'Lost confidence' | Is the CRO the next big executive position?

The role of Chief Restructuring Officer is not a new title that has sprung up since coronavirus. Many within the professional world will recognise hearing about CROs around the 2008 financial crisis, when companies were in dire need of the implementation of both sheer cost-cutting exercises, and vast changes across the business.

Whilst the role isn’t new, 2020 and the coronavirus pandemic has once again given rise to this need. But what is a CRO and why may you find that your company is in need of one this year?

The prime example of a CRO comes not from the world of high business, but instead from the murky realms of reality TV. Whilst the antics of Gordon Ramsay in his show Kitchen Nightmares may be entertaining, his role in the show is to enter the business as an executive, observe the functions and daily operations, ascertain why they’re failing and suggest oft-radical changes that may well prevent the worst-case scenario from occurring. This is essentially the role of a CRO.

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Whilst at the end of each episode Ramsay leaves, the new breed of CRO needed to help companies out of a 2020 sized hole may not be so temporary. In fact, demand within the UK for experienced CROs has increased a shocking total of 46%, according to Raconteur data.