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Currently CEO of Desert Call Connection, he spent some time with me recently to talk about some of his turnaround experiences and what he's learned from them.
He can draw on his turnaround experiences both at Continental, which he joined in 1995 as it faced its third bankruptcy filing, and before that at American Savings Bank, a troubled California thrift, in the late 1980s (real estate being the culprit, of course).
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So if Citigroup is really contemplating this change, they should go after someone who brings some real managerial and, ideally, turnaround experience to the table.
Citing previous turnaround experience, he now tells Detroiters that electing him would be the quickest way to convince state officials to hand back the city.
Supporters praise his turnaround experience and his good relationship with state officials, saying city governance could be returned to Detroit faster with him in office.
This represents an increase on the pay of their predecessors to reflect the greater commercial, management and turnaround experience they are bringing to bear.
"Turnarounds are inherently risky and require a totally aligned board of directors, a C.E.O. with substantial turnaround experience and the support and confidence of all stakeholders," Mr. Ackman told investors.
The appointment of the executive, Richard McGuire, to replace Larry Pollock as chairman would occur a week after Borders named Ron Marshall, a private equity executive with corporate turnaround experience, as its chief executive.
Mulally is well-respected for his turnaround experience: Since 2006, he's been busy reviving the family-controlled Ford, the only Detroit automaker that didn't need (or take) bailout money.
People close to the search process said that Mr. Roberts and Mr. Sidgmore appeared to be leaning toward finding a candidate with turnaround experience from outside the telecommunications industry.
The group said it had "extensive turnaround experience, which we will deploy to support the management's turnaround plan".
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