Peter Fitzsimmons has rejoined AlixPartners as a managing director in the turnaround and restructuring practice. He will remain based in New York City.
Fitzsimmons brings 30 years of experience to the role, centered on turnaround, restructuring, and performance improvement consulting; private equity; and interim C-suite executive work.
He spent the last seven years as senior partner at Tower Three Partners, an operationally-oriented private equity firm investing in US-based middle market companies. In the role, he provided capital and operating skills to companies across a range of industries, including retail, automotive, manufacturing, and financial services.
Before that, he spent 18 years with AlixPartners, helping the company grow from a restructuring boutique to a global business advisory firm. Between 2003 and 2006 he was based in London, where he co-founded and led the company’s European business. Afterwards, Fitzsimmons was the co-president and head of AlixPartners’ North America business, helping it double in size over his tenure.
Before that, he was a managing director and senior associate, helping diverse industry clientele address operational and financial challenges, and materially improve performance in short periods of time.
Prior to joining AlixPartners in 1995, Fitzsimmons was a senior manager in the restructuring practice of EY. He holds an MBA from Dartmouth College and a BA from Harvard University.
“We are delighted to welcome Peter back to the firm,” said Simon Freakley, CEO of AlixPartners. “His depth of knowledge of our firm and our global Turnaround and Restructuring (TRS) practice, blended with his extensive experience in building trusted relationships, will greatly benefit clients during a time of unprecedented global disruption.”
Turnaround and restructuring work will be in high demand for the foreseeable future, as the pandemic hammers numerous sectors. Categories that will be especially devastated include department stores, movie theaters, restaurant chains, airlines, and airplane manufacturers.
Department stores in particular have seen a steady decline since the financial crisis, and weren’t exactly doing well prior to the pandemic. The ramifications of Covid-19 have the potential to eliminate the category as a whole.
AlixPartners last month was tapped to advise beleaguered retailer JC Penney, which continues to struggle with mounting debt and dwindling sales.