Leading Corporate Turnaround

Stuart SlatterFounding partner of Stuart Slatter & Company, Chairman of Stuart Slatter Training and a Visiting Fellow in Strategic and International Management at the London Business School (LBS).Stuart Slatter has over twenty-five years of experience in providing strategic consultancy advice and management education to senior management throughout the world. While a full time faculty member at LBS, he was Dean for Executive Education, Director of the Senior Executive Programme, and Chairman of the Strategic and International Management Department. He has been a Visiting Professor at the University of California (UCLA) and at the University of Capetown. Prior to joining LBS, he was Managing Director of a subsidiary of a UK public company, and a senior management consultant with Booz, Allen & Hamilton in New York specialising in marketing strategy.He holds a law degree from Cambridge University, an MBA degree from Stanford Business School, and a PhD in marketing from London University. He is a qualified barrister-at-law, and is the author of a number of books and articles, including “Gambling on Growth”, Wiley (1992), and “Corporate Turnaround”, Penguin Books (1999). He was one of the founding directors of the Society of Turnaround Professionals in the UK, and can be contacted via www.slatter.co.uk. David C. LovettDavid Lovett, a Managing Director with AlixPartners and a member of the European Executive group of the firm, is a business graduate, a fellow of the Institute of Chartered Accountants of England and Wales, a fellow and a founding member of the Society of Turnaround Professionals. Before joining AlixPartners, David was with Andersen for 18 years, where he formed Andersen’s London-based turnaround practice in the early 1990s and subsequently led the Global Turnaround practice. He co-authored “Corporate Turnaround” with Stuart Slatter in 1999.During the last 30 years, David has advised all the classes of stakeholders in troubled companies.He has led many corporate restructurings and turnarounds in both an advisory and officer capacity serving as Chief Financial Officer and Chief Restructuring Officer.David has extensive cross border restructuring experience and is familiar with the changing trends in insolvency and restructuring legislation. He is driven by a desire to minimise economic loss to stakeholders while his clients manage the turbulence of forced transformation.AlixPartners is recognised internationally as the “industry standard” for solving complex business challenges, helping companies improve operating and financial performance, and restoring corporate value.Founded in 1981, it has been retained by hundreds of companies throughout the USA, Europe, Asia and Latin America and has worked in virtually all industries and sectors.Laura BarlowLaura Barlow is a Director in AlixPartners’ European Turnaround and Restructuring practice. Over the past 15 years she has been an adviser to both creditors and debtors in troubled situations and has worked with numerous companies to help them achieve operational turnaround and financial restructuring. She has taken interim management roles in several troubled companies, restoring stability and leading the development and implementation of turnaround plans. Her current focus is on providing restructuring advisory services to corporates, including taking Chief Restructuring Officer positions where appropriate.Laura is a graduate of Oxford University, a Chartered Accountant and SFA Securities Representative. She is a regular speaker at European conferences on turnaround and restructuring and at the London Business School on the Managing Corporate Turnarounds course.

"...provides several striking examples of corporate turnarounds in recent years..." (Financial Times, April 2006) "...describes real life turnarounds more extraordinary than fiction..." (The Financial Director, June 2006)

• About the Authors viiAcknowledgements ixIntroduction xi1 The Leadership Challenge 12 The Turnaround Framework 193 Before the Turnaround Begins 494 New Leadership 715 Crisis Stabilisation 976 Stakeholder Management 1137 Strategic Focus 1358 Changing Critical Business Processes 1599 Leading Organisational Change 17710 Financial Restructuring 197Appendix Society of Turnaround Professionals 227Index 229