EXECUTIVE SUMMARY
HIGH PERFORMANCE FINANCE EXECUTIVE WITH EXTENSIVE OPERATIONS AND CLIENT MANAGEMENT EXPERIENCE. Extensive financial management experience and high-level oversight of manufacturing, engineering, product development, sales and marketing operations in manufacturing, technology and services firms as well as leadership of consulting projects with C level client interfaces.
PROVEN PERFORMANCE LEADING INITIATIVES WITH DIRECT IMPACT ON PROFITABILITY, REVENUE, PRODUCTIVITY AND ASSET UTILIZATION. Led numerous acquisition and divestiture initiatives involving business units, product lines and facilities. Led a number of strategic planning initiatives, restructuring programs, cost reduction programs, the refocusing of business operations and revenue and productivity improvement initiatives. Led international expansion initiatives including development of business plans, partnerships, business acquisitions, initial sales as well as financial reporting and internal controls.
PROVEN EXPERIENCE MANAGING A WIDE RANGE OF FINANCIAL ORGANIZATIONS AS WELL AS INTERNAL CONTROLS, INVESTOR RELATIONS AND SEC REPORTING. Extensive senior executive experience managing financial and internal control functions in a wide range of firms from multi-billion dollar multi-national firms to very high growth technology firms to a development stage software firm. Have extensive SEC public company reporting experience along with extensive experience establishing and managing effective investor relations programs and leading investor road shows and conference presentations. Led the development of a number of risk-based internal control audit and management initiatives beginning with managing the internal audit functions for a $2.5 billion multi-national manufacturing firm. CHRONOLOGY
PATRON SYSTEMS, INC. Boulder, Colorado Publicly-held development stage software firm focused on the homeland security market.
CHIEF FINANCIAL OFFICER (2005 2007) Initially joined this firm in 2005 as a consultant to cleanup 3 years of delinquent SEC filings and then became CFO in February 2006. Completed filing of 3 years of delinquent SEC filings (annual and quarterly), completed delinquent Form 8-K filings for 3 acquisitions, brought Patrons current year filings up to current status and filed the 2005 Form 10-KSB filing on-time. Completed 3 convertible debt financings and 2 equity (PIPE) financings ($20 million in total). Completed a debt for equity swap which eliminated 93% of outstanding debt ($24.5 million) with nearly unanimous approval of common stock holders who were diluted by 85%. Changed product sales focus generating 560% revenue increase in the first year. Restructured and refocused business operations - reduced headcount by 50%, reduced cash burn rate by over 60% and sold two of Patrons three business units. Due to SEC rule changes associated with share registrations under Rule 415 for PIPE transactions, Patron was unable to obtain further equity (PIPE) financing. Initiated efforts to sell the on-going business activities and software assets of Patron. Established two buyers for the Patron assets. Led the efforts to utilize a Chapter 11 bankruptcy filing asset sale. Chapter 11 asset sale was approved by the court in January 2008.
JOHNSON CONSULTING Chicago, Illinois Business and operations analysis, business development and strategy consulting for manufacturing, technology and services firms. (2001 2005)
CABLETRON SYSTEMS, INC. Rochester, New Hampshire Network hardware, software and services holding company with revenues of $1+ billion. Holding company staff of 12 people responsible for four operating subsidiaries and investments of $1+ billion.
VICE PRESIDENT, PLANNING AND BUSINESS DEVELOPMENT (2000 2001) Hired to assist in the spin-off of the four operating subsidiaries and to manage the companys $1+ billion cash and investment portfolio. Led the restructuring of the $50 million network consulting business unit reducing its ongoing cost of operations by 40% ($25 million). Managed the search for buyers, led business presentations and due diligence reviews, negotiated sale agreements with four parties and completed the sale and shutdown of the network consulting business. In mid-2001 with the collapse of the market for technology stocks, the Cabletron Board of Directors eliminated the holding company and distributed its assets to the operating subsidiaries and terminated the holding company staff.
MESSAGEMEDIA, INC. Boulder, Colorado Publicly-held, $34 million on-line marketing and communication software and services firm.
SENIOR VICE PRESIDENT, CHIEF FINANCIAL OFFICER, SECRETARY (1999 2000) Led the corporate financial/treasury functions as well as investor relations, tax strategy, legal, facilities and procurement functions. Managed staff of 12. Managed 9 month revenue growth of 178%. Implemented billing and revenue controls that increased operating income 15% ($4 million/year). Implemented cost control programs that increased operating income by 15% ($4 million/year). Opened 4 new offices. Managed and developed relationships with several investment banks. Completed a $45 million equity (PIPE) financing. Designed and instituted internal controls including pricing, contracts, contract administration, software revenue recognition and expense review/approval, among others. Designed the tax and legal structure strategy for the firms international expansion program. Designed and implemented the companys first investor relations program. Added two sell-side analysts writing coverage (had none previously). Participated in three sell-side analyst conferences.
TECHNOLOGY SOLUTIONS COMPANY Chicago, Illinois Publicly-held, high growth (up to 90% year-over-year growth and 55% 5-year CAGR) $340 million professional services firm with 1700 employees operating in 9 countries.
SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (1994-1999) Successfully managed 5 1/2 year revenue growth of 670% while increasing operating margin from 4% to 14%. Managed staff of 35. Managed all corporate financial/treasury functions as well as investor relations, M&A, benefits, facilities, tax and tax strategy functions. Designed and led the implementation of a number of systems and controls that improved management information, increased cost control and improved profitability. Implemented PeopleSoft ERP system. Led the firms strategic planning and M&A activities. Completed 6 acquisitions. Developed and implemented the international strategic plan through 3 foreign acquisitions. Designed and implemented an international corporate structure and tax strategy. Implemented a global cash management system. Designed and led the investor relations program that increased sell-side analyst coverage from 2 to 9 analysts, increased sell-side analyst conferences from 2 to 9 per year, share price increased 1500%. Served as principal investor contact and spokesperson. Developed and managed strong IR relationships with 40+ institutional holders (who held in excess of 80% of outstanding shares) as well as numerous buy-side and sell-side analysts and portfolio managers. Developed and presented all types of presentations for analyst and portfolio manager meetings, investment conferences and road shows. Developed and managed TSCs investment banking relationships with 8 major firms. Negotiated several bank credit facilities. Worked extensively with several investment banking firms on strategies to increase shareholder value. In conjunction with the bankers, sold the TSC Board on use of a tax-free spin-off to maximize valuation. Led the effort to split the company into two separate public companies. The spin-off increased valuation more than 300%.
SENIOR VICE PRESIDENT, BUSINESS CASE CONSULTING (1994-1999) Concurrent with being CFO, was responsible for the Business Case Consulting practice which provided operations consulting and business case financial and operations analysis services. Consulting staff of 6. Sold and managed operations consulting and business case analysis projects within a number of industries including transportation, health care, financial services, manufacturing, consumer packaged goods, retail, telecommunications and hospitality. Led operations and business case consulting projects which defined client cost reductions and profit improvements of more than $750 million per year. Developed the operations analysis/business case methodology and an implementation and user training program used by clients and staff.
VICE PRESIDENT, BUSINESS CASE CONSULTING (1993 1994) Consulting Vice President responsible for the sales, project management, and delivery of operations consulting and business case financial and operations analysis projects. Sold and delivered an operations consulting and business case project for a $500 million transportation cost area within a $25 billion firm. Developed and presented a manufacturing operations restructuring proposal for a major business unit of a large consumer goods firm. Sold and delivered an operations consulting and business case project for a $200 million MRO cost area of a large consumer goods firm.
THE MARMON GROUP, INC. Chicago, Illinois Privately-held $4.6 billion conglomerate comprised of 80+ companies in very diverse industries.
CORPORATE CONTROLLER (1990 1993) Group financial executive responsible for the financial, IT and internal control functions for 21 companies with total revenue of $2.1 billion. Managed 21 controllers and 400 staff. Revenue for these companies ranged from $600,000 to $600 million per year. Industries served: Industrial Products (metals refining and fabrication, wire and cable, industrial water treatment, specialty gears/geardrives, railcar moving vehicles); Medical Devices and Biomedical Products; Aerospace components; Telecommunications Systems; Financial Services (equipment rental, leasing, consumer credit reporting); Energy (generation and brokerage) and Distribution (consumer/industrial products distribution operating in 26 countries). Managed several acquisitions and several divestitures as well as associated investment banker relationships. Restructured operations in a number of unprofitable businesses. Focused on operations improvement, cost reductions, asset management, cash flow and ROI to drive profitability. Generated cash flow improvements of 40% to well over 100%, along with significantly increased profitability. Led a fast prepackaged, 100% creditor payout Chapter 11 reorganization. Restructured operations, staffing, operating costs and revenue to make this business profitable for the first time in 8 years.
COMNET CORPORATION Greenbelt, Maryland Publicly-held $50 million software, computer services and vitamin manufacturing firm that also had a publicly-held subsidiary, Group 1 Software, Inc.
VP-FINANCE, CHIEF FINANCIAL OFFICER, CORPORATE SECRETARY (1987-1990) Served as CFO and Corporate Secretary for COMNET as well as CFO and Corporate Secretary for its $20 million subsidiary, Group 1 Software, Inc. Managed a staff of 19. Grew non-license revenue (maintenance, training, services and data) from 25% to 60% of revenue. Developed and implemented a state tax strategy that reduced state income taxes by 90% ($1 million per year). Led a corporate restructuring which divested 3 businesses, reduced revenue by 50% and increased operating income by $5 million resulting in an operating profit of $2.5 million.
ZENITH ELECTRONICS CORPORATION Glenview, Illinois Multi-national consumer electronics, personal computer and OEM electronic component manufacturing firm with revenues of $2.5 billion operating in 10 countries.
DIRECTOR OF OPERATIONS ANALYSIS/INTERNAL AUDIT (1985-1987) Reporting to the CEO and the Audit Committee, was responsible for the Internal Audit function of this $2.5 billion firm. Managed a global staff of 40 auditors. Implemented numerous audit programs, financial/operational internal control reviews and risk-based internal control assessment methodologies (utilized Arthur Andersens Transaction Flow Analysis, the predecessor to the COSO framework utilized by Sarbanes-Oxley Section 404). Implemented an employee code of conduct. Implemented DCAA/FAR/DAR government contract audit programs in $1.0+ billion government contract business. Designed and implemented internal control audit programs for a rapid growth subsidiary ($100 million revenue growing to $1.5 billion revenue in 30 months).
Various division controller, financial management, cost estimating, cost analysis and financial analysis positions (1976-1985)
EDUCATION
MASTER OF MANAGEMENT (MBA), JL Kellogg School of Management, Northwestern University, 1976 (concentrations in Finance, Business Strategy, Operations Management)
B.S. IN ELECTRICAL ENGINEERING, Lehigh University, 1973
OTHER
Member of The Issuer Affairs Committee of The NASDAQ Stock Market (1998-2000) |