STRATEGY & LEADERSHIP IN MANUFACTURING

NYSE Listed Automotive Chapter 11 Bankruptcy - 2009

Tim’s role as the newly appointed Asia Pacific Financial Controller during the bankruptcy in 2009 was pivotal, and the challenges were immense: 

1. Chapter 11 Bankruptcy Process: 

• Preparation: Tim’s team worked diligently to prepare key stakeholders for the bankruptcy process. Ensuring that normal business operations continued without interruption was crucial. 

• Engagement: Suppliers, customers, and employees were actively engaged to maintain stability. 

• Leadership: Tim led a team of 500 internal staff and 120 Big 4 consultants across 76 countries.

Decisive Actions: 

• Cost Cutting: Difficult decisions were made swiftly to reduce costs. 

• Asset and Liability Revaluation: All assets and liabilities were revalued. 

• Business Portfolio: Tim’s team worked with the leadership team to determine which businesses to retain and which to exit. 

2. Post-IPO Focus: 

After successfully completing the IPO, the focus shifted internally: 

• Business Restructure: A two region structure was created, the Rest of the World (RoW) Region merged Asia Pacific, Europe, the Middle East and South America.

• Financial Systems and Controls: Addressing the quality of financial systems, processes, and controls. 

• Financial Perspective: Rethinking how the business approached financial decisions and measuring the business. 

• Business Understanding: Enhancing business analysis and understanding. 

The bankruptcy process was a massive transformation, and Tim’s leadership played a critical role in steering the region through those challenging times. The post-bankruptcy Group emerged stronger, learning from the past and positioning itself for future success.