As has been noted, the term “Chief Restructuring Officer” originated in the United States where indeed the concept of Chief Officer first appeared. It seems to me these days that one is simply a nobody without “Chief ” something or “Officer” in one’s title. The “C suite” so beloved of salespeople is becoming more and more crowded. As Bob and his team remind us it is not necessary for a “CRO” even to be an officer of the company and thus the term has become simply a generic for a specialist in a particular aspect of restructuring. But what is that aspect? There are after all, plenty of other experts involved in even quite modest restructurings – lawyers, accountants, investment bankers and public relations gurus to name but a few. Anyone involved in this space must be keenly aware that the costs of employing all these people can be very large indeed and it is not without irony that it is the cost of advisors that eventually breaks the back of some companies. To add another person – still more, another firm – requires justification.
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