FTI Consulting Hires Interim Management Expert Joseph R. Szmadzinski and Announces Internal Transfer of Michael C. Buenzow
Senior Managing Directors Bring Executive Management Expertise to FTI Palladium Partners
Annapolis, MD - April 14, 2005
FTI Consulting, Inc. (NYSE: FCN), the premier provider of corporate finance/restructuring, forensic and litigation consulting and technology, and economic consulting, today announced two new additions to FTI Palladium Partners, the interim management practice within FTI Corporate Finance/Restructuring. Joseph R. Szmadzinski has joined the company as a senior managing director, and Michael C. Buenzow, also a senior managing director, has transferred to FTI Palladium Partners from the general Corporate Finance/Restructuring practice.
Mr. Szmadzinski, who has over 25 years experience, will work with the FTI Palladium Partners team to assist companies facing financial or operational difficulties. Based out of Chicago and Detroit, Mr. Szmadzinski will work with companies to stabilize operations, restore credibility and implement strategies to drive long-term positive change. Relevant to his new role at FTI Palladium Partners, Mr. Szmadzinski held several notable C-suite interim management positions including CEO of NetRegulus; and CIO of Champion Enterprises, Hayes Lemmerz, GMAC, GeoLogistics and Ryder System, among others. He also served as a restructuring director for several major clients including Fleet Securities and WorldCom/MCI. Most recently, he was president of IT Management Resources, Inc. (ITMR), a Detroit, MI consulting company that provides technology business planning, assessment, executive consulting and project quality assurance.
Prior to his experience at ITMR, Mr. Szmadzinski was a Principal at AlixPartners, LLC for 6 years and president of The System Advisory Group, both located in Detroit. Mr. Szmadzinski was also previously CEO of Edcor Data Services, a Detroit-based outsourcing firm, and consulting partner at both KPMG in Philadelphia and Coopers & Lybrand (PwC) in Chicago and Detroit. Mr. Szmadzinski is a Certified IT Practitioner (CDP) and fellow of the AIIE. He received his BS at Grand Valley State University and studied for his MBA at the University of Michigan.
Mr. Buenzow, who has over 18 years of experience, will transfer into the FTI Palladium Partners' practice. In this role, he will work with the stakeholders of underperforming companies – in interim management positions – to quickly stabilize relations with customers, vendors, lenders, shareholders and employees. He is currently serving as the interim CEO of Bush Industries, a $350 million diversified furniture manufacturer that is a leading supplier to major “big Box” retailers. Bush has approximately 2,500 employees at 15 facilities in the U.S., Mexico, Germany and China. His operational turnaround efforts at Bush Industries have included a refinancing, a recapitalization transaction, major expense reductions, asset sales and the development of a China-based international sourcing organization that oversees the manufacture and delivery of both finished goods and component parts.
Prior to joining FTI Consulting in 2002, Mr. Buenzow spent 13 years at PricewaterhouseCoopers where he was a partner in the Business Recovery Services practice. He has experience in a broad range of industries, including manufacturing, automotive, discount retail, specialty retail, grocery, transportation, construction and paper. Mr. Buenzow received his MBA from the University of Notre Dame and his BBA from Niagara University. He will continue to work out of FTI Consulting's Chicago office.
Commenting on the new appointments, Jack Dunn, president and chief executive officer, said, “We are pleased to welcome Joe and Michael, two highly talented individuals. The knowledge and experience Joe has gained from serving as an interim management advisor on diverse engagements is a great complement to the FTI Palladium.”
“Similarly,” Mr. Dunn continued, “Michael's proven experience and success in his current interim position at Bush Industries demonstrates the credentialed expertise provided to clients by FTI. In a rapidly changing business environment, we value the expertise that both professionals will provide in helping troubled businesses implement turnaround initiatives and in maximizing value for the shareholders of these companies.”
About FTI Consulting
FTI is the premier provider of corporate finance/restructuring, forensic and litigation consulting and technology, and economic consulting. Located in 24 of the major U.S. cities, London and Melbourne, FTI's total workforce of approximately 1,000 employees includes numerous PhDs, MBAs, CPAs, CIRAs, CFEs, and technologists who are committed to delivering the highest level of service to clients. These clients include the world's largest corporations, financial institutions and law firms in matters involving financial and operational improvement and major litigation.