Vice President, Finance and Business Development for
$2 Billion Division of a Pharmaceutical Company
(Currently employed -- highly successful -- each of the positions listed below, since my departure from Price Waterhouse in 1990, are with the same diversified pharmaceutical company).
As Chief Financial Officer and head of business development of a $2 billion division which conducts business in more than 30 countries and employs more than 5,000 persons, I was promoted to this role two years ago during a period of dramatic strategic change for the business. Due to consecutive years of stagnant sales and earnings growth, we refocused our strategy on two of our core global businesses. I was asked to focus on the significant restructuring of our product and geographic portfolio, develop and execute financial contingency plans to ensure that 2001 financial objectives were exceeded, correct various business control weaknesses across the globe which had led to significant profit shortfalls in the previous year, and significantly enhance the quality of the Finance organization. Each of these objectives were met and exceeded, and in March of 2002 I was given responsibility for Business Development for the division. During the past 6 months in this role, I have successfully concluded a brand acquisition and a technology licensing deal.
The most significant accomplishments of the past year in this role have included:
SALES up 8% (excluding Fx) for continuing
businesses over prior year
PROFIT up 39% over prior year, and up in
ratio to sales by 4 points
CASH FLOW up in ratio to sales by 5 points
PORTFOLIO RESTRUCTURING
All non-core brands have been divested, creating
more than $65 million in value from a combination of
licensing and divestiture.
All non-core geographies have been restructured
and/or exited, resulting in more than $40 million in
annual savings.
Back office functions were restructured in several
international markets to eliminate more than $10
million in residual overhead costs previously shared
with two sister divisions divested by the parent
corporation.
Established a new Customer Services Organization in
the U.S. due to the divestiture of a sister division,
which previously provided retail customer service
support to our division. The new model has reduced
annual customer services costs by 12% and is better
aligned with our largest retail and institutional
customers.
BUSINESS CONTROLS
Favorable audit opinions have been received in each of
the ten corporate and external audits conducted of the
business.
LEADERSHIP DEVELOPMENT
Significant changes have been made to the Finance
leadership team through a combination of internal
promotion and external recruiting. More than 1/3 of
the top three levels of the global Finance team have
been placed in new positions in and outside of Finance.
January 1999 – October 2000
REGIONAL DIRECTOR, FINANCE, INFORMATION TECHNOLOGY AND ADMIN -- ASIA/PACIFIC for 2 Divisions of the Company (Bangkok, Thailand)
In this role for just short of two years before being promoted to division CFO, I worked with the Regional President and Chief Country Officers to develop and implement strategic plans, optimize resource allocations amongst a diverse portfolio of businesses, and ensure aggressive and profitable growth through both organic and external development efforts.
I also worked with Country Finance Directors and Corporate Finance to develop and implement annual financing and taxation plans for the region to optimize the allocation of financial resources in the midst of unprecedented economic volatility and political uncertainty across the region. I also ensured that financial risks, opportunities, and critical fiduciary issues were properly managed and communicated to executive management in the U.S..
The region consisted of 17 countries with 10 different management teams and delivered more than $450 million in annual revenue. The businesses consisted of a combination of full service distribution models in certain
core markets (more than 15,000 retail, hospital and pharmacy customers) and exclusive distributor models in other smaller markets. Three manufacturing sites managed within the region produced 70% of finished goods volume. The core markets in the region were China, Taiwan, Philippines, Thailand, Indonesia, Malaysia, Singapore, Australia, and Vietnam.
Key successes in the role:
SALES grew an average of 10% for 1999 and 2000.
PROFITS grew an average of 18% for 1999 and 2000.
CASH FLOW grew an average of 39% for the two years.
Led PRODUCTIVITY efforts which delivered a 5% reduction in non-demand generating costs.
PORTFOLIO RESTRUCTURING
Restructured and recapitalized the China business,
generating average annual sales growth of 40% and
positive cash flow and profit for the first time ever.
Successfully negotiated corporate approval for a
significant capital investment for a manufacturing
facility in Thailand. This plant has since been
constructed and is expected to improve gross margin
ratio to sales by 5 basis points.
BUSINESS CONTROLS were strengthened. Favorable audit opinions were received for every audit conducted during the two years for the first time ever.
LEADERSHIP DEVELOPMENT of local talent was accelerated. Succession plans for expatriates were developed and cross border rotation programs implemented. Replaced 4 of the country expatriate Finance Directors with Asian talent.
April 1997 - December 1998
DIRECTOR, FINANCE AND INFORMATION TECHNOLGY --
THAILAND AND INDOCHINA (Bangkok, Thailand)
As Chief Financial Officer for each of the parent company's three divisions in Thailand, I led the Finance, Information Technology and Administrative functions. Thailand was a core growth business contributing more than $120 million in revenues. The business consisted of local hair care and analgesics manufacturing, full service distribution to 10,000 customers, and export of finished products throughout Southeast Asia.
I transferred to this role two months prior to the devaluation of the Thai Baht and the subsequent economic fallout in the country. The rate of devaluation, economic fallout and existence of price controls required me and the leadership team to immediately implement strict working capital controls and hedging mechanisms, develop a new marketing and product sourcing strategy, restructure the commercial model and initiate unprecedented productivity programs, and continuously negotiate with the government to ensure fair trade practices were followed between local and foreign companies within our industry.
As a result of the aggressive measures taken during these two years, the business exceeded its pre-crisis financial commitments, growing US dollar profits by a compounded annual average of more than 15%, improved its cash flow ratio to sales by more than ten basis points, and restored its profit ratio to pre-crisis levels. Throughout the restructuring of the business, we significantly improved the talent of the Finance organization through targeted external recruiting efforts and overseas development programs for our highest rated performers. Yet we reduced the size and (local currency) cost of the Finance organization (excluding outsourced functions) by more than 15% through a comprehensive reengineering and systems development effort.
February 1996 - March 1997
FINANCE DIRECTOR for three of the Company's Manufacturing Operations in Latin America.
I led the combined Finance functions for three of the corporation’s three pharmaceutical plants. At the time, the three plants produced close to 40% of the corporation’s pharmaceutical volume worldwide, including three of its top selling drugs. The operations consisted of bulk chemical processing, blending and tableting, and final packaging for the U.S. and several other markets around the globe. It held assets worth more than $500 million and employed more than 1,900 persons.
My most significant accomplishment, in addition to achieving the annual cost of goods target, included consolidating the three separate Finance organizations across the island into one consolidated support function for the three plants.
February 1994 - January 1996
CONTROLLER for two of the Company's manufacturing facilities in Latin America.
The two plants produced three of the company’s biggest selling drugs. Annual production volume exceeded 2.5 billion tablets and vials, and the business employed more than 500 persons. I was transferred to the plant as a Finance Manager, with the objective of significantly strengthening inventory and production controls. Within three months, all critical weaknesses were corrected and key productivity indicators (including cash flow) had improved by more than 30%. I was then promoted to Controller to lead the Finance and Information Technology functions, including the maintenance of the company’s fully computerized, integrated manufacturing system.
September 1990 - January 1994
SENIOR AUDITOR, Corporate Staff
I supervised financial and operations audits of more than 20 countries. I was responsible for determining audit scope, supervising 4 to 5 audit staff in the field, and preparing and presenting final audit reports and recommendations to senior management.
PRICE WATERHOUSE
August 1987 – August 1990
Senior Auditor/Consultant
I supervised financial audits of clients in the manufacturing, financial services, retail and distribution sector.
EDUCATION
B.S. Accounting/Finance, Indiana University, May 1987
CPA Certified
INTERNSHIP
Abbott Laboratories, Chicago, Illinois
International Finance Intern, 1995-1996
OTHER POINTS OF INTEREST
Board Member, Local Philharmonic Orchestra
Board Member, Local Economic Development Corp.
Board Member, Community Leadership Council
Other Interests include travel, cycling, collecting music,
collecting wine, cooking and reading. |
