False security

Despite the current wave of companies in trouble, few are reporting major changes at the top. In fact, many senior execs of private equity-backed companies find themselves in more meetings than ever with their backers and lenders. A lucky few will have their buyout partners appoint interim management to tackle the current malaise, thus allowing the incumbent team to continue to run the business free from the distractions of refinancings and other such discussions. Most, though, will not and are in fact key to such negotiations. Which may be a reason why so many senior members of staff are kept on, even as the businesses they run are stumbling into the ground