New business crisis team set up by PwC
A crisis management team of former chief executives has been established by PwC to parachute in to save ailing companies.
Known as the Turnaround Directors, the 25-strong team of businessmen with CEO level experience will be used by business stakeholders in need of ‘tough, independent decision making’ during periods of severe difficulty.
They are intended to act in the role of a CEO and will have the support of PwC’s Business Regeneration Team.
Mark Palios, partner in business regeneration with PwC said: ‘In crisis situations stakeholders often need to brng in new management within days, and there is no time for conventional recruitment or headhunting.
‘A great deal rides on the Turnaround Directors ability to make a difference quickly. Our reputation is on the line with this panel.’
The new team has already been in action helping bale out the Royal Opera House where Pelham Allen, one of the crisis directors, was in action.
He said: ‘All of us on the panel thrive on turnaround and crisis situations, and this marks a welcome step towards professionalising this growing role.’