Private equity (PE) firms are no strangers to volatility — from aggressive growth plays to distressed turnarounds, success hinges on speed, strategy, and above all, execution. But when a portfolio company underperforms, the root cause is often misdiagnosed. It’s not just a balance sheet problem — it’s a people problem.
At Savant, we’ve supported PE clients across the UK and Europe through successful transformations. What we’ve consistently seen is this: underperformance isn’t solved by tweaks to operations or cost structures alone. It’s solved by bringing in the right leadership — individuals who bring clarity, courage, and commercial intelligence from day one.
Talent Is the First Lever in Any Turnaround
A McKinsey study on value creation in private equity found that 60% of total returns are driven by EBITDA growth, not financial engineering or multiple arbitrage.¹ That growth can’t happen without bold, high-impact leadership.
Yet many firms delay senior hiring until after the diagnostic phase — a critical misstep that erodes time, morale, and enterprise value. The earlier you embed transformation-ready talent, the faster the recovery trajectory.
A recent case illustrates this powerfully. Following TDR Capital’s £6.8 billion acquisition of Asda, the company’s performance began to decline, with market share slipping from 14.8% to 12.5%. In response, TDR swiftly replaced interim CEO Mohsin Issa with veteran leader Allan Leighton as Chair and acting CEO.² Leighton wasted no time in overhauling the leadership team and re-establishing cultural and operational discipline, stating the company needed to “rediscover our Asda-ness.” This leadership reset marked a strategic pivot point and highlighted just how vital early, decisive talent moves are in turnaround efforts.
The Three Roles That Make or Break a Turnaround
At Savant Recruitment, we work with PE firms to deliver high-impact talent across three pivotal roles — each one designed to tackle a different stage of the turnaround cycle.
1. The Change Agent CEO or GM
Turnaround leadership isn’t about maintaining the status quo. It’s about a leader who is disruptive, decisive, and emotionally intelligent — someone who can energise a demoralised workforce while executing bold decisions.
Key traits of a successful turnaround CEO:
Harvard Business Review highlights that top-performing turnaround CEOs often show a low need for consensus and high resilience — ideal traits for rapid decision-making in crisis conditions.
2. The Commercial CFO
In distressed scenarios, a CFO’s role shifts from protector of cash to creator of value. A strong CFO is commercially savvy and forward-thinking.
The best turnaround CFOs also serve as a strategic link between investors and operations — challenging assumptions while keeping pace with evolving scenarios.
3. The Operational Fixer
These are sector-specific leaders — often former COOs, transformation consultants, or divisional heads — who rebuild internal capability from the ground up, often without fanfare.
They:
They don’t just advise — they roll up their sleeves and deliver.
Talent Delay’s Cost More Than You Think
By the time KPIs slip, culture is already weakening. Delay in addressing the human capital element of a turnaround doesn’t just cost time — it erodes trust, momentum, and enterprise value.
At Savant, we don’t just fill roles — we design talent strategies that anchor the turnaround itself. We move early, embed fast, and draw from a deep bench of leaders who thrive in ambiguity and pressure — across the UK.
If your portfolio company is underperforming, don’t wait for the next quarterly report to act. Partner with a team that understands transformation at the human level.
