Despite their many well-known challenges, companies in restructuring have a rare luxury: to completely reconceptualize and reinvent their board of directors, breathing new life and energy where it is often desperately needed. Our extensive experience working on the most prominent restructuring-related board builds since the outbreak of the COVID-19 pandemic has highlighted just how stark the contrast between these assignments and conventional board recruitments can be. Whereas the usual “board refresh” can take years, with new board members added only incrementally and occasionally, a company emerging from a reorganization or bankruptcy has a unique chance to reshape its board in one fell swoop to reflect its strategic direction, while also responding to both the challenges and opportunities of the reorganized company.

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