Prof Wesley Rosslyn-Smith, Director of the Centre for the Future of Work at the University of Pretoria (UP), has been honoured by the Turnaround Association of South Africa (TM-SA) with the Decade of Academic Excellence in Turnaround Management Award. The TM-SA, which represents and promotes the interests of the business turnaround industry in South Africa, presented the award to Prof Rosslyn-Smith on 22 November 2024 at their annual excellence awards ceremony.

Prof Rosslyn-Smith, a business rescue academic with a PhD in Turnaround Management from UP, was recognised for his pioneering work on the MPhil in Insolvency and Business Rescue programme offered by the Department of Business Management in the Faculty of Economic and Management Sciences in collaboration with UP's Faculty of Law.

Launched in 2021, the programme offers a transdisciplinary approach to the study of turnaround management. It integrates various disciplines including law, finance and management to equip students with knowledge that will develop them as holistic turnaround practitioners who can successfully navigate organisations through periods of distress. With a focus on theoretical frameworks and practical application, the curriculum prepares graduates to address real-world challenge effectively.

Having pioneered the MPhil in Insolvency and Business Rescue and with research expertise in turnaround management, Prof Rosslyn-Smith emphasises the importance of this discipline in today’s ever-changing business environment. He describes the programme as a comprehensive toolkit for future turnaround specialists to develop impactful solutions that contribute positively to economic and societal development.

“Turnaround management provides the strategic frameworks and interventions needed to restore these businesses to stability and profitability. What makes it an interesting field is the opportunity to make a tangible impact on a company's future. It requires a multidisciplinary approach, combining skills in finance, law, and management, and offers the satisfaction of overcoming complex challenges to achieve meaningful results,” says Prof Rosslyn-Smith. “The programme enables students to tackle the multifaceted challenges of turnaround situations effectively and make a meaningful difference in society.”

Given the financial challenges that organisations grapple with in today’s dynamic business environment, Prof Rosslyn-Smith notes that there was a gap in the market for a specialised business management programme that addresses the complexities of turnaround situations, and therefore the development of the MPhil in Insolvency and Business Rescue. “Traditional business programmes often don't delve deeply into the unique challenges faced by distressed organisations,” he explains. Currently, the programme admits only 15 students annually from approximately 100 applications.Prof Rosslyn-Smith anticipates the field to gain prominence as businesses continue to navigate increasingly complex economic landscapes, highlighting that the programme can cultivate skilled leaders who can guide companies through periods of distress and contribute to broader economic stability.

He expressed his gratitude for being honoured with the Decade of Academic Excellence Award in Turnaround Management for his unwavering commitment towards advancing the field of turnaround management.

“This recognition reflects not only my commitment but also the collective efforts of my colleagues and students, who have been instrumental in advancing the field. It serves as a profound affirmation of the importance of our work and inspires me to continue contributing to both academic research and practical applications in turnaround management,” he says.