Chief Restructuring Officer
Steers the turnaround, leads negotiations with lenders and creditors and is responsible for implementing the restructuring plan.
Interim Management & CFO
Interim management: CROs and CFOs who deliver rather than report.
In special situations, what is missing is often not the plan but the person who pushes it through. We provide experienced managers as Chief Restructuring Officer, interim CFO or interim managing director, who take responsibility until the situation is stable.
In short
Interim management means that an experienced manager takes on a leadership role in a company for a limited period, with full operational responsibility. In special situations, the most common roles are the Chief Restructuring Officer (CRO), who steers the turnaround, and the interim CFO, who is responsible for liquidity, reporting and communication with the banks. Tactical fills these roles from its own team and a network of experienced managers, embedded in the overall restructuring mandate.
In a crisis, banks and shareholders frequently require an experienced restructuring manager on the management board. And often the finance function is not able to deliver under pressure: daily liquidity, weekly forecasting, reliable numbers for lenders.
Our interim managers do not work in isolation but with the backing of the Tactical team: liquidity planning, restructuring plan, negotiation and, where needed, capital.
Updated: September 2026 · Responsible: Dr. Raphael Nagel (LL.M.), Founding Partner
Typical situations
When interim management is called for.
- The bank requires a Chief Restructuring Officer as a condition for further financing.
- The CFO drops out or the finance function is overwhelmed by the crisis.
- Management needs relief to focus on customers and product.
- A carve-out needs an independent finance and IT function.
- After an acquisition, the company has to be repositioned.
- Proceedings in self-administration (Eigenverwaltung) need managers experienced in insolvency procedures.
What we actually do
Roles we fill.
Interim CFO
Liquidity management, 13-week forecast, reporting, closing, bank communication. The finance function becomes reliable again.
Interim managing director
Taking on overall responsibility, for example when the owner is unavailable, during succession or after an acquisition.
Carve-out lead
Building independence after the separation: TSA management, finance, HR and IT functions.
Management in proceedings
Managers experienced in self-administration and protective shield proceedings, working in coordination with the court-appointed monitor (Sachwalter) and the court.
Operations and procurement
Interim leadership for a plant, the supply chain or procurement, where the biggest lever lies.
Process
From requirement to deployment.
Days 1 to 2
Clarify the need
Role, mandate, authority and objectives, agreed with shareholders and the advisory board.
Days 3 to 7
Appointment
Proposal of a suitable manager, introductory meeting, agreement on the mandate.
From week 2
Deployment
Taking on the role with 30, 60 and 90-day objectives and regular reporting.
Handover
Succession
Building a permanent solution and an orderly handover to the permanent team.
More than advisory
An interim manager with a whole team behind them.
A traditional interim manager works alone. Our managers bring the tools and the team of Tactical with them: liquidity planning, restructuring plan, know-how in formal procedures, access to financing and the option of Tactical investing itself. That turns a staffing solution into a solution for the entire situation.
FAQ
Frequently asked questions.
What does a Chief Restructuring Officer do?
For the duration of the turnaround, the CRO is a member of the management board or reports directly to it. The CRO steers the restructuring programme, leads the discussions with banks and creditors and ensures that the measures are implemented. Banks frequently require a CRO as a condition for restructuring financing.
How quickly can an interim manager start?
In acute situations within a few days. We clarify the role and mandate in the first two days and propose a suitable manager within one week.
How long does an interim mandate last?
Typically six to twelve months. In court proceedings it can be shorter; in carve-outs or repositioning after an acquisition, it can also be longer.
How does an interim CFO differ from a consultant?
The interim CFO takes on the role inside the company, with decision-making authority and responsibility, instead of making recommendations. The interim CFO leads the finance team, signs, negotiates and reports to shareholders and banks.
Related services
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