{"id":11814,"date":"2026-04-03T19:39:28","date_gmt":"2026-04-03T17:39:28","guid":{"rendered":"https:\/\/thbender.com\/?page_id=11814"},"modified":"2026-05-06T15:04:51","modified_gmt":"2026-05-06T13:04:51","slug":"turnaround-nordamerikanische-tochtergesellschaft-executive-search","status":"publish","type":"page","link":"https:\/\/thbender.com\/en\/case-studies\/turnaround-nordamerikanische-tochtergesellschaft-executive-search\/","title":{"rendered":"Case Study NEU – Turnaround einer Nordamerika-Tochtergesellschaft"},"content":{"rendered":"
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From Underperforming Subsidiary to $150M Exit in Two Years<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Rebuilding the leadership team of an underperforming North American subsidiary as the foundation for strong growth and a successful exit \u2014 within two years.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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The leadership team was rebuilt within four months.<\/b><\/p>

<\/b>Over the following two years, the North American subsidiary grew from under $500,000 in revenue to approximately $150 million in annual revenue \u2014 and was subsequently acquired by an international engineering and construction group.<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Revenue at Mandate Outset<\/div>\t\t\t
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Revenue After 24 Months<\/div>\t\t\t
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Project Pipeline<\/div>\t\t\t
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Industry Experts Recruited<\/div>\t\t\t
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U.S. Locations Established<\/div>\t\t\t
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Duration of Leadership Transition<\/div>\t\t\t
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At a Glance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Client<\/strong>
European developer of renewable energy infrastructure projects<\/p>

Starting Point<\/strong>
North American subsidiary with less than $500,000 in revenue after more than one year of operations<\/p>

Mandate<\/strong>
Independent assessment of existing leadership structure; retained executive search for new leadership team<\/p>

Solution<\/strong>
Recruitment of a new CEO and transition of a five-person leadership team with established market relationships<\/p>

Outcome<\/strong>
Revenue growth to $130\u2013150M within two years; subsequent acquisition by an international engineering and construction group<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Company Background<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A European developer of renewable energy infrastructure projects had grown from an entrepreneurially driven startup into an internationally active project developer with operations across multiple continents.

As part of its international growth strategy, the company established a North American subsidiary to participate in one of the most dynamic infrastructure markets in the world.

The new organization was intended to become an important pillar of the group\u2019s long-term growth strategy.

The first operational results, however, fell significantly short of the European parent\u2019s expectations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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The Real Problem<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The core issue was not market demand \u2014 it was the fit of the leadership structure.<\/strong><\/p>

Despite favorable underlying market conditions, the North American subsidiary failed to gain operational momentum. More than a year after market entry, revenue stood at less than $500,000 \u2014 well below the European parent\u2019s expectations.<\/p>

At the same time, the overall market continued to develop strongly. For the shareholders, this raised a fundamental question:<\/p>

Was the problem with the market entry strategy - or with the composition of the leadership team?<\/strong><\/p>

Answering this question required an objective assessment of the organization and its leadership structure. The shareholders decided to commission an independent external analysis to create a sound basis for any leadership decisions that might follow.<\/p>

A Two-Phase Mandate<\/strong><\/p>

TH Bender was initially retained to conduct an independent assessment of the North American subsidiary and its leadership team.<\/p>

The objective of this first mandate was to evaluate whether the existing leadership structure possessed the capabilities required to successfully build the business in the North American market.<\/p>

The assessment focused on three areas:<\/p>