EXECUTIVE LEVEL FINANCE, STRATEGY AND M&A/DEVELOPMENT MANAGER
Dynamic, multi-faceted Leader that will enable decisions & solve problems to Create Value via:
SKILLS – Financial, strategic & operational analysis and interpretation, creative solutions.
EXPERIENCE - Formulates strategies and implements plans. Trained under pressure at USAF Academy {Leadership} and Emerson {Management Excellence} to distill goals to their essence and Deliver Results!
PERSONAL QUALITIES - Unfailingly positive win-win approach. Hands-on, sets the example, communicates “in channel” and challenges individuals to take the initiative & be accountable.
Proven by consistently overcoming challenges and achieving goals:
- Commoditized, bound by vertical market, lack global footprint & competitive advantages: Developed & “sold” strategy to expand BESS Security SBU into Fire, Government, Enterprise & Digital markets via 14 acquisitions – 6 international – adding $160 million sales, differentiated offerings & critical mass.
- Regional player, dissatisfied customers, lack of scale, SG&A margin too high: Acquired & integrated 4 companies, installed operating management process, national benefits & IT structures, trained 8 division Controllers – transforming CMS from $42 million sales / $5 million EBITDA (12% margin) entity to $130 million / $21 million (16% margin) national company within 3 years.
- Cost/Price squeeze, global competition, supply chain & culture/communications issues: Built trust with Fusite Japan management team while resolving customer issues & developing business plan in SE Asia, enabling U.S.–Japan–Netherlands sourcing/production strategy that saved $2 million annually.
FINANCE: CFO ♦ Treasury ♦ Cash Management ♦ Cost Accounting ♦ Plans & Forecasts ♦ MD&A ♦ Policies, Procedures, Controls & SOX ♦ Tax ♦ Risk ♦ Audit ♦ Bank Group Management ♦ Private Equity Interface
STRATEGY / M&A: Create Plans ♦ Target Opportunities ♦ Valuation ♦ Due Diligence ♦ Identify Synergies ♦ Sustainable Profitability ♦ Negotiate Deals & Documents ♦ Integration ♦ Train Global Team Participants
OPERATIONS: P&L & Cash Flow Accountability ♦ Drive Cost Reductions ♦ Operating Reports ♦ Supply Chain ♦ Distribution ♦ Management Process ♦ IT Systems ♦ HR & Benefits ♦ Follow-up, follow-up, follow-up
INDUSTRIES: Banking Equipment, Financial Services & Software ♦ Security Solutions ♦ Marketing Products & Services ♦ Electronic Equipment ♦ Manufacturing ♦ Telecom Components ♦ Pharmaceutical ♦ Automotive
2002 – 2007 BANKING EQUIPMENT, SECURITY & SOFTWARE (“BESS”) CO. (~$3B SALES) MIDWEST
Re-joined the Chairman & CEO, former boss 1995-97 at Liebert (Emerson sub), leaving CMS after implosion of trade show business in wake of 9-11 tragedies. BESS grew from $1.7 billion sales in 2001 to $2.9 billion in 2006 – about $400 million added via 34 acquisitions. Left BESS connected to August 16, 2007 announcement “BESS can't sell XXX unit” and changes in new CEO’s agenda (prior CEO left 12/05).
4/04 – 8/07 VICE PRESIDENT, CORPORATE DEVELOPMENT & STRATEGY
Role expanded to include strategic planning in April 2004 and was promoted to Corporate Officer. Attended all Board meetings to present acquisition & strategy updates and obtain approvals. Emphasis on globalizing & expanding business platform and investing in new technologies - especially software - to set stage for future value creation. Department headcount expanded from 4 to 11, including Shanghai and Europe.
NEW SOFTWARE-BASED TECHNOLOGIES Led the expansion into new products & markets via Imaging, Payments and SOA Software platform technologies. Accountable for 2 acquisitions (Eras – Miami and Brixlogic – San Francisco) that contributed $10 million EBIT in 2006, $1 million over plan.
LOW-COST SERVICE PLATFORM Created & implemented plan to form separate subsidiary via $15 million acquisition of FirstLine (Sacramento area), providing simple services with matched technician skill sets.
DIVESTITURES Negotiated (a) $38 million sale of Campus Card division after JV discussions with transactions-processor stalled; led due diligence preparations and transition planning, and (b) $7 million sale of safe manufacturing operation, with supply agreement, saving $4 million annually.
COST REDUCTIONS / BUSINESS PROCESS Developed cost reduction pilot study for “Lean Service” and “Human Sigma”-based customer & employee-engagement metrics system to improve profit margins.
7/02 – 3/04 VICE PRESIDENT, CORPORATE DEVELOPMENT
CORE BUSINESS GLOBALIZATION Teamed with Business Unit Leaders & Area-of-World Managing Directors to broaden sales & service network via acquisitions in Australia, India, Malaysia, Peru, Russia & Taiwan.
XXX SYSTEMS COMPETITIVENESS Implemented the acquisition of Data Information Management Systems (“DIMS”) to provide VR software platform and defined 2 key new product programs, adding $30 million Sales / $6 million EBIT & establishing competitive advantages.
GLOBAL PLANNING & ACQUISITION PROCESS Energized the global planning & acquisitions process, instilling a sense of urgency, improved due diligence, valuation & integration practices. Quadrupled & globalized deal flow / project volume with same staff & budget while reducing 3rd-party transaction costs. Our group is accountable for planning, valuation, due diligence, negotiating deal documents and integration.
1999 – 2002 CREATIVE MANAGEMENT SERVICES ($131M Sales) St. Louis, MO
SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER
Recruited to CMS to integrate the Lincoln Exhibits acquisition and lead additional acquisitions to enable seamless nation-wide services to clients. The new entity demanded an exceptionally broad skill-set and offered a dramatic value creation opportunity. The trade show industry had never had a down year . . .
FINANCIAL & OPERATIONAL PROCESSES Implemented monthly Profit Reviews, margin focus and leveraged admin & service overhead to improve margins by 4% / $5 million EBIT. Developed & implemented first-ever budget process, financial policies, expense controls & audit procedures.
CASH / DEBT MANAGEMENT Raised capital for acquisitions & managed $100 million bank line, with $40 million private equity. Hired A/R collections manager, implemented 10-point collections checklist, paying procedures, customer management process and account executive incentives to initiate advance deposits.
ACQUISITION IMPLEMENTATION Drove roll-up acquisition strategy geared to competitive advantage. Planned, negotiated & integrated 2 acquisitions (HW Exhibits - $15 million and EventSource - $5 million), and divested a non-core unit; “sold” the plans to private equity investors and bank group.
IT, HR & BEST PRACTICES Integrated all operations & activities, establishing best practices & one-stop shop concept across new national footprint, improving margins. Optimized company-wide health care benefits & programs, saving $1 million annually, and directed new company-wide IT system & software platform.
1983 – 1999 EMERSON ELECTRIC CO. ($14B Sales) St. Louis, MO
VP PLANNING & DEVELOPMENT, DIVISION CFO, ASSISTANT TREASURER, DIRECTOR-FINANCE
Recruited to Emerson by former Ford executives to help upgrade Finance activities. Emerson was renowned for manufacturing, its management process (e.g. “In Search of Excellence”) and robust acquisition program.
’97 – ’99 VP PLANNING & DEVELOPMENT – MAC, ICE & Electronics St. Louis, MO
Reported to Vice Chairman covering 40+% of Emerson’s sales, comprised of Motors & Appliance Components (“MAC”), Industrial Components & Equipment (“ICE”) and Electronics business groups.
ACQUISITION LEADERSHIP Led acquisitions of Nortel Telecom power supply sub (for ~$300 million) and Maytag component division (~$20 million), performing valuation analysis, due diligence and synergy / integration plan. Negotiated all deal documents, including supply agreement, for the Maytag deal.
STRATEGIC PLATFORM INITIATIVES Worked with Bain and Boston Consulting teams to identify opportunities in the Automotive and Telecom markets, resulting in (a) internal investment in switches & controls aimed at automotive and (b) several acquisitions in the telecom space.
GROWTH & PROFITABILITY PLANNING Developed plans with Group Business Leaders to invest in specific growth opportunities and implement programs to reduce costs / improve margins, then distilled each group plan to its essence for Vice Chairman to present to the CEO and Board. Assisted in implementing 2 new investments in motor technology development and distributed power grid applications.
’95 – ’97 VP PLANNING & DEVELOPMENT – Liebert Division ($850M Sales) Columbus, OH
ELECTRICAL TESTING ACQUISITION PROGRAM Teamed with the President–Service to plan, propose and consummate 5 acquisitions (outlay of about $35 million) in adjacent market, creating a $100 million sales / $15 million EBIT business from targets aggregating $80 million / $5 million stand-alone. Formulated plans, spending proposals, valuation analysis, due diligence and negotiated all deal documents.
SURGE SUPPRESSION ACQUISITION PLAN Led formulation of Surge SBU business plan, identifying acquisition targets in high-growth markets and implementing all aspects of initial $8 million acquisition.
PLANNING INITIATIVES – EUROPE Guided Liebert-Europe management team to develop turn-around profitability plans & identify growth opportunities & investments, residing in U.K. for 3 months.
‘93 – ’95 CHIEF FINANCIAL OFFICER – Xomox Division ($160M Sales) Cincinnati, OH
RESTRUCTURING & CONSOLIDATION Drove global restructuring yielding $12 million savings, improving EBIT margin from break-even to 8%, reducing headcount by 200 in the U.S., Germany, France, U.K., Brazil, Korea and Taiwan, and consolidating facilities in Brazil & Korea.
REVERSE INTEGRATION WITH FISHER VALVE Developed integration program with larger (~$600M) Fisher Valve acquisition, targeting $20 million synergies via Xomox producing castings for Fisher at Torreon Mexico, butterfly valve manufacturing for Fisher and facility consolidations.
ACCOUNTING, FINANCE & IT OVERHAUL Re-built & restructured accounting, finance & IT group, saving $500K annually, while converting to new IT system and accounting & Emerson reporting software.
‘92 – ’93 CHIEF FINANCIAL OFFICER – Fusite Division ($70M Sales) Cincinnati, OH
DEFINE & IMPLEMENT NEW IT SYSTEM Developed plan, selected software & hardware, established cost accounting procedures, and guided conference room pilot testing & training.
’90 – ’91 ASSISTANT TREASURER (Corporate) St. Louis, MO
FINANCING STRATEGIES Implemented $300 million creative swaps and warrant repurchase on $100 million Euro-bond, saving $5 million. Hedged $250 million of international profits. Formulated capital structure & borrowing strategies. Led Finance & Pension Committee meetings. Assisted Emerson’s CFO with financing and structure of Esco IPO spin-off (valued at ~$300 million).
MANAGEMENT CHALLENGES Reorganized 20-head Treasury department (only 1 male – me!) to manage all-time high (~$1 billion) debt portfolio and complexity with a reduction of one head, and improved morale / engagement scores via job enrichment, recognition & modest incentives.
’89 – ’90 DIRECTOR, PENSION ASSET & LIABILITY MANAGEMENT St. Louis, MO
ASSET MANAGEMENT PERFORMANCE Developed & implemented new investment portfolio structure with Pension Committee approval, enabling $700 million Master Trust to beat the S&P by 9.8%-points in 2001.
PENSION FUNDS & DEFENSE BUSINESS (ESCO) SPIN-OFF Justified retention of Emerson’s pension fund surplus – versus paying to government as excess profits – saving $25 million or more.
‘86 – ’89 DIRECTOR, PERFORMANCE & INVESTMENT ANALYSIS St. Louis, MO
ACQUISITION EVALUATION Valued acquisitions of Copeland ($630M), Liebert ($550M) and Asco Switch ($410M) among total outlays of >$2 billion. Conducted due diligence and integration planning.
A B CHANCE MBO / SPIN-OFF Worked with Goldman Sachs to value and structure this $110 million management buy-out, also preparing financial data, forecasts and offering memorandum.
CAPITAL STRUCTURE / STOCK REPURCHASE Prepared analysis of S&P 500 & peer companies, achieving Board approval of $500 million share repurchase program and target debt-to-capital strategy.
’83 – ’86 MANAGER, FINANCIAL PLANNING St. Louis, MO
VALUATION MODEL & ACQUISITION PLANS Authored Emerson’s PC-based valuation and “acquisition profile” models, produced cash forecasts and annual 5-year financial plans. Evaluated >$700 million of closed acquisitions. Created cash flow model for mass flow-meter patent to justify $100 million Micro Motion deal – a “home run” that grew from $1 million to $300 million in sales revenue at 40% EBIT margin.
DIVISIONAL OPERATING REPORTS Co-developed a re-vamped “Presidents’ Operating Report” presenting key operating metrics in graphs & data to enable quick assimilation and in-depth analysis.
POLICIES & PROCEDURES Authored capital expenditure and lease-buy policies issued company-wide, including standard PC-based ROI and comparison models. Conducted divisional personnel training seminars.
1981 – 1983 OHIO MEDICAL PRODUCTS (Div. of BOC Group) Madison, WI
MANAGER, FINANCIAL ANALYSIS & COST ACCOUNTING
Developed cost accounting system; chaired cost reduction team; co-leader of IT systems project. Co-developed Anesthetics SBU strategic plan to expand product platform & distribution to major pharmaceutical customers.
1978 – 1981 FORD MOTOR COMPANY Dearborn, MI
SENIOR FINANCIAL ANALYST, Car Product Development
Created cost/content system for Design Center programs & cost/benefit evaluation of “world car” program.
1974 – 1978 U.S. AIR FORCE
CAPTAIN
Instructor Air Weapons Controller at USAF Interceptor Weapons School, Tyndall AFB, FL
EDUCATION MBA-Finance, UCLA, 1974
B.S., U. S. Air Force Academy, 1973
Certified Management Accountant, 1986
PERSONAL Born February 11, 1951. Married, one adult daughter. |
