The role of the CFO in a successful turnaround can be more important than at any other time in the corporate life cycle. The CFO’s importance is based on the harsh realities of difficult financial circumstances. Severe external and internal pressures cause this time to be one of test and challenge. Successful turnaround CFOs know that their role is much broader and more creative than a mere hatchet man or super cost cutter. Instead, the organization requires that financial perspective be injected into every area of decision-making and strategy. Financial management tasks differ during the emergency, stabilization, and return-to-growth stages of the turnaround.