2005-2007
LIBERTY TAX SERVICE, South Texas
ENTREPRENEUR AND AREA DEVELOPER
Partnering with my son, we acquired the Area Development rights for Liberty Tax Service in South Texas. We initiated a development program with 2 pilot stores. After 2 seasons, we concluded the risk/reward relationship was not sufficiently attractive to warrant further store development with our own capital. Hence, my partner left for other pursuits and the 2 pilot stores were profitably sold.
1999-2004
CITIGROUP / CITIFINANCIAL / THE ASSOCIATES FIRST CAPITAL CORP.
(Transouth / Arcadia / AutoOne), Dallas, TX
PRESIDENT OF AUTO FINANCE DIVISION
Recruited by my former boss to manage this division, I grew pre-tax earnings over 350% to $285 million in a little over 4 years. And, I grew receivables to $10.5 billion while navigating through 3 acquisitions.
Joining The Associates First Capital Corp. I assumed managerial responsibility for their auto finance operations. Although profitable, the division had no technology, no scorecards to assist in generating standardized credit decisions, no risk management oversight, and little managerial control.
While progressing through the operational turnaround, we initiated the acquisition of another auto finance company, Arcadia Financial, that had good technology and an improved operational platform.
While working through the integration of Arcadia, Citigroup arrived on the scene and acquired The Associates. The entire senior management team of The Associates was eliminated upon the closing, except for me and one other senior officer.
I reported directly to the President of Citigroup’s North American Consumer Operations and learned that Citigroup had previously owned some auto finance operations. I also learned that Citigroup had systemically shut them down and sold off the related portfolios. My new goals were crystal clear – I had to bring the auto finance operations up to Citigroup’s standards of control, profitability, and growth. And, I had to do it quickly, or else the auto finance division would be shut down and the employees laid off.
Over the next few years, I successfully delivered to Citigroup the necessary control, profitability and growth and saved the jobs of over 3,900 employees. I managed up to 11 direct reports and the P&L for an operation with an annual expense budget of $385 million. I developed operational and market strategy, communicated vision and executed the plan to build a culture of control. Processes and procedures were standardized to support controlled profitability while positioning the operation for scalable organic growth through multiple distribution channels.
Financial Results:
• Built and grew division from $80 million pre-tax earnings and 1,300 employees to $285 million pre-tax earnings with 3,900 employees.
• Exceeded net income budget by 5%+ while positioning division for an outstanding subsequent year.
• Achieved expense savings of $9 million to an annual expense budget of $385 million.
• Grew receivables from $2.5 billion to $10.5 billion through organic growth and two acquisitions over a 4 year period.
• Grew monthly originations to an average of $400 million.
Significant Achievements:
• Engineered the successful integration of the Auto Finance operation into Citigroup, which had historically shunned auto finance.
• Successfully integrated two significant auto finance acquisitions and converted their operations to acquirer’s systems while maintaining volume and profitability in a difficult economic environment.
• Maintained lower than average turnover, positive employee morale and productivity through honest communication, fairness and personal integrity during two major acquisitions in seven month period.
• Successfully melded the cultures of three auto finance operating models into a cohesive unit employing multiple distribution channels, while building a deep management team.
• Built infrastructure of “control” to Citigroup standards while achieving the highest rating possible from Citigroup’s internal audit department.
• Implemented sophisticated proprietary credit scoring and application processing system, while successfully maintaining and growing volume.
• Standardized scoring and credit policy across all distribution channels while maintaining and growing volume.
• Achieved high degree of earnings predictability and stability through migration from sub-prime credit quality to non-prime credit quality while obtaining superior rates of return.
• Advanced risk-based pricing to a high degree of sophistication through management information systems and risk management technology.
1996-1999
BANK OF AMERICA / NATIONSBANK / SUNSTAR, Atlanta, GA
EXECUTIVE VICE PRESIDENT
Recruited by an executive search firm to NationsBank to execute a turnaround of its’ 125 branch, sub-prime automotive finance company, Sunstar. As an SVP, my initial responsibilities included Finance, Accounting, MIS, and Compliance. Responsibilities were soon expanded to include Originations. Within a year, I was promoted to EVP and assigned operational responsibility for all of Sunstar.
Upon NationsBank’s acquisition of Barnett Bank, the executive management of NationsBank elected to exit the sub-prime auto finance business. I managed the operational shutdown of Sunstar and the sale of the related portfolio. I was given additional responsibilities for the NationsBank companies, including: (a) management of the Treasury Department of NationsCredit Consumer and Commercial, and (b) management of the mortgage loan Portfolio Acquisition area ($750 million per month) of NationsCredit and its’ affiliate EquiCredit.
1993-1996
JAYHAWK ACCEPTANCE CORPORATION, Dallas, TX
EXECUTIVE VICE PRESIDENT, TREASURER AND CHIEF FINANCIAL OFFICER
Joined with other founders in initiating a start-up which successfully went public within 24 months. The auto finance company grew to 400 employees, $300 million in assets, and $13 million of annualized net income at the time of my resignation and recruitment to NationsBank.
Significant Achievements:
• Managed operations (excluding marketing/sales and underwriting) until time of IPO.
• Managed funding activities which included bank lines, multiple securitizations, an IPO, and a follow-on equity offering. Was primary contact with investment bankers, trustees, credit enhancement sureties and rating agencies.
• Created, staffed and managed the Investor Relations Department and was primary financial contact and spokesman to the investment community.
1986-1993
ERNST & YOUNG, Dallas, TX
PRINCIPAL AND DIRECTOR OF MERGERS/ACQUISITIONS GROUP
DIRECTOR OF CORPORATE FINANCE GROUP
Responsible for providing acquisition analysis, transaction structuring, and due diligence services to private equity groups, venture capital groups, cash flow lenders and strategic acquirers.
Provided workout and restructuring services to financially distressed companies and creditors’ committees. Typical services included the development of detailed cash flow models and business plans.
FORD ALBRITTON & ASSOCIATES
PRESIDENT AND CHIEF OPERATING OFFICER
HUSELTON, MORGAN AND BAYLESS
PARTNER AND CO-FOUNDER
EDUCATION
Masters in Professional Accountancy, University of Texas, Austin, TX
BBA, Finance and Economics, Southern Methodist University, Dallas, TX
AFFILIATIONS AND SERVICE
Certified Public Accountant (CPA), State of Texas
Member of Texas Society of CPAs
Boerne Leadership – Boerne Chamber of Commerce 2006 and 2007
Board Member and Secretary Treasurer of Local HOA 2007
Member of Citigroup Texas Leadership Council 2001 - 2003
Board Member of Citigroup Texas Charitable Foundation 2001 - 2003
Speaker at Symposium on Non-prime Auto Finance 2002 |
