FINANCE EXECUTIVE
CFO / VP of Finance / Corporate Controller - I rapidly improve financial reporting performance and develop talent, all while reducing costs.
CONFIDENTIAL
Property & casualty insurer; $185 million direct written premium
CHIEF FINANCIAL OFFICER
October 2018 - October 2019
After growing its book 56% over 3 years, with increasingly disappointing underwriting results during those same years, the company recruited me to provide financial acumen and assist with sourcing additional capital. This privately-owned group includes two domestic insurers and an affiliated MGA under a parent holding company. The group writes catastrophe-exposed personal and commercial risks in 9 states and owns and leases real estate.
I led a team of 5 finance professionals with responsibility for:
* Treasury and capital management, including banking and lender relationships;
* FP&A, including annual budgeting, forecasting and strategic planning;
* GAAP and statutory financial reporting and accounting;
* External audits of the groups statutory and GAAP financial statement issuers (three total);
* Board, audit and investment committee and shareholder relations;
* Tax compliance, including federal and state income tax and state premium tax;
* Regulatory key contact for various state Department of Insurance financial regulators;
* Rating agency (Demotech) relationship: maintained an A rating during my tenure;
* Oversight of the companys two 3rd-party investment portfolio managers;
* Reinsurance accounting involving complex treaty arrangements; and
* Oversight of finance-related business process outsourcing (BPO) partners.
Shortly after joining I became aware of existing financial reporting and internal control problems dating back to prior years, and that the top 3 finance department leaders (CFO, Controller and Senior Analyst) had all vacated their roles within a few weeks time that summer. I spent my initial months identifying and remediating various financial reporting issues, and as a result we were able to limit audit findings to one control deficiency and several posted audit reclassifications (all carryover issues from prior years) with no impact to reported statutory surplus.
During my tenure, I:
* Successfully obtained financial ratio covenant violation waivers from our various lenders;
* Negotiated an extension of our expiring line of credit facility with our operational banking partner;
* Closed an existing IRS examination without change to the reported net operating loss carryforward; and
* Supported an ongoing search for new debt or equity capital as key contact for potential providers.
I resigned my position in late October 2019 to seek opportunities in the Midwest US region.
CONFIDENTIAL
Multinational property & casualty insurer; $275 million direct written premium
VICE PRESIDENT AND CONTROLLER
October 2007 - October 2018
Originally recruited to bring financial reporting infrastructure and controls up to public company standards in anticipation of an imminent initial public offering, I directed our SOX 404 project until plans for the IPO were cancelled. The organization is now owned by private equity investors.
Areas of responsibility:
* GAAP financial reporting for a group of domestic insurance and service companies, an affiliated offshore reinsurer, a real estate LLC and a structure of holding companies in various foreign jurisdictions;
* Statutory financial reporting including annual statements, quarterly reports, statutory MD&A and other NAIC required filings for each of the group's three domestic insurers;
* External audits of the group's four GAAP and three statutory financial statement issuers;
* Audit committee, including preparation of committee presentation deck and presenter role at all meetings;
* Tax compliance, including federal and state income tax, state premium tax, federal excise tax, transfer pricing and all domestic and foreign tax information reporting;
* Regulatory key contact for Department of Insurance financial regulators and federal/state tax authorities;
*Oversight of 3rd party managers of the company's various international holding companies; and
* Annual enterprise valuation for purpose of share grant pricing and share-based compensation disclosures.
Key accomplishments:
* Reduced the time required to complete monthly financial close by four business days;
* Completed transition to new Big 4 independent auditor, reducing annual audit fees by $100,000 in the process; current audit resulted in no posted audit adjustments and no control deficiency findings;
* Facilitated due diligence during sale of the company to new group of investors, serving as accounting contact for potential buyers and overseeing purchase accounting for the business combination;
* Implemented real estate accounting and reporting processes upon company's entry into real estate ownership and leasing operations;
* Managed state income tax examination to successful conclusion with no challenge to uncertain tax position;
* Guided the organization through its first three state insurance department financial examinations, resulting in no significant findings and no financial statement adjustments; and
* Saved $200,000 annually by reorganizing my team to reduce headcount, while successfully mentoring key technical staff member to assume management duties.
CONFIDENTIAL
$60 million publicly traded insurer and claims service provider
CORPORATE CONTROLLER
August 2005 - October 2007
This organization had gone without a Controller for over five years and was faced with an impending SOX 404 compliance requirement. I was recruited to bring about rapid improvement in process and control, raise the bar for an underperforming finance team and serve as heir apparent to the sitting CFO with plans to retire by decade's end. Before the latter transpired, the company was acquired by a larger strategic buyer in December 2007.
I directed all finance and accounting functions, including SEC reporting (10-K, 10-Q, etc.) and statutory financial reporting, participated in all audit committee meetings and coordinated external audits and tax compliance. I also led the company's SOX 404 project, on target for fiscal 2007 compliance when the deal was reached, and oversaw treasury management and investment committee meetings for a low nine-figure portfolio.
To improve controls and efficiency, I replaced a completely manual accounting process for the rapidly-growing professional services segment (10% of consolidated revenues) by implementing billing and A/R software integrated with our general ledger system, working with I/S to improve reporting of billable activity from our legacy system and redesigning all related processes and controls. This increased cash flow by accelerating client billing by up to 4 weeks and reduced past-due receivables by $350,000 or 60% in 6 months.
CONFIDENTIAL
$5 billion Fortune 500 distribution and retail company
DIRECTOR OF RETAIL ACCOUNTING
March 2004 - August 2005
Recruited to direct financial reporting for $1 billion corporate retail division of 106 stores, I led a team of 18 and reported to the VP Corporate Controller. Two months into my tenure I was confronted with a 20% downsizing of the group to 87 stores, and responded by flattening my department's structure to enhance effectiveness while cutting wage expense 33% in 14 months. At the same time, I strengthened and documented the retail segment's controls, helping achieve first-year SOX 404 compliance with no material control weaknesses.
Formally designated for the company's Succession Candidate program, I was selected as one of fifty participants in the annual "Top 50" strategic planning meetings, serving on a presentation panel each year. Within a year, I was awarded additional responsibility for the 8-person marketing accounting group, overseeing centralized billing, collection and revenue recognition of over $100 million in vendor promotional and advertising funds.
CONFIDENTIAL
$200 million privately held food distribution company
CORPORATE CONTROLLER
October 2001 - March 2004
Reporting directly to the owner of this fast-growing, entrepreneurial organization, I managed a team of 23 responsible for accounting, finance, credit, treasury, and pricing. Guided company through its first annual audit, resulting in an unqualified opinion. Increased cash position by $1.5 million through 3½ day improvement in A/P.
Created annualized savings of $120,000 through elimination of 3 positions, without decreasing service, during period of 8% annual growth. Minimized bad debt losses to $70,000 annually despite Chapter 11 filings of 2 large customers. Reduced monthly close by 5 days. Supported successful implementation of $1.2 million ERP project.
CONFIDENTIAL
May 1993 - September 2001
$15 billion Fortune 500 distribution and retail company
DIVISION CONTROLLER, revenue of $1.3 billion, 1998-2001
Promoted again to lead accounting, finance and credit for the company's largest division, with distribution facilities in 3 central California cities. Led a staff of 25 during three year period of 51% revenue growth.
ACCOUNTING MANAGER, 1996-1998
Promoted to manage all financial functions of $360 million division.
ACCOUNTING SYSTEMS COORDINATOR, 1995-1996
Promoted to direct financial systems implementations in operating units.
SENIOR INTERNAL AUDITOR, 1993-1995
Led teams of 3 to 5 in financial/operational audits of wholesale and retail divisions.
CONFIDENTIAL
March 1992 - April 1993
$25 billion diversified energy organization
ACCOUNTING SUPERVISOR
Promoted quickly to supervise inventory accounting and production costing for largest unit.
INTERNAL AUDITOR
Began leading audits within 9 months, including joint venture audits recovering $200,000.
CONFIDENTIAL
PUBLIC ACCOUNTING, January 1989 - December 1990
EDUCATION:
Bachelor of Business Administration, dual major (Accounting and Marketing)
Certified Public Accountant (CPA)
Certified Management Accountant (CMA) |
