SUMMARY OF QUALIFICATIONS
Dedicated, analytical and responsive SENIOR FINANCIAL OPERATIONS Executive with a proven record of success. Creative and persistent problem solver, who thrives on challenges, is calm under pressure and gets the job done. Efficient, profit-oriented and resourceful team builder who possesses outstanding interpersonal and communication skills. Quietly assertive/hands-on leader and coach, organized/thorough planner, and win/win negotiator dealing effectively across all levels of the organization. Accustomed to a fast pace and multiple projects, fulfills priorities and balances competing agendas while steadfast to principle yet consistently able to achieve strategic and profit objectives.
Areas of Expertise
Cash & Working Capital Management including centralized cash administration, bank consolidation, cash projections, on line deposit reconciliation, compliance with loan covenants, overnight investments of funds in domestic and international money markets via bank instruments, cash flow forecasting, vendor relations.
Budgeting & Forecasting including development of short and long term business plans, profit forecasting, variance analysis, setting profit improvement objectives, identification of slow moving inventory, establishing inventory turn objectives.
Systems Installation from a user prospective including defining program specifications, developing project time line, establishing audit/testing criteria, beta site management, home office and field training, system process documentation and post evaluation
Strategic Planning including defining & negotiating key corporate objectives, financial modeling, setting hurdle rates, risk analysis and capital requirements.
Workout Management including setting strategy for liquidation, asset identification, inventory pricing, cash management, staff reductions, stay bonus structure, lease termination.
General Management including client relations, contract management, department process reengineering, staff consolidations, internal controls, internal/external financial reporting, and setting/measuring performance compensation objectives.
International Expansion including establishing accounting and legal representation, securing licenses, managing cash transfers, establishing and directing a rep organization.
BUSINESS EXPERIENCE
7/99 Vice President / Controller, BARNES & NOBLE COLLEGE BOOKSTORES, New York, NY,
to privately held textbook retailer with sales of $1.5 billion and 500 locations through the U.S. and
8/03 Canada.
Full P&L responsibility for all financial reporting, annual business plan, inventory control, AP/ vendor relations and cash management. Managed $2.5 million operational budget, 5 direct reports, member of the Executive Committee, and reported to CFO.
* Built the business from $900 million to $1.5 billion within four years.
* To improve the business decision-making process, developed critical path for each subsidiary
system. Published formal closing schedule to all departments. Set standards of performance and developed exception reporting. Obtained support of Executive Committee. Selected and installed replacement software package, integrated ledger data with new system then trained field and home office personnel. Result: shifted reporting from paper-based to on-line distributed process; store reports available in 2 weeks instead of 6; closing reduced from 6 to 2 weeks for preliminary financials; able to provide variance analysis to field management.
* To strengthen cash flow, piggybacked revised stock ledger system, which provided store
management with current and accurate inventory level data used to revise stocking levels. Result: cut non-text inventory by $30 million over a 2-year period and generated $17 million in increased cash flow.
* To support rapid store unit and sales growth during economic downturn, analyzed and documented
all process and data flows. Set revised performance and established new operating guidelines. Eliminated redundancies. Identified system-related errors and cross trained staff. Result: added 200+ business units; sales grew $600 million; reduced sales audit and inventory control staff by 25%; operating costs cut from 5% to 3%.
* Textbook margins by store needed to be improved. Used new stock ledger data base to develop a
comparison between actual and contract rates – identified stores out of standard - centralized store pricing system. Result: textbook margins improved 80 bps or $10 million.
1999 Chief Financial Officer for debtor in position, FRANKEL HOME CENTERS, Roslyn, NY, a $200 million home fashions business with retail stores and lease operations.
1990 Footstar, Inc., Mahwah, NJ, a $1.2 billion MELDISCO Division, operating 2,300 leased shoe departments within Kmart stores with locations in the U.S., Puerto Rico, Virgin Islands, Czech and Slovak Republics, Hungary and Mexico.
Vice President, Finance - 1997 to 1999.
For new position, responsible for the development of the strategic plan and the annual P&L and balance sheet budgets. Managed two direct reports, 5 professionals and reported to Divisional President.
* Developed strategic business plan that identified new products and distribution channels.
Vice President / Controller of Accounting Operations - 1990 to 1997.
Responsible for all transaction based activity including sales, AP, payroll, inventory control and loss prevention. Managed $3.5 million operating budget, 4 direct reports, and staff of 120 and reported to V.P. Finance.
* To reduce store and HQ operating costs, analyzed process and eliminated all interim reporting of
markdown data. Negotiated with Kmart systems to provide feed to our sales audit system. Developed process which abstracted markdown data from POS system. Completed process flow for all system and manual data. Validated accuracy of sales capture and payment. Developed shrinkage awareness programs for stores. Developed and presented printed, video and live training sessions with store managers. Result: markdowns reported on daily basis; reduced store payroll allocated to markdown processing $4 million; reduced inventory clerical processing staff 70%, saving $1.5 million; shrinkage reduced $17 million.
* After merger of Thom McAn, Footaction and Meldisco, to obtain efficiencies of back office
operations, documented all manual and automated systems. Identified unique procedures. Contracted outside consultants to develop software integration. Set time line for staff reduction. Result: integration completed within 6 months; reduced G&A expenses $1.2 million.
* To eliminate non-performing asset, developed timeline with CFO of Footstar. Communicated
timeline to Thom McAn personnel. Established stay bonus package for key personnel. Developed liquidation budget for operating expenses, inventory liquidation and sales of other company assets. Completed analysis of stores to determine lease buyout valuation. Result: stores closed within 3 months; final costs $10 million under budget; awarded substantial cash bonus.
1986 Vice President, Controller, McCRORY STORES, INC., York, PA, a 1300 variety store chain
to with $1.2 billion in sales, 30,000 employees, four distribution centers, that had just doubled in
1990 size through the acquisition of TG&Y stores.
Responsible for financial planning, capital asset control, sales audit, payables, payroll, general ledger, and cash management and inventory control. Managed 3 direct reports, staff of 60 and reported to CFO.
* To integrate 700 new stores into McCrory system, evaluated existing organization and available
talent. Determined data available from new stores systems and requirements to operate new company. Determined necessary staff requirements. Managed data integration. Totally replaced the existing Accounting Department. Result: integration completed within 6 months; replaced GL system; upgraded Accounting staff while reducing Accounting Operations staff by 33%.
1985 Assistant Controller, GEMCO DEPARTMENT STORES, Buena Park, CA, a 80 membership
to discount hardline, softline and grocery store chain with $2.5 billion in sales.
1986
Responsible for general accounting, accounts receivable, sales audit, financial planning and budgeting. Supervised staff of 30.
1983 Accounting Manager, MACYS CALIFORNIA, San Francisco, CA.
to
1985 * Buyers had multiple advances outstanding. Developed database to track advances and settlements.
Result: travel advances reduced from $400,000 to $50,000.
* To close year-end while Accounting staff was on strike, developed plan to improve process using
LOTUS 123 application. Negotiated capital expenditure approval. Trained supervisory staff on new application. Result: year end close completed on time.
1963 to Progressed from AP Manager to startup owner to Controller for two retailers and a test
1983 instrument manufacturer.
EDUCATION
B.S., Accounting / Finance, SOUTHEASTERN UNIVERSITY, 1973. Graduated cum laude.
Certified Public Accountant, Maryland, 1977.
PERSONAL DATA
Married, excellent health. Willing to travel and relocate.
INTERESTS
Golf, fitness training, cabinet making and travel.
COMMUNITY SERVICE
Director Tournament Of Champions – four county areas 1997, 1998 |
