The Client
Our client is a 75-year-old cooperative retailer operating on California’s Central Coast. In recent years, the company had experienced declining membership, flat sales, and shrinking profitability. The board recognized the need for a new strategy and a leader to implement it.
Several search firms were interviewed, and Boyden was selected for its partner-led, hands-on approach. Prior to winning the assignment, the lead partner visited all five stores, conducted secret shopper excursions, and met with store managers on location, demonstrating a commitment to truly understanding the organization.
The Challenge
As a cooperative, the company’s profits are retained and shared among members. The board represents those members, and with profits sliding, it began transforming with new members who brought a strong ownership perspective and were motivated to restore profitability and drive growth.
The Solution
Boyden and the board collaborated to define the performance outcomes required for success and the natural capabilities the next CEO must possess.
Key performance expectations included:
- Shifting inventory responsibility to store managers through reduced headcount within three months.
- Creating a strategic plan with quantitative milestones for 2026 and beyond.
- Increasing EBITDA 100% to 5% within 12 months through cost reductions and sales growth.
- Rationalizing real estate and leveraging equity to open new stores or invest in existing properties within 24 months.
- Establishing an online presence within 12 to 15 months.
The personal capabilities identified as essential were leadership, business acumen, commitment to goals, and active listening. Final candidates would be assessed against these attributes.
The candidate discovery process was extensive, identifying 87 qualified prospects within the Central Coast region. Of these, 44 (51%) responded to the initial teaser requesting the job specification. Boyden managing partners interviewed 34 individuals, leading to seven candidates who were both qualified and willing to be assessed.
Each assessed candidate received a strengths report, enhancing the candidate experience. Four were presented to the board’s search team, which narrowed the field to three finalists. Boyden recommended that the nine board members break into three groups and each include an employee as a team member. This ensured every board member met each candidate, standardized questioning, minimized bias, and provided broader perspectives.
The Results
Although the sourcing process was broad and data-driven, the successful candidate emerged through a personal connection. This executive had led a cooperative conversion to a stock-based entity and turned around multiple retail businesses. Years of mutual relationships and trust between the candidate and Boyden’s team helped secure the hire.
Ultimately, it was Boyden’s hands-on approach and deep understanding of team members, store operations, and board dynamics that convinced the executive the opportunity was both real and viable.
Impact
Within three months, the new CEO had reduced headcount strategically, empowered store managers, revamped marketing, and achieved the EBITDA target of 5%.
The company has since engaged Boyden for additional leadership searches, including its CFO, and board members now serve as active references.
Boyden search professionals often come from outside executive search, bringing strong, trusted relationships that result in superior talent acquisition and exceptional results.
