Alvarez & Marsal expands Milan restructuring practice with two senior hires

Alvarez & Marsal, a global restructuring and advisory firm, has named Francesco Leone and Claudia Lotti as Managing Directors and Co-Heads of its Financial and Operational Restructuring practice in Italy, according to Consultancy.eu. Both executives bring significant experience in Italian corporate turnarounds and operational recovery. Leone previously served as Italy Country Head for Corporate Finance & Restructuring at FTI Consulting and held the rank of Managing Director and Partner at Boston Consulting Group in its Milan office.

The appointments reflect growing demand for restructuring expertise in Italy as economic pressures mount. Milan remains the financial and corporate headquarters of much of Italy's industrial base, and the city's market for advisory services on insolvency, operational recovery and debt restructuring has expanded as the eurozone navigates persistent economic headwinds. International firms have steadily expanded their Italian practices over the past two years, recognizing both the scale of the Italian market and the complexity of navigating Italy's bankruptcy and restructuring frameworks.

Alvarez & Marsal's move to strengthen its Milan practice follows a broader pattern of investment by global restructuring firms in Italy. The firm joins competitors including Deloitte, EY and KPMG in building dedicated Italian teams focused on corporate turnarounds. For Milan-based companies and their creditors, the expansion of such practices typically signals easier access to specialized advice on debt restructuring, operational efficiency and strategic repositioning—services that have become increasingly sought as supply chain disruptions, energy costs and financing pressures weigh on Italian manufacturers.

Leone's prior role at FTI Consulting positioned him at the centre of Italy's restructuring market; FTI is one of the leading advisory firms serving distressed corporates and financial institutions across the country. His move to Alvarez & Marsal, which operates in over 40 countries and specializes in complex cross-border restructurings, suggests the firm is positioning itself to handle larger, more internationally complex turnarounds involving Italian subsidiaries of multinational groups or Italian firms with significant foreign operations.

The timing of the hires coincides with elevated corporate stress in parts of the Italian economy. Manufacturing sectors including fashion, automotive and machinery have faced margin pressure from energy costs and supply-chain disruption. Milan's role as Italy's financial centre means that distressed-debt trading, creditor negotiations and formal restructuring processes are increasingly concentrated there, making the city an attractive hub for international restructuring practices seeking to deepen their Italian footprint.