Do You Need A Chief Restructuring Officer?
Michael Fingland, Managing Director at Vantage Performance, reckons that companies are five times more likely to survive a financial crisis if they have appointed a Chief Restructuring Officer. In this episode of the Vantage Performance Podcast he explains to Phil Dobbie the six reasons why a CRO is so important to turnaround success:
1. They buy time and support from key stakeholders to develop and execute solutions.
2. They significantly improve cash flow in the first 100-150 days.
3. They rebuild trust with stakeholders.
4. They are objective, they see through the haze and identify the big changes that need to be made.
5. They know of initiatives that management teams are not aware of.
6. They know how to “sell” the plan to key stakeholders.