FTI Hires Three Senior MDs
The Maryland consultant is looking to meet the needs of a expanding number of unstable companies.
June 9, 2009
FTI Consulting, Inc., a West Palm Beach, Florida-based consultant, hired three senior managing directors, noting that the corporate finance unit has seen a greater demand from clients.
The new hires; Barry Monheit, Stuart Oran and David Narramore, will guide a rising number of troubled clients through their uncertain financial waters. Despite signs that economic conditions may have stabilized, a significant group of listed companies remain overburdened with debt and are unable to afford additional capital. The 26-year-old consulting firm works with companies in special situations and hopes to service these additional clients.
Monheit, formerly the chairman of Smith and Wesson Holding Corp., and Oran, founder of Roxbury Capital Group LLC, are joining the consultant’s interim management division. The unit, Palladium Partners, is led by Greg Rayburn. Narramore joins the consultant’s restructuring and performance improvement practice.
Dominic DiNapoli, the firm’s executive vice president and chief operating officer, said the firm’s clients need guidance steering through the present choppy economic conditions.
The trend of debt overload amidst the economic crisis was highlighted yesterday when Qwest Communications terminated its efforts to find a buyer for its long-haul network. A Stifel Nicholaus analyst report obtained from ThomsonOne Analytics noted that the telecom company would be unable to sell the unit for a price of about $1 billion, as the company presently carries $13.3 billion in debt.
Oran led Portola Packaging strategic review before it entered into a pre-packaged Chapter 11 filing. The plastic closures manufacturer emerged from bankruptcy in November 2008. He was also one of three board member added to Wendy's International as part of the fast-food chain’s agreement with activist investor Trian Fund Management in March 2006.
Monheit is a co-founder and was a president of the financial consulting division. He was the partner-in-charge of Arthur Anderson's New York Financial Consulting unit.
Narramore was a partner or managing director at IBM Global Business Services, LECG, Bearing Point and KPMG.
Last week, FTI named Joe White to the newly-created position of president of forensics consulting solutions. White was previously the executive vice president of Attenex Corporation, a software provider that FTI acquired for $88 million a year ago.
As of press time, calls to FTI were not returned.
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