2003-
NYSE Public Company
Memphis, Tennessee
President, Engineered Products Division
Joined this publicly-traded manufacturing company (NYSE symbol: ____) to lead acquisitions, long-term strategy development, business integration and working capital management initiatives, plus responsibility for several divisions requiring turn-around improvements. Current division responsibilities are for the Refrigeration, Gas Products, and China divisions (8 facilities and approximately $325 million in sales) and the Company's investment in _________ Industries ($165 million in sales). Earnings in the International Sales (2004-2005 responsibility), Refrigeration and Gas Products divisions, and at ________ Industries, have improved significantly on my watch.
Acquired a $60 million company in late 2004 that expanded the Company's manufacturing and distribution capabilities into Mexico. Responsible for this division during the Company's first year of ownership, successfully integrating it into the Company. Two other Company divisions and a key customer are now relocating operations into this division’s facilities.
Established a $200 million joint venture in late 2005 in Changzhou, China. This JV gave the Company its first base of operations in China and added complementary technical tube products to the Company's portfolio. Currently starting a wholly-owned refrigeration valve manufacturing plant adjacent to the JV facilities and assisting other Company divisions in getting established in China.
Lead Independent Director of _______ Industries, serving for 3 years on the Audit, Compensation, and Special Committees of the Board of Directors. During this time, ________ improved from significant operating losses to profits (from -$12.6 million at the end of 2002 to +$7.4 million in 2005), paid off $31.6 million of debt, and completed a recapitalization that allowed approximately 80% of the shares to be redeemed and the Company to exit from the investment.
1994-2002
NYSE Public Company
Massachusetts
President, North American Operations
Recruited to this publicly-traded manufacturer (NYSE) to head the acquisition program. Shortly after my arrival, I was assigned to manage a troubled division, which I turned around successfully. Thereafter, I rotated through various divisions needing turnaround and was successful with every one. I have spent the last four years running all of the North American business units, as President, with record sales and operating earnings in 2002 of approximately $460 million and $63 million, respectively. I have also presented the Company to the public investment community and have completed 20 acquisitions and one divestiture.
Dec 98 – Dec 02
President, North American Operations, Public Company
Grew sales from $351.8 million to $460 million, increased operating earnings from $48.7 million to $63 million, and generated record cash flows from working capital management. Changed the manufacturing focus from overhead absorption to overhead reduction by changing internal accounting from fully absorbed to variable and fixed. Created separate retail sales organization and retail sales grew from $77 million to $130 million. Emphasized R&D and sales from new products grew from $2.8 million to $23.8 million. Presented the Company to the public investment community at investor conferences (including Gabelli, ING, ABN, Salomon, Baird) and formal road shows (Baird and Morgan Lewis).
Jan 98 – Nov 98
President, Canadian Division of Public Company, Burlington, Ontario
Divested industrial business, resulting in temporary sales decrease from $23.5 million to $18.3 million, but an increase in operating earnings from $0.9 million to $1.7 million. Sales have since rebounded and earnings have continued to grow. Consolidated three factories into one, reduced salaried staff from 173 to 112, and implemented ERP software system. Convinced factory employees to vote out their union (IBEW) in favor of working directly with management. Turned around affiliated division – sales increased from $12.5 million to $15.4 million and operating earnings increased from $0.6 million to $3.3 million.
Mar 95 – Nov 98
Group Vice President, Public Company
In addition to typically having direct responsibility for an individual division as its President, I was also indirectly responsible for multiple divisions at different times as Group Vice President. These divisions included Long Island division, Southern California division, Chicago division, Canadian division, Milan division, and the Company's European operations. Southern California division's sales grew from $24 million to $43.5 million and operating earnings grew from $3.2 million to $7.5 million.
Jul 95 – Sep 96
President, Chicago Division of Public Company, Aurora, Illinois
Took over a troubled division of the Company and grew backlog from $26 million at 22.7% margin to $28 million at 33.5% margin by aggressively challenging “last look” quotations. Also reduced past-due backlog from $1.5 million to less than $0.2 million. Increased sales from $52.6 million to $57.2 million while reducing working capital by $3.9 million and increased operating earnings from $4.3 million to $5.5 million (25.8%). Sold the division to Tyco in late 1996. I also wrote the Company's first website in 1995 for the the Chicago division (an online inventory lookup system for distributors) and have run the North American e-commerce program since then.
Jul 94 – Jun 95
President, Long Island division of Public Company, Long Island, New York
Took over troubled Company division immediately after acquisition and increased sales from $53.5 million to $61.2 million and operating earnings from $2.9 million to $5.4 million. Later spun off least profitable business segment into a JV, reducing the Company's invested capital from $7 million to $1.5 million.
May 94
Vice President, Corporate Development, Public Company
Initiated and closed 20 acquisitions, one joint venture, and one divestiture during my nearly 9 years with the Company. One division was acquired out of Chapter 11 bankruptcy proceedings in 2000 and was the fastest growing division in 2002.
Achievements Prior to the Public Company
1991-1994
Another Public Corporation
Burlington, Massachusetts
Associate Director, Corporate Development
Joined this publicly-traded electronics and software corporation (NASDAQ) to expand M&A skills, develop market knowledge, and contacts in multiple high-technology market segments. Closed five acquisitions bringing in more than $40 million in revenue and $6 million in pretax profits; completed one divestiture with a gain on sale. One of the acquisitions grew to nearly $100 million in sales.
1990-1991
Privately Held Small Boat Manufacturing Company
Portsmouth, Rhode Island
President and Chief Executive Officer
Joined this privately held firm to lead turnaround and gain equity. Completed the turnaround and sold the company out of the bankruptcy of its parent company.
1985-1990
Privately Held Direct Mail Company
Litchfield, Connecticut
Vice President and General Manager
Joined this privately held direct-mail company to gain hands-on general management experience in the operations of a small business. Grew sales from $6 million to $9 million while improving operations from a loss to profitability. Installed innovative company-wide incentive system that helped drive the improvement in operations.
1978-1983
United States Navy
Holy Loch, Scotland
Lieutenant, Nuclear Submarines
Joined for high-technology training and hands-on leadership experience. Stood Officer-of-the-Deck and Engineering Officer watches, running the entire ship and reactor plant operations. Completed five deterrent patrols and one attack patrol (more than 20 months underwater). Qualified in Submarines (Gold Dolphins) and as Nuclear Watch Officer. Division officer responsible for 21 men and all electronic systems including the reactor controls hardware and software.
EDUCATION:
Harvard Business School, MBA 1985
U. S. Navy Nuclear Power School, 1979
U. S. Naval Academy, BS Physics, 1978 |
