Turnaround Management Definition

Michael Fingland

Executive Director and CEO

Turnaround management refers to the process of taking a struggling company and implementing a series of strategic, financial and operational changes in order to reverse its fortunes and return it to profitability.

It often involves the appointment of a specialist turnaround manager/CRO or turnaround team, who will work closely with the existing management and stakeholders to identify and address the underlying issues that are causing the company’s decline.

This may involve cutting costs, restructuring debt, improving cash flow, streamlining operations, divesting unprofitable assets or business units, and developing new products or markets.

The goal of turnaround management is to restore the company to a stable financial position and ensure its long term viability.

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