Deloitte: Turnarounds and Democracy Don't Mix
April 29 (Bloomberg Law) -- William Snyder, co-head of the corporate restructuring group at Deloitte, talks with Bloomberg Law's Lee Pacchia about a new survey his group conducted on executive management during corporate turnarounds or bankruptcies. Deloitte asked 1200 professionals from a wide range of industries on the dynamics of addressing change in turnaround management.
The vast majority of respondents stressed the importance of communicating with vendors, lenders and employees when a company experiences difficulties. Snyder agrees with the results, reasoning that communication in a crisis is a fundamental part of working to a solution. "It's the red thread that goes throughout the entire restructuring," he says.