Chief Restructuring Officer – The company savior with a new profile
The role of Chief Restructuring Officer (CRO) is changing: from a restructurer of companies in an acute state of crisis, often brought in by external stakeholders, to an interim CEO who also takes responsibility for corporate strategy. Companies are responding to this altered interpretation and are increasingly taking on their own CROs without prompting. The number of individuals offering their services is also on the rise. In an environment where client demands are high and competition is tough, it is important to precisely specify the profile of requirements that a CRO is expected to meet. This is one of the findings identified by the experts from Roland Berger Strategy Consultants in their study "CRO – The company savior with a new profile".
The survey produced one crucial finding: "Whereas CROs used to be brought in primarily to restructure companies, what they are now doing is transforming companies before things get to that point, so there's no need for them to go in and rescue the company at all," explained Dr. Sascha Haghani, Partner and Deputy CEO Germany at Roland Berger. 79.6 percent of the individuals interviewed for the study said they had seen the use of CROs increase in the past ten years. 57.1 percent of respondents expect this trend to continue. "But that's not because more companies are at risk of insolvency," said Haghani. "It's because the range of areas in which a CRO is now being deployed has grown: It's about more than short-term window dressing. Their clients expect realignment with an entrepreneurial outlook – entrepreneurial restructuring, in other words."