Global market competition, pandemics, financial crisis and disruptive technology are constantly changing the industry. Therefore, management strategies, concepts and measures are required to enable companies to successfully master these current and future challenges.

On October 12, 2021 a virtual expert talk "Transition Management, Turn-Around and Restructuring in Industry" was held to get knowledge about the basic structure and processes to realize successful turn-arounds and restructuring. Dr. Thomas Meichsner is a specialist in turnarounds, the design and implementation of performance improvement projects and e-mobility. He is an experienced leader with more than 25 years of top management experience in the automotive industry. His focus is on transition, restructuring and improving business performance, profitability, cash position, productivity and quality. He has a strong interest in improving all processes, implementing lean operations and driving World Class Manufacturing.

He started his talk by predicting that 2022 will be a difficult year due to corporate bankruptcies. Considering the massive changes in the industry due to the pandemic, the industry will face a faster pace of transition. He explained the various drivers of these changes, the different methods to manage the change process, and the phases of transition and corporate crisis. He provided insights into corporate crisis, such as typical signs of crisis and the internal as well as external causes. He also explained a structured approach that management must develop to generate liquidity and profitability in a rapid response mode to ensure the survival of the company. He recommended much broader management training to support the company's transition efforts.

It was a nice opportunity to get an overview about the restructuring plan what should a solid restructuring plan cover and what are the possible alternative scenarios.