NAPLES, Fla. - October 8, 2020 - (Newswire.com)
James R. Malone, Chairman and Founding Partner of Qorval Partners, LLC, a management consulting, turnaround, restructuring and advisory firm, announced today that Paul Fioravanti, formerly Managing Partner, has been named CEO & Senior Managing Partner of the firm. Malone, a six-time Fortune 500 CEO and renowned turnaround expert, founded Qorval in 1996 to help challenged companies and organizations by providing them with strategic counsel and interim leadership. Malone will remain Chairman Emeritus and Founding Partner.
Malone commented, "Paul came to us in 2011 and he's been involved in more than 50 situations fixing companies across myriad industries. In one of Paul's recent interim projects, he was CEO, restructuring a global pharmaceutical manufacturer, restoring bank and vendor relations, improving delivery and quality metrics, and renegotiating upstream and downstream supply contracts. He improved EBITDA from FY 2018 to 2019 by increasing it from negative $45,000 to positive $30 million, saving more than 1,900 jobs. Those are the kind of results Paul is known for delivering." He added, "Qorval clients are in good hands" with Fioravanti, who he describes as "a proven tactical CEO and advisor who has worked with privately held, publicly held, and private equity-owned companies. He's passionate about results, working hard for clients, and driving organizational transformation."
Fioravanti said, "I am honored to lead Qorval into the future. Jim has been an outstanding mentor, partner and friend. He's been called on by U.S. presidents, governors, and board chairmen, from Main Street to Wall Street, to advise and restore companies and drive results with trademark compassion and humility. He always instills in the Qorval team the importance of working hard, playing hard, not taking yourself too seriously, but taking the work challenges seriously. I'm eternally thankful to Jim for all that I continue to learn from him."
Fioravanti added, "We see financial and operating pressure in higher education, manufacturing, healthcare, aerospace, defense - virtually every industry vertical ... clearly the coronavirus aid programs were a necessary lifeline for businesses, but in industries with still-soft demand, businesses are still struggling. Lenders have responded with "amend, pretend, and extend," delaying the real impact on the many commercial borrowers strained by loan covenant challenges. We see high demand for tactical expertise and expect a busy 2021. While the "workout" side of commercial banking will deal with strained loan portfolios, the flip side is an unprecedented time of opportunity for private equity groups, family offices and hedge funds, requiring due diligence support for making strategic and financial acquisitions. We're also seeing some real challenges posed by a lack of succession planning in various sized companies. We're here to help those organizations struggling in these times."
For more information, contact:
Barbara Cornett, CFO
Qorval Partners, LLC
239 588 0008 - 239 430 0303
www.qorval.com
info@qorval.com
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Original Source: Qorval Partners, LLC, Chairman And Founding Partner James R. Malone Names Paul Fioravanti CEO & Senior Managing Partner of the Firm
