Chief restructuring officers (CROs) are financial, strategic, and business operations experts who help companies that are facing serious financial and operational challenges. They assess the situation, work to stabilize the business, or recommend that the company is sold or its assets liquidated. If the company can be saved, they develop a plan to help it recover and prosper over the long term. Chief restructuring officers are also known as chief restructuring advisers and chief transformation officers.
Minimum Education Level
Chief restructuring officers earned average salaries of $93,372 in 2021, according to ZipRecruiter.com. The most-experienced CROs earned $212,000 or more a year. Chief restructuring officers usually receive benefits such as paid vacation and sick leave, health and life insurance, and a 401(k) or other retirement savings plan. Those who work as self-employed consultants are responsible for their...
The work of chief restructuring officers is demanding and sometimes stressful because they are brought into a high-stakes situation in which the outcome of the business hinges on their actions and their ability to work with stakeholders, who do not always agree on restructuring strategies. They may also encounter tension with the company’s legal team, which may disagree with the CRO’s solutions...
There is strong demand for restructuring professionals because many companies experience financial, operational, or strategic challenges that put their viability as a business in danger. Additionally, the COVID-19 pandemic continues to have a negative financial impact on companies in many industries—especially in the retail, energy, tourism, hospitality, and aviation sectors.