{"id":7362,"date":"2025-02-06T15:10:35","date_gmt":"2025-02-06T14:10:35","guid":{"rendered":"https:\/\/executive-interim-partners.de\/chief-restructuring-officer\/"},"modified":"2025-09-26T12:34:36","modified_gmt":"2025-09-26T10:34:36","slug":"chief-restructuring-officer","status":"publish","type":"page","link":"https:\/\/executive-interim-partners.de\/en\/chief-restructuring-officer\/","title":{"rendered":"When the CRO joins"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4sqy6ih-b7273b31d75e1ea0baf6d3d397c39ad3\">\n.avia-section.av-4sqy6ih-b7273b31d75e1ea0baf6d3d397c39ad3 .av-parallax .av-parallax-inner{\nbackground-repeat:no-repeat;\nbackground-image:url(https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/02\/Bild1.png);\nbackground-position:100% 100%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-4sqy6ih-b7273b31d75e1ea0baf6d3d397c39ad3 main_color 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class='post-entry post-entry-type-page post-entry-7362'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4rlwrs9-48d0389c0a59bb8696893bc10e57cf56\">\n.flex_column.av-4rlwrs9-48d0389c0a59bb8696893bc10e57cf56{\nborder-radius:0px 0px 0px 0px;\npadding:15px 15px 15px 15px;\nbackground-color:#ededed;\n}\n<\/style>\n<div  class='flex_column av-4rlwrs9-48d0389c0a59bb8696893bc10e57cf56 av_one_fifth  avia-builder-el-1  el_after_av_section  el_before_av_three_fifth  avia-builder-el-first  first flex_column_div av-hide-on-mobile  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4ozfx89-e10d4c44beeb7bc4b769f71385fab323\">\n#top .av-special-heading.av-4ozfx89-e10d4c44beeb7bc4b769f71385fab323{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-4ozfx89-e10d4c44beeb7bc4b769f71385fab323 .av-special-heading-tag 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aria-label='cro at front line image'><img decoding=\"async\" class='wp-image-8250 avia-img-lazy-loading-not-8250 avia_image ' src=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/09\/cro-at-front-line-image-212x300.jpg\" alt=\"When the CRO joins\" title='cro at front line image'  height=\"300\" width=\"212\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/09\/cro-at-front-line-image-212x300.jpg 212w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/09\/cro-at-front-line-image-728x1030.jpg 728w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/09\/cro-at-front-line-image-768x1086.jpg 768w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/09\/cro-at-front-line-image-1086x1536.jpg 1086w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/09\/cro-at-front-line-image-1061x1500.jpg 1061w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/09\/cro-at-front-line-image-498x705.jpg 498w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2025\/09\/cro-at-front-line-image.jpg 1190w\" sizes=\"(max-width: 212px) 100vw, 212px\" \/><\/a><\/div><\/div><\/div><\/p><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4khsy7d-e88d8651bf612a15bb1e9b59f2d1338d\">\n.flex_column.av-4khsy7d-e88d8651bf612a15bb1e9b59f2d1338d{\nborder-radius:0px 0px 0px 0px;\npadding:50px 50px 50px 50px;\nbackground:url(https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/Restrukturierung.png) 0% 0% no-repeat scroll ;\n}\n<\/style>\n<div  class='flex_column av-4khsy7d-e88d8651bf612a15bb1e9b59f2d1338d av_three_fifth  avia-builder-el-8  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4j3o1cp-acdc27ea3526c79cad9e3eb4b34243c0\">\n#top .av-special-heading.av-4j3o1cp-acdc27ea3526c79cad9e3eb4b34243c0{\npadding-bottom:10px;\ncolor:#ffffff;\n}\nbody .av-special-heading.av-4j3o1cp-acdc27ea3526c79cad9e3eb4b34243c0 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-4j3o1cp-acdc27ea3526c79cad9e3eb4b34243c0 .special-heading-inner-border{\nborder-color:#ffffff;\n}\n.av-special-heading.av-4j3o1cp-acdc27ea3526c79cad9e3eb4b34243c0 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-4j3o1cp-acdc27ea3526c79cad9e3eb4b34243c0 av-special-heading-h1 custom-color-heading blockquote modern-quote modern-centered  avia-builder-el-9  el_before_av_textblock  avia-builder-el-first '><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >CHIEF RESTRUCTURING OFFICER (CRO) <\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4hfctrt-a62055ddf357600676821085f0c6f189\">\n#top .av_textblock_section.av-4hfctrt-a62055ddf357600676821085f0c6f189 .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-4hfctrt-a62055ddf357600676821085f0c6f189 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock av_inherit_color'  itemprop=\"text\" ><p style=\"text-align: center;\">Working as \u201cChief Restructuring Officer\u201c:<br \/>\nReporting from the Front Lines of Corporate Restructuring<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-4ezi3qx-6eeda96c1438c60ab48cfbe62fcba289\">\n.avia-image-container.av-4ezi3qx-6eeda96c1438c60ab48cfbe62fcba289 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-4ezi3qx-6eeda96c1438c60ab48cfbe62fcba289 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-4ezi3qx-6eeda96c1438c60ab48cfbe62fcba289 av-styling- avia-align-center  avia-builder-el-11  el_after_av_textblock  el_before_av_image '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" class='wp-image-6354 avia-img-lazy-loading-not-6354 avia_image ' src=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-300x152.png\" alt=\"When the CRO joins\" title='eip'  height=\"152\" width=\"300\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-300x152.png 300w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip.png 415w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-fta6x5-41798633a7d36d8f1da4f5f113efe550\">\n.avia-image-container.av-fta6x5-41798633a7d36d8f1da4f5f113efe550 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-fta6x5-41798633a7d36d8f1da4f5f113efe550 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-fta6x5-41798633a7d36d8f1da4f5f113efe550 av-styling- avia-align-center  avia-builder-el-12  el_after_av_image  avia-builder-el-last '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" class='wp-image-6356 avia-img-lazy-loading-not-6356 avia_image ' src=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2.png\" alt=\"When the CRO joins\" title='eip-2'  height=\"160\" width=\"2704\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2.png 2704w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2-300x18.png 300w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2-1030x61.png 1030w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2-768x45.png 768w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2-1536x91.png 1536w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2-2048x121.png 2048w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2-1500x89.png 1500w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/eip-2-705x42.png 705w\" sizes=\"(max-width: 2704px) 100vw, 2704px\" \/><\/div><\/div><\/div><\/p><\/div>\n<div  class='flex_column av-4cd0m1l-63bb008c9c8a3a18c92372cca307b179 av_one_fifth  avia-builder-el-13  el_after_av_three_fifth  el_before_av_one_fifth  flex_column_div  '     ><\/div>\n<div  class='flex_column av-48et0hl-8cf6e825cbf5c4885ad99a7e613ffeb5 av_one_fifth  avia-builder-el-14  el_after_av_one_fifth  el_before_av_three_fifth  first flex_column_div  column-top-margin'     ><\/div>\n<div  class='flex_column av-46rwdw9-ef9139007c4a83bf34f263407b9c3710 av_three_fifth  avia-builder-el-15  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div  column-top-margin'     ><section  class='av_textblock_section av-45l1lrt-9301307a39df1113a453197b5daeb4f1 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p style=\"text-align: center;\"><strong>WORKING AS \u201cCHIEF RESTRUCTURING OFFICER\u201c (CRO):<\/strong><br \/>\n<strong>REPORTING FROM THE FRONT LINES OF CORPORATE RESTRUCTURING<\/strong><\/p>\n<\/div><\/section><\/div><div  class='flex_column av-44p3wvt-986496de0c169fb34d3709f7dfedbbdd av_one_fifth  avia-builder-el-17  el_after_av_three_fifth  el_before_av_one_half  flex_column_div  column-top-margin'     ><\/div><div  class='flex_column av-i48qcp-3cbb9b91ef97945a1e804c4272361e12 av_one_half  avia-builder-el-18  el_after_av_one_fifth  el_before_av_one_half  first flex_column_div  column-top-margin'     ><p><section  class='av_textblock_section av-g4ahw9-42f61a7d869384693099506e08f2f2f9 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong>What does a &#8220;Chief Restructuring Officer&#8221; do when taking on a new role in a distressed company?<\/strong><\/p>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-epx849-ebac867150718b88327ac772faeb5e1f '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong style=\"font-weight: normal;\">A Chief Restructuring Officer, also known as a &#8220;CRO,&#8221; is often the last opportunity for companies in crisis situations to avoid insolvency or liquidation. Currently, many companies and their business models are in an existential crisis due to numerous economic and geopolitical challenges.<\/strong><\/p>\n<p><strong style=\"font-weight: normal;\">The CRO supports companies and their stakeholders as a turnaround manager during acute crises, coordinating and leading the implementation of restructuring measures as a restructuring specialist.<\/strong><\/p>\n<p><strong style=\"font-weight: normal;\">What does the work and role of these interim managers and experts in challenging restructuring situations look like in practice?<\/strong><\/p>\n<\/div><\/section><\/p><\/div><div  class='flex_column av-4nf10p-8376d9c355597b41caa2e35ed4d4cd9f av_one_half  avia-builder-el-21  el_after_av_one_half  el_before_av_one_half  flex_column_div  column-top-margin'     ><p><section  class='av_textblock_section av-m6tfbp9q-5efb623d744e1b80b9d88ce7a951e7a8 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong>By Michael Hengstmann, Managing Partner, Executive Interim Partners GmbH<\/strong><\/p>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-2g90pl-06b4edef648f19aa9040796f97088fa8 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong>The First Day in the Company<\/strong><\/p>\n<p>For an experienced Chief Restructuring Officer (CRO), it is a familiar situation and yet always a challenge: Within the first few working days, the CRO must introduce themselves personally on-site to the management team, the works council, and subsequently to all present employees of the distressed company during a company-wide staff meeting. During this introduction, there is no second chance to make a good first impression. The CRO&#8217;s brief speech must, on the one hand, gain the unconditional support and trust of the management team and employees while motivating and convincing them that the upcoming restructuring measures under their leadership will\u2014and must\u2014be successful.<\/p>\n<\/div><\/section><\/p><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-m6tfzeo7-6c00f71a12286b13394395d94d2df334\">\n.flex_column.av-m6tfzeo7-6c00f71a12286b13394395d94d2df334{\npadding:25px 25px 25px 25px;\nbackground-color:#771710;\n}\n<\/style>\n<div  class='flex_column av-m6tfzeo7-6c00f71a12286b13394395d94d2df334 av_one_half  avia-builder-el-24  el_after_av_one_half  el_before_av_one_half  first flex_column_div  column-top-margin'     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-m6tfxl5i-ea45fcd80ab42d6d0789a66c2412cab6\">\n#top .av_textblock_section.av-m6tfxl5i-ea45fcd80ab42d6d0789a66c2412cab6 .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-m6tfxl5i-ea45fcd80ab42d6d0789a66c2412cab6 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz av_inherit_color'  itemprop=\"text\" ><p><strong>DEFINITION \u201cCHIEF RESTRUCTURING OFFICER (CRO)\u201c<\/strong><\/p>\n<p>The Chief Restructuring Officer (CRO) is an interim turnaround manager or executive board member tasked with guiding companies out of an existential liquidity and profitability crisis. By steering and implementing the restructuring process and coordinating stakeholders, the CRO aims to avert the company\u2019s insolvency or liquidation.<\/p>\n<\/div><\/section><\/div><div  class='flex_column av-2y5ql5-fc03fb946002832ecd3b5fdf4c8514be av_one_half  avia-builder-el-26  el_after_av_one_half  el_before_av_one_half  flex_column_div  column-top-margin'     ><section  class='av_textblock_section av-m6tg2fhr-41fb1424e6795c7d8e67bc644d9bcdcc '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p>At the same time, the CRO must, with uncompromising honesty, make it clear that the planned restructuring efforts will be very painful for everyone involved\u2014including the employees\u2014but are unavoidable.<\/p>\n<\/div><\/section><\/div><div  class='flex_column av-9o6npl-73a491fb743de69d412be22c10700c68 av_one_half  avia-builder-el-28  el_after_av_one_half  el_before_av_one_half  first flex_column_div  column-top-margin'     ><section  class='av_textblock_section av-7d1h2x-3c25465b20a5a12bbe992735868114e3 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong>The First Weeks<\/strong><\/p>\n<p>In the first four to six weeks, the CRO faces three critical tasks that must be accomplished:<\/p>\n<p><strong style=\"font-weight: normal;\">Ensuring Short-Term Liquidity<\/strong><\/p>\n<p>The initial priority is typically to establish a reliable liquidity plan and ensure the company\u2019s short-term liquidity.<\/p>\n<p><strong style=\"font-weight: normal;\">Developing a Restructuring Plan<\/strong><\/p>\n<p>Simultaneously, the CRO must draft a restructuring plan outlining the immediate turnaround strategy, detailing specific restructuring measures, and quantifying associated costs and effects. If a restructuring report compliant with IDW S6 standards is already available, an experienced CRO will validate its quantitative targets, design concrete operational measures, and introduce additional restructuring initiatives. The sustainability of the company&#8217;s business model must also be critically assessed to ensure the restructuring efforts and associated costs are meaningful and effective.<\/p>\n<p><strong style=\"font-weight: normal;\">Stakeholder Negotiations and Coordination<\/strong><\/p>\n<p>The CRO must negotiate with stakeholders\u2014such as shareholders, financial institutions, works councils, trade unions, trade credit insurers, and employees\u2014regarding their contributions to the restructuring.<\/p>\n<p>Building trust and aligning the restructuring process with all parties are essential.<\/p>\n<p>Negotiations with banks, mezzanine lenders, and shareholders for fresh capital (\u201cfresh money\u201d) and the extension of existing financing agreements are particularly crucial during this phase.<\/p>\n<\/div><\/section><\/div>\n<div  class='flex_column av-619ni1-4326727b80f0b57e400ba7ad622c2630 av_one_half  avia-builder-el-30  el_after_av_one_half  el_before_av_one_half  flex_column_div  column-top-margin'     ><section  class='av_textblock_section av-mfp2x6jm-f17afb68bd4d9286589accfac3be7b8d '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong>The CRO: Structured Yet Communicative<br \/>\n<\/strong>While maintaining strict focus on implementing the restructuring, the CRO must also leverage social skills to gain stakeholder support.<\/p>\n<p>Establishing a steering committee for restructuring, comprising shareholder representatives and financial institution representatives (in the case of leveraged companies), can facilitate efficient communication and timely decision-making.<\/p>\n<p>Effective communication is vital. This includes regular steering committee meetings and a &#8220;24-hour hotline&#8221; for the banking consortium, where the CRO should have all relevant financial KPIs and information readily available.<\/p>\n<p>Equally important is maintaining a strong presence on the shop floor, holding employee meetings, meeting with works councils, and organizing weekly management meetings &#8211; all of which contribute to acceptance and success.<\/p>\n<\/div><\/section><\/div><div  class='flex_column av-bg8oop-48686ee8d6760c2236e09042b2a0022b av_one_half  avia-builder-el-32  el_after_av_one_half  el_before_av_one_half  first flex_column_div  column-top-margin'     ><section  class='av_textblock_section av-7pmkt5-058b3d98e028ed3c7e2a05417aa44e2b '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong>The Importance of Quick Wins and Symbols<br \/>\n<\/strong>An experienced CRO understands the significance of achieving quick wins. Demonstrable and measurable successes, such as securing liquidity through immediate measures like freezing capital expenditures, implementing working capital management (renegotiating payment terms with suppliers and customers), reducing personnel costs through special operational agreements, or terminating temporary workers, can boost morale and confidence.<br \/>\nImmediate cost-cutting measures for material costs, operational expenses, or personnel costs must be implemented in a way that conserves liquidity as much as possible.<br \/>\nIn addition to quick wins, embodying the new corporate culture during a crisis is crucial. A CRO loses credibility if they arrive in a luxury car, stay at an upscale hotel in a neighboring city, or wear an expensive tailored suit. Seasoned CROs opt for modest rental vehicles, forego luxury accommodations, and settle for modest lodging near the company.<br \/>\nSimilarly, selective layoffs that exclude management while targeting only workers or lower-level employees risk undermining support from the works council. Visible changes, such as subletting unused office space following layoffs, serve as tangible signs to employees that the company is undergoing transformation and embracing a new corporate culture.<\/p>\n<p>Particularly in situations involving banking consortia &#8211; which are often divided over necessary measures and financial assistance &#8211; a high level of attention and time is required. A CRO tasked with implementing restructuring measures will greatly value the support of a <em>liquidity manager<\/em> experienced in dealing with banks during restructuring situations.<\/p>\n<p>The liquidity manager acts as a critical interface with the banks, focusing on the primary restructuring issue: ensuring liquidity. They enhance transparency and work to restore the trust of creditors.<\/p>\n<p>When the restructuring plan involves numerous projects \u2013 in general more than 30, often with overlapping and high-priority timelines &#8211; a capable <em>program manager<\/em> (or PMO or Program Office Manager) becomes essential for successful restructuring and supporting the CRO.<\/p>\n<p>The PMO manager assists the CRO in defining objectives, timelines, and responsibilities for all restructuring projects and monitors progress in terms of quantitative outcomes, scheduling, and substantive goals.<\/p>\n<p>If the CRO, liquidity manager, and PMO manager have previously collaborated successfully in other restructuring situations, this can significantly accelerate the implementation of measures and provide a critical advantage in breaking the mental downward spiral within the distressed company. Their established teamwork fosters efficiency and strengthens the company\u2019s capacity for recovery.<\/p>\n<\/div><\/section><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-29j1ah-7e075f1ae13e1cb7c23c4e52f8b4bcba\">\n.flex_column.av-29j1ah-7e075f1ae13e1cb7c23c4e52f8b4bcba{\npadding:25px 25px 25px 25px;\n}\n<\/style>\n<div  class='flex_column av-29j1ah-7e075f1ae13e1cb7c23c4e52f8b4bcba av_one_half  avia-builder-el-34  el_after_av_one_half  el_before_av_one_half  flex_column_div  column-top-margin'     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-m6tg8blb-2c3c41ea31c728edaa32ffe9b62af48c\">\n#top .av_textblock_section.av-m6tg8blb-2c3c41ea31c728edaa32ffe9b62af48c .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-m6tg8blb-2c3c41ea31c728edaa32ffe9b62af48c '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz-with-red-background av_inherit_color'  itemprop=\"text\" ><p><strong>TYPICAL SITUATIONS FOR DEPLOYING AN CHIEF RESTRUCTURING OFFICER<\/strong><\/p>\n<ul>\n<li><strong>Impending or Acute Liquidity Crisis:<\/strong><br \/>\nWhen the company faces an immediate or looming threat of running out of cash.<\/li>\n<li><strong>Impending or Acute Over-Indebtedness:<\/strong> When liabilities significantly exceed assets, threatening the company\u2019s solvency.<\/li>\n<li><strong>Breach of Covenants:<\/strong><br \/>\nSevere and potentially sustained violations of defined financial metrics critical for maintaining agreed financing terms with lenders.<\/li>\n<li><strong>Shareholder or Stakeholder Conflicts:<\/strong> Disputes between shareholders or other stakeholders in the face of a looming profitability or liquidity crisis.<\/li>\n<li><strong>Lack of Trust from Financing Partners:<\/strong> When financial institutions (e.g., banks, bondholders, mezzanine lenders, factoring companies) lose confidence in the management and\/or shareholders of the distressed company.<\/li>\n<li><strong>Implementation of an IDW S6 Report:<\/strong> Assisting in the operationalization of the measures and recommendations outlined in an IDW S6 restructuring report.<\/li>\n<li><strong>Sustained\/ Escalating Operational Losses:<\/strong><br \/>\nParticularly when the management lacks experience in handling crisis situations.<\/li>\n<\/ul>\n<\/div><\/section><br \/>\n<section  class='av_textblock_section av-402exe-580a218db8bf04474495968d8f3d1a5c '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong>The CRO: Lone Wolf and Solo Fighter?<\/strong><\/p>\n<p>In complex restructuring scenarios, it has proven effective to establish additional roles alongside the CRO, such as a liquidity manager and a program manager. These individuals, like the CRO, are typically external hires rather than internal personnel.<\/p>\n<p><strong>The Final Day<\/strong><\/p>\n<p>A CRO is always a crisis manager and a temporary turnaround specialist. Skilled restructuring professionals are often not the right fit for managing a company once it has successfully navigated the crisis and shifts to the ongoing development of its day-to-day operations.<\/p>\n<p>A CRO specializes in handling exceptional restructuring situations, not in managing or leading a stable and successful company.<\/p>\n<p>The CRO&#8217;s final task is to support the shareholders and relevant stakeholders in selecting and onboarding their successor &#8211; even if this step effectively removes the CRO from the company. This, in essence, serves as the CRO&#8217;s last restructuring measure.<\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-m6tgf1tb-a8d76f0b591fbac9452bcf4f18ec8a59\">\n#top .av_textblock_section.av-m6tgf1tb-a8d76f0b591fbac9452bcf4f18ec8a59 .avia_textblock{\ncolor:#ffffff;\n}\n<\/style>\n<section  class='av_textblock_section av-m6tgf1tb-a8d76f0b591fbac9452bcf4f18ec8a59 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz-with-red-background av_inherit_color'  itemprop=\"text\" ><p><strong>CHECKLIST FOR THE COMPETENCY PROFILE \u201cCHIEF RESTRUCTURING OFFICER\u201d<\/strong><\/p>\n<p><strong>Technical Skills and Experience<\/strong><\/p>\n<ul>\n<li>\u2713 Experience in restructuring situations<\/li>\n<li>\u2713 Crisis management (including liquidity crises)<\/li>\n<li>\u2713 (Re-)Financing (including negotiations with banks and loan agreements)<\/li>\n<li>\u2713 Liquidity management<\/li>\n<li>\u2713 Stakeholder management<\/li>\n<li>\u2713 Implementation of measures from IDW S6 reports<\/li>\n<li>\u2713 Access to a &#8220;restructuring network&#8221; (banks, consultants, lawyers, etc.)<\/li>\n<\/ul>\n<p><strong>Personal Skills and Experience<\/strong><\/p>\n<ul>\n<li>\u2713 Strong assertiveness<\/li>\n<li>\u2713 High execution capability<\/li>\n<li>\u2713 Leadership experience (C-level)<\/li>\n<li>\u2713 Social intelligence<\/li>\n<li>\u2713 Strong communication skills<\/li>\n<li>\u2713 Negotiation abilities<\/li>\n<li>\u2713 Resilience<\/li>\n<li>\u2713 Conflict resolution skills<\/li>\n<li>\u2713 Decisiveness<\/li>\n<\/ul>\n<\/div><\/section><\/p><\/div><div  class='flex_column av-rdjeih-9744739a1dd78f1368132d5ca992f9c8 av_one_half  avia-builder-el-38  el_after_av_one_half  el_before_av_one_half  first flex_column_div  column-top-margin'     ><p><section  class='av_textblock_section av-2l5ug9-aaea9b17a6e67cf799c0dd285cfb3f8c '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p><strong>ABOUT EXECUTIVE INTERIM PARTNERS<\/strong><\/p>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-oirzi1-d7dd4462ffc294d9577a06c8ec857986\">\n.avia-image-container.av-oirzi1-d7dd4462ffc294d9577a06c8ec857986 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-oirzi1-d7dd4462ffc294d9577a06c8ec857986 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-oirzi1-d7dd4462ffc294d9577a06c8ec857986 av-styling- avia-align-center  avia-builder-el-40  el_after_av_textblock  el_before_av_textblock '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" class='wp-image-6361 avia-img-lazy-loading-not-6361 avia_image ' src=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/Mu\u0308nchen.jpg\" alt=\"When the CRO joins\" title='Mu\u0308nchen'  height=\"763\" width=\"1219\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/Mu\u0308nchen.jpg 1219w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/Mu\u0308nchen-300x188.jpg 300w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/Mu\u0308nchen-1030x645.jpg 1030w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/Mu\u0308nchen-768x481.jpg 768w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/Mu\u0308nchen-705x441.jpg 705w\" sizes=\"(max-width: 1219px) 100vw, 1219px\" \/><\/div><\/div><\/div><br \/>\n<section  class='av_textblock_section av-mi5j4p-b00bd044b400cb925103ef6177e1793a '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p>Founded in Munich in 2005, <strong>EXECUTIVE<\/strong> <strong>INTERIM PARTNERS <\/strong>(EIP) is a leading organization and owner-managed partnership of experienced interim managers at the C-level, specializing in special situations that require immediate entrepreneurial action.<\/p>\n<p><strong>EXECUTIVE INTERIM PARTNERS<\/strong> consists of seasoned top-level managers at the executive and board level, who guide companies back on track, successfully manage special situations, and capitalize on opportunities.<\/p>\n<p>Unlike management consultants and intermediaries (providers\/recruitment consultants), EIP partners personally take on temporary responsibility as interim executives or board members in your company to successfully implement restructurings, turnarounds, complex transformations, corporate sales, or M&amp;A transactions.<\/p>\n<\/div><\/section><\/p><\/div>\n<div  class='flex_column av-21zort-1869d3065dbcc8acc4db79383b5be068 av_one_half  avia-builder-el-42  el_after_av_one_half  el_before_av_one_fifth  flex_column_div  column-top-margin'     ><section  class='av_textblock_section av-m9bbz5or-55c93361e3b40f11fd61c7e2b7a10103 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p>The partners of <strong>EXECUTIVE INTERIM PARTNERS <\/strong>support you and your company as an interim manager, especially in special situations that require immediate entrepreneurial action, such as<\/p>\n<ul>\n<li>Restructurings<\/li>\n<li>Liquidity crises<\/li>\n<li>Refinancing\/Recapitalizations<\/li>\n<li>Exit preparations and company sales<\/li>\n<li>Value enhancements\/ Exit readiness<\/li>\n<li>Company acquisitions and integrations (PMI)<\/li>\n<li>Complex transformations<\/li>\n<li>Strategic corporate crises\/Revenue and growth crises<\/li>\n<li>Operational turnarounds<\/li>\n<li>Leadership crises or leadership vacuums<\/li>\n<li>Digitalizations<\/li>\n<\/ul>\n<p>All partners of <strong>EXECUTIVE INTERIM PARTNERS <\/strong>have a proven track record as managing directors and board members &#8211; as interim managers or in permanent positions. Approximately 80% of our mandates result from executive functions as interim managing directors or board members (e.g. as CEO, CRO, CFO, COO, CDO, or CSO).<\/p>\n<p>Clients of <strong>EXECUTIVE INTERIM PARTNERS <\/strong>are medium-sized family businesses, corporations and portfolio companies of private equity firms.<\/p>\n<\/div><\/section><\/div><div class='flex_column_table av-h1i20p-8c9ab7b3bc15186fe84bf6d7818b06b4 sc-av_one_fifth av-equal-height-column-flextable'><div  class='flex_column av-h1i20p-8c9ab7b3bc15186fe84bf6d7818b06b4 av_one_fifth  avia-builder-el-44  el_after_av_one_half  el_before_av_one_fifth  first flex_column_table_cell av-equal-height-column av-align-middle  column-top-margin'     ><\/div>\n<div class='av-flex-placeholder'><\/div><div  class='flex_column av-fpe8c9-1c8cc3e76af12c14b4b882be85d16a35 av_one_fifth  avia-builder-el-45  el_after_av_one_fifth  el_before_av_two_fifth  flex_column_table_cell av-equal-height-column av-align-middle  column-top-margin'     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1gussp-aaa46f81f42eca8c629ec5b34df3eebc\">\n.avia-image-container.av-1gussp-aaa46f81f42eca8c629ec5b34df3eebc img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-1gussp-aaa46f81f42eca8c629ec5b34df3eebc .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-1gussp-aaa46f81f42eca8c629ec5b34df3eebc av-styling- avia-align-center  avia-builder-el-46  avia-builder-el-no-sibling '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" class='wp-image-6363 avia-img-lazy-loading-not-6363 avia_image ' src=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/michael-hengstmann.jpg\" alt=\"When the CRO joins\" title='michael-hengstmann'  height=\"960\" width=\"968\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/michael-hengstmann.jpg 968w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/michael-hengstmann-300x298.jpg 300w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/michael-hengstmann-80x80.jpg 80w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/michael-hengstmann-768x762.jpg 768w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/michael-hengstmann-36x36.jpg 36w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/michael-hengstmann-180x180.jpg 180w, https:\/\/executive-interim-partners.de\/wp-content\/uploads\/2023\/01\/michael-hengstmann-705x699.jpg 705w\" sizes=\"(max-width: 968px) 100vw, 968px\" \/><\/div><\/div><\/div><\/div><div class='av-flex-placeholder'><\/div><div  class='flex_column av-cbxdi1-9fff793e019f88265264ece261e69047 av_two_fifth  avia-builder-el-47  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_table_cell av-equal-height-column av-align-middle  column-top-margin'     ><section  class='av_textblock_section av-aryex5-6715daa9ed3e3d57d48a545cff40ebed '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p><strong>ABOUT THE AUTHOR<\/strong><\/p>\n<p>Michael Hengstmann is the founder of and Managing Partner at Executive Interim Partners.<\/p>\n<p>He is also a co-founding partner and Co-CEO at Management Capital Holding AG, a private equity firm investing in medium-sized companies.<\/p>\n<\/div><\/section><\/div><div class='av-flex-placeholder'><\/div><div  class='flex_column av-9rpbw9-e755e69eb268919e7fe63a6f0a844a38 av_one_fifth  avia-builder-el-49  el_after_av_two_fifth  el_before_av_one_fifth  flex_column_table_cell av-equal-height-column av-align-middle  column-top-margin'     ><\/div><\/div><div  class='flex_column av-6xa4p5-7b3616de001df68b1c97424abd9ac14f av_one_fifth  avia-builder-el-50  el_after_av_one_fifth  el_before_av_three_fifth  first flex_column_div  column-top-margin'     ><\/div><div  class='flex_column av-6ed6t5-639f25cb52ff9e8f51b6e8fdb38e902e av_three_fifth  avia-builder-el-51  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div  column-top-margin'     ><section  class='av_textblock_section av-4oxgw9-f28b683742f6abe17c8fe3efd880f439 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock blocksatz'  itemprop=\"text\" ><p>Prior to joining Executive Interim Partners, Michael was a Partner and Managing Director at AlixPartners, the leading consulting firm for restructuring and turnarounds.<\/p>\n<p>Before that, he was a Partner and Managing Director at One Equity Partners, previously the captive private equity fund of J.P. Morgan.<\/p>\n<p>Michael started his professional career at a family-owned company. He later was Project Manager at Arthur Andersen and Partner and Managing Director at LEK Consulting.<\/p>\n<p>Michael has more than 20 years of experience in executive management roles and complex restructuring mandates, specializing in interim management for operational and financial restructuring.<\/p>\n<p>Michael served as interim Chief Restructuring Officer (CRO), Chief Executive Officer (CEO) and Chief Operating Officer (COO) in several German and international companies with a track record in successfully restructuring, refinancing and turning around companies in special situations.<\/p>\n<p>He is serves and has served as Chairman or Member of the Supervisory Board at several companies in Germany and abroad.<\/p>\n<p>Michael earned his Master of Science in Management with Excellence at Hult International Business School in Cambridge\/USA (formerly Arthur D. Little School of Management) studied Business and Administration at the Universit\u00e4t of Duisburg\/ Germany.<\/p>\n<\/div><\/section><\/div><div  class='flex_column av-3808xl-1ad73a86f29f025b541a8a87e9020077 av_one_fifth  avia-builder-el-53  el_after_av_three_fifth  avia-builder-el-last  flex_column_div  column-top-margin'     ><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":8,"featured_media":7026,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[110],"class_list":["post-7362","page","type-page","status-publish","has-post-thumbnail","hentry","category-publications"],"yoast_head":"\n<title>When the CRO joins - Executive Interim Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/executive-interim-partners.de\/en\/chief-restructuring-officer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When the CRO joins - 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