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Meet Stephen Gray

Director, Deloitte CRG


Stephen Gray has more than 35 years of experience developing and implementing restructuring and crisis management plans for public and private companies, general creditors, secured parties, acquirers of non-performing companies, and judicial bodies. Mr. Gray is the founder of TRG and CRG Partners LLC, which was acquired by Deloitte in 2012.

Mr. Gray has led the successful operational and/or financial restructuring of hundreds of companies. He has worked as a turnaround consultant and crisis manager for a wide variety of companies. Mr. Gray is well known in the financial and legal communities throughout the U.S. for his work as a fiduciary. He has served as chapter 11 trustee, state or federal receiver, examiner, and post-confirmation trustee in numerous situations.

Mr. Gray is highly skilled in the dynamics of the insolvency process, bankruptcy procedures, cash flow management and general areas of business, management, and finance. In addition, he has managed the sale of many companies in a variety of industries.

Prior to forming TRG, Mr. Gray was president of Gray and Company, a professional services organization specializing in turnaround and workout consulting. He also served as vice president for a company specializing in consulting for distressed businesses, and as a member of the corporate development staff at an international management consulting company.

A few notable engagements include:

  • Chapter 11 trustee for High Voltage Engineering, a $450 million manufacturer of industrial electrical motors and control systems
  • Chief restructuring officer (CRO) of CompUSA, a $1.8 billion retailer of consumer electronics, in an out-of-court restructuring
  • CRO of a $1.2 billion construction and real estate development company in an out-of-court restructuring
  • Chapter 11 trustee of Molten Metals Technology, a high-tech nuclear waste company

Industry Focus

  • Business Services
  • Communications
  • Distribution
  • Environmental Management
  • Financial Services
  • Health Care
  • High Technology
  • Manufacturing
  • Pharmaceutical and Chemical
  • Real Estate
  • Retail
  • Transportation

Mr. Gray was a master’s level teaching fellow in mechanical engineering at Tufts University. He is a fellow of the American College of Bankruptcy, a member of both the American Bankruptcy Institute and the Turnaround Management Association, and he is a regular speaker at restructuring and insolvency conferences. Additionally, Mr. Gray was named one of Turnarounds & Workouts’ 2008 People to Watch.


  • B.S., George Washington University

As used in this document, “Deloitte” means Deloitte LLP [and its subsidiaries]. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.


Stephen Gray
Deloitte Financial Advisory Services LLP
Job Title:
Director, Deloitte CRG
+1 617 437 2399

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