Steffen Kroner
Senior Director
Quick facts
13+ years of cross-border performance improvement, restructuring, interim management and transaction advisory experience
Specializes in the delivery of holistic performance improvement / cost-out programs, finance function transformations, liquidity management and interim management (CFO, CRO) assignments
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Steffen Kroner is a Senior Director at Alvarez & Marsal with more than 12 years of restructuring, interim management and transaction advisory experience.

He has worked with a number of multinational corporations, private equity sponsored companies and mid-sized businesses across Europe and the United States spanning a range of industries, including telecommunications, packaging, chemicals, office stationary, photo/graphics, retail, automotive, renewables and rail infrastructure.

Most recently, Mr. Kroner served as Interim Vice President Finance Europe and Chief Transformation Officer for a Europe/U.S. pressure-sensitive label company with approximately $500 million in revenue, which recently was carved-out from a major corporation and required rapid implementation of treasury/liquidity management and controlling processes, budget development, working capital improvements, and significant selling, general and administrative cost out.  In this role, he is also acting as the program management office lead.

Prior to this project, Mr. Kroner acted as Chief Restructuring Advisor for a major rail infrastructure company with approximately €300 million turnover, where he managed a restructuring program to significantly reduce overhead personnel and selling, general and administrative costs.  He also represented the company in the works council negotiations in a larger headcount reduction initiative.  Mr. Kroner also served as Risk and Transaction Manager for C&A, a large retailer, in order to de-risk a supplier dependency and assess options to secure an ongoing supply of online and e-fulfillment services by representing the client in a distressed asset sale process with multiple stakeholders.  Further, he led a complex creditor advisory engagement (IDW S6 opinion) for a publicly listed telecommunications group, advised in its ongoing strategic repositioning and established a restructuring program management office.

Mr. Kroner was also involved in the restructuring and strategic repositioning of a publicly listed solar company.  In his role as Deputy Chief Financial Officer, Mr. Kroner oversaw the controlling and treasury functions.  His notable achievements included supervising a €250 million cash management program, driving the business planning process, co-developing a €50 million performance improvement program and implementing a €250 million capital markets refinancing.

Further, Mr. Kroner led the operational and commercial due diligence for a private equity-backed roll-up strategy in the packaging industry, covering businesses in Europe and Latin America; advised in the Chapter 11 restructuring of Chesapeake, a $1 billion global packaging group; advised on the development of a restructuring plan for a mid-sized Dutch office supplies manufacturer; and worked on the implementation of the restructuring plan for Ihr Platz, one of the largest German retail drug store chains under “German Chapter 11.”  Mr. Kroner also acted as a financial advisor for a special care treatment centre during a liquidity crisis and advised in multi-jurisdictional litigation arising from a major European business disposal in the photo and graphics industry. Mr. Kroner was part of the A&M team at Treofan Group, a €450 million turnover German global packaging company.  He coordinated a strategic planning process, played a key role in initiating a corporate development program and assisted in a €170 million high-yield bond refinancing.

Before A&M, Mr. Kroner completed a bank training programme with Bayerische Landesbank, where he also qualified as a derivatives trader (EUREX). Mr. Kroner earned a diploma in business administration (Diplom-Kaufmann) at the University of Munich.  For his thesis, he joined the Centre for Management Buy-out Research (CMBOR) at the Nottingham University Business School as a research assistant. A German national, he is fluent in German and English.