“C-Level” finance executive who has a proven performance track record working in domestic and multi-country environments. Have lead several turn-arounds and launched a number of businesses. Has a thorough and extensive working knowledge over business controls & related processes and work-flow management including the successful implementation of Sarbanes-Oxley 404 in a multi-country environment. Has led a number of merger & acquisition projects including due diligence work, complex negotiations with respect to restructures, mergers and divestitures. Works closely and collaboratively with Tax, Legal, and Operations in structuring deals. Overall known for strategic decision making and tactical level plan execution.
Strong international & operational executive experience in mid-size, and start-up companies. Held critical leadership roles in international multi-channel direct retailing businesses with significant e-commerce and retail operations in Europe, Asia, and Latin America, including “in-country” assignments in Italy, Germany, Japan, and the UK. Executive supervisory responsibilities encompassed operations, IT, distribution, customer service, product development, and merchandising. Industry experience spans e-commerce, direct marketing and “brick & mortar” retailing, consumer goods branded manufacturing.
Corporate Board experience as both a Board member and advisor. Has been a member of the Board of Directors for all of IAC’s international multi-channel direct marketing investments in Europe and Asia. In this capacity had a reputation for being objective, resolute, and fair with a strong focus on obtaining the results required to satisfy shareholder and corporate objectives across functional disciplines. Has a keen understanding & working knowledge of the Board's critical objectives and responsibilities.
Personal qualities include strong organizational, communication, presentation, and collaborative leadership skills which include the ability to deliver difficult news honestly, candidly, and tactfully. Is skilled in building consensus and leading teams in the development of business ideas and the execution of plans. Committed to getting results and build the character and expertise of the individuals with whom I work as well as continually learn from the colleagues with whom I work.
Professional Experience
ShopNBC 2008
Minneapolis MN, USA
ValueVision Media (ShopNBC) is multi-channel, direct-to-consumer retailer that sells general merchandise to consumers through television, the Internet, and direct mail. Founded in 1990, the Company operates the third largest television home shopping network in the United States generating $750 million in annual sales. ShopNBC is a leader in upscale television home shopping.
Initially engaged to provide consultancy to newly hired CEO and executive team on new business strategy development and implementation. Then employed as Senior Vice President of Sales Program Planning & Analytics with responsibilities over sales planning & programming as well as company wide analytics. Worked closely with merchandising, finance, and operations teams to develop and implement internal business reports, core performance metrics consistent with the strategy, improve and establish forecasting processes and systems.
Successfully implemented in-depth customer related analytic framework and related reporting.
Liberty Global, Inc. 2005 - 2007
Englewood, CO USA
Jupiter Shop Channel ( a JV between Liberty Global, Inc., Sumitomo Corp., and IAC Corp.)
Chief Financial Officer Tokyo, Japan
Jupiter Shop Channel is a Ą120B (approximately $1B) joint venture between Liberty Global Inc., Sumitomo Corp, and InterActive Corporation ( IAC). It is the national market leader in Japan for 24-hour live TV as well as an e-commerce direct marketing and general merchandising retail company.
Responsible for all aspects of the company's strategic and financial planning, including new business development, budgets & forecasts, financial statement preparation (US GAAP & J-GAAP), cash management, internal business analysis, accounting operations, and internal controls. Member of the Board Executive Committee overseeing review, approval, and implementation of key strategic projects.
Finance executive for the senior management team responsible for successful growth strategy and implementation
Increased corporate revenues from $600M to $1B, Contribution Margin to 38.5%, and EBITDA performance to 22% of Net Revenues
Established budgeting process, financial controls, reporting & monitoring procedures and internal company financial & operating metrics to execute and monitor growth strategy
Led improvement teams to enhance company’s core business performance
Achieved sales growth of 30% per year, gross profit improvement of 70 basis points to 49.6%, contribution margin improvement of 90 basis points to 38.5%, a reduction of operating expenses by 60 basis points to 27.4%, and an EBITDA improvement of 45%.
Developed comprehensive and integrated monthly business report for shareholder representatives incorporating financial information, business performance, and operating metrics while reducing the monthly reporting cycle from 11 days to 8 days
Developed comprehensive monitoring program to track growth and performance
Successfully launched alternative multi-channel broadcast test to offset loss of carriage as a result of regulations
Broadcast rights for 55% of the customer base was at risjk. I organized a team to work with broadcast stations to successfully launch our programming at first by tape, then later live tele-casts. The team successfully tested and developed a viable alternative broadcast option.
InterActive Corporation 2000 - 2005
New York, NY USA
InterActive Corporation (IAC) is a $6.3B internet company with more than 35 fast-growing, highly-related brands serving loyal consumer audiences. Named the #1 Most Admired Company two years in a row in the Internet Services & Retailing sector by Fortune magazine, IAC is the 4th largest buyer of online media. With more than 173M unique visitors across 37 countries, IAC's network of sites would rank as the 8th largest in the world.
Home Shopping Network ( a wholly owned subsidiary of IAC Corp.)
St. Petersburg FL USA
SVP Finance, International (2004 - 2005)
Home Shopping Network (HSN) is a $2.2B electronic/television commerce subsidiary of IAC. HSN 2005 international business revenue was $750M on a pro forma consolidated basis.
Responsible for all international business financial performance and reporting for both HSN and the DM general retailing international division of IAC. Responsibilities included strategic planning, budgeting, forecasting, financial reporting consolidation as well as new business development and oversight of mergers and acquisitions. Member of the Board of Directors for all international subsidiaries and investments of Home Shopping Network International.
Led successful new international business development teams
Organized and provided oversight for successful launch of the UK interactive television auction business
Organized and drove successful launch of UK live quiz business
Launched a live television shopping business in Mexico
Led implementation of critical new enterprise business systems
Successfully initiated and completed, the roll-out of Sarbanes-Oxley 404 across all international consolidated business units:
Two entities in Germany
One entity in the UK
Four non-con consolidated entities were subject to extensive SOX testing and process documentation
Led HSN merger and acquisition related activities
Lead the HSN team in the restructure of the European ventures including analysis negotiations to successfully buy out IAC’s European partners
Negotiated divesture of underperforming & non-core assets resulting in a realized gain of over €250M
Converted several acquired companies to US GAAP Reporting
Conducted a number of merger & acquisition projects in Asia, Europe and South America including to diligence, deal structure, and valuation.
Home Shopping Europe 24 ( a 90% owned subsidiary of HSN )
Interim COO/CFO (2001 – 2004)
Munich ( Bavaria) Germany
Home Shopping Europe 24 (HSE24) is a 90% HSN owned €400M German tele-shopping, e-commerce, and direct marketing retail subsidiary of IAC Corporation.
Interim COO/CFO for 2˝ years until company hired a locally based CEO which I trained. Assumed direct responsibility for all financial and operational functions of this HSN subsidiary in response to significant challenges to the company brought on by the unsuccessful implementation of the company’s new SAP based core business system and the significant loss of the company’s competitive advantage and market dominance. Span of direct responsibility included strategy development; financial reporting and control; treasury management; accounting reporting (including German and US GAAP); information technology; tax planning; logistics; and fulfillment, customer service, and sales programming & planning.
Led improvement of company financial performance following negative sales growth in prior period
Increased net sales by 8%, improved gross profit by 100 basis points to 34%, and increased contribution margin by 320 basis points to 23.4% of net sales
Reduced operating expenses by 260 basis points to 28%, increased EBITDA threefold to €18.8M and increased pretax profit nearly 400% to €10.1M
Improved key elements of the balance sheet including augmenting cash on hand by €28M
Successfully renegotiated €50M short-term credit line after financing banks had notified HSE 24 that the existing credit line would be suspended
Improved company operations and stabilized infrastructure and set the business on a sound and profitable growth trajectory
Reduced accounts receivable by €5 M to €28.2M, increased the DSO by 5 days, and increased inventory turns from of 2.8X sales to 5X sales
Increased cash flow from operations from a low of €4.7M to €18.3M
Reduced monthly reporting cycle from 11 days to 1 day
Implemented an effective OTB (open to buy) program at product subcategory level.
Home Shopping Network
St. Petersburg FL USA
VP Finance, International (2000 - 2001)
Responsible for all international business financial performance and reporting. Responsibilities included strategic planning, budgeting, forecasting, financial reporting consolidation as well as new business development and oversight of mergers and acquisitions. Member of the Board of Directors for all international subsidiaries and investments of Home Shopping Network International.
The Timberland Company 1994 - 2000
Stratham NH, USA
The Timberland Company is a global manufacturer, marketer, and distributor of rugged outdoor performance footwear and related apparel and accessories. 2000 annual revenues approximated $1.8B.
VP Strategic Planning (1999 – 2000)
Responsible for the company's strategic planning process, coordination across business units, and leadership of the enterprise financial budgeting and analysis team
Led Corporate strategic planning
Successfully coordinated and implemented the company’s first strategic planning process across strategic business units worldwide
Led strategic business unit executive staffs in United States, Europe, Asia, and Latin America in the development of performance metrics and setting of strategic targets
Developed market and competitive plan’s for Timberland’s global business & related operations
General Manager, Leather Accessories Division (1997 – 1999)
Initially responsible for product design, manufacturing, marketing, and internal sales of the Timberland accessory line of products. When re-launched as the Timberland Leather Accessory division in spring 1999 served as its General Manager.
Improved divisional financial performance
Increased gross margin by 44% and sales by 50% generating profit for the first time for this business.
Successfully led divisional sales initiatives
Integrated accessory sales strategy with Timberland's footwear and apparel business units
Achieved divisional sales of $35M for first season as divisional general manager
Achieved operational and business process improvements
Improved product development planning calendar delivery timeline by 6 weeks
Improved marketing and sales programs by concentrating the focus on European & Asian markets
Successfully negotiated contracts with key materials suppliers and relocated outsourced assembly to cost effective offshore manufacturers saving 45% in total cost of production
Senior Director, Internal Audit & Loss Prevention (1994 -1997)
Reporting directly to the CFO, responsible assessing, investigating, and evaluating the company’s system of financial, operational, and business controls and procedures as well as IT controls. Additionally responsible for communicate findings and recommendations directly to the Audit Committee of the Board of Directors. Overall accountability for all retail loss prevention programs in Timberland’s 150 retail stores.
Successfully transitioned Internal Audit division from rudimentary review of financials to complete business and financial controls audits
Designed and implemented an integrated internal audit framework based on COSO (Committee on Sponsoring Organizations) and CICA (Canadian Institute of Chartered Accountants) controls frameworks, the forerunners to Sarbanes-Oxley guidelines for internal control
Integrated one of the first social responsibility compliance programs coupled with internal audit in the United States
Improved financial systems in international subsidiary
Acted as an interim CFO for Timberland's $60million Italian subsidiary during post-acquisition transition
Implemented US Finance reporting system, internal financial and operational controls , and accounting organization which resulted in the reduction of the closing process from 21 days to 5 days
Honeywell Information Systems 1989 - 1994
Billerica MA, USA and
Paris, France
Honeywell Information Systems is a manufacturer and developer of business systems and platforms, provider of business system integrated solutions, and design, implementation, and maintenance of telecommunication services. The company eventually became Compagnies de Machines Bull, a French owned computing firm. 1994 revenues were over $6B.
Controller, Bull HN WAN Group (1993 -1994)
Led financial planning, forecasting & reporting for the Wide Area Network group - Bull Telecom. Member of the Strategic Planning executive team. Responsibilities included business planning & analysis, contract negotiations and business presentations to Bull’s Management Board.
Audit Administration Manager (1989 -1993)
Responsible for the financial, operational, business process and technology audits for North America, Asia Pacific and the UK
Analog Devices 1983 - 1989
Norwood MA, USA
Analog Devices, Inc. (ADI) is a Fortune 1000 company that designs, manufactures and markets a broad line of high-performance linear, mixed-signal and digital integrated circuits (ICs) that address a wide range of real-world signal processing applications. Annual 2006 sales were over $2 B.
Senior Internal Auditor
Initially, staff accountant responsible for option reporting and analysis and financial analysis. Subsequently promoted to Accounting Supervisor responsible for Payroll, Benefits, and Option Accounting and then to Senior Internal Auditor for IT
Education
M.B.A. (1998)
Boston University Graduate School of Business, Boston, MA
Graduated with Honors ranked #2 in Class
B.S. (1982)
Suffolk University, Boston, MA
Business Administration
Related Professional Certifications
Certified Internal Auditor (1983, inactive)
Certified Information Systems Auditor (1992, inactive) |
