of this role is to efficiently tackle unhappy team members and ensure that product development is carried on without any roadblocks.

When is the right time to hire an Interim CPO?

A Chief Product Officer usually steps into the company between the period when the existing CPO resigns and the organization searches for a new full-time CPO. Interim CPO is a short-term, provisional role. However, sometimes startups with tight budgets can onboard an Interim CPO for specific projects, such as crisis management, product launches, or new market explorations. You can also onboard an interim during a transition phase.

Responsibilities of an Interim CPO:

A Chief Product Officer wears many hats in a short period since they are temporarily associated with the company. During this limited time, they have various responsibilities, including:

  • Develop a product roadmap that will help the production team to prioritize tasks and features.
  • Define the goals of product development keeping in mind the business’ short and long-term goals.
  • Checking the viability of the product in the current market scenario as well as predicting future trends from data.
  • Set strategies for product development and measure the performance of the product.
  • Boost team morale in times of crisis or stress and help them achieve optimum efficiency.
  • Offer mentorship to product development and associated teams. 

Services offered by an Interim CPO:

While the exact role of the Chief Product Officer will vary from one organization to the other, the common services offered by an Interim CPO are:

  • Product management: Ensuring the product has adequate features which are functional and feasible for the customer and production team.
  • Product implementation: Implementing the ideas developed for the product in real time and checking if the ideas are practical.
  • Product strategy: Developing and executing strategies for manufacturing a product and positioning it in the market.
  • Market research and study: Understanding the current market scenario concerning the product and determining its viability.
  • Leadership and mentoring: Leasing production, marketing and sales teams to collectively work towards a common goal-sales and revenue generation.
  • Crisis management: Handling issues/complaints with a product or its strategies, mitigating such issues and developing fresh strategies for growth.

3 things to check while hiring an Interim CPO:

As a company, you will have a different set of criteria while onboarding an Interim CPO. Nevertheless, the ideal candidate should possess these three must-have characteristics:

  1. They should be analytical and make data-driven decisions to support the company’s growth and revenue generation.
  2. They should be excellent communicators and leaders who can collaborate with cross-functional teams seamlessly.
  3. They should have previous experience in product development, market expansion and similar projects. 

General job description for an Interim CPO:

An Interim Chief Product Officer will be responsible for supervising the product strategies, sales and product-market fit aspects of the company. They ensure that the product strategies meet the company’s short and long-term goals. The CPO will also look after market research to understand consumer behavior and product feasibility. Moreover, the Interim CPO will create a culture of innovation and critical thinking within the teams through external mentorship.

What is the compensation of an Interim CPO?

An Interim CPO’s remuneration is usually flexible and contract-based. The fee structure depends on multiple factors, such as the company size, project scope, years of experience, etc. The Interim CPO’s remuneration is less than that of an in-house CPO because it does not include different components and benefits.

How to onboard an Interim CPO with COHIRE?

Are you ready to onboard an interim product expert? COHIRE is ready with a simple 8-step process.

Step 1: Let us know about your company’s needs for an interim chief product officer

Step 2: We will craft a job posting highlighting your needs and post it

Step 3: Our hiring experts will track the application using ATS

Step 4: Shortlisting the most-suited profiles

Step 5: You set up an interview with the best candidates

Step 6: Learn more about their experiences through

Step 7: We conduct a background check based on the references

Step 8: Onboard a high-pedigree Interim CPO

Why is COHIRE the one-stop destination for an Interim CPO?

If you are looking for an Interim Chief Product Officer who matches your requirements, COHIRE has your back. We have a team of hiring and onboarding experts who offer end-to-end onboarding support until you find the correct match. Additionally, we provide conflict resolution and mitigation services in case of a difference in opinion between your organization and the Interim CPO.

Frequently Asked Questions

  • How important is it to hire an Interim CPO for startups?

Startups planning to launch new products into the market can greatly benefit from hiring an Interim CPO, as they have the market knowledge and industry expertise needed to successfully launch, market, and sell a product. They also help startups optimize costs and increase revenue.

  •  What experience do Interim CPOs have?

Interim CPOs have extensive industry experience with product development, product launch, marketing, market penetration and sales. Additionally, they are also strategy makers, critical thinkers and leaders.