DENNIS SZYWALA, CPA, CMA, Wharton MBA
31 Bentley Court, Williamsville, New York 14221
Home: (716) 639-0970 Email: DSzywala@aol.com
CFO AND SENIOR OPERATIONS CONTROLLER
Results-oriented Financial Executive with a proven track record in Controller, Operations and Treasury functions with private, equity, public and multinational companies.
Emphasis on financial turnaround, working capital management and increasing value through in-depth analysis, cost reductions, process improvements and asset management.
Impeccable integrity, high energy and hands-on work ethic.
CORE COMPETENCIES
• Cash Flow Optimization Budgeting, Forecasting & Modeling
Operations & Corporate Finance General & Cost Accounting
Strategic Planning & Implementation Consistently Improved Organizations & Staffing
Internal Control Financial & Operations Systems
• Turnaround & Crisis Management: A CFO and Controller, critical player in over half dozen successful changes in ownership. Over fifteen years in “cash & turnaround focused” environments. Led significant upgrades in operations, finance and accounting. Reduced operating and payroll costs from 10% to 50%. Aggressively drove major improvements in collections, inventory, and working capital, insurance, leases, pricing and credit terms.
• Systems Implementation: Critical in over 10 major implementations / enhancements of ERP/MRP systems. Salvaged 3 failing implementations. Rebuilt / implemented cost, internal control, reporting, production and other critical systems.
• Planning: Created credible and measurable projections. Results include justifying new financing, presenting strategic objectives, major capital investment, sale of operations and waivers of mandatory pension fund contributions.
PROFESSIONAL EXPERIENCE
Controller, Sherwood Valve, a $75MM division of $3.5B NYSE Harsco 11/2006-Current
Currently working on the sale of company.
Hired to help turnaround an underperforming division. In Feb 2007 Harsco announced the sale of Sherwood. General and cost accounting, monthly closing and Sox responsibility.
Dresser-Rand Company; Olean, NY 2004-11/2006
$1.5B leader in the compressor/turbine markets
Controller, Aftermarket. Left following equity company purchase and major reorganization.
Controller for the $1 billion worldwide aftermarket business. Dedicated financial support for the management team and the client facing and service operations. Budgeting, forecasting, financial, performance and operational analysis, project justification and expense control. Left following equity purchase and major reorganization.
- Justified a major change in stocking of parts valued at $3MM first year additional cash.
- Key player on the “Pricing Team” that instituted worldwide pricing controls and price increases by focusing on margin and impact of cost increases. Yearly profit of $8-10MM.
- Primary responsibility for five-year & annual plans, forecasting and performance analysis.
DENNIS SZYWALA; CPA, MBA PAGE 2
Interim Turnaround CFO / Controller 1996-2004
Aggressively searched out opportunities needing broad accounting, finance and management skills. Focus on cash management, improving general accounting (A/R, A/P. closing process, audit) rebuilding staff and internal control.
Buffalo Color Corporation; Buffalo, NY 2000-2003
CFO VP Finance, Secretary & Treasurer
$50MM equity owned mfg. of specialty chemicals. Chinese competition resulted in Bankruptcy.
Recruited to lead a three year turnaround resulting in improved liquidity and profitability following the termination of previous management and near bankruptcy. Identified seriously under-funded pension liability to equity owners that ultimately resulted in bankruptcy and liquidation. Took charge of the bankruptcy process. Point person for communications with lenders, attorneys, owners, auditors, creditors and rating agencies.
- Downsized accounting, MIS and administration by 50% while improving overall service.
- Responsible for all accounting; general accounting, A/R, A/P, payroll, closing process, audit, taxes, risk mgmt, and cost.
- Salvaged the ERP implementation turning it into a working, efficient system in six months.
- Key individual in maintaining financial liquidity and reducing costs. Reduced A/R 50%. Eliminated over $1MM in consigned inventory through sales. Inventory reduction of $3MM (50%). Reduced “at-risk” receivables by over $1MM (60%), prior to customer defaults.
- Instituted integrated financial forecasting (IS, BS & CF) and a rolling 3 month daily cash projection. Identified critical liquidity problems one year in advance.
- Focal point for reducing insurance 30%, PBGC pension negotiations, financing and audits.
- Primary responsibility for selecting and transitioning to a new pension plan fund manager.
CIW, CFO (PA) - $50MM metals fabricator- Assisted in ERP selection, reduced process costs, initiated the transition to GAAP accounting and developed a successful steel price surcharge process.
Responsible for all general (A/R, A/P, payroll, closing process), risk mgmt, audit and cost accounting
Victor Electric Insulators (NY) - Created a five year strategic model and managed a successful pension waiver with the IRS and the PBGC.
Adelphia Cable (PA) - Audited financials to restate prior years for Bankruptcy Court & SEC.
Prestolite, Controller (NY) Position downsized with sale - Reorganized accounting and focused on staff and process improvement for equity owners of this truck parts mfg. Responsible for general and cost accounting.
Environmental Air Filter; CFO (CA & Toronto). Position eliminated with sale to competitor - Recruited following termination of prior CFO for malfeasance. Installed internal controls; reduced working capital 30%, A/R days from 73 to 50 days and positioned company for successful sale to a competitor. Responsible for all general accounting (A/R, A/P, payroll, closing process) audit, taxes, risk mgmt and cost accounting.
VMV, CFO (KY) - Restructured finance department for this equity owned locomotive rebuilder. Declined permanent position. Responsible for general and cost accounting.
GAF, VP Finance (NJ, TX) - Integrated US Intec, a major roofing products acquisition. Declined permanent position. Responsible for general and cost accounting.
Graphic Controls; Buffalo, NY 1990-1996
$200MM LBO medical & industrial supplies manufacturer
Corporate Controller. Position eliminated with successful sale of company to equity firm.
Broad responsibility for monthly closings, general / cost accounting, forecasting, budgeting, strategic planning, performance analysis, financial reporting, consolidation and staffing and financial / operational MIS applications. Led a team of 25 including division & plant controllers.
- Led turnaround of failing MRP implementation. Reductions in stock-outs 10%-20%, scrap 25%, cycle time 75%, raw & finished inventories 30%. Improved service levels 10%.
- Key player in company’s sale to a major competitor (Incentives required I stay until sold).
- Restructured finance, reduced staff 20% and delivered strong productivity improvements. Responsible for all general (A/R, A/P. payroll and the closing process) and cost accounting.
- Developed strategy and processes for international transfer pricing for over 20,000 items. Designed processes to fairly allocate profits. Increased sales, while minimizing tax liability.
- Implemented an Activity Based Cost model, which justified the sale of 2 product lines.
DENNIS SZYWALA; CPA, MBA PAGE 3
Consolidated Aluminum; St. Louis, MO 1987-1990
$400MM subsidiary of $6B Swiss based Al-Lonza, Inc.
Corporate Controller. Position eliminated with sale of company to strategic competitor.
Directed strategic planning, budgeting, cost / general accounting, reporting, analysis and consolidation for this manufacturer of aluminum products. Direct responsibility for corporate accounting, plant controllers and MIS. Led a team of 50. Key player in the sale of the company.
- Managed all general accounting activities (A/R, A/P, Payroll, closing process) and cost accounting.
- Developed financial package and guided potential purchasers of the company. Headed the “War Room”.
- Designed and implemented financial models for strategic and divestiture planning.
- Financial member of the implementation team for the justification, acquisition, integration and expansion of product lines and raw material sourcing. Projects included a $50MM aluminum can expansion, a $50MM acquisition and expansion of a consumer packaging company and a $25MM acquisition and expansion of a recycling facility.
- Salvaged failing MRP implementation at a sister company.
General Abrasive; Niagara Falls, NY 1984-1987
Industrial materials division of Fortune 200 Dresser.
Interim Turnaround Controller. Position eliminated with sale to strategic competitor.
As Controller planned and implemented a carve out and reorganization of finance, MIS and administration. Installed BPCS MRP. Managed “War Room”. Reorganized Finance and MIS with 50% staff reduction. Responsible for all general accounting (A/R, A/P, payroll, closing process) and cost accounting.
General Cable, a Fortune 500 manufacturer of electrical wire and cable 1974-1984
Early career development includes emphasis on the fundamentals of operations, accounting and finance. Responsibilities included A/P, payroll, monthly closings, cost accounting, budgeting and financial analysis.
Plant Controller, Tampa, FL & Memphis, TN; Operations Analyst, St. Louis, MO,
Cost Accountant, Memphis, TN; HQ Analyst, Greenwich, CT.
EDUCATION, CREDENTIALS AND AFFILIATIONS
Wharton Graduate School, University of Pennsylvania; MBA - Corp Finance 1974
State University of New York at Buffalo; BS - Business Administration 1972
St. Louis & Memphis Universities; CPA exam requirements (evenings) 1978-1979
Financial Executives International – President of the Buffalo, NY Chapter 2001-03
CPA in FL and TN; CMA and CFM (IMA Certified); CPIM and CIRM (APICS Certified) |
