Recession fuels demand for new role of chief restructuring officer

The recession has fuelled demand for company restructuring specialists in the boardroom of large employers, one interim management provider has said.

According to Interim Partners, an increasing number of companies have created a new board-level role in the shape of the chief restructuring officer (CRO) to help keep finances under control throughout a restructuring programme.

James Harley-Booth, head of private equity at Interim Partners, said: “Banks take the view that most CEOs of companies that have been hit by the credit crunch are more than capable of running those companies under normal conditions. But what banks ask us to find is someone who has the experience of getting a company through these abnormal times.

“In a restructuring there is an incredible amount of complex heavy lifting that needs to be done in just a three- to six-month period – which is why CROs are interim positions. They will depart when the company is back on an even keel.”

CROs have recently been appointed at General Motors, Cattles and Jessops, the firm said.

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