Frederick Crawford has been named CEO of turnaround firm AlixPartners. He has been with the firm since 2004, and succeeds Michael Grindfors, who is stepping down for “personal reasons.”
The board of directors of AlixPartners LLP, the global business advisory firm, today announced that Managing Director Frederick A. Crawford, 45, has been named chief executive officer and will join the AlixPartners board of directors, effective June 1. Michael Grindfors, 52, is stepping down from the CEO position for personal reasons after having led the firm for the last seven years, and will assume the position of vice chairman. Philip U. Hammarskjold, a managing director of the private-equity firm Hellman & Friedman LLC, will continue to serve as chairman of the board.
In addition to his position as a managing director and a member of the operating committee of AlixPartners, Crawford has served as co-head of the firm's Performance Improvement practice globally, where he was instrumental in driving the unit's rapid growth in recent years. Besides being an internationally recognized strategist, he is also an experienced restructuring professional. He has led several major client engagements at AlixPartners, including serving as chief restructuring officer of a major global retailer where he helped improve operating earnings 70% and add $2.7 billion in shareholder value.
Prior to joining AlixPartners in 2004, Crawford led executive functions and global business units at other private and publicly-held professional services firms. He previously served as the chief sales, marketing and strategic planning officer for
Hammarskjold said, “Fred Crawford is a talented and proven leader, and an ideal candidate to lead AlixPartners in its next phase of growth. He brings a wealth of experience to the CEO position, both as a consultant and an operational manager, and Fred also embodies the values that stand at the foundation of the firm. During his time at AlixPartners, he has led several of the firm's most successful engagements and has demonstrated that he has the right mix of personal, technical and leadership skills to be an outstanding CEO.”
Hammarskjold continued, “On behalf of the board and the employees of AlixPartners, we thank Michael Grindfors for his invaluable service to the firm and look forward to his continuing contributions as vice chairman. He has been integral to the growth and success of AlixPartners during his tenure as CEO. Under his leadership, AlixPartners has grown from a firm with only three offices in the
Crawford stated, “I am honored to have the opportunity to work with Michael Grindfors, our co-presidents Stefano Aversa and Peter Fitzsimmons, and the many other talented professionals at AlixPartners. Our firm is an industry leader in addressing complex, urgent client situations, and I believe that we have a tremendous growth opportunity ahead of us. I add my sincere thanks to Michael for all that he has done to help make AlixPartners one of the world's leading business advisory firms.”
Grindfors said, “AlixPartners is a unique and successful firm, and I am gratified to have led it for the past seven years. While the decision to step down as CEO was a difficult one, I know it is the right decision for my family and me. I am extremely proud of AlixPartners' accomplishments