A Financial Executive with General Management experience in both the USA and Europe. Strong UK treasury and capital markets responsibilities. Currently a senior finance director in $3b worldwide manufacturing division of a large UK Electronics Company.
1996 to date: INVENSYS PLC. Revenue $9b. Created by the acquisition of BTR plc. by Siebe in 1999
2000 to date: Director Fiscal Enhancements - Controls Division, Richmond and Energy Management Division, Raleigh,
Role: To re-invigorate the Finance Function, to identify cost savings, profit opportunities and to bring working capital investment under control.
· Recommended the creation of a US Financial Shared Service Centre, identified $3m pa. savings
· Led studies to identify price increase opportunities - Meters (halted price erosion) and Sensors achieved 3% ($2m pa) additional profit
· Implemented two-year crash program to reduce trade working capital. Achieved 25% reduction from 2.6 to 2.1 month’s of sales and generated $110m of cash. Helped prevent the Group breaking its banking covenants.
· Responsible for worldwide facility management. Past year reduced the number of worldwide offices by 45, (15%), saving $4m leasehold costs.
“Project Unity”: Led the Finance work stream to recommend outsourcing partner for Invensys plc.
1999 to 2000: Deputy Group Treasurer - Invensys plc London, UK.
Responsible for Group funding, banking relationships (60+ worldwide banks), minimisation of borrowing costs ($5b of debt), global cash management, foreign exchange exposure management and hedging of the Group’s balance sheet.
Integrated the two treasury teams and achieved interest and tariff savings of $1.5m+
· Increased US Commercial Paper Program by $0.7b to $3.5b, achieved $0.7m interest savings, and managed US dealing room
· Standardised UK banking tariffs, and cash offset arrangements with three main UK Clearers
· Created standard short term bank facility agreement and raised $1b of new debt – savings $0.3m
· Refinanced 5 year $2.4b bank facility with 30 major worldwide banks
· Consolidated the Siebe and BTR cash pools in five W. European countries
· Introduced web based FX purchasing system for all UK operations. Minimum 5% rate savings.
· Created worldwide intranet-based cash reporting system
Disposal program – ensured smooth transition of banking arrangements and release of central guarantees
SIEBE PLC: Revenue $4.5b.
1996 – 1999: Deputy Group Treasurer:
Asked by Group F.D. to bring electronic banking and cash pooling expertise into Siebe and to advise local business Units / Divisional management on cash flow, working capital management and the minimisation of foreign exchange risk. The Company doubled in size during this period to revenues of $4b, mainly by debt funded acquisitions
· Introduced: Reuters, electronic payments and purchases of FX. Saved bank charges and commissions $0.5m
· Managed new $800m C.P. Programme out of New York
· Jointly responsible for raising $1.25b funds in US capital markets (144a), liaison with rating agencies
· Negotiated cash pooling and banking tariffs in W. Europe, Australia and USA. Achieved savings of $1.5m+
· Advised on debt/equity funding of newly acquired subsidiaries, especially in Far East.
· Created financial model of Group’s Net Assets, implemented new hedging strategy, saving interest of $0.7m
Main achievement: negotiated $5m of savings in both UK and European bank charges whilst maintaining excellent working relationships with the Group’s 40+ relationship banks. Managed the funding program, mainly out of US, for the acquisition program
1978 – 1996: UNITECH PLC. - $600m sales Worldwide HVAC and Power Supply Manufacturer
The Company was acquired by Siebe plc in 1996. Responsible for Class 1 circular, working capital statement to Shareholders
1988 – 1996: Group Treasurer.
· Negotiated $350m acquisition funding from London relationship banks
· Implemented and then managed monthly cash flow forecasting thru out whole Group.
· Evaluated subsidiary working capital budgets and strategic plans
· Improved new budget and four year planning disciplines
· Established FX Risk/Hedging policy which saved Group $7m with FX stop loss on US Lambda acquisition and only lost Group $2m of net asset in 1992 ERM debacle
· Raised US$25m ten year funding via 144a, sponsored by Goldman Sachs
· Rationalized banking relationships in USA, France and Italy and created cash pooling arrangements
Responsible for the Annual Report to Shareholders and member of Investor relation’s team.
Finance lecturer at the Group’s worldwide management training program
Advised worldwide management teams on Treasury best practices, risk and working capital management.
Main achievement – created an excellent rapport with key London based banks that enabled the Group to fund its development into a broad based international manufacturer of electronic components, with a unique interest in a Japanese quoted Company.
1983 – 1987: V.P. & General Manager, H&T Components Inc., Danbury, CT. USA.
Set-up a nationwide distribution network. Profitable in 3rd year with 30% ROA, Revenues of $3m.
In 1986 acquired U.S.Components Inc a $5m manufacturer of military connectors. Responsible for the merger of the two operations into their Long Island facility Initially V.P. Administration & Finance. 1987 promoted to joint GM.
1987 - Asked by the CEO of Unitech to return to the UK to create a new Treasury Department
1981 – 1983: Executive Vice President, Brookes & Gatehouse Inc., New York USA.
Responsible for complete turnaround of Company which marketed advanced electronic navigation equipment to high-end racing/cruising yachts. Installed new management and technical teams.
1980 – 1981: General Manager, Lektrokit Ltd.
UK Distributor of US sourced Electro-mechanical components. Largest loss making company in the Group. Closed after 6 month’s responsibility. Negotiated minimum withdrawal cost & transferred profitable elements within the Group.
Final loss - as originally forecasted.
1978 – 1996: Group Executive, Unitech plc. Recruited by Joint Chief Executive to small (16) Head Office management team of UK / European Electronics Group. 1978 revenue-$30m, 1996-$600M.
1968 – 1976: H J Heinz Co Ltd - Food Manufacturer
1976 Resigned to attend London Business School.
1974 – 1976: Department Head, Finance, in London HQ.
1972 – 1974: Company Accountant, Heinz Erin Ltd
1970 – 1972: Factory Accounting Supervisor.
1968 – 1970: Internal Audit Assistant & Accounting Supervisor Budget Planning Department
QUALIFICATIONS and EDUCATION:
1996 Member of UK Association of Corporate Treasurers (MCT)
1996 London Graduate School of Business Studies (Corporate Finance Evening Program)
1976 – 1978: London Graduate School of Business Studies. Distinction in INSEAD programme -France (1978)
1968 – 1973: Chartered Institute of Management Accountants (ACMA) |
