The recession has caused growing numbers of firms to appoint the new interim board level position of chief restructuring officer, according to interim management firm Interim Partners.

Interim Partners says that the role comes with the level of authority to oversee a rapid programme of cost cutting and with the diplomatic skills to lead negotiations with companies’ multiple funders.
 
James Harley-Booth, head of private equity at Interim Partners, says: “In the UK this role has been created by the credit crunch and the number of CRO placements we have made really started to pick up post Lehman Brothers.

“In the last recession and even up to the start of the credit crunch this role would have led by a turnaround officer but banks are now demanding that this job function has much more authority, power and independence from the CEO.”