When do you need a chief restructuring officer?
We could tell you but we'd be biased so we'll let McKinsey and Company give you some advice on this one along with other key questions like:
What - and who - is a CRO?
When a CRO is necessary
Why hire a CRO?
How CROs fix problems
In this article, they explore "...when and why companies need a CRO" and "...their special blend of analytical and functional expertise, which, when combined with an innate ability to communicate numbers, concepts, and solutions to people, can restructure a balance sheet. It’s a blend of skills expected to be in increasing demand, as external shocks, such as the coronavirus pandemic, cause global economic uncertainty, hindering businesses’ ability to manage their finances."
It's well worth a read. Click here for access to the full article.
And in the end? "Amid ongoing global disruption, executives and board directors may increasingly face restructuring situations. A CRO brings a specialist mindset and tool kit that enhances an existing team and helps see the organization through a period of extreme crisis. The CRO shoulders the restructuring by working with a small, experienced team, allowing other executive leaders to focus on customers, suppliers, employees, and the daily running of the business.
When trouble strikes, organizations should not be afraid to appoint a CRO, but rather, should embrace the opportunity to change the company’s trajectory with their help and ensure long-term survival."