FINANCE EXECUTIVE WITH OPERATIONS EXPERIENCE
Strategic and financial leader with over 27 years of experience at BellSouth and 2 years at a small entrepreneurial startup company. Experienced in domestic and international corporate finance, financial management, budgets, business plans, strategic planning, issuance of debt and equity and related SEC filings, M&A and related valuation and due diligence activities, Board level reporting, building and leading teams, GAAP, operations and P&L management. Have BA, MBA and Stanford MS (Sloan Program).
2002-2004
COMSTAR INTERACTIVE
Edison, New Jersey
CHIEF EXECUTIVE OFFICER
Recruited to this VC backed $4M wireless solutions provider by its founders, after 27 years of progressively successful finance roles with BellSouth/AT&T. Shortly after signing on, I redirected the overall strategy from reselling products developed by others (wireless e mail services, like Blackberry), to selling higher margin internally developed solutions.
Recurring revenue grew over 20% in 2002 and 2003. Marketing programs were developed, including pricing, promotion, training material, press releases and sales collateral. An indirect distribution network was built consisting of over 50 organizations with over 1,000 people trained by Comstar staff within a 12 month period. Sales output grew from 30/mo to 300/mo during 2003. “No other new product as successful” said the president of one partner and we were awarded “the Most Devoted Vendor” from another.
Margins were significantly improved. An in-house repair facility was implemented and lower cost components were sourced overseas improving hardware margins from 13% to 49%. Service margins were increased from 20% to 60% by renegotiating contracts with major vendors.
A customer service operation was built from scratch. The concept of “be easy to do business with” was incorporated into the organization. Order handling was improved from 3 days to same day. On-line order forms eliminated input errors. Service levels consistently exceeded targets.
Custom products were developed from concept to commercial product in 1-2 months. Hardware and software engineers used rapid development/prototyping techniques that significantly improved results.
Managed a staff of 20 and a $6M budget.
The business was sold to an industry player and I am now looking for my next opportunity as either a CEO or CFO with transition to general management.
1999-2001
CINGULAR INTERACTIVE/BELLSOUTH WIRELESS DATA
Woodbridge, New Jersey
CHIEF FINANCIAL OFFICER
Transferred to this facilities based wireless packet data network and service provider in mid 1999. I served as a key member of the executive management team working alongside the CEO until he left for another opportunity. I served as interim CEO during the 6-month search for a marketing professional in 2000. In 2000, revenue doubled to $100M and grew another 30% in 2001. Customers also grew significantly from 250,000 in 1999 to over 600,000 in 2001.
Equipment costs and device costs were reduced 25% and 20% respectively. I negotiated major vendor contracts (over $100M each) with Ericsson (reducing equipment costs to deploy capacity by 25%) and Research in Motion (reducing device costs by 20%).
Operations productivity was improved over 20% by installing rate of return based analysis on all new projects and by instituting value driver and dashboard operating measurements for all departments. And I led the operational, financial and marketing teams in the M and A valuation efforts required when BellSouth contributed this property to the joint venture with SBC (Cingular). Resulting valuation was significantly in excess of invested capital.
Managed 50 people in accounting operations, financial management, project management, credit and collections and treasury, and a departmental budget of $10M. Managed over 100 people as CEO, a company expense budget of $100M and a capital budget of $80M per year.
1995-1999
BELLSOUTH MOBILE DATA
Atlanta, Georgia
CHIEF FINANCIAL OFFICER
Promoted to head up the financial aspects of BellSouth’s worldwide mobile data properties (US, UK, Belgium, the Netherlands, France, Germany and Singapore). Worked with in-country management to develop business cases for investment and annual budget approval. Secured over $500M of new investment for US and International mobile data properties.
Served on the Board of Directors for UK, Belgium and the Netherlands alongside BellSouth’s international partners. Successfully negotiated with France Telecom for swap of UK and France mobile data investments.
Developed financial case for and performed due diligence on $30M investment in a major business partner (a Kleiner Perkins company) for the US Mobile data operation.
Directly managed 5 professionals and 3 US/European CFOs on a dotted line basis with a departmental budget of $10M and investment budget of $200M.
1991-1995
RAM/BSE COMMUNICATIONS LP
(a joint venture between BellSouth and RAM Broadcasting)
New York, New York
EXECUTIVE VICE PRESIDENT AND CFO
Promoted to serve as BellSouth’s on-site representative for this $200M joint venture that owned paging properties in the Midwest, radio consulting and US and UK wireless data properties.
Managed CFOs from paging, US and UK mobile data properties. Directed efforts to reduce costs by $20M.
Led spectrum auction activities, purchasing all necessary spectrum at $15M under budget. Recommended divestiture of 5 properties that were non-strategic or non-performing. Developed company short and long-term incentive plans. Negotiated executive pay and severance packages.
Managed a staff of 4 professionals direct and 100 on a dotted line basis, with a budget of $100M
1988-1991
BELLSOUTH ENTERPRISES
(holding company for all of BellSouth’s unregulated properties)
Atlanta, Georgia
EXECUTIVE DIRECTOR-FINANCIAL MANAGEMENT
After attending Stanford’s Sloan Program as BellSouth’s selection, I was promoted to lead the financial management activities for BellSouth’s unregulated subsidiaries, including the yellow pages business, all domestic and international cellular properties, the real estate subsidiary and a small ventures fund. This included annual and 5-year plan negotiations, resource allocation, and monthly results analysis, as well as serving on most of the company’s Board of Directors.
Introduced valuation principles into the analysis of operating results for existing operations, turning results analysis into useful management information.
Formed and led BellSouth’s M & A financial team, with representatives from internal and external organizations including accounting, legal, corporate development, other operating departments and investment bankers. We performed valuations and due diligence on properties in excess of $1B in value. Made numerous presentations to Corporate Officers on valuation and investment recommendations.
Formed and led BellSouth’s first international financial planning organization, developing hedging strategies, financing plans and preparing and reviewing business cases.
Managed a staff of 15 professionals and a departmental budget of $2M.
1983-1988
BELLSOUTH CORPORATE
Atlanta, Georgia
ASSISTANT TREASURER-FINANCIAL PLANNING
As a result of the AT&T divestiture, BellSouth was formed…a multi billion dollar company that previously relied on AT&T for all corporate finance functions. As a member of AT&T’s corporate finance organization, I volunteered for and was selected by BellSouth’s officers to head up their corporate financial planning function.
In this role, I provided training on how stock prices were determined and on the importance of investor expectations, managed the rating agency interfaces on all of BellSouth’s debt, planned the amount and timing of issuing over $1B of debt/equity and worked closely on the related SEC filings, created the dividend policy, the capital structure targets, earning goals and managed the shareholder services function. I also formed and led (as President) BellSouth’s captive finance subsidiary.
Built a staff of 5 professionals and managed a budget of $1M.
1979-1983
AT&T
New York, New York
DISTRICT MANAGER
As I was studying for my MBA in Finance, I asked for and was granted a transfer from accounting to corporate finance. A few months later, the AT&T divestiture was announced. And I was privileged, as part of the staff for the CFO committee, to be a direct part of all of the corporate finance aspects of divestiture……recommending the number and size of the regions/RBOCs, the stock spin off ratio and schedule, analyzing SEC bondholder and stockholder issues, and developing the financing plan that provided the flexibility to handle the uncertainty between the announcement in 1981 and the final outcome January 1984.
1974-1979
NORTHWESTERN BELL
Omaha, Nebraska
ANALYST/STAFF MANAGER
Hired out of college to work on implementing new information systems required by AT&T. I set a goal of progressing to District Manager within 5 years, a timeframe consistent with the accelerated manager program, that I was NOT part of. I was promoted to District Manager in 4 years and 6 months.
EDUCATION:
MS Management, Stanford Sloan Program, 1987-1988
MBA Finance, Fairleigh Dickinson 1981-1988, (finished last course at Stanford)
BA Accounting, Wartburg College, 1970-1974
PERSONAL:
Born August 16, 1952
6’4”, 225 lbs. |
