PETE SMITH
5 Lindbergh Lane, Basking Ridge, NJ, 908 300 1756 apetesmith@aol.com
SENIOR EXECUTIVE
EXECUTIVE PROFILE
A results driven, strategic thinking executive with an exemplary record of taking Fortune 100, midsized, and private equity backed companies to new levels of global performance (i.e. sales and profitability). Recognized for visionary leadership in driving multi-million dollar revenue gains through customer insight and innovative product delivery. Accomplished change agent in leading mergers and acquisitions as well as restructuring organizations. Highly skilled in implementing long and short term solutions that consistently result in break thru year-over-year performance. Distinguished holder of 10 patents, along with an extensive working knowledge of high tech, specialty material, semiconductor, display, optic, military, and energy industries. Academic credentials include a PhD in Material Science and Engineering, and an MBA.
PROFESSIONAL EXPERIENCE
VOLTAIX: Branchburg, NJ $80M Electronic Materials Business.
Chief Executive Officer (2011- present)
Accountable for P and L, balance sheet and shareholders for a $80M business with key customers including Intel, Samsung, Micron and TSMC. Took over a business with increasing costs, balance sheet nearing debt covenant triggers and a lack of strategic direction. Lead a team of 200 energized employees.
§ Improved profitability from 7% to 20% EBITDA by driving top line growth, focusing R&D, dedicated supply chain management and proper cost control.
§ Bolstered balance sheet through successful investment round led by Samsung Ventures. Increased the company valuation from $100M to $260M.
§ Leveraged channel partner relationships to add >$25M of additional non-dilutive capital.
§ Recruited and developed a team resulting in >15% YOY revenue and profitability growth.
§ Developed and implemented a strategic plan focused on electronics, industrial coatings and pharma intermediates capable of driving profitable growth.
COOPER INDUSTRIES: Saint Louis, MO $10B conglomerate.
VP Strategy/M&A, Head of Industrial Wireless Business Unit (2010- 2011)
Accountable for strategic planning and the acquisition pipeline for a $800M business and directly responsible for $30M profit and loss for the industrial wireless business segment. Lead two direct reports and 85 indirect reports. Inherited an ad hoc strategic planning process, opportunistic acquisition strategy and business losing money and market share.
§ Completed the largest acquisition (>$190M) in the preceding 10 year period at Cooper.
§ Negotiated offers on >15 properties including a $1 B deal with best in class return on shareholders equity (according to Goldman Sachs).
§ Focused strategy on key growth areas: hybrid electric vehicles, solar, wind, consumer electronics, Brazil.
§ Outsourced industrial wireless manufacturing operations and focused sales team on growth segments; improved EBIT margins from -5% to 15% in less than one year.
DOVER, KNOWLES ELECTRONICS, Itasca, IL: $7B conglomerate.
Global Business Director, Consumer, Military and Medical Electronics (2008-2010)
Responsible for $240M profit and loss for consumer, military, and medical markets in the semiconductor component space. Lead six direct reports and 25 indirect reports. Took over a stagnant business with declining growth and poorly performing product lines.
§ Achieved 13% revenue and 10% profit growth, in two years, for a $240M business that had failed to grow in the prior year.
§ Expanded Microelectromechanical System (MEMS) product offerings in the mobile phone and notebook markets. Achieved 4% penetration at Nokia in 2008. Grew penetration at LG Electronics to 40%.
§ Transitioned product offerings from the prosumer and hearing aid segments into the mass market/consumer electronics segment. Launched product with Apple, which is currently running at op. margins of 15%.
§ Downsized underperforming product lines, which expanded overall business profitability.
§ Developed growth platform with mobile sensors and audio for the military vertical. Formulated a business plan to grow segment from $20M to $100M (currently in the process of implementing).
§ Improved profitability through overhauls of the new product development process and focus on time-to-yield for new product ramps. Overall effort produced a loss avoidance of $3M/year.
§ Developed and implemented strategic growth policy focusing on the voice of the customer and needs based segmentation to engineer new products.
§ Transformed mindset of the marketing function from order-taking and reacting to the customer to delivering value via customer insights.
§ Evaluated talent base and business requirements; promoted two talented product line managers.
HONEYWELL SPECIALTY MATERIALS, Morristown, NJ: $30B conglomerate.
Display Business Director in the Strategic Growth/Strategic Acquisition Incubator (2005-2008)
Responsible for a start-up business within the Honeywell Corporation, including P&L accountability. This business had completed a three year period of divestures and was seeking growth opportunities. Developed the market, technology and acquisition strategy for entering the display, solid state lighting, and printed electronics markets with materials and components. Hired to build, develop, and lead a business targeting gross margins exceeding 50%. Led five direct reports and matrixed team of 50.
§ Developed the highest growth potential business in the $5B Specialty Materials portfolio.
§ Took business from Zero to $6M in revenue and subsequently transitioned the ownership to the core business.
§ Created go-to-market account management and technical support organization. Identified and negotiated successful key distribution partnerships; achieved initial sales in less than six months. Implemented portfolio management for all development stage projects.
o Focused technology development facilities in Seelze, Germany, Chandler, AZ; Sunnyvale, CA; and Shanghai, China on unmet customer needs. Implemented Asia-based manufacturing strategy for product delivery. Developed intellectual property strategy and initiated execution. Achieved first government funding (DOD) for R&D and pursued additional DOD and DOE funding.
§ Developed an acquisition/partnership pipeline to supplement organic growth.
OPTIVA, South San Francisco, CA: A start-up optical materials/components company sold to Nitto Denko
VP Marketing and Operations, (2003-2004)
Directed a global product marketing, sales, and field applications team for a leading-edge (JP Morgan-funded) optical material/optical film company.
§ Achieved initial sales goals via supply partnership with Sony Corp. roll-to-roll film coating operation. Backlog rose from a long-standing zero to an excess of $4M/yr.
§ Developed corporate product and technology roadmap. Structured proper value chain relations to bring optical materials to the display, eyewear, smart card, and security markets. Engaged partners/customers including Sony, Kurz, Toray, Toppan, Dai Nippon, Kyodo Printing, Optimax, Hannstar, Chi Mei, and Wintek.
§ Reported to three CEOs within one year. During this time, crafted communication to the board, customers, and employers. Initiated private placement memorandum (PPM) and crafted memorandum w/ Oppenheimer.
THREE-FIVE SYSTEMS (sold to Video Display Corp.), Tempe, AZ: A $150M display/ light emitting diodes, electronic component business
General Manager (2002-2003)
Integrated the Advanced Video Technologies acquisition into corporate business practices. Managed $12M on P&L and day-to-day operations of a hardware business focused on process control. Led seven direct and three indirect reports. Took over a business that was losing customers.
§ Improved margins by 10% by leveraging offshore manufacturing capabilities.
§ Initiated new product development effort aimed at serving the high-resolution needs of the medical, military and air traffic control markets.
Director of Business Development/Advanced Manufacturing Engineering, Phoenix, 1999 to 2002
Developed the strategic and tactical plans for technology and product development. Directed a global staff of 30 focused on delivering operational and technology elements of Three-Five Systems strategy.
§ Identified and analyzed potential acquisition targets with revenues in excess of $250 million.
§ Led the execution of acquisitions in excess of $50 million in revenue.
§ Developed a product portfolio plan to transform the company from a low cost display manufacturer to a high-value product company.
§ Coordinated the development of the strategic marketing, engineering and operational plans.
§ Developed the investment ($1M) strategy for a microdisplay partner and the acquisition of key test intellectual property.
§ Transferred 17 new mobile handset market products into high volume production yielding $80M in annual revenue.
PRIOR EMPLOYMENT: Motorola, Inc. Flat Panel Display Division, Tempe, Arizona (1997-1999), Product Development Team Leader; Battelle Memorial Institute, Pacific Northwest National Laboratory, Richland, WA, (1992- 1997), Project Manager
EDUCATION
Master of Business Administration, May 1999, Arizona State University, Tempe, Arizona
Doctor of Philosophy, Material Science and Engineering, May 1992, Rutgers University
Bachelor of Science, Material Engineering, May 1988, Rutgers University
PATENTS/PATENTS PENDING: 15
PUBLICATIONS: 50, 20 peer-reviewed
Professional Activities: President, Ceramic Association NJ; Director, SW SID Chapter;
SID Program Committee; Assoc Editor, Journal of Society for Information Display; Organic Electronics North American Organizing Committee
# Deal type Deal Value Industry Role Outcome
1 Acquisition $12M Electronic hardware Deal lead, Integration lead Closed deal
2 Acquisition $6M Electronic components Deal lead Closed deal
3 Acquisition $6M Israeli optical components Deal lead Due diligence
4 Acquisition $80M Electronics manufacturing Deal lead Closed deal
5 Divesture $10M Optical materials Developed offering memorandum Closed deal
6 Phased Equity/JDA $1M Flat panel display materials Deal lead, Integration lead Closed deal
7 Acquisition $1500M Electronic materials Sector lead Due diligence
8 Phased Equity $36M Optical materials Deal lead Due diligence
9 Acquisition $10M Electronic components Deal lead Closed deal
10 Acquisition $11M Energy storage Deal lead Management presentations
11 Acquisition $80M Electronic components Deal lead Due diligence
12 Acquisition $56M Electronic components Deal lead Management presentations
13 Acquisition $35M Industrial automation Deal lead Management presentations
14 Acquisition $90M Industrial automation Deal lead Due diligence
15 Acquisition $40M Industrial networking Deal lead Due diligence
16 Acquisition $1000M Electronic components Deal lead Unsuccessful hostile bid
17 Acquisition $190M French power conversion Deal lead Closed deal
18 Private Placement $225M Specialty materials for electronics Deal lead Closed deal |
